web stats
Facebook Instagram Linkedin Twitter
Home Authors Posts by Team iPropUnited

Team iPropUnited

Team iPropUnited
191 POSTS 0 COMMENTS

Rustomjee group firm Keystores Realtors decided to file IPO papers of Rs. 850 crore

By
Team iPropUnited
-

According to DRHP, the IPO consists of a fresh issue of equity shares aggregating up to Rs. 700 crores and OFS worth Rs. 150 crores by promoters.

New Delhi: According to the draft red herring prospectus, Rustomjee group company Keystone Realtors decided to file preliminary papers with SEBI to raise Rs. 850 crores via an initial public offering. The initial public offering consists of a fresh issue of equity shares aggregating up to Rs. 700 crores and OFS worth Rs. 150 crores by promoters.

The offer-for-sale contains the sale of equity shares worth up to Rs. 75 crores by Boman Rustom Irani. The OFS also comprises stocks to the tune of Rs. 37.5 crore each by Percy Sorabji Chowdhry and Chandresh Dinesh Mehta.

The company proposed to utilize the net proceeds for the payment of a debt, general corporate purposes and funding acquisitin of future real estate projects.

Book running lead managers of the issue are Axis Capital and Credit Suisse Securities Pvt Ltd.

Up to March 2022, Keystone Realtors had 32 completed projects, 19 forthcoming projects and  12 ongoing projects across the Mumbai Metropolitan Region (MMR) that contains a comprehensive range of projects under the affordable, mid and mass, aspirational, premium and super-premium categories.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

Experts reported Delhi transfer duty hike 1% to pressure home buyers

By
Team iPropUnited
-

Post hike the transfer duty will be 4% for men and 3% for women buyers.

 

According to real estate consultants, the Unified Municipal Corporation of Delhi decided to hike transfer duty by 1 percent on all the properties above Rs.25 Lakh across the city. This decision is made to put an extra burden on home buyers.

 Post hike the transfer duty will be 4% for men and 3% for women buyers.

Amit Goyal, CEO, India Sotheby’s International Realty, said, “We are surprised by the decision of the unified MCD to increase transfer duty by 1 percent on the purchase of properties priced above ₹25 lakh at this juncture. This move puts an additional burden on the property buyers.”

“At a time when home loan interest rates have already started inching up and the Reserve Bank has indicated further in policy rates to tame the stubborn inflation, the decision to enhance transfer duty will jeopardize the much-needed recovery of the sector,” he further commented.

Ashutosh Kashyap, Director of Advisory Services, Colliers India, claimed that the transfer charges would increase the incidence of transaction cost on transfer cases.

He commented “This move would imply an additional land cost for secondary purchase. This move wi marginally add to the lucrativeness of property purchases in the primary market from the developer, which might slightly sweeten the purchase in the primary market,”

He also informed that the money collected on account will be used to fund better infrastructure and civic services within the city.

This hike will not impact the buyers aiming to purchase properties below Rs.25 lakh.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

YEIDA decided to continue floating infra bonds for the upcoming projects

By
Team iPropUnited
-

YEIDA announced that the last date of submission of bid will be June 20. Officials said, it will be opened on June 21st to select the merchant banker.

The Yamuna Expressway Industrial Development Authority has already commenced the process of appointing a transaction adviser-cum merchant banker. YEIDA is appointing a professional to raise funds through other financial instruments including infra bonds for its upcoming big projects. The projects also include Medical Device Park, Noida International Airport.

YEIDA also decided to fund other big-ticket projects together with Noida International Airport and Medical Device Park. These projects include heritage City, pod taxi, metro rail, multi-modal connectivity, toy park, electronic city projects. Initially, YEIDA proposes to raise funds of Rs. 500 crore.

On Monday second pre-bid meeting of bankers and financial institutions was called and the authority also issued a request for proposal (REP). Authority also announced that the last date of submission will be the 20th of June. And according to officials, it will be opened on the  21st of June to select merchant bankers.

In the meeting, almost 9 companies raised their queries. These companies include ICICI Securities, SBI Capital Markets, Axis Bank, Trust Group and AK capital.

AK Singh DGM (finance) YEIDA said “The Authority is in the process of preparing replies to queries raised at the meeting. The answer will be uploaded online in a couple of days.”

In the board meeting, the authority made the final decision to complete its big projects through infra bonds.

The appointed technical adviser will conduct a study to assess the financial requirement of authority and also the ways to mobilize funds. 

AK Singh also said, “The advisor will prepare the term sheet and also help in getting credit rating for launching the infra bonds.”

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

High Court ordered UT, Punjab and Haryana to give the reasons why state-developed projects are not getting registered in RERA

By
Team iPropUnited
-

Chandigarh: The Punjab, Haryana and UT Chandigarh received a notice from the Punjab and Haryana High Court asking why the housing projects developed by state boards should not be registered under RERA.

The High court has been receiving complaints from the people of these states about the non-fulfilment of the promises by state agencies in developing various housing projects.

Currently, only the housing projects developed by private agencies in the realty sector and by developers are mandatory to be registered under the RERA.

The High Court ordered “We consider it appropriate to issue a notice in this petition to the respondents and also to implead all state authorities as have been constituted in the states of Punjab, Haryana and UT Chandigarh, to seek their response as to why, in respect of ongoing projects (i.e. “not completed projects”) in terms of Section 3 of the Real Estate (Regulation and Development) Act, 2016, the concerned state bodies (in terms of Article 12 of the Constitution of India) are not getting their projects registered with the Real Estate Regulatory Authority concerned.”

These orders are passed by the division bench compromising Justice Amol Ratan Singh and Justice Lalita Batra while hearing a plea filed by Anil Kumar Yadav, a resident of Jalandhar.

Other residents of Jalandhar also complained about the same. They had sought directions from the Jalandhar Improvement Trust to hand over possession of developed plots to the petitioners in pursuance of the development scheme – Surya Enclave, as were allotted to them in 2011.

Now they are demanding a refund of the amount they gave together with the interest.

This particular matter made the bench realize that these types of petitions are consistently coming in huge numbers before this court.

The next hearing date is 8 July 2022. The High Court further observed, “Consequently, we consider it appropriate to take up this petition, exercising jurisdiction under Articles 226/227 of the Constitution of India, to get the response of all authorities concerned, in both the states of Punjab and Haryana, as also the Union Territory, Chandigarh, on this.”

The HC ordered Punjab and the Haryana additional chief secretary/principal secretary, departments of town and country planning and urban development and the Chandigarh administration secretary, housing and development, to file their affidavits.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

Citigroup Inc. inaugurated two state-of-the-art workspaces in Chennai and Pune under its Citi Solution Centres network

By
Team iPropUnited
-

The Chennai and Pune locations provide solutions for technology, operations, analytics, finance, risk and allied services for institutional clients as well as personal banking and wealth management businesses.

 

On Thursday, the US-based bank Citigroup Inc. has inaugurated two state-of-the-art workspaces in Chennai and Pune under its Citi Solution Centres network that would enhance the capacity to serve its global clients.

The Chennai and Pune locations provide solutions for technology, operations, analytics, finance, risk and allied services for institutional clients as well as personal banking and wealth management businesses.

The official company statement mentions, “The Leadership in Energy and Environmental Design (LEED) certified incremental spaces, spread across 4.20 lakh sq. ft. at the existing locations at DLF Cybercity Chennai and EON IT Park, Pune would augment the capacity to serve global client of Citi,”

The facilities were inaugurated by Citi India Chief Executive Officer Ashu Khullar and Chief Information Officer and Head of Operations and Technology (Asia Pacific) Stacey N Lacy in the presence of other senior officials.

Khullar commented, “The augmented workspaces will complement the existing facilities as we scale up to support over 4,000 additional seats. This will drive forward Citi’s digital strategy, delivering market-leading digital banking products and superior client experiences,”

“The expansion of our Citi Solution Centre premises in India signals our commitment to hire the best talent as our businesses pursue growth and work with clients in the digital age”, said Lacy,

“We are focused on developing the next generation of talent to further innovate, leverage new skills and deliver the best of Citi to our clients”, Lacy added.

Citi has similar Citi Solution Centres in Bengaluru, Gurugram and Mumbai, the release said.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

Home loan disbursals grown by sizeable 25 per cent in Gujarat- CRIF

By
Team iPropUnited
-

According to CRIF Highmark a credit ratings entity, the home loan disbursals grew from Rs 12,221 crore in the third quarter of FY 2020 to Rs 15,476 crore in the corresponding quarter of FY 2022 as per the data provided.

AHMEDABAD: With an increased demand for new homes and luxury residential properties, the disbursal of home loans have shot up by a substantial 25 per cent in the last quarter of FY 2022 compared to the corresponding quarter of FY 2020, the period pre-Covid.

According to CRIF Highmark, credit ratings entity, the home loan disbursals grew from Rs 12,221 crore in the third quarter of FY 2020 to Rs 15,476 crore in the corresponding quarter of FY 2022 as per the data provided.

The last quarter of October to December is a festive time during which sale of property soars each year. In July 2021, after the second wave of Covid-19 ended, the markets surged and overall demand for new homes grew significantly. High demand was supported by low interest rates as well as the need for better and more spacious homes.

“It is clearly a consumer-driven market with people preferring to buy new homes. The lockdown of 2020 did make people realize the importance of good, spacious homes and as a result, the demand improved,” said Ajay Patel, chairman, Credai-Gujarat.

“While a certain segment chose to upgrade to bigger homes, many first-time buyers took advantage of attractive home loan interest rates to invest in their dream homes.” Patel added: “Disbursals of home loans were thus expected to increase.” he added.

With demand going up, new property registrations also rose and an increase in investments was visible in the luxury and premium segment residential real estate.

Tejas Joshi, president, Credai-Ahmedabad, said: “Demand for high-end properties increased because people began seeking homes with better amenities. They want homes that are spacious and well-designed to live comfortably.”

He further added “People are making provisions for working from home and other infrastructure. Therefore, with luxury apartments and projects selling more, the overall ticket size of loans too goes up.”

Joshi went on to say: “Interestingly, we are witnessing keen interest from buyers in the 25-40 age group who typically prefer renting out a place. However, attractive interest rates have lured this section of buyers too into investing in their own homes.”

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

#homeloan #housingloan #gujarat #crif #loandisbursals #loaninterestrate

Affordable housing project ‘Mahira Homes’ buyers protested at Haryana RERA office

By
Team iPropUnited
-

The protesting buyers demanded that the action plan should be shared with the homebuyers by Friday. They submitted a letter to H-RERA chairman KK Khandelwal to the effect.

On Monday around 100 buyers of Mahira Homes affordable housing project in Sector 68, Gurugram demanded strict action against the developer of the project. They demanded that the construction which has been halted should resume immediately at the project site. They voiced their concern outside the office of Haryana Real Estate Regulatory Authority (H-Rera).

The protesting buyers demanded that the action plan should be shared with the homebuyers by Friday. They submitted a letter to H-RERA chairman KK Khandelwal to the effect.

“Our priority is to get our homes and to ensure that strict action is taken against the developer by regulatory authority and town and country planning in connection with cancellation of licence number 106 of 2017 dated in favour of Sai Aaina firms (Mahira group),” said a group of homebuyers.

“The state government must initiate CBI enquiry in this scam and carry out proper audit of all the accounts of Mahira group. All government agencies know that the builder has committed fraud and duped innocent homebuyers of crores but no action is being taken against them,” as taken from the letter submitted to H-RERA chairman.

Abhimanyu, a protesting buyer told TOI that while town and country planning department were supportive, H-RERA officials did not even allow aggrieved homebuyers to enter the office.

An H-RERA official said the homebuyers have been advised to file a formal complaint and then lawful action will be taken against the developer. The developer in the meanwhile did not respond to queries sent by TOI.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

#haryana #haryanarera #gurugram #mahirahomes #reraoffice

Ascendas India Trust to acquire Casa Grande- Phase 1 in Chennai for Rs 212 crore

By
Team iPropUnited
-

Casa Grande- Phase 1 is the first of the industrial facilities covered in the 05 March 2021 forward purchase agreement by Ascendas India Trust, a property trust which owns eight IT parks, one logistics park and one data centre development in India with total completed floor area of 15.1 million sq. ft. spread across Bangalore, Chennai, Hyderabad, Pune and Mumbai.

The trustee-manager, Ascendas Property Fund Trustee of Ascendas India Trust has entered into conclusive agreements for the proposed acquisition of Casa Grande – phase 1 for Rs. 212 crore at Mahindra World City, Chennai. It is a 0.42-million-sq-ft industrial facility.

This move has come after forward purchase arrangement with the shareholders of Chengalpattu Logistics Parks, as made public on 5 March 2021. The acquisition agreements is done to acquire all of the issued share capital in Chengalpattu Logistics Parks that owns Casa Grande-phase 1.

“The acquisition of Casa Grande-phase 1 marks Ascendas India Trust’s first investment in the industrial segment. This is a high-tech asset focused on assembly of cell phone products and components. The property is located at Mahindra World City, a leading industrial township and an established industrial micro-market in Chennai. This acquisition validates our diversification strategy in the industrial and logistics segments,” said Sanjeev Dasgupta, CEO, Ascendas Property Fund Trustee.

The facility is fully leased to a leading international electronics contract manufacturer.

Ascendas has the option to fund the development of Casa Grande-phase 2, comprising two industrial facilities with an aggregate net leasable area of around 0.31 million sq. ft.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

#chennai #announcements #property #realestate #ascendasindiatrust

Indore- Revenue from registrations triples in April as property market hits a new high

By
Team iPropUnited
-

May is all set to witness more than Rs 100 crore worth property purchases as per the showing trend until the first fortnight of the month, said industry players.

INDORE: High revenues from registration of properties has given the much needed philip to the property market in Indore as witnessed in the month of April. It is almost more than triple than the corresponding period a year ago, according to official figures.

May too is all set to witness more than Rs 100 crore worth property purchases as per the showing trend until the first fortnight of the month, said industry players.

April saw a positive property registration trend and it seems to continue this way in this financial year. April revenues jumped to Rs 122 crore as against Rs 44 crore in the same period a year ago. It is due to increased demand for ready-to-move residential houses or plots that revenues in April went high even when compared to a month-on-month period. May also looks promising on the property registration revenue figures.

Balkrishna More, DIG registration Indore region said, “Property market has started on a positive note this fiscal and initial trends are encouraging. April has done very well. We have recorded revenues of Rs 122 crore in April and expecting over Rs 100 crore revenues in May as well.”

The revenues from property registrations in the fiscal 2021-22 stood at Rs 1,835 crore, up by 39 per cent from the past year in Indore as per official data.

There is an estimated spike in demand for ready-to-move in properties and residential plots from home buyers in the ongoing fiscal as per Confederation of Real Estate Developers Association (CREDAI), Indore.

In Indore, many builders and developers are seeing applying for approvals of new projects in the residential category. Developers said apart from new plotting projects, many duplexes, bungalows and premium apartments may come up in the new financial year

More than 200 real estate projects valued at over Rs 3,000 crore are awaiting sanctions and various approvals from the local bodies and from Real Estate Regulatory Authority (RERA) in Indore according to CREDAI.

Bhushan Patel, a developer said, “Many fresh enquiries are coming from home buyers especially for residences and plots. Given the availability of land, customers are preferring plots though duplexes are also much in demand but the spike in cost of construction has now started hurting the pockets of home buyers.”

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

#indore #realestate #propertyregistration #property

Colorado- Rising interest rates and inventory prices may impact the housing market

By
Team iPropUnited
-

With the surge in new construction the housing inventory saw an upward trend in the sale setup. April witnessed rise in home loan interest rates and also home sale prices.

Realtors see a turn of the tide in Colorado’s housing market, although home sale prices around the state are still hitting record highs. 

With the surge in new construction the housing inventory saw an upward trend in the sale setup. April witnessed rise in home loan interest rates and also home sale prices.

Denver’s single-family median price showed an increase of 16.3% between period of April 2021 and April 2022.

As per Market Trends Housing Report from the Colorado Association of Realtors (CAR) for the month of April 2022, the state-wide median sales price for single-family homes hit a record $600,000. Whereas it was $660,000 for the seven-county Denver metro area was $660,000. 

Kelly Moye, a Boulder and Broomfield realtor, said in the report, “They say you only know when the downturn comes right after it happened. It seems to have happened a few weeks ago and with more rate hikes on the horizon, we expect a very different second half of the year compared to 2021.”

Denver County continues to see a rise in median prices, as it has over the last eight months. However, the increase is not as large as it was compared to the previous year. Between April 2021 and April 2022, Denver’s single-family median price increased 16.3%, while the prior year’s median price increase was 21.5%. 

Denver’s single-family median price showed an increase over the last eight months. However the rise is not as high as expected, it was recorded at 16.3% between period of April 2021 and April 2022

Home buyers are impacted by rising high interest rates and are priced out of homes they otherwise had been eyeing in previous weeks in Jefferson County as per the reports.

“Are we seeing changes with the increase in interest rates? The answer is a definitive, yes,” Aurora-area realtor Sunny Banka said in the report. “We are seeing more price reductions on some homes and in some areas. Sellers are perhaps thinking they have hit the top of the current market on pricing. We are seeing some increase in listings, which could be due to the time of year, and we are seeing some median prices go down over the previous month. Buyers should note that, while the market is still hot, they have a better opportunity at getting the home they are looking for.”

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

#colorado #denver #realestate #housingmarket #residential

1...141516...20Page 15 of 20

Latest News

© Copyrights Reserved iPropUnited.com - A DNA Ventures Company