The developer filed its papers with SEBI in March’22 to take out an IPO comprising fresh issue of shares aggregating to Rs 500 crore with no offer for sale component.
On Monday the Mumbai based Suraj Estate Developers received the Securities and Exchange Board of India (SEBI) nod for its proposed initial public offering (IPO).
The developer filed its papers with SEBI in March’22 to take out an IPO comprising fresh issue of shares aggregating to Rs 500 crore with no offer for sale component.
The issue has a face value of Rs 5 per equity share for the proposed share sale. The offer is being made through the Book Building Process, wherein at least 75% of the offer shall be available for allocation to Qualified Institutional Buyers, not more than 15% of the offer shall be available for allocation to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders.
The income from the company’s fresh issuance worth Rs 315 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and its subsidiary, Rs 45 crore for acquisition of land or land development rights besides general corporate purposes.
In the financial year FY21, the company, Suraj Estate Developers booked a profit of Rs 6.28 crore against Rs 1.52 crore last year. Revenue during the year FY21 increased significantly to Rs 239.99 crore from Rs 86.93 crore in the previous year, a big jump of 176.08%. Profit for the seven-month period ended October 2021 stood at Rs 11.90 crore on revenue of Rs 109.62 crore.
As per the recent reports from Anarock- India’s leading independent real estate services company, Suraj Estate Developers had launched 14 residential projects between 2016 and 2021, with 12 (86%) of them being redevelopment projects. It had land reserves of 10,359.77 square metres as of December 31, 2021, which it aims to grow in the coming years.
Post second wave of Covid, the four kilometre stretch from Iscon Crossroads to Bopal Junction recorded at least a dozen major land transactions worth Rs 1,500 crore.
Iscon-Ambli road with a series of swanky and upmarket residential and commercial properties is being recognized as the next uber posh address in Ahmedabad.
In fact, post second wave of Covid, the four kilometre stretch from Iscon Crossroads to Bopal Junction recorded at least a dozen major land transactions worth Rs 1,500 crore in the past year.
The plots along the road for which deals were closed, range from 5,000 to 10,000 square yards and are priced between Rs 1.80 lakh per square yard and Rs 2.70 lakh per square yard.
The road is in proximity to main clubs in the city and has easy reach to different areas in the city as well as the highway. This stretch already has a few premium luxury high-rise apartments in addition to upscale commercial and retail complexes and presence of a luxury hotel.
Dhruv Patel, vice-president, Credai Gihed, said, “Iscon-Ambli road has become the most sought-after pocket for premium residential development. Several leading developers are bullish about launching prospects in this area because demand is very good for ultra-luxurious houses.”
Many major city developers such as Sun Builders, Swati Builders, Iscon Builders, Sheetal Infrastructure, Palak Group, Sankalp Group etc have invested in land along this stretch over the past one year and have launched or are planning to launch projects soon. The higher FSI at Iscon-Ambli road leads to project viability’
Praveen Bavadiya, an Ahmedabad-based real estate consultant was quoted as saying, “Developers get higher FSI of up to 5.4 along this stretch and therefore, project viability goes up. Moreover, the demand for both residential as well as commercial properties is high along this stretch as the road is well-connected with industrial hubs of Sanand and Changodar. As a result, a lot of industrialists and top-ranked executives are buying homes along this stretch. The demand for commercial property is also growing steadily here,”
The demand for luxury apartments has gone up significantly since the Covid-19 pandemic as more and more people are keeping safety as their top priority in addition to various other amenities as they look for home to buy.
“Iscon-Ambli Road is developing as a high-end residential stretch and interestingly, it does not have mixed development. Thus, it is pegged and promoted as a premium locality and projects are getting good response. It has better connectivity with SG highway and SP Ring Road too,” said Saket Agrawal, an Ahmedabad-based developer.
As per the Section-8 of RERA Act, this decision is arrived at as per the consent provided by the association of the allottees. Till now 13 such stuck up real estate project under rehabilitation have been authorized completion by RERA.
UP Real Estate Regulatory Authority has authorized Nandini Buildhome Consortium Pvt. Ltd., the promoter of Vasundhara Grand project located in sector-15 Ghaziabad to finish the remaining construction work by May 2023.
The authority will shift the project to the special category of projects under rehabilitation and monitor its progress quarterly.
As per the Section-8 of RERA Act, this decision is arrived at as per the consent provided by the association of the allottees. Till now 13 such stuck up real estate project under rehabilitation have been authorized completion by RERA.
The project construction started in 2015 with the completion planned in December 2020. The promoter could not complete the project within the said period of registration, which lapsed on December 16, 2020.
“Presently, as per the site inspection report, the project is only 82% complete. Both the promoter and the association of allottees had approached UP RERA to intervene in the matter and facilitate the remaining development work of the project under its close supervision so that the allottees of the project could get the possession of their unit in near future,” the authority said.
Since the promoter had already availed of the entire permissible extension of registration but has submitted a compounded sanctioned layout with a validity till June 2023, the authority considered the request and decided to extend its support for completion of the project under the provisions of section 8 of the RERA Act read with Section 6, 7 and 37 of the act.
Rajive Kumar, Chairman, UP RERA said, “Vasundhara Grand is the 13th project wherein the remaining development work is sought to be completed by the promoter in understanding with the allottees of the project or alternatively association of allottees who are approaching. We are examining the possibility of facilitating the completion of some more such projects under enabling provisions of RERA Act to stimulate construction in the sector and to ensure completion of such projects leading to the revival of the sector and delivery of houses to the consumers.”
UP RERA has recently set up a project management division in its NCR regional office at Greater Noida. The promoter, Nandini Buildhome Consortium Pvt. Ltd submitted its project completion plan along with the written consent of more than 50% of their allottees through their registered association which was thoroughly scrutinized by this division.
The Vasundhara Grand project is being developed by Nandini Buildhome Consortium Pvt. Ltd., it is located at Sector-15, Vasundhara Yojna in Ghaziabad. Out of 320 residential units in two towers and 7 commercial units of the project, 244 residential and 1 commercial units have already been sold.
As per the estimate, Rs 148.40 crore can be raised from the project which includes Rs 66.58 crore from the existing allottees and Rs 81.81 crore from unsold units. The estimated cost to complete the project is about Rs 67 crore and the project is viable one and can be completed by the promoter with the consent of the allottees of the project.
The promoter has been asked to deposit Rs 25 lakh upfront within 15 days from the date of the issue of the order. Also, a separate account of the project has be maintained in the name of the project.
“Taking in to account the larger interest of allottees, it was decided that no allottee will be allowed to withdraw from the project till its completion. Similarly enforcement of the orders passed previously by the Authority will be kept on hold to ensure the uninterrupted flow of liquidity required for completion of the project within the stipulated time,” the authority said.
JK Lakshmi Cement’s revenue rose to Rs. 1,599.83 crore during its quarter operations, it is an increase of 12.32 per cent as against Rs 1,424.32 crore in the year-ago period.
Official sources from JK Lakshmi Cement on Wednesday reported a profit of Rs. 188.36 crore which is an increase of 18.36 per cent for the fourth quarter ended in March 2022. The company clocked high profit due to improvement in operational efficiencies and higher volume. In January-March quarter last year, the company had posted a profit of Rs 159.13 crore.
JK Lakshmi Cement’s revenue rose to Rs. 1,599.83 crore during its quarter operations, it is an increase of 12.32 per cent as against Rs 1,424.32 crore in the year-ago period.
“Despite unabated increase in Petcoke and diesel prices which are hovering at all-time high, JKLC could achieve healthy profitability by continuous improvement in operational efficiencies, energy cost, better product mix and higher volume,” Official statement.
Total expenses for JK Lakshmi Cement stood at Rs 1,367.69 crore as against Rs 1,207.01 crore in Q4/FY 2021-22 up by 13.31 per cent.
For the fiscal year ended March 2022, JK Lakshmi Cement has reported an increase of 13.40 per cent in its consolidated net profit of Rs 477.58 crore. It had reported a net profit of Rs 421.12 crore in the previous year.
Its revenue from operations was Rs 5,419.89 crore in 2021-22. This is 14.64 per cent higher than Rs 4,727.44 crore in the same period a year ago.
Meanwhile, in a separate filing JK Lakshmi Cement said its board in a meeting held on Wednesday recommended a 100 per cent dividend of Rs 5/- per Equity Share of Rs 5 each for the Financial Year ended on March 21, 2022.
Share of JK Lakshmi Cement Ltd on Wednesday settled at Rs 393.80 on BSE, down 0.29 per cent from the previous close.
After the completion and leasing out of phase one of the Udaipur mall the company is in talks to raise another Rs 200 crore for construction of phase 2 of its 3.5 lakh sq. ft. retail space.
Bhumika Group, a NCR-based real estate developer raised about Rs 100 crore debt for the first phase coupled with two Lease Rental Discounting (LRD) transactions for first phase of construction of Udaipur mall, Uddhav Poddar, MD of Bhumika Group, told ET.
After the completion and leasing out of phase one of the Udaipur mall the company is in talks to raise another Rs 200 crore for construction of phase 2 of its 3.5 lakh sq. ft. retail space.
The Udaipur mall will be operational and open to public by August 2022. The store owners and tenants have already started fit outs in the mall to be ready for business.
“Keeping in mind the demand for more space, we have advanced the construction of phase 2, which will be of a similar size. In addition to the retail area, there will be a hotel and office tower as well,” Poddar said.
Bhumika group has taken up two LRDs through banks to raise the debt for development, where the bank considers the long-term rental income of the company and loan repayment is done using the rental income.
“In the next phase of our mall in Udaipur, we will invest another Rs 400 crore at the group level. We also have a logistic business and the funding will be used to expand that business,” Poddar said.
The group is also keen to join hands with the owner of the land for a joint development agreement by developing villas and low-rise buildings in Udaipur and Alwar.
The residential township in Udaipur and Alwar will be spread across 15-20 acres.
“We are also planning a retail project in Jaipur. Post pandemic, tier 2 cities have emerged as the main destination for retail stores. Many luxury brands are also willing to open stores in these cities,” said Poddar.
“The mall’s utility is demonstrated by the regular attention displayed by prominent brands in it. We’ve always talked about positioning, and this mall will help brands achieve their goals. The goal is to provide the greatest lifestyle for the city’s residents, while also catering to the international tastes of visitors,” Poddar said.
Bhumika Group also has plans to expand in cities like Jaipur, Jodhpur, Kota, Bikaner, Ajmer and Delhi-NCR.
Pune government had approved two new projects similar to existing Aamby Valley and Lavasa projects under the hill station policy of 1996 in the Pune district.
PUNE: Maharashtra Valley View and Aqualand Infrastructure, the two projects approved by the state government are still stranded as the developers are yet to submit the master plans for these two hill station projects to the PMRDA.
Pune government had approved two new projects similar to existing Aamby Valley and Lavasa projects under the hill station policy of 1996 in the Pune district. These two projects had received location clearances years ago. T
In a statement by PMRDA (Pune Metropolitan Region Development Authority) on Thursday, an official said there is no progress as the builders have not submitted the master plans with necessary clearances for the projects to be taken forward. “As of now, both the proposals are in their initial stages. The hill stations are proposed in the villages in the Mulshi taluka. They are spread over 6,000 to 7,000 acres each,” the official said.
The Maharashtra Valley View is spread across the Aambvane and Manjgaon villages. The Aqualand Infrastructure, on the other hand, is spread across the Lavharde, Mulshi, Varak and other villages.
A source in the Maharashtra Valley View project blamed the hold-up in water source clearances for the delay in the master plan. On the other hand the Aqualand Infrastructure representative said while their master plan for land use is ready, they are awaiting clearances concerning the water source.
A senior town planning expert said the hill station policy might no longer be a great draw for the citizens because of other integrated projects within the city. The expert added that while the objective behind the projects was to decongest other hill stations, lower demand in the post-pandemic era may not entice the developers to initiate the process.
The Adani Group, Indian multinational conglomerate, headquartered in Ahmedabad is set to procure 63.1 per cent of Ambuja Cements Ltd along with related assets. In the last couple of years Adani has diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
NEW DELHI: Gautam Adani on Sunday, made big announcement about the deal to acquire a controlling stake in Holcim Ltd’s businesses in India for USD 10.5 billion, marking business entry into the cement sector.
The Adani Group, Indian multinational conglomerate, headquartered in Ahmedabad is set to procure 63.1 per cent of Ambuja Cements Ltd along with related assets. In the last couple of years Adani has diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
“The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd‘s entire stake in two of India’s leading cement companies – Ambuja Cements Ltd and ACC Ltd,” the group said in a statement.
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim in a statement said, “The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim.”
“The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 10.5 billion, which makes this the largest-ever acquisition by Adani, and India’s largest-ever M&A transaction in the infrastructure and materials space,” the statement said.
After branching out of its core business of operating ports, power plants and coal mines into airports, data centres and clean energy Adani has set up two cement subsidiaries last year- Adani Cementation Ltd and Adani Cement Ltd.
Holcim, world’s largest cement maker announced its exit from the country after struggling here for a long in a statement made last month. The company through two listed entities ACC and Ambuja has 66 million tonnes per annum capacity (MTPA).
Holcim, in the process of winding up from India was in business talks with Aditya Birla Group, JSW Group and few others.
In 2015, Holcim and France based Lafarge merged and created LafargeHolcim. Later Ambuja bought Holcim India’s 24 per cent stake in ACC in 2016 which resulted in the latter becoming Ambuja’s subsidiary with a 50.05 per cent stake.
Holcim’s exit is part of the group’s ‘strategy 2025’ that aims for sustainable solutions for the building materials sector. The significance of cement in the overall group is already declining compared to ready mix concrete, aggregates, roofing, and green building solutions.
In his statement Gautam Adani said, “Our move into the cement business is yet another validation of our belief in our nation’s growth story,” he added, “Not only is India expected to remain one of the world’s largest demand-driven economies for several decades, India also continues to be the world’s second largest cement market and yet has less than half of the global average per capita cement consumption.”
In statistical comparison, China’s cement consumption is over 7x that of India’s. “When these factors are combined with the several adjacencies of our existing businesses that include the Adani Group’s ports and logistics business, energy business, and real estate business, we believe that we will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion,” said Adani, who recently overtook Mukesh Ambani as the country’s richest man.
Holcim’s global leadership in cement production and sustainable best practices and its cutting-edge technologies will allow the group to accelerate the path to greener cement production.
“In addition, Ambuja Cements and ACC are two of the strongest brands recognized across India. When augmented with our renewable power generation footprint, we gain a big head start in the decarbonisation journey that is a must for cement production. This combination of all our capabilities makes me confident that we will be able to establish the cleanest and most sustainable cement manufacturing processes that will meet or exceed global benchmarks.”
“I am delighted that the Adani Group is acquiring our business in India to lead its next era of growth,” said Jan Jenisch, CEO of Holcim Limited.
“Gautam Adani is a highly recognized business leader in India who shares our deep commitment to sustainability, people and communities. I would like to thank our 10,000 Indian colleagues who have played an essential role in the development of our business over the years with their relentless dedication and expertise. I am confident that the Adani Group is the perfect home for them as well as our customers to continue to thrive.”
With India’s cement consumption at just 242 kg per capita, as compared to the global average of 525 kg per capita, there is significant potential for the growth of the cement sector in the country. The tailwinds of rapid urbanization, the growing middle class and affordable housing together with the post-pandemic recovery in construction and other infrastructure sectors are expected to continue driving the growth of the cement sector over the next several decades.
“Both Ambuja and ACC will benefit from synergies with the integrated Adani infrastructure platform, especially in the areas of raw material, renewable power and logistics, where Adani Portfolio companies have vast experience and deep expertise. This will enable higher margins and return on capital employed for the two companies. The companies will also benefit from Adani’s focus on ESG, Circular Economy and Capital Management Philosophy,” the statement added.
WeWork Alphathum with over 8,500 desks spread over an area of 6.6 lakh sq. ft. on 25 leasable floor is set to open in Q4 2022.
WeWork India, the pioneer flexible workspace provider in the country propose to take up entire tower comprising of 25 leasable floors at Bhutani Alphathum, Noida under its expansion plans to cater to the growing market needs.
The centre- WeWork Alphathum with over 8,500 desks spread over an area of 6.6 lakh sq. ft. on 25 leasable floor is set to open in Q4 2022.
Head of real estate, product and procurement at WeWork India, Arnav S. Gusain said, “We will continue to meet the evolving needs of our members across the country through such partnerships and service offerings in the future as well.”
The commercial real estate transactions was facilitated by Colliers, an advisory firm.
There will be an equity interest of around 33 per cent for each of the three partners in the property ownership. Lodha will be though responsible for the development, operations and management of the assets, the company said.
On May 11, Wednesday, the Indian real estate developer Lodha announced a partnership with Bain Capital and Ivanhoé Cambridge to set up a next-generation green digital infrastructure platform. There will be a total combined investment of $1 billion for developing digital infrastructure which will include logistics and light industrial parks as well as in-city fulfillment centers across the country.
There will be an equity interest of around 33 per cent for each of the three partners in the property ownership. Lodha will be though responsible for the development, operations and management of the assets, the company said.
The joint platform created will see an investment of around $1 billion to create around 30 million sq. ft. of operating assets to serve India’s digital economy.
The MD and CEO of Lodha, Abhishek Lodha quoted, “With the rapid digitization of our economy and the progress of ‘Make in India’ combined with the China + 1 strategy of most global manufacturers, we see that there is a huge demand for Grade-A digital infrastructure in our country. Following the government’s focus on improving logistics efficiency and creating jobs in different parts of the country, the platform will plan the development of industrial and logistics parks as well in-city fulfillment centers across multiple cities in India,”.
The first development project of the joint platform is at Palava, Mumbai, it will be a 10-acre logistics and industrial park. Additionally, the platform has already started looking at the pan-India acquisitions of land and developed as well as under-development projects in these asset classes.
“This is an exciting partnership that brings together an experienced real estate developer with deep digital infrastructure capabilities with the complementary support of global investors with long track records of success in commercial real estate,” said Ali Haroon, a Managing Director at Bain Capital.
In his comment Chanakya Chakravarti, Vice President, and Managing Director, India, at Ivanhoé Cambridge said, “This partnership opens up new perspectives for expansion of our logistics portfolio in India, a high conviction thesis well supported by strong sector fundamentals as India enters a digital supercycle”,
Bain Capital is a leading global investment platform with strong hold in supporting the development of logistics, industrial, warehousing, and digital assets.
Ivanhoé Cambridge, a global real estate industry leader and a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), a global investment group, is involved in developing and investing in high-quality real estate properties.
Lodha is a leading real estate conglomerate developing around 300 acres of Industrial and Logistics Park near Navi Mumbai. The company had recently announced a JV with Morgan Stanley Real Estate Investing (MSREI) for developing more industrial and logistic park.
Lucknow Development Authority (LDA) has decided to offer a discount of 5 per cent to allottees of various housing schemes who were unable to deposit their instalment during the second wave of Covid.
Pawan Kumar Gangwar, secretary, LDA, said, “We have a scheme under which we offer 5% discount to those allottees who have cleared 75% of their payment against the plot, apartment or house within 60 days of the purchase.” He mentioned while talking to TOI.
Lucknow Development Authority (LDA) has decided to extend a discount of 5 per cent to allottees of various housing schemes who were unable to deposit their instalment during the second wave of Covid.
This decision was arrived at during the budget review meeting held on Tuesday.
“The offer is not for all but only for Covid-affected genuine cases. Every case which would show up to avail the offer would be scrutinized,” Pawan Kumar added.
LDA has a yearly budget of Rs 1,951 crore for FY2022-23, out of which Rs 125 crore would be used-up for repairs in apartments and finish other minor works.
Further, Rs 150 crore would be refunded back to allottees who registered for housing schemes but the project could not be finished on time. Another Rs 283 crore would be spent on developing new areas and approximately Rs 233 crore would be used on construction of housing societies.
LDA has also offered 3000 square meter of land for the construction of police station in Basantkunj area.
