Godrej Poperties raises rs 6000 crore through QIP

Godrej Properties has raised Rs 6,000 crore by selling shares to institutional investors on qualified institutional placement (QIP) basis as it looks to expand business amid strong demand for residential plots and apartments. Last week, the company launched its QIP issue to raise up to Rs 6,000 crore. In a regulatory filing on Monday, Godrej Properties informed that the board's QIP Placement Committee approved the closure of the issue on Monday. The panel approved the issue price of Rs 2,595 per equity share, which is at a discount of Rs 132.44 (4.86 per cent of the floor price) to the floor price of Rs 2,727.44 per equity share. The Committee also approved the allocation of 2,31,21,387 equity shares to be allotted to the eligible qualified institutional buyers. Godrej Properties is one of the leading developers in the country. It has a fiscal, the company's sale bookings jumped 84 per cent to a record Rs 22,527 crore, the highest among listed realty firms in 2023-24. Godrej Properties has set a target of achieving Rs 27,000 crore worth of sale bookings. Godrej Properties has added 8 new land parcels in the first six months of this fiscal with a total estimated saleable area of about 11 million square feet and a total estimated booking value potential of around Rs 12,650 crore. 
 

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Noida YEIDA launches 20 plots in new housing scheme across three sectors 

To boost residential development, the Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new group housing scheme, offering 20 plots across Sectors 17, 18, and 22D. The scheme features six plots in Sector 17, five in Sector 18, and nine in Sector 22D, with sizes ranging from 11,513.72 sqm to 89,034 sqm. In Sector 17, plots range between 11,513.72 sqm and 24,282 sqm, with a base price of Rs 32,375 per sqm. Sector 18 includes uniformly sized plots of 16,188 sqm, while Sector 22D offers the widest range, with plot sizes starting from 20,235 sqm and going up to the largest plot in the scheme, which spans 89,034 sqm. Meanwhile, developers are required to pay a registration fee or an earnest money deposit (EMD) ranging from Rs 3.73 crore to Rs 30.27 crore to participate in the scheme. The application process began Thursday and will remain open until Dec 18. An e-auction to allocate the plots is scheduled for Jan 20, and incremental bid values are set at 1% of the base price. 
 

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Chennai civic bodys commercial complexes remain vacant and struggle with low revenue

The Greater Chennai Corporation rents out 3,727 shops in commercial complexes in 150 prime locations, which should ideally thrive in a city known for its love of malls and shopping. Despite being located in prime areas like T Nagar, Central, Anna Nagar, Ashok Nagar, and Alwarpet, these complexes struggle to attract customers, generating less than half of the ?20 crore annual revenue targets. Many shops remain vacant, while vendors in occupied spaces owe nearly ?9 crore in dues but continue to operate. 
Most of the GCC's commercial shops, ranging from 70 to 1 sqft are rented at a subsidized rate of ?10 per square foot. The largest complex, Moore Market near MGR Central, is in disrepair, with over 200 of its 400 shops shuttered. The unpopularity stems from GCC's failure to modernize its complexes with global brands and diverse shopping options. They also lack basic amenities such as parking, lifts, digital signage, toilets, and proper maintenanance. "GCC should demolish and rebuild these complexes with modern amenities like glass windows, air-conditioning, and varied shop sizes to attract businesses like hotels, merchandise stores, and gaming zones for Kids. 
 

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Tamil Nadu Government identifies land bank of office space development in Chennai

Tamil Nadu govt is taking steps to avoid office space crunch in the state and tapping its own land bank in Chennai to build office facilities with private partnerships, a senior govt official said. It has identified 30 locations in Chennai for grade A office space development, said state industries secretary. “The incremental office space absorption in the city is higher than supply and govt is unlocking its own land and plans to develop office spaces. Given the current demand scenario, there is a need for ramping up supply, Estimates by analysts put Chennai’s gross office space absorption in 2023 at 10.8 million sq ft. They expect a similar momentum this year but a slowdown in 2025 due to shortage of office space. The state is witnessing a lot of traction in GCC operations due to incentives and subsidies being offered by the state, he said, adding that the state is open to tweaking the incentive package based on industry inputs. Tamil Nadu tops rankings in most economic parameters, it is behind in global capability centres compared to other cities like Bengaluru, Delhi-NCR, Hyderabad and Pune. A report released at the event by CBRE states that Chennai ranked 3rd in GCC leasing after Bengaluru and Hyderabad from 2022 to September 2024, with 33% of the activity by engineering and manufacturing firms. GCCs are expected to absorb up to 3.2 million sq ft in 2025, slightly higher than current year. 
 

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Flats Buyers cannot be put at a disadvantages over builders default Bombay HC

Bombay High Court on Monday said granting deemed conveyance to a housing society does not bar the civic body from taking action against the  unauthorised structure, but it would enable the society to pursue its rights to seek regularisation. Bandra's ALJ Residency Cooperative Housing Society (CHS) Ltd petitioned the high court in 2018 against the order of a deputy registrar of cooperative societies who had rejected its plea for a unilateral deemed conveyance certificate. After hearing lawyers Mayur Khandeparkar and Tushar Gujjar for the housing society, the high court said the flat purchasers were "caught in a vicious circle where though they were put in possession of their flats under validly registered MOFA agreements", since the builder did not comply with his obligations to ensure an OC, they could not apply for regularisations eithe. The high court, on analysing the provisions of the MOFA Act, agreed. The court, in its judgment, said, "The non-compliance of the statutory obligations by the promoter cannot place fetters on the statutory right of the flat purchasers to the conveyance of the promoter's right, title and interest in the property." The court, after setting aside the deputy registrar's Jan 2017 order, remitted the society's application for the limited purpose of issuing a certificate for execution of unilateral deemed conveyance of the Bandra plot along with the buildings standing on it. This is subject to a self-declaration being filed by the society that after getting the deemed conveyance, the petitioner-society may enter into the agreement for the purpose of redevelopment of the building.
 

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Kochi ED begins probe into rs 96 crore loan scam in Angamaly co op society

The Enforcement Directorate (ED) has registered a case and started investigation into the alleged loan scam amounting to around Rs 96cr at the Angamaly Urban Cooperative Society. The state crime branch has been investigating the case. The crime branch investigation has found that as many as 422 bogus loans were granted against title deeds of properties. In many cases, the original title holders were not even aware of granting the loans. Apart from bogus loans, cases were also filed at local police stations by investors complaining that their investments were not being returned. The case was registered and investigated by the Angamaly police before the crime branch took over. A first information report (FIR) registered by Angamaly police alleged that the forgery and subsequent cheating happened July 7, 2002, onwards. Loans were issued on forged applications as well as applications submitted without requisite documents, even in the name of non-members. 

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Chennai Survey highlights poor living conditions in TNUHDB tenements

A recent study conducted by Arappor Iyakkam, a citizen-led organisation, exposed the dismal living conditions in eight Tamil Nadu Urban  Habitat Development Board (TNUHDB) tenements across Chennai. The study, which involved more than 50 volunteers, highlighted issues ranging from poor construction and lack of basic amenities to social problems such as drug abuse among the youth. The study covered TNUHDB tenements in Perumbakkam, Semmenchery, Kannagi Nagar, Navalur, Thiruvottiyur, KP Park and Thideer Nagar. Residents reported frequent power cuts, unsafe wiring, dysfunctional lifts and shoddy garbage management. Water scarcity is a major issue in Perumbakkam, where water is supplied for only one hour every three days. Thousands of families were relocated to areas such as Kannagi Nagar and Semmenchery, far from their original residences and livelihoods. This significantly increased their commuting burden. Although the govt provides free bus services for women, residents say the services are insufficient to meet their needs. The study recommends setting up a transparent and trackable grievance redress mechanism for residents to report issues. "The current response from officials is extremely poor. There is also a shortage of manpower within TNUHDB, which needs urgent attention. 
 

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Urgent reforms needed to streamline Tamil Nadu RERA processess BAI

Builders association of India has called for urgent reforms to streamline the Tamil Nadu real estate regulatory authority (TNRERA) approval process, highlighting key challenges that cause delays and compliance burdans. Developers say that approvals often take 50–60 days, far exceeding the stipulated 30-day timeline. They suggest raising all queries at once and inviting applicants to authority meetings for faster clarifications, a practice successfully adopted by CMDA. Concerns over discrepancies in property measurements were also raised. Builders proposed leniency for minor differences in land extents, especially in layouts, to prevent unnecessary delays. Additionally, they urged authorities to exempt quarterly progress reports (QPRs) from requiring CA signatures, citing significant costs. Other suggestions included accepting scanned copies of original documents for redevelopment projects, requiring only the last-page signature on soil test reports, and enabling document sharing between agencies such as CMDA, DTCP, and RERA to avoid redundant submissions. Addressing penalties for selling units before RERA approval, builders emphasised the need for a balanced approach, given the fines outlined in a recent circular. These reforms, they argue, will boost efficiency and ease compliance for the construction sector.

 

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Fresh period of Limitation to run on continuous breach of contract NCDRC

Veena Jain had booked an apartment in "Wave Gardens" at Mohali. She was provisionally allotted a duplex apartment ad measuring 3,275 sq.ft., costing Rs 1,32,63,750/. The project was to be developed within 30 months, with a grace period of six months, and delivery was to be given by November 6, 2015. Jain paid a total to Rs 68,50,836/. In December 2015, she visited the site to check the status of the project and found that there was no development activity. Yet, the builder sent a demand letter on January 15, 2016, demanding a further amount of about Rs 42,28,063/, following up with another demand letter dated July 7, 2018, threatening to levy interest for delay in payment. In January 2020, Jain demanded a refund of the amounts paid by her along with interest. The builder ignored the demand and wrote to Jain in July 2020 asking her to take possession. The builder contested the complaint, contending that it was barred by limitation. The builder constested before the Mohali District Forum in August 2020 complanining about deficiency in service and unfair trade practice. The builder contested the complaint, contending that it was barred by limitation. The builder contested the compalint, contending that it was barred by limitation. The builder also argued that a flat purchaser was not entitled to claim a refund after the Occupancy Certificate was obtained and possession was offered. The District Commission observed that the last instalment was paid on September 9, 2014, so limitation of two years would be computed from that date. It held that the complaint filed in August 2020 was highly time barred and dismissed her appeal. Accordingly, by order dated November 4, 2024 delivered by Dr. Inder Jit Singh, the National Commission set aside the orders and directed the builder to refund the money with 9% interest within a period of 45 days,and if delayed pay 12% interest.
 

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Nippon Lfe India acquires offices spaces for rs 486 crore in mumbai

Nippon Life India Asset Management has executed a definitive agreement with realty developer Lodha, listed as Macrotech Developers, to acquire an office space spread across two floors in a commercial tower One Lodha Place in Mumbai’s business district Lower Parel for Rs 486 crore. The asset management company is planning to shift its headquarters in this office spread over 52,162 sq ft from Peninsula Business Park in the vicinity. The asset management company is planning to shift its headquarters in this office spread over 52,162 sq ft from Peninsula Business Park in the vicinity. In a regulatory filing, Nippon Life India Asset Management said there are no shareholding ties with the selling entity, and the transaction is not categorised as a related party transaction. The filing, however, did not mention the plan to shift the headquarters to this new office. As part of the deal, the buyer will get exclusive signages rights for the space on the 29th and 30th floors of the commercial tower that has a total 36 floors. Nippon Life India Asset Management specializes in managing a variety of investment products, including mutual funds like exchange-traded funds (ETFs); managed accounts such as portfolio management services, alternative investment funds, and pension funds; as well as offshore funds and advisory mandates. It is the first asset management company listed on Indian bourses in 2017.
 

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Average home prices in seven cities at rs 1.23crore in H1 FY25  Anarock

The average ticket size of homes sold across seven cities is approximately Rs 1.23 crore in H1 FY25 while it was Rs 1 crore in the corresponding period of FY 2024, according to Anarock data. Anuj Puri, chairman, Anarock Group said, "Over 2,27,400 units worth approximately rs 2,79,309 crore were sold across the top seven cities between April and September 2024. Contrastingly, the corresponding period of FY2024 saw about 2,35,200 units worth Rs 2,35,800 crore being sold. Despite a 3% drop in overall unit sales, the total sales value outstripped that of a year ago by 18% - clearly underscoring the unrelenting demand for luxury homes." The data reveals that NCR saw the highest average ticket size growth – from approximately Rs 93 lakh in H1 FY24 to over Rs 1.45 crore in H1 FY25. While the value of sold inventory increased by 55% in this period, the total number of units sold declined by 1%. Mumbai metropolitan region saw no change in average ticket size in this period . The region saw approx. 76,410 units worth Rs 1,12,356 crore sold in H1 FY24, saw approx. 77,735 units worth approx. Rs 1,14,529 crore sold.” At 44%, Bengaluru witnessed the second highest jump in average ticket size among the seven cities - it rose from Rs 84 lakh in H1 FY24 to Rs 1.21 crore in H1 FY25. Hyderabad saw the average ticket size of sold units at Rs 84 lakh in H1 FY24 while this increased by 37% to Rs 1.15 crore in H1 FY25. Chennai saw a jump of 31% in average ticket size - from Rs 72 lakh in H1 FY24 to Rs 95 lakh in H1 FY25. In Pune, the average ticket size in H1 FY24 was Rs 66 lakh - it increased by 29% to Rs 85 lakh in H1 FY25. Kolkata witnessed a 16% jump in average ticket size - it rose from Rs 53 lakh in H1 FY25. 
 

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NCLT directs initiation of insolvency proceedings against Raheja Develipoers

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project. The NCLT said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). The Application bearing... filed by the Applicants under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating CIRP against Raheja Developers Ltd is, hereby, admitted," the NCLT said. A two-member NCLT bench, comprising its President Justice Ramalingam Sudhakar and AK Srivastava, has also appointed Manindra K Tiwari aslo appointed Manindra K Tiwari as the Interim Resolution Professional for Raheja Developers. Further, possession was to be given in the year 2012-2014 with a grace period of 6 months. However, it was extended further. This debt has been acknowledged via various emails, and the default is continuing, it said. The matter relates to the Raheja Shilas project located at Sector 109, Gurugram, Haryana. Over 40 flat buyers have claimed a default of Rs 112.90 crore against the realty firm. The petitioners had submitted that they have paid over 95 per cent of the total sale price and 100 per cent of all the demand made to date as per the demand letter issued by Raheja Developers in the majority of cases. Advocate Aditya Parolia represented the association of Revanta, Vanya and Aranya projects of Raheja Developers in the matter. Earlier also, insolvency proceedings were initiated against Raheja Developers in 2019 over a delay in its Raheja Sampada project. However, in January 2020, it was set aside as the delay in the project was on account of the absence of clearance by the competent authorities, which was beyond its control.
 

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