Brookfield India Real Estate Trust stake in four Bharti Enterprises assets 

The acquisition by Brookfield India Real Estate Trust includes commercial properties totalling 3.3 millions. Brookfield India Real Estate Trust (BIRET) has signed binding agreements to acquries a 50% stake in fpour Grade A assests from Bharti Enterpries (Bharti).

The acquisition includes commerical properties totalling 3.3 million sqft at an entriprise value of Rs 60,000 millions. The total equity consideration for the 50% stake will be fulfilled through a preferential allotment of units in BIRET to Bharti at Rs 300 per unit. 

Bharti, will become the second largest unitholder in BIRET with an ownership stake of 8.53%. The protfolio of assets includes operating Worldmark assets at Aerocity New Delhi, a mixed-use proptery covering 1.4 millions sqft, Airtel Centre, the corporate facility of 700.00 sqft in North Gurugram, and Worldmark Gurugram a mixed use assest spanning over 700,00 sqft. 

Kotak Mahindra Capital Company acted as the financial advisor to BIRET Khaitan & Co and Shardul Amarchand Mangaldas represented BIRET as its legal counsels. 

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Government proposes holding brokers responsible for unsolicited calls

Government has proposed holding banks, insurances companies, real estate developers and brokers, as well as other enities, including agencies making pesky calls on their behalf responsible for contacting people through numbers that are not registered with the Telecom Regulatory Authority of India https://www.trai.gov.in/ ( Trail ). Taking note of violation of consumer rights and treating unsolicited calls as unfair trade practice, the consumer affairs department held a consultation with stakeholders last week and circulated draft guildelines to deal with this problems. 

Sources said the departments guildelines will primarily focus on protecting consumer interest and help them identify pesky call. Ince consumers lodge complaints aganist such unwated calls with the National Consumer Helpline https://consumerhelpline.gov.in/ , action under the Consumer Protection Act https://consumeraffairs.nic.in/acts-and-rules/consumer-protection would be initoated. TOI has learnt that there would be three separate series of numbers-"140" for marketing, "160" for services calls and "111" for communication by governmrnt agencies to alert or inform citizens so that people can easily identify the purpose of the caller. 

The consumer affairs department has constitued a panel comprising of members from telecom industry, regulatory bodies such as telecom and financial services departments, Reserve Bank of India https://www.rbi.org.in/ , Insurance Regulatory and Development Authority https://irdai.gov.in/ , Trai, Cellular Operations Association of India https://www.coai.com/home , telemarketing companies and consumer organisations. 

The department said such calls not only violate the privacy of usersbut also the rigts of consumers. Most of such calls are from the financial services sector followed by real estate. It was also pointed out that spam callers are now switching to internet call, especially using WhatsApp to lure customers into ponzi schemes. 

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DLFS net profit increased by 61.49% in Q4 FY2

DLF has reported a growth of 61.49 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 919.82crore in Q4 FY24 as against Rs 569.60 crore it registered in the corresponding quaterso of the previous fiscal, the company said in a BSE filing. 

The company's net consolidated total income stood at Rs 2,316.70 crore in Q4 FY2 a growth per cent from Rs 1,575.70 crore it recorded in the similar quarter last year. The board of director recommended divivded of Rs 5 each per equity share (250%) of face value of each Rs 2 each for FY 2023-24. 

The quarter DLF Home Developer ( DIDL ), a wholly-owned material subsidiary, has allotted 60,000-8.5% senior, secured,rated,listed,redeemable,guaranted, Rupees denomiated non-convertible debentures ( NCDs ) of the face value of Rs 100,000. 

Subsequent to the quarter, National Company Law Tribunal (NCLT) - Chandigarh bench has approved the scheme of amalgamation between Alanknt Estates,DLF Estate Developers, Kirtimaan Builders, Tiberias Developers, Ujagar Estates,  with DLF Utilities. 

Consolidated revenue of DLF Cyber City Developers (DCCDL) stood at Rs 5,903 crore in FY24, reflecting year-on-year growth of 9%; consolidated profit for the quarter stood at Rs 1,690 crore, a year-on-year growth of 18%. Cash flow from operations stood at Rs 2,726 crore for the fiscal. 

The company's retail business exhibited 18% year-on-year growth during the period. 

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CREDAI’s three-day home loan mela begins in Chennai

The Confederation of Real Estate Developers’ Associations of India https://credai.org/home (CREDAI), Chennai Chapter, started its three-day home loan mela on Friday, March 1, in T. Nagar. The mela is preceding the 16th Edition of the annual flagship property and real estate exhibition, CREDAI FAIRPRO 2024 scheduled to be held at the Chennai  Trade Centre, Nandambakkam from March 8-10. https://www.chennaitradecentre.org/CREDAI National Vice President S. Sridharan inaugurated the mela with Alok Kumar Chaturvedi, State Bank of India, Local Head Office, Deputy Managing Director (Retail – Personal Banking & Real Estate). The mela will offer access to home loan products from financial institutions, and guidance on various aspects of the home buying process, including eligibility criteria, documentation requirements, loan repayment options, exclusive offers, discounts, and incentives, according to a press release. SBI https://sbi.co.in/, Canara Bank https://canarabank.com/, HDFC Bankhttps://www.hdfcbank.com/, Indian Bank https://www.indianbank.in/, and LIC https://licindia.in/HFL are the bankers participating in this year’s Home Loan Mela 2024. 

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Periyar Nagar Government Hospital To Be Bigger in 2025

 Construction of news buildings for the govt hospital at Periyar Nagar is expected to be completed by March 2025. The expansion will increase the bed capacity from 300-827, besides offering additional healtcare servtices that will significantly improve access for about 15 lakh residents. Established in 1986 as a 100-bed facility, the Madras Medical College-affiliated  facility was intended sygeries to ease overcrowding at Rajiv Gandhi Govt General Hospital https://www.tn.gov.in/ta/detail_contact/4422/4 ( RGGGH ). In 2021, height of the Covid-19 pandemic, it was upgraded to a300-bed facility. Besides maternity services, patients come to the hospital for laparoscopic appendectomy, hernia repair, removal pf gallbladder stones, skin grafting, and other plastic surgeries. 

The hospital aims to become an organ havest centre and start PG Courses, said around of medical education, Dr J Sangumani. The hospital, which currently has around 20 doctors and 23 nurses, has requested additional stagg. RGGGH deam Dr E Theranirajan said the upgraded facility will have more staff. 

An Upgraded hopsital will provide most secondaty care services closer to home free of cot. 

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DMART buys land in Mumbai's Chandivali 

Avenue Supermarkets that owns and operates the DMart https://www.dmartindia.com/ supermarkets chain gas purschased a 1.2-acre plots in Mumbai's Chandivali suburb for over Rs 117 crore, as the company continues to acqurie properties as part of it's growth strategy. The land currently houses a ground-plus one industrial structure.The plot falls under the industrial zone and the compony is looking to develop it s either a retail shopping centre or a commerical building. Apart from the existing floor space index ( FSI ) https://fsi.nic.in/ available on the plot, the company has purchased 2.5 additional FSI, or permission to develop 26,000 sqft, from the civic authority.

The billionaire Radhakishan Damani promotes company has paid a stampduty of Rs 7.03crore for the transaction that was registered on May 6, accroding to documents accessed through real estate data analysis platform CRE Matrix https://www.crematrix.com/

Avenue Supermarkets and Damani did not respond to emails seeking comment till the time of going to press. The company management had last year told analysts that it was planning to mantain its target of opening 40 outlets in financial year, as store expansions has been a key focus area for the retailer. Avenue Supermarkets opened its first store in 2002 in the Powai suburb of Mumbai.It currently operates stores in Maharashtra, Gujarat, Andhara Pradesh, Madhya Pradesh, Karanataka, Telanagana,Chhattisgarh, the National Capital Region, Tamil Nadu, Punjab and Rajasthan. The Mumbai-headquartered company owns brands like DMart https://www.dmartindia.com/, DMart Minimax  , DMart Premia, DHomes, and Dutch Harbour. 

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Aadhar Housing Finance IPO subscribed 1.48 times

The initial public offering https://www.ipindia.gov.in/ (IPO) of Aadhar Housing Finance https://aadharhousing.com/, which is backed by private equity major Blackstone, received 1.48 times subsciption on Thusrday, the second day of bidding. The Rs,3000 crore IPO got bid for 10,35,89,316 shares against 7,00,89,373 shares on offer,according to NSE data. Qualified Institutional Buyers https://www.angelone.in/finance-wiki/market-entities/qualified-institutional-buyers-qibs  (QIBs) portion received 2.05 times subscription while the quota for non-institutional investors got subscription while the quota for non-institutional investors got subscribed 1.9 times. The Retail Individual Investors ( RIIs) part received 94 percent subscription. 

 The IPO of Adhara Housing Finance is a combination of fresh issue of equity shares worth Rs 1,000 crore and an OFS (Offers for Sale) of Rs 2,000 crore by promoter BCP Topco VII Pvt Ltd, an affiliate of Blackstone Group Inc. Currently, BCP Topco holds a 98.72per cent stake in Aadhar Housing Finance. The three day IPO has a price range of Rs 300-315 a share. Aadhar Housing Finance Ltd on Tuesday said it has mobilised Rs 898 crore from anchor investors. 
The company benefits from the resources, relationships and expertise of Blackstone, one of the world's leading investment firms. ICICI Securities https://www.icicibank.com/, Citigroup Global Markets Indiahttps://www.citigroup.com/global , Kotak Mahindra Capital Company https://www.kotak.com/en/home.html, Nomura Financial Advisory and Securities https://www.nomuraholdings.com/company/group/asia/nfaspl.html (India), and SBI https://www.sbicaps.com/Capital Markets are the manager to the offer.
 

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No construction at Jaypee Wish Town as YEIDA,

Over 20,000 homebuyers waiting for their flats in Jaypee Wish Town for over a decade now have their eyes set on the National Company Law Appellate Tribunal verdict on a petition filed by the Yamuna Expressing Authority https://yamunaexpresswayauthority.com/ ( YEIDA ) challenging an NCLT order approving the insolvency resolution submitted by Suraksha Group for the Jaypee Infrated Limited http://jaypeeinfratech.com/ ( JIL ). 

YEIDA approached the appellate tribunal after the NCLT on March 7 last year rejected its claim seeking Rs 1,689 crore for payment of additional compensation to formers. The NCLT had limited the sum to Rs 10 Lakh considering YEIDA as an operational creditor. 

 In 2011, lands in the district of Gautam Budh Nagar were procured at the rate of a mere Rs 880 per sqm. In 2024, the lands are being allotted at a substantially higher rate of Rs 25,900 per sqm, displaying an increase of over 2,800% in market valu. Noida International Airport at Jewar, the linking of the Yamuna Expressway with the Delhi-Mumbai Expressway and the Dedicated Freight Corridor. 

YEIDA also found a reduction of the additional compensation amount of Rs 1,689 crore. Suraksha proposed a deduction od Rs 143 crore stating Noida Authority has paid additional compensation to farmers. 

In 2020-2021, the toll collection was Rs 334.18 crore, which rose to Rs 380.03 crore in 2021-2022. In the last financial year ( 2022-2023 ), the toll collection was Rs 428.91 crore. 
 

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Microsoft buyers land in Hyderabad  for Rs 267cr to build data centre 

The property was purchased from the land aggregator, Sai Balaji Developers, located in Ranga Reddy district, as per the document shared by Propstack, a data analytics firm.

 Microsoft's https://www.microsoft.com/en-in Hyderabad data centre region is an addition to its existing network of three regions in India - Pune, Mumbai, and Chennai - which have been operational for the past five years. Microsoft had also acquired two more land parcels in Hyderabad for the data centre business.

 Microsoft currently operates an India Development Centre (IDC) https://www.idc.com/ out of Hyderabad spread over 54-acre apart from Bengaluru and Noida. The IDC has played a pivotal role in the development and progression of Microsoft's technological offerings, such as Azure, Windows, Office, and Bing. Separately, over the past two years, the organisation has been increasing its presence in the flexible office space segment throughout the country.
 

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Housing Market Booms As Credit Soars

The Indian housing sector is experiencing a significant upswing, with credit outstanding reaching an all-time high of Rs 27.23 lakh crore in March 2024. This surge, according to the Reserve Bank of India's https://www.rbi.org.in/ (RBI) data on 'Sectoral Deployment of Bank Credit https://rbi.org.in/Scripts/Data_Sectoral_Deployment.aspx,' represents a nearly Rs 10 lakh crore increase over the past two fiscal years. 

Pent-up Demand Drives Growth

Experts from both the banking and real estate sectors attribute this growth to a robust revival in the residential property market post-COVID-19 pandemic. Suppressed demand from the past two years is finally being realised, leading to a surge in home-buying activity. 

Data Unveils Housing Loan Growth

The RBI data reveals a substantial rise in housing credit outstanding, encompassing both priority sector housing and regular housing loans. In March 2024, the credit outstanding stood at Rs 27.22 lakh crore, a significant increase from Rs 19.88 lakh crore in March 2023 and Rs 17.26 lakh crore in March 2022.

Commercial Real Estate Sees Uptick

The data also indicates a rise in credit extended towards commercial real estate. In March 2024, the credit outstanding for this sector reached Rs 4.48 lakh crore, compared to Rs 2.97 lakh crore in March 2022.

Increased Property Launches and Sales Fuel Loan Growth

Samir Jasuja, CEO and MD of a leading real estate data and analytics firm, offers another perspective. He emphasises the significant increase in property launches and sales over the past two fiscal years as a primary reason for the rise in housing loans. Major Tier-1 cities have witnessed substantial price appreciation, ranging from 50 per cent to 100 per cent since FY 2021, contributing to a larger average loan size per property. Jasuja expects the housing loan segment to maintain its upward trend as the demand for residential real estate remains strong.

Long-Term Optimism for Housing Market

The Indian real estate sector, which supports over 200 ancillary industries like cement and steel, has witnessed a resurgence in demand since 2022. This follows a period of over a decade characterised by subdued sales and stable prices. While disruptions caused by RERA (Real Estate Regulation and Development Act), GST https://www.gst.gov.in/ (Goods and Services Tax), and demonetisation impacted the sector, the renewed emphasis on homeownership post-pandemic has fueled a comeback. Industry experts even anticipate the sector to reach a landmark USD one trillion milestone by 2030.

Realtors Seek Increase in Tax Benefits

Real estate industry bodies like CREDAI and NAREDCO are lobbying the government to further boost housing demand by increasing tax sops on home loans. They propose raising the deduction allowed on home loan interest payments from the current Rs two lakh to Rs five lakh.

Long-Term Outlook Remains Positive

The long-term outlook for the housing market appears bright, with industry experts expecting the credit growth trend to continue alongside strong demand for residential real estate. Realtors believe the sector is likely in the second or third year of a long-term upcycle. 

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New Pamban Bridge construction in full swing 

Exciting developments are underway in Rameswaram as the construction of the new Pamban Bridge is in full swing. This monumental project, undertaken by the Southern Railway https://sr.indianrailways.gov.in/, promises to revolutionize transportation infrastructure in the region and beyond.Spanning an impressive 2,070 meters (6,790 ft), the new Pamban Bridge will stand as India’s first vertical lift sea bridge, representing a significant milestone in engineering and innovation. With an estimated cost of Rs 550 crores, this state-of-the-art structure is poised to redefine connectivity and accessibility along the southern coast of India. The bridge will feature 100 spans across the sea, with 99 spans measuring 18.3 meters and one span extending to 72.5 meters. This innovative feature ensures seamless passage for larger ships beneath the bridge, facilitating smoother navigation and enhancing maritime traffic efficiency.

Beyond its functional advantages, the new Pamban Bridge represents a triumph of modern engineering, integrating cutting-edge techniques and materials to enhance durability and longevity. The meticulous planning and execution of the project are evident in the procurement and assembly of all electromechanical equipment, paving the way for successful trial runs and eventual operational readiness.

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Builders in Germany to strike in latest blow to troubled construction sector

Among other things, the deal proposed a raise of 250 euros per month from May 1,2024, with a further increase on April1,2025, of 4.51% in eastern Germany. 

The German Construction sector faces its first nationwide strike since 2002 after employes rejected a deal on Friday that independent negotations had hoped would slove their dispute overthe wages of some 930,000 workers. 

Now we strike, massively," Robert Feiger, head of the IG BAU union, said in a statement. 

Shortly before, employers had said they could not accept the arbitrated deal, which had been accepted by the union in the late April. Among other things, the deal proposed a raise of 250 euros per month from May 1,2024, with a further increased  on April 1,2025. 

Germany's construction sector is already struggling with a rapid rise in interest rates and costs, putting an end to a years-long surge fuelled by low rates and strong demand. 

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