Real Estate News Updates for April 29
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Nexus Select Trust, which is sponsored by global investment firm Blackstone, plans to raise up to Rs 3,200 crore from India's first retail REIT public offer. The total size of the public issue is Rs 3200 crore, which includes fresh issue of units up to Rs 1,400 crore and an offer for sale of up to Rs 1800 crore.
Earlier, the company had planned to raise up to Rs 4,000 crore from its proposed Initial Public Offer (IPO).
The company has filed its offer document with market regulator SEBI and the issue will hit the market in the second week of May.
Bangur family-owned Shree Cement is in non-binding talks to acquire between 40% and 72% stake in Sanghi Cement for an enterprise value (EV) of ?6,000 crore, according to multiple sources briefed on the matter. Indicative commercial terms have been shared. The talks are not exclusive and other parties could also be simultaneously discussing a deal, according to the sources.
"Due diligence has not started," an executive aware of the matter told ET.
Commercial terms could vary depending on the outcome of due diligence. The talks could end up being inconclusive. The EV of ?6,000 crore includes debt of ?1,800 crore. This places the equity value being discussed at ?4,200 crore.
At this valuation, Shree Cement could fork out between ?1,680 crore and ?3,024 crore for the quantum of equity stake being discussed if a deal were to work out, not including the cost of an open offer.
The Bombay high court set aside a 2016 acquisition order of slum rehabilitation authority (SRA) of a property in Mumbai's Goregaon and held that the steps were taken by builder and society of slum dwellers “in grabbing the property" of a land owner on fraudulently obtaining a consent decree from city civil court.
The HC said, “owner had shown his readiness and willingness†to develop the writ property and has been deprived of exercising his preferential rights to develop the property.
Bharat Patel had in 2017 petitioned the HC to challenge a November 2016 notification issued by state’s slum rehabilitation office for acquisition of almost two acres of his land in Dindoshi. The plots surrounding his lands were declared as slum and a proposed slum cooperative society was formed.
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Registration of properties in the Mumbai municipal region is set to fall this month as 9,867 units have been registered so far against 11,743 units in April last year, according to Knight Frank India. Till 12 noon on Friday (April 28), 9,867 properties have been registered.
The registration process will continue till late evening, after that there is a holiday for the next two days. The numbers are expected to rise and may cross 10,000 units this month.
In April 2022, 11,743 properties were registered in Mumbai City, which is an area under the jurisdiction of Bombay Municipal Corporation (BMC).
PNB Housing Finance has achieved closure of its rights issue of up to Rs 2,493.76 crore. It was subscribed approximately 1.21 times, the company said in a BSE filing.
Girish Kousgi, managing director & chief executive officer of the company said, "The capital raise will further strengthen our balance sheet and act as a catalyst for growth."
The rights issue closed on April 27, 2023 and the allotment of rights equity shares will happen on or about May 4, 2023. The rights equity shares are expected to be listed on the BSE and NSE on or around May 11, 2023.
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