Real Estate News Updates for May 17
Welcome to the latest edition of?ETRealty's daily newsletter,?RealtyDigest! Through this especially curated newsletter, we aim to provide the latest real estate and allied industries' news, views, market trends, reports, video interviews and much more to help you navigate the world of real estate. Subscribe and Stay Tuned for daily updates!
-------------------------------------------------------------------------------------
Singapore sovereign wealth fund GIC has acquired an information technology-special economic zone (IT-SEZ) spread over 1.1 million sq ft in Hyderabad's Gachibowli locality from the Phoenix Group for ?1,050 crore, said persons with direct knowledge of the development.
The entire development, Phoenix Aquilla, has two towers spread over 1.8 million sq ft, and the first tower with 700,000 sq ft has already been completed and leased. Both the towers, next to Amazon's operational campus, are separate and independent parks.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has allowed deregistration of two projects in the state out of the total 60 applications received for the same, said officials on Tuesday.
In February, the authority issued an order allowing developers to deregister their projects but with certain conditions. The process has been allowed as many developers are unable to commence and complete building construction.
With an aim to strengthen governance norms, markets regulator Sebi on Tuesday proposed special rights to unitholders of REITs and InvITs by providing the right to nominate representative on the boards. Also, the regulator has suggested the concept of self-sponsored real estate investment trust (REIT) or infrastructure investment trust ( InvIT), according to a consultation paper.
In addition, Sebi has proposed that principles of stewardship code should be applicable to members, nominated by the unitholders, on the board of directors of investment manager of REIT and InvIT.
Shriram Housing Finance may defer its proposed $100-million share sale to ensure higher valuations while the promoter Shriram Finance is also weighing capital infusion.
"We are still debating about how to infuse capital into the housing finance company. The debate is whether we should infuse capital or we should unlock the value by diluting 10-20% of our holding, or go for an initial public offer. We are not yet clear about the path we want to take," Shriram Finance Managing Director YS Chakravarti told ET.
WeWork Inc on Tuesday said that Sandeep Mathrani would step down as the workspace provider's chief executive officer, effective May 26, while Sycamore Partners named him as a director to lead its real estate activity.
Mathrani was named WeWork CEO in 2020 and tasked with the company's turnaround following a botched IPO attempt and amid rising investor concerns over corporate governance.
领英推荐
Oberoi Realty has reported a growth of 106.71 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 480.29 crore in Q4 FY23 as against Rs 232.35 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company's net consolidated total income stood at Rs 995.11 crore, a growth of 18.05 per cent from Rs 842.94 crore it recorded in the similar quarter last year
LIC Housing Finance has reported a growth of 5.51 per cent in its net profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 1,180.28 crore in Q4 FY23 as against Rs 1,118.64 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company's total income stood at Rs 6,415.17 crore in Q4 FY23, a growth of 20.85 per cent from Rs 5,308.59 crore it recorded in the similar quarter last year.
Also Read:
------------------------------------------------------------------------
This is a condensed version of?ETRealty?Newsletter! Get the full version by?subscribing here !
-------------------------------------------------------------------------------
www.etrealty.com ?is an online resource for the latest news, analysis, and insights on the Indian real estate market. Our website provides comprehensive coverage of the real estate sector, including residential and commercial properties, infrastructure developments, and regulatory updates.
Follow us here for more updates!
LinkedIn:?https://www.dhirubhai.net/company/et-realty /
Twitter:?https://twitter.com/Realty_ET
Facebook:?https://www.facebook.com/ETRealt y
Instagram:?https://www.instagram.com/et.realty/