Real Estate News Updates for May 4
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Brookfield Asset Management and Tata Group are in talks to invest in the upcoming initial public offering (IPO) for Nexus Malls, betting that the Indian real estate investment trust will benefit from a rise in the country's consumption levels, two sources told Reuters.
The IPO, the first-ever by an Indian retail REIT, comes at a time when volatile markets and global macroeconomic challenges have scuppered or delayed various listing plans in India.
Blackstone Inc-owned Nexus is seeking a valuation of about $3 billion and plans to raise about $390 million in the share sale, a newspaper advertisement showed on Wednesday.
Godrej Properties has recorded a growth of 75.48 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 453.87 crore in Q4 FY23 as against Rs 258.65 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 1,838.82 crore in Q4 FY23, a growth of 20.77 per cent from Rs 1,522.57 crore it recorded in the similar quarter last year.
During the year ended March 31, 2023, the company has granted 34,934 new stock to eligible employees under the Employee Stock Grant Scheme (ESGS). Further, during the year ended March 31, 2023, the Company has allotted 33,377 equity shares upon exercise of stock grants under the Employee Stock Grant Scheme.
MCG has directed the private developers of eight colonies, taken over by the civic body in June last year, to deposit the deficient infrastructure cost so that it can continue with the development work.
According to the assessment done by the department of town and country planning (DTCP), the developers of these eight colonies have to pay a total of Rs 75.8 crore to complete the deficient infrastructure.
However, the developers recently demanded re-evaluation of the deficient infrastructure cost, saying the estimates were inflated. MCG commissioner PC Meena, in a meeting held on Wednesday, directed the developers to pay at least 50% of the amount within 20 days. The commissioner said that re-evaluation will be done only after the developers deposit a portion of the cost.
The Esplanade metropolitan court on Wednesday sent Dharmesh Jain and his brother Rajeev to judicial custody till May 16 and denied him bail in an alleged cheating case.
Dharmesh and Rajeev, both directors of the construction company Nirmal Lifestyle, were arrested last week in the case.
The bail plea argued by counsel Harshad Bhadbhade said that "applicants have settled the matter amicably and have entered into consent terms" with all the 29 buyers who were complainants in the first information report, for which the arrrest was made by the economic offences wing last month. The investigating agency filed an application before court seeking the duo's custody in another case.
The developer of Chintels Paradiso on Wednesday agreed to the terms set by the district administration to either settle the claims of flat owners of three towers in the Sector 109 society within four months, or renovate/rebuild the buildings according to expert recommendation.
The outcome was reached at a meeting of deputy commissioner Nishant Yadav with representatives of Chintels India and the homebuyers.
The proposal, if implemented, will be the key breakthrough to resolve the issue of compensation to homebuyers more than a year after a sixth-floor flat in Tower D of the society caved in, killing two women.
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