10-Oct-2019

06-Dec-2019

03-Jan-2020

CREDAI Bengal Daily News Update | 03.01.20

Tata Capital Housing Finance plans to raise Rs 2,000 crore via

NCDs

There are four bonds maturing in three, five, eight and 10 years with monthly and annual

interest payment options.

Tata Capital Housing Finance, a subsidiary of Tata Capital, on Thursday said it is looking to

raise up to Rs 2,000 crore through non-convertible debentures. The base size of the issue is Rs

500 crore with an option to retain oversubscription up to Rs 1,500 crore, the company said.

There are four bonds maturing in three, five, eight and 10 years with monthly and annual

interest payment options. The coupons offered by the company are in the range of 7.92-8.70 per

cent under various interest payment options.

It will use the funds raised for onward lending, financing and repayment /prepayment of

existing borrowings. The issue will open for subscription on January 7 and is scheduled to close

on January 17.

The bonds have been rated AAA by Crisil and Icra.

The lead managers to the issue are AK Capital and Edelweiss Financial Services. The housing

finance company offers long-term funds for housing purposes.

It offers loans for purchase and construction of a residential unit, purchase of land, home

improvement loans, home extension loans, and project finance loans to developers, among

others.

For the half year ended September 30, 2019, the company reported a net profit of Rs 23.7 crore

as against Rs 17.92 crore in the year-ago period.

Earlier in the day, Shriram Transport Finance (STFC) said it is looking to raise up to Rs 1,000

crore through bonds.

The base size of its issue is Rs 200 crore with an option to retain oversubscription aggregating

up to Rs 1,000 crore, the company said in a release.

In the second tranche of bonds, STFC It is offering three- and five-year bonds with monthly,

annual and cumulative interest payment options and seven-year bonds with monthly and annual

Newspaper/Online ET Realty (online)

Date January 03, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/tata-capital-housing-finance-plans-to-raise-rs-2000-crore-via-ncds/73077707

interest payment options.

The bonds will be offering a coupon in the range of 8.52-9.10 per cent under various interest

payment options. The tranche-II issue will open for subscription on January 6 and is scheduled

to close on January 22.

Blackstone, K Raheja to launch Rs 3,000 crore REIT

Besides the units that K Raheja and Blackstone are offering in their joint entity, the issue

comprises Rs 1,000 crore of newly issued units.

Realty developer K Raheja and US private equity firm Blackstone Group will offer to sell more

than Rs 2,000 crore of their stake in Mindspace Business Parks REIT in its initial public

offering, taking the total issue size to over Rs 3,000 crore, people with direct knowledge of the

matter said.

Besides the units that K Raheja and Blackstone are offering in their joint entity, the issue

comprises Rs 1,000 crore of newly issued units. Mindspace Business Parks REIT has filed the

draft IPO papers with markets regulator Securities & Exchange Board of India.

This will be India’s second REIT issue. Embassy Office Parks REIT, where too Blackstone is a

shareholder, listed its units in April 2019, after an IPO where it raised Rs 4,750 crore. “The

listing of Mindspace Business Parks REIT is likely to take place by the end of the second

quarter of 2020,” one of the people said. Both K Raheja and Blackstone declined to comment.

ET in November reported that K Raheja Corp and Blackstone had finalised a plan to raise about

$500 million, or over Rs 3,500 crore, by listing their jointly owned income-producing

commercial portfolio as a real estate investment trust (REIT). In 2017, Blackstone had acquired

a 15 per cent stake in K Raheja’s select commercial income-producing office portfolio spread

over 30 million sq ft. Blackstone is not planning to be a sponsor to the proposed REIT as it

holds only a minority stake in the portfolio, the people said.

The issue will be managed by 13 investment bankers including Morgan Stanley India, Axis

Capital, Citigroup Global Markets, JM Financial, Kotak Mahindra Capital, Nomura Financial

Advisory & Securities (India), UBS Securities and CLSA India, they said.

Newspaper/Online ET Realty (online)

Date January 03, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/blackstone-k-raheja-to-launch-rs-3000-crore-reit/73077832

Out of K Raheja Corp’s total commercial development, the portfolio carved out for the REIT

includes Grade-A office spaces in around eight information technology parks in cities such as

the Mumbai Metropolitan Region, Pune, Hyderabad, Bengaluru and Chennai.

The company, India’s second largest developer of commercial parks, was seen as a prominent

candidate for listing REITs in India. The Mumbai-headquartered company has developed

commercial space under the brands Mindspace and Commerzone.

Blackstone has emerged as the most aggressive institutional investor in India’s real estate

sector. It owns the country’s biggest portfolio of income-producing office assets. In India,

Blackstone has so far committed more than $6.6 billion across 35 transactions in the property

markets of Mumbai, Noida, Pune, Bengaluru, Chennai and Hyderabad. It owns more than 115

million sq ft office space and 5.5 million sq ft retail space in the country.

Global investors, including Blackstone Group, CPPIB, Singapore’s sovereign fund GIC,

Goldman Sachs and Qatar Investment Authority have been investing in Indian realty assets for

the past few years. In addition to this, more funds are eyeing investment and alliance

opportunities here.

The positive response to Embassy Office Parks REIT has provided confidence to other realty

developers with portfolio of income-producing commercial assets to explore this route.

Embassy Office Parks REIT has gained more than 40 per cent since its listing atRs 300 per unit.

Canada-based Brookfield Asset Management is also looking to list its commercial portfolio to

raise over $1billion, as per reports.

__________________________________________________________________

Apollo, Varde pull out of race for Altico Capital

Without the funds, Altico may have to leave some projects only partly financed, which

could ripple onto the developers and hurt their ability to repay their loans.

Apollo Global Management LLC and Varde Partners LP are no longer considering bidding

for Altico Capital India Ltd., according to people familiar with the matter, narrowing the

number of suitors for the troubled shadow lender.

The firms pulled out because they were unwilling to meet creditor demands to inject as much as

20 billion rupees ($280 million) of fresh equity into Altico, two people said, asking not to be

identified as the information is private. A spokesman for Apollo confirmed its withdrawal while

Varde declined to comment.

That leaves Cerberus Capital Management LP, SSG Capital Management, and Kotak

Investment Advisors Ltd. in the race for the real-estate focused lender, three people said.

Representatives for Cerberus, SSG and Kotak declined to comment.

Altico’s troubles follow a spate of defaults among Indian shadow banks over the last 16 months,

making it harder for the sector to raise funds. The cash crunch is also spilling over into the

broader economy, given that these lenders fund everything from the construction of

condominiums to purchases of personal goods like cars and phones.

Apollo was only willing to inject part of the money creditors sought, while Varde wanted to

wait for a turnaround in Altico before investing, two people said.

Without the funds, Altico may have to leave some projects only partly financed, which could

ripple onto the developers and hurt their ability to repay their loans. Altico had given out 68.9

billion rupees of loans to 34 borrowers as of June.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/apollo-varde-pull-out-of-race-for-altico-capital/73068635

Co-living firms partner with realty companies for customised

spaces

Investors say rental yields from co-living are two to four times higher than traditional

residential asset classes.

Co-living startups such as ZoloStays, Co-live, Hello World, Oyo Life and Stanza Living are

partnering with real estate developers and retail asset owners to construct customised buildings,

with the promise of rental yields of as high as 9%.

These startups lease the entire building, generate customer demand, and manage the property

including maintenance to amenities like Wi-Fi connectivity, furnishings, housekeeping, power

backup, and security. They pay either a fixed monthly contractual payout or strike a revenue-

share deal for tenures of 5-10 years, providing a new revenue opportunity to developers at a

time when growth in the traditional housing market has stagnated at 2-3%.

“The ‘co-living’ concept is now accepted as an emerging asset class within the ambit of

alternative real estate, offering a sustainable solution to the urban space crunch,” Zolo Stays

cofounder and chief executive Nikhil Sikri said.

Zolo Stays has more than 2,000 apartments under construction based on this model, scheduled

to go live by 2021, Sikri said. This year, the company plans to add 30,000 beds. The average

rent per month is about Rs 7,000 per bed.

Builders actively working on this model include the DRA Group and Olympia Group.

Investors say rental yields from co-living are two to four times higher than traditional

residential asset classes. “It provides an alternate opportunity for cash-starved developers who

are battling with issues relating to slower sales and mounting unsold inventory,” said Sameer

Brij Verma, a partner at Nexus Venture Partners.

The shared rental market in India has more than 20 million beds with organised co-living

having a 0.6% share of that. This market is expected to grow to 27 million beds, with organised

co-living accounting for around 8% over the next five years, Nexus estimates.

Today’s millennials are traveling and relocating very frequently, due to which they are looking

to cut back on costs. The rentals charged by these co-living spaces are usually inclusive of all

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/co-living-firms-partner-with-realty-companies-for-customised-spaces/73067581

facilities and yet affordable for the average young professional. At the same time, buying trends

are rapidly being replaced from ownership to access, with a new ‘sharing economy’ gaining

prominence among the 18-35 age group.

“We see a lot of inbound interest from developers. However, a large part of our inventory still

comes from the retail asset owners,” Rohit Kapoor, the CEO of India & South Asia at Oyo, told

ET in October. Launched in October 2018, Oyo said it’s co-living vertical was adding 5,000-

8,000 beds a month. The company claims its presence in nine cities with 700 live buildings and

more than 40,000 beds.

Kapoor had said the average lease agreement at Oyo were shorter than five years.

However, after co-working space provider WeWork's failed IPO, some of these companies

which may have been overvalued as a technology business, are likely to see a correction in

terms of valuations, warn late-stage investors evaluating the space.

Investors say the metrics that matter in this business included percentage utilisation,

contribution margin per property, customer and supplier satisfaction scores. “With the right

partnerships and financial prudence, these properties can be operationally profitable from the

very first year,” Jitendra Jagadev, cofounder of NestAway Technologies which owns Hello

World, said in an earlier interaction.

_______________________________________________________________________________________________

Piramal-backed Indiareit Fund exits from Skylark's Bengaluru

project

The development comes within five months of Piramal Fund Management seeking an

extension from investors for exiting its investment made through this fund.

Ajay Piramal-backed Piramal Fund Management's 'Indiareit Fund V' has exited its investment

in Bengaluru-based developer Skylark Mansions for an undisclosed amount.

Piramal's Indiareit Fund V had invested Rs 36 crore in Skylark Mansion in 2014 for a luxury

residential project in Bengaluru, which has now been taken over by Shankaranarayana

Constructions (SNC) to develop a premium commercial project.

The transaction, facilitated by property consultant JLL, included sale of a prime commercial

land parcel on Richmond Road in Bengaluru's central business district to SNC.

"This deal marks Piramal's exit in the project. SNC has now taken over the project and plans to

invest over Rs 100 crore to develop a world class office space on the land," JLL India Managing

Director, Bengaluru Rahul Arora told .

The deal is expected to yield an IRR (internal rate of return) of 18-19 per cent for Piramal, he

added.

The development comes within five months of Piramal Fund Management seeking an extension

from investors for exiting its investment made through this fund.

Indiareit Fund V, which was launched in 2013 with a primary tenure of six years (extendable by

up to two additional one-year periods), had made 10 investments and has already exited

completely from four of them and partial exit from one project.

Since the six-year tenure of the fund ended in July last year, Piramal had sought an extension of

one year from August 1, 2019 to July 31, 2020 for exiting from its residual investments.

While seeking the extension, Piramal had noted that it had recommended Skylark to develop a

commercial project with the existing FSI (floor space index), instead of a residential project, to

ensure faster cash flow realisation.

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/piramal-backed-indiareit-fund-exits-from-skylarks-bengaluru-project/73077745

Since Skylark was facing group-level liquidity issues, it was unable to raise construction

finance for the commercial project.

"Considering the delays in project approvals, continued uncertainty in TDR (transferable

development rights) regulations, group level cash flow stress and residual tenure of the Fund,

we are now exploring to sell the project land," Piramal Fund Management had said in its note.

Arora further said that the central business district (CBD) of Bengaluru continues to be highly

vibrant in terms of commercial potential.

"Commercial space absorption in the CBD as well as the broader Bengaluru market has scaled

new records in the recent past. There has been a rise in investor interest in acquiring prime

commercial land parcels and this development is significant," he added.

________________________________________________________________________________________________

Kerala CM launches K-RERA to bring transparency in real estate

sector

The Kerala Chief Minister further said that the real-estate sector has seen tremendous

growth in the country in the last decade.

With an aim to boost the confidence of customers and bring in more transparency in the real

estate sector, Chief Minister Pinarayi Vijayan launched the Kerala Real Estate Regulatory

Authority (K-RERA) here on Wednesday.

"It is just because of a handful of realtors who divert from good practice and indulge in illegal

ways to mint money that the whole sector sometimes get a black mark. We have heard terms

like the real-estate mafia," Vijayan said at the official launch event.

"It is the greed of a few that are spoiling the market. With the Real Estate Regulatory Authority

(RERA) in place, there will be more transparency and credibility. It will also help to redefine

the promoter-buyer relationship in the sector, " he added.

The Kerala Chief Minister further said that the real-estate sector has seen tremendous growth in

the country in the last decade.

"It also helped the middle class realize their housing needs. With an effective regulatory

mechanism, the real estate sector is poised to grow more instilling confidence in home buyers,"

he said.

Passed by the Parliament, the Real Estate (Regulation and Development) Act, 2016, had

directed the state governments to establish RERA for effective regulation of the real estate

sector and also for speedy dispute redressal.

As per the Act, buildings with more than eight apartments and real estates projects with 500

square metres of land or more will have to be registered with RERA.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/kerala-cm-launches-k-rera-to-bring-transparency-in-real-estate-sector/73063690

Newspaper/Online ET Realty (online)

MahaRERA says industrial units not under purview

RERA adjudicating officer BD Kapadnis observed in an order that complaints related to

industrial units could not be covered under the real estate statute.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has in a recent order held that

industrial units or buildings part of such units would not come under the purview of the Real

Estate (Regulation and Development) Act, 2016.

RERA adjudicating officer BD Kapadnis observed in an order that complaints related to

industrial units could not be covered under the real estate statute.

The officer passed the order while hearing a case related to a complainant who had booked two

units in an industrial facility, but failed to get their possession on agreed date of May 31, 2015.

The complainant wanted to withdraw from the project and claimed refund of the amount with

interests and compensation.

The RERA authorities said the Maharashtra Ownership Flats Act (Mofa), 1963, was applicable

to the units and not the real estate law.

“It is clearly mentioned in the documents that the units are described as ‘estate units’ and they

are of ‘big size’. It is mentioned in the documents that the units are agreed to be purchased for

setting up industrial business of manufacturing and permitted under industrial location policy,”

the RERA adjudicating office observed after going through the relevant documents related to

the case.

“After looking into these legal aspects of the matter, the only conclusion that can be drawn is

that Mofa is applicable to the premises used for carrying on any industry whereas the definition

of the apartment does not include the industrial purpose. There remains no doubt in my mind

that the industrial units are not included in the definition of apartment in RERA,” the officer

added.

________________________________________________________________________________________________

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/maharera-says-industrial-units-not-under-purview/73070816

All buildings in Manjari constructed between 2007-09 are illegal:

Report

Sarpanch confirms the fact; RTI activist on whose complaint four people were arrested

last week has been getting threat messages

Held to account, the sarpanch of Manjari Budruk on Thursday, submitted a report to the block

development officer (BDO) declaring that all buildings constructed there between 2007 and

2009 were illegal, as there is no record of the gram panchayat having given any permission for

construction in its jurisdiction, nor had it accepted any fees for doing so.

The report was submitted after the BDO demanded to know if any stamp or letterhead had been

stolen from the gram panchayat. The BDO requisitioned the report pursuant to the arrest of

deputy sarpanch Purushottam Dharwadkar (49) and three of his accomplices Pradeep Kodre

(40), Kalidas Bhorade (42) and Sharad Lagad (49) last week. In fact eight people have been

booked in the case, based on a complaint filed on March 11, 2019, by RTI activist Ravindra

Barate of forgery and cheating.

In 2016, a survey conducted by the Pune collector found over 16,000 constructions under Pune

Metropolitan Region Development Authority (PMRDA) to be illegal, which included some in

Manjari Budruk. Barate’s RTI endeavours revealed the commencement certificate and building

plans in the case of 3,000 construction were all dated January 2, 2009 and signed by

Dharawadkar who also ran a realty firm with his wife. This prompted him to file the police

complaint.

The then senior police inspector at Hadapsar police station, Sunil Tambe, investigated the

matter and wrote to PMRDA to run an inquiry into the matter. Besides the fabricated document

issue, it was found that 1,134 of them were built on waste land, which as per a Supreme Court

order cannot be deployed for residential or commercial purposes. “Since it is a scam involving a

government revenue loss of over Rs 50 lakh, we had to transfer the case to the Economic

Offences Wing (EOW) of the crime branch,” assistant police inspector at Hadapsar police

station, Dilip Gadhe told Mirror.

As reported earlier, BJP MLA Yogesh Tilekar got involved and also enlisted the then Chief

Minister Devendra Fadnavis’ s help to regularise these constructions, in the run up to assembly

elections.

Pursuant to their arrest, Dharawadkar and his accomplices had moved a bail application before

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/all-buildings-in-manjari-constructed-between-2007-09-are-illegal-report/73063747

the Cantonment court, which was rejected on Friday based on the sarpanch’s submission.

Assistant public prosecutor Amrapalli Kasture, who opposed the application, told Mirror, “The

accused have cheated the government and huge construction projects were carried out on the

basis of forged permissions.”

Rejecting the bail applications, Judicial Magistrate First Class, Komalsing Rajput observed,

“The offence is serious and the investigation is in progress. Releasing the accused on bail may

adversely affect the progress of the investigation. The possibility of tampering with evidence

and inflicting other adverse effect cannot be ruled out.”

Clearly feeling vindicated by the sarpanch’s report, Barate added, “The local politicians,

developers and builders are all involved in the scam and it needs to be investigated by senior

EOW officials. I’ve been threatened since I started raising my voice against these people. Even

after the arrest made last week, I received WhatsApp message from mobile numbers belonging

to the accused with pictures of sharp weapons.”

________________________________________________________________________________________________

Chennai metro plans 20-storey building above Wimco Nagar

elevated depot

“It could either be a residential or an office space depending on the demand after the

extension line is opened and the area develops,” a metro rail official said.

Picture this. It is 2030 and an elevator takes the visitor to a sea-view apartment on the 23rd floor

at Wimco Nagar near Thiruvottiyur. The same elevator will bring the visitor to level five where

she can enter the platform and board a metro train to airport.

In a bid to integrate real estate and transport and generate non-ticketing revenue, Chennai

Metro Rail Limited (CMRL) is planning to build a 20-storey structure above the elevated depot

cum station at Wimco Nagar, now a calm locality near Thiruvottiyur and 600m away from the

beach. Besides the tower, there will be a four-level parking space below the stabling lines. The

depot is likely to be ready by December 2020.

“It could either be a residential or an office space depending on the demand after the extension

line is opened and the area develops. But it’s going to be like a satellite city. We don’t have a

design for the structure yet, but we are laying the foundation for the structure now for future

development,” a metro rail official said. “Right now, Koyembedu depot can handle all our 52

trains. We will need this second depot only when the trains get older and require frequent

maintenance,” the official said.

CMRL plans to build the high rise above the elevated depot as the need arises to generate

additional revenue. Similar structures are planned in the elevated depots to come up

at Madhavaram and Poonamallee as part of the 118.9km three-corridor phase-2.

Wimco Nagar depot is part of the phase-1 extension line from Washermenpet to Wimco Nagar

with nine stations. It is likely to open in mid-2020. Since, it is an extension of the phase-1

corridor Washermenpet to Airport via Anna Salai, commuters could travel from Wimco Nagar

all the way up to airport in one go without a break in journey.

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/chennai-metro-plans-20-storey-building-above-wimco-nagar-elevated-depot/73063783

“People think it’s far away and don’t like settling in these localities because of the lack of

access through a proper transport system. With metro, we are going to give a comfortable and a

faster access. We are sure the area will develop rapidly,” an official said.

The elevated depot, with 16 lines and spread over 15,500sqm is taking shape at a height of 12m.

It rests on 1,161 foundation pile columns built underground and connected with a 1.8-metre-

thick concrete raft above which 324 columns of varying thickness have been constructed.

Provisions have been made in these columns to build four level car parking space below the

depot.

“It was a challenge building the foundation as the water table was as high as 2m. We had to

drain it out,” an official at the construction site said. “The foundation can hold a 60m tall

structure, which is about 15 to 20 floors. We are also constructing other facilities that can be

used in the future when the high-rise is built,” said an official.

At the depot level, there will be a small station, training facility and other amenities for the

depot staff and train operators. The station, which is separate from the Wimco Nagar elevated

station less than a kilometre away, could also be used by the occupants in the property

developed in the future.

The 16 lines at the depot, including one line for the station, are linked to the mainline

proceeding towards Wimco Nagar elevated station through a 600m link corridor. A 7.5m wide

internal road around the depot, storm water drains and a water tank with a capacity of six lakh

litres will also be built. Another 10,000sqm area near the depot will be used to build amenities

such as parking space depending on the requirement. This apart, a 1055sqm auto coach washing

plant will have three-levels for property development.

“We will require funds to develop these facilities. May be in the future, we will construct them

on a PPP-mode as the demand goes up. We will generate revenue in the form of rents,” an

official said.

________________________________________________________________________________________________

Gurugram: Raheja Navodaya residents move CM Window on infra

deficiencies

Over 250 families reside in the society. Residents said the structure of the building has

weakened due to constant seepage in the basement.

Residents of Raheja Navodaya in Sector 92 have lodged a complaint ar the CM Window against

alleged infrastructural deficiencies in their housing society. They have demanded action against

the developer and have urged the CM to order that the deficiencies and pending work in the

society be addressed at the earliest.

Over 250 families reside in the society. Residents said the structure of the building has

weakened due to constant seepage in the basement. They also alleged that live wires in the

common areas, lifts functioning without safety certificates and the lack of a permanent

electricity connection in the society make living difficult there.

While the RWA is in charge of maintenance of the society, residents said these problems should

have been addressed before the developer handed it over to the RWA.

Refuting all charges, a Raheja spokesperson said: “We have already handed the society to the

RWA. We don’t have any responsibility now. The RWA should take care of water leakage and

the other issues that residents are complaining about. We have applied for electricity connection

with the DHBVN.”

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/gurugram-raheja-navodaya-residents-move-cm-window-on-infra-deficiencies/73063709

Residents said the condition of the buildings is worsening. Pradeep Kumar, who is one of the

complainants, said: “I shifted to Raheja Navodaya in 2017 and the condition of the buildings

has not improved. Building foundations are getting weaker day by day because of water

leakage. Sewage floods common areas and lifts don’t have safety certificates. It is a disaster

waiting to occur.”

Another resident added, “How did the department of town and country planning (DTCP) issue

occupation certificates to the builder when the builder has not applied for a permanent

electricity connection?”

Meanwhile, DTCP officials said they are aware of the matter and are “taking steps” to provide

relief to the residents. A senior DTCP official said they will conduct a survey of the society’s

basements. “We haven’t issued a completion certificate to the builder yet. We will take action

against the builder if the basements are found to be in poor condition,” the official said.

__________________________________________________________________

IndoSpace launches three industrial, logistics parks

IndoSpace has a portfolio of around 34.5 million sqft across developed and under-

construction projects comprising 34 industrial and logistics parks in nine cities, the

company said in a statement.

Everstone-backed IndoSpace on Thursday launched three industrial and logistics

parks in Gujarat, Andhra Pradesh and Haryana. With this, the company has added nearly 120

acres of space, which will boost IndoSpace to grow its footprint across significant regions and

achieve its long-term goal of 120 million sqft of modern logistics infrastructure across the

country.

IndoSpace has a portfolio of around 34.5 million sqft across developed and under-construction

projects comprising 34 industrial and logistics parks in nine cities, the company said in a

statement.

The three new industrial and logistics parks are located at Becharaji in Gujarat, Anantapur in

Andhra Pradesh, and Sohna Taoru in Haryana.

"As a national developer, we strive to provide modern logistics and warehousing facilities

across strategic and significant locations. The launch of these three parks marks IndoSpace's

rapid growth in laying down a strong foundation for grade A logistics infrastructures across the

country," Everstone Group Vice Chairman - Real Estate, Rajesh Jaggi said.

He further said 2019 was significant for the company as it entered into new markets as well as

expanded in the existing ones. "We wish to carry the same momentum in this new year," Jaggi

added.

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/indospace-launches-three-industrial-logistics-parks/73070626

The industrial park in Becharaji is spread over 40 acres and is situated closer to Becharaji-

Mandal Special Investment Region.

Becharaji is developing into one of the largest industrial manufacturing hubs for car and two-

wheeler manufacturers and is also home to Japanese industrial cluster.

The park in Anantapur offers Grade A industrial and warehousing facilities spread over 30

acres.

Spread over 50 acres, the park in Taoru is close to the consumption markets of Gurugram, New

Delhi and the rest of north India.

"The region is emerging as a major warehousing cluster in NCR with major well-known

companies operating out of this area catering to the markets of Northern (Himachal Pradesh,

Punjab, Haryana, Uttar Pradesh) and Western (Rajasthan) regions," the company said.

________________________________________________________________________________________________

Australian home prices end year with strongest gains since 2009

Data from property consultant CoreLogic out on Thursday showed home prices across the

nation rose 1.1% in December, from November when they climbed 1.7%.

Australian home prices ended 2019 with the biggest quarterly rise in a decade, a remarkable

return to boom from bust that promises to support consumer wealth and, perhaps, spending.

Data from property consultant CoreLogic out on Thursday showed home prices across the

nation rose 1.1% in December, from November when they climbed 1.7%.

That brought the gains for the three months to December to 4.0%, the steepest rise since late

2009 and a world away from the punishing declines seen earlier in the year.

The resurgence was again led by the major cities with values in Sydney up by 1.7% in

December and 6.2% for the quarter. Melbourne likewise boasted gains of 1.4% and 6.1%

respectively.

The median Sydney home was now worth A$840,072, compared to the national value of

$537,506.

It was the sixth straight month of price gains and a decisive end to a two-year price slump that

had chipped away at consumer wealth and confidence.

Household wealth had already rebounded to a record-high A$10.9 trillion ($7.64 trillion) by the

end of the September quarter. A further sharp increase was certain for the December quarter

given the housing stock alone was worth A$6.9 trillion.

Newspaper/Online ET Realty (online)

Date January 02, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/australian-home-prices-end-year-with-strongest-gains-since-2009/73069333

The sector has been the clearest winner from the Reserve Bank of Australia's (RBA) decision to

cut interest rates three times since June to an historic low of 0.75%.

"A recovery in housing values implies home owners are becoming wealthier, which may also

help to support household spending," said CoreLogic's head of research Tim Lawless.

"However, the flip side is that housing affordability is set to deteriorate even further as dwelling

values outpace growth in household incomes, signalling a set-back for those saving for a

deposit."

So far, consumers have been reluctant to draw on their new-found riches with retail spending

growing at recession-like levels as wages and confidence lag.

The national mood has also been darkened by massive bushfires sweeping the states of Victoria

and New South Wales, blanketing Sydney with smoke and squeezing the tourist trade at the

peak of the summer season.

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