Godrej Properties’ $1 Billion Investment Plan

Godrej Properties, a leading listed real estate company, has chalked out an ambitious Rs 7500 crore ($ 1 billion) investment plan for future growth in major real estate markets.

The massive investment under this mega plan involves acquisition and development of new real estate projects to drive growth. The $ 1 billion investment will largely go into four major markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune where the company already has a huge presence.

Godrej Properties has been forming joint ventures with land owners as part of its ‘asset light model’. But now it is also acquiring new projects through outright purchase of land parcels. The $ 1 billion investment plan follows Godrej Properties’ move to raise Rs 3750 crore through Qualified Institutional Placement (QIP) for the purpose of future business growth. Apart from tapping big opportunities in key markets of MMR, Delhi-NCR, Pune and Bengaluru, Godrej Properties plans to expand its operations into Hyderabad market on a large scale.

Signature Global Plans Rs 1000 Crore IPO 

Leading affordable housing developer, Signature Global has reportedly  firmed up its plans to raise Rs 1000 crore through a public listing. Gurgaon- based realty firm that started its operations in 2014 has already raised close to over Rs 700 crore .including Rs 200 crore from global fund KKR, about Rs 250 crore from HDFC Capital, Rs 150 crore from ICICI Prudential.

Signature Global has already launched 28 projects including about two dozen residential  projects in Gurgaon. Besides Gurgaon, the company has launched projects in Sohna and Karnal. In the commercial segment , the company launched a  shopping mall each in Vaishali and Sohna.Despite Covid, the company launched three luxurious low-rise air-conditioned floors projects in Gurgaon, to cater to the post-covid needs and preferences of home buyers. It also successfully delivered three projects including two group housing projects in Gurgaon and a shopping mall in Vaishali.

Going forward, this year, Signature Global is coming up with a broader product portfolio  in the form of SCO plots, low-rise independent floors under DDJAY, affordable housing apartments and a shopping mall in Gurgaon.The upcoming IPO will fund Signature Global’s growth plans .

Four Satellite Townships of Shimla Planned

As part of the recently notified Draft Shimla Development Plan (SDP), four new satellite townships have been planned at Naldehra, Fagu, Ghandal and Chamiyana These towns are meant to decongest Shimla. There are plans to develop heritage walks, walking and running trails and sky bridges in the core area. According to the Urban Development and Country Planning Department of Himachal Pradesh, SDP is finally taking shape after four decades. Private developers are already coming up with satellite townships .One such company,  Imperial Holding, is already developing a 100 acre  township near Naldehra.

The proposed SDP has suggested buildings with two floors, a habitable attic and a parking floor in Shimla’s core areas and an additional residential floor in non-core areas. This is in conflict with the National Green Tribunal (NGT) that had banned constructions in core areas and allowed only two floors and a habitable attic in non-core areas.The SDP also makes way for lifting a ban on construction in the 17 green belts of Shimla ,spread  over 414 hectares. This is likely to lead to spurt in construction activity in areas including Lakkar Bazar, Chotta Shimla, Jakhu, Sanjauli, Benmore .

BMC Property Tax Waiver For Small Flats

The Brihanmumbai Municipal Corporation (BMC)  has announced 100 percent relief from payment of property tax for small flats falling under its jurisdiction.

This is a part of the  budget proposals of BMC which recently tabled Rs 45949 crore budget, with focus on physical infrastructure as well as social infrastructure including health and education. As part of the budget, BMC has waived off property tax for flats measuring up to 500 sq ft of carpet area. Over 16 lakh home owners will benefit from this full rebate on house tax.