Real Estate, Realty sector, Construction, Realty

Mindspace Business Park REIT has appointed Ramesh Nair as its new Chief Executive Officer with effect from September 1.
Nair, who has experience of more than two decades in real estate sector, was earlier CEO of real estate consultant Colliers India.
Before that, Nair was CEO & Country Head at JLL India where he worked for over 21 years.
The Board of Directors of K Raheja Corp Investment Managers Pvt Ltd, manager to Mindspace Business Parks REIT, noted the resignation of Vinod Rohira, the current CEO, with effect from August 31, 2023.
It also approved the appointment of Nair as the CEO with effect from September 1, 2023, according to a regulatory filing on Monday.
The board approved the appointment of Rohira as the additional (non-executive, nonindependent) director on the board of the Mindspace REIT.
Rohira will also have a larger role within the K Raheja group as Managing Director and CEO  Commercial Real Estate, K Raheja Corp. He will also be on the board of the residential ..

Real estate firm K Raheja under I-T lens for tax evasion

Realty firm K Raheja Corp on Friday said its housing arm has sold properties worth Rs 1,100 crore in its luxury residential project at South Mumbai during the March quarter.
K Raheja Corp Homes, the residential business of K Raheja Corp group, delivered a record breaking, pre-formal launch sales revenue of Rs 1,100 crore, through its single project Raheja Modern Vivarea in under 90 days, in the fourth quarter of last fiscal, the company said in a statement.
Raheja Modern Vivarea, located in Mahalaxmi micro-market, was launched in the last quarter of FY23.
The project, having 10 lakh square feet of total saleable area, will house only 2 towers.
The demand for luxury residential properties have surged during the last two years.

chart

Among the top 10, Mangal Prabhat Lodha and family of Macrotech Developers saw the steepest wealth erosion of 20 per cent in 2022-23: Grohe-Hurun India Real Estate Rich List 2023

Vaccine

Two of the largest city-based realty players -- the IPO-bound Macrotech Developers, earlier known as Lodha Group, and K Raheja Corp -- said they would pay for the vaccinations of their employees.

Blackstone, Embassy pad up to launch first REIT, raise Rs 4k cr

Mindspace Business Parks REIT on Thursday said the company plan to raise up to Rs 450 crore through the issue of debt securities.
In a regulatory filing, the company informed that the decision will be taken at a meeting on March 9.
"a meeting of the executivecommittee of the manager shall be held on Tuesday, March 9, 2021, to consider and approve raising of funds by Mindspace REIT through the issue of a debt security(ies) aggregating up to Rs 450 cores by way of the private placement," the filing said.
The fund could be raised in one or more tranches.
Mindspace REIT, promoted by K Raheja Corp and Blackstone, got listed on stock exchanges last year after launching a public issue of Rs 4,500 crore.
It owns office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad and Chennai.
Mindspace REIT has a total leasable area of 29.5 million square feet. The portfolio consists of five integrated business parks and five quality independent office ass

hotels, lockdown

Even as the hotel association welcomed the move, it said the notification is silent on restaurants and will help if there is further clarity

cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings

The IPO will open on July 27 and close two days later.

While 2019 saw a record office absorption of 42 million square feet in top cities, this year, it is expected to come down to 30 million sq ft and additional leasing is expected to come down sharply

Not all companies to gain. while those in hotspots will remain shut, industry feels relaxation applies only to open-air work, not underground or tunnelling operations

Sanjay Sethi

The latest members of the BS1000 club have bet on capital expenditure, acquisitions and partnerships for growth

Kiran Mazumdar Shaw, Biocon CMD

Awards announced for nine other categories; Adi Godrej gets Lifetime achievement award

Developers moving to commercial realty

The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".

Embassy Reit delivers returns of more than 20% since market debut

The REIT has roped in 13 bankers, including Morgan Stanley, CLSA, and Nomura for the issue.

Bandra Kurla Complex

Citibank had planned to sell the eight-storey building in 2013 but did not proceed

I-T department is examining the books of Hypercity and other group companies of the conglomerate to see if there is any discrepancy in the transaction

Raheja Corp to raise Rs 500 crore through CMBS

In 2014, Intime Properties, part of the group, raised Rs 340 crore through the issue of NCDs

Rahejas eye $500 million from deal with Temasek, Warburg Pincus

C L Raheja-promoted company wants to sell 20 per cent stake in the office space arm

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City.
This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC).
In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year.
Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year.
According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC.
"This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India Group .

Air India

The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Limited

Vedanta

The counter that hit a 52-week low of Rs 42.39 on August 29, 2023, traded at a record low of Rs 37.96 in March 2009. It had hit a record high of Rs 581.24 in December 2007

Real estate

Shares of GMDC hit a record high of Rs 323.70 as they rallied 14%, surpassing its previous high of Rs 316.18 touched on November 12, 2007

Lignite

1 out of every 25 shares from the Nifty 500 index has more-than-doubled investors wealth in 2023 so  far, with Apar Industries, Mazagon Dock and JBM Auto as the top movers.

Wealth-Manager

Here is the best of Business Standard's opinion pieces for today

Budget

According to Ravi Nathani, an independent technical analyst, the 'buy the dips' strategy seems particularly relevant in the current market conditions.

stocks, stock call, buy, sell, trading ideas, buy sell ideas

Israeli airstrikes hit several targets in the Gaza Strip on Tuesday, the country's military said, after Palestinian protesters flocked for the 12th straight day to the enclave's frontier with Israel  demonstrations that have devolved into violent clashes with Israeli security forces.
There were no reports of casualties in Gaza from the Israeli airstrikes.
The Israeli army said that it used a drone, helicopter and tank to strike multiple posts in northern and southern Gaza belonging to the strip's militant Hamas rulers in response to what it described as violent riots at the separation fence between Gaza and Israel. The protests involve Palestinians throwing stones and explosive devices, burning tires and, according to the Israeli military, shooting at Israeli soldiers.
Palestinian health officials reported that Israeli forces shot and wounded 11 protesters during Tuesday's rally.
Hamas, the Islamic militant group that seized control of Gaza in 2007, has said that young Palestinians

Gaza violence

Maharashtra state marketing minister Abdul Sattar on Tuesday said a meeting called here for discussing onion traders' demand to slash the 40 per cent export duty on the kitchen staple ended without any decision as the concerned Union secretary was not present.
The meeting was attended by Sattar, deputy Chief Minister and Finance Minister Ajit Pawar, and representatives of onion traders.
A Union secretary was not present, hence no major solution was found on the issue of slashing 40 per cent export duty. The next meeting is scheduled for September 29 in Delhi which we will attend. I am hopeful that an amicable solution will be found, he said.  Asked if the Maharashtra government has issued any directive to onion traders, Sattar said, The state has asked the traders to procure onions from farmers.  Agencies such as NAFED will also start buying onions.

Onion, Onions

Canada is India's main import source of lentils, a protein-rich staple used to make daal curry

India Canada

Tata Steel on Friday commissioned a 10.8-MW capacity floating solar power project on the upper cooling pond of its Jamshedpur plant in Jharkhand.
A total of 20.34 MW of solar projects have been commissioned in various facilities at Tata Steel in Jamshedpur, the company said in a statement.
The floating solar project was commissioned by Tata Power under an agreement with the steel major for the installation of a total of 41MW with a combination of rooftop, floating and ground-mounted solar panels across its locations.
Earlier, rooftop solar projects at the central warehouse, cold rolling mill, wire rod and hot strip mills, totalling 7.65 MW and a 2 MW ground-mounted solar project at Sonari Airport have already been commissioned.

Solar Energy, Renewable Energy, Green Energy

The Chhattisgarh Police has arrested two people in connection with a Rs 20-crore burglary from a jewellery store in New Delhi earlier this week and recovered around 18.5 kg of gold and diamond ornaments from them, a senior official said on Friday.
A joint team of officials from the anti-crime and cyber unit and the Civil Line police station in Bilaspur district carried out the operation while probing a series of thefts in Bilaspur city, Superintendent of Police Santosh Singh told PTI.
Those arrested have been identified as Lokesh Srivas (32), who is allegedly involved in several thefts in Bilaspur, and Shiva Chandravanshi (23), he said.
The value of gold and diamond ornaments recovered from Srivas is estimated at Rs 12 crore but the exact value was yet to be ascertained, he added.
Acting on a tip-off about Srivas being present in Kawardha town of Chhattisgarh's Kabirdham district, the team conducted a raid there on Wednesday and arrested Chandravanshi along with ornaments worth Rs 

Police in Gurugram due to communal violence

The Gujarat High Court on Friday reserved its order in the review plea filed by Delhi Chief Minister Arvind Kejriwal in a matter related to Prime Minister Narendra Modi's degree after arguments concluded.
After hearing both the sides, Justice Biren Vaishnav kept the judgement reserved.
Earlier in June, Kejriwal, who also heads the Aam Aadmi Party (AAP), approached High Court seeking a review of its recent order setting aside the Central Information Commission's directive to the Gujarat University to provide information on Prime Minister Narendra Modi's Master of Arts (MA) degree to him.
In March, Justice Vaishnav had allowed Gujarat University's appeal against the CIC order and had also imposed a cost of Rs 25,000 on Kejriwal.
One of the key contentions raised by Kejriwal in his review plea is that contrary to Gujarat University's claim about Modi's degree being available online, no such degree is available on the university's website.
During Friday's hearing, senior lawyer Percy 

Gavel, Law & Order

The Uttar Pradesh Real Estate Regulatory Authority on Friday allowed a realtor to complete a stuck housing project in Greater Noida.
The UP RERA approved the promotor's plan with the consent of a majority of allottees to complete the remaining construction and development work of Elegant Ville project in Techzone 4 area of Greater Noida West.
According to RERA officials, the project with 761 units was scheduled to be built in four phases and delivered by 2019 but got stuck.
"To protect the interests of the allottees of Elegant Ville, a stuck project of Gautam Buddh Nagar, UP RERA has authorized the promoter to complete the remaining construction and development work under provisions of section 8 of the RERA Act with the consent of its majority of allottees," UP RERA said.
"For this, the promoter of the project, Elegant Infracon Private Limited, has collaborated with Floral Realtech Private Limited and presented a plan of project rehabilitation according to which the project will be

Maruti Suzuki India on Friday said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore.
The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, Maruti Suzuki India said in a regulatory filing.
"The company will file a reply to the show cause notice before the Adjudicating Authority," it said, adding that there was no impact on its financial, operation or other activities due to the notice.
The company also said it has received a favourable order from the High Court of Punjab and Haryana wherein appeals filed by the Central Excise Department for the period June 2006 to March 2011 have been dismissed.
The Central Excise Department had filed appeals before the high court against an earlier tribunal order of August 2016, which was passed in favour of the company in which input .

K Raheja Corp

Mindspace Business Park REIT appoints Ramesh Nair as new CEO from September

K Raheja Corp sells luxury homes worth Rs 1,100 cr in single project

Five of India's ten richest realty barons saw wealth erosion last year

Macrotech, Raheja Corp to pay for employees' Covid-19 vaccination

Mindspace REIT plans to raise up to Rs 450 cr through issue of securities

Unlock 4: Maharashtra allows hotels and lodges to operate at 100% capacity

Mindspace Business Parks REIT raises Rs 1,125 crore ahead of IPO

Covid-19 lockdown: Tenants seek waiver of lock-in periods; owners wary

Construction to resume, focus now on labour, raw materials and funds

From Sanjay Sethi to Ameera Shah, meet new entrants in BS1000 club

Kiran Mazumdar-Shaw wins EY Entrepreneur of the Year award for 2019

In a breather to Raheja Developers, NCLAT sets aside insolvency proceedings

Raheja-Blackstone firm files draft offer document for Rs 3,500-cr REIT IPO

Raheja to buy Citibank property in Mumbai's BKC for Rs 400 crore

Real estate firm K Raheja under I-T lens for tax evasion

Raheja Corp to raise Rs 500 crore through CMBS

Rahejas eye $500 million from deal with Temasek, Warburg Pincus