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September 2020 – Spectraa Real Estate Advisory

Monthly Archives: September 2020

Brookfield REIT plans $600 million IPO

Global asset management major Brookfield will file for a USD 600 million (around Rs 4,440 crore) initial public offering for its real estate investment trust (REIT), merchant banking sources said on Thursday. The Canadian asset manager is filing the Draft Red Herring Prospectus (DRHP), making it the third REIT to be listed in the country after Embassy Office Parks and Mindspace, […]

Three things to ask before you buy a house in a bank auction

The country’s largest bank, the State Bank of India (SBI), is e-auctioning at least 1,000 residential properties, belonging to borrowers who defaulted on their loans, starting 30 September through October. The properties to be auctioned include open plots, residential, industrial, and commercial units across the country. Bank property auctions, typically, generate huge interest as such units […]

Top 7 markets Q3 residential sales up 34% on-quarter, unsold inventory down: Report

Indian residential property market turned more active during the quarter ending September as against the April-June quarter that was largely marked by lockdowns subsequent to the outbreak of Covid19 pandemic. Housing sales in top seven markets including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata rose to 14,415 apartments, up 34% from the previous quarter, […]

Sebi eases fund raising norms for REITs, InvITs

Seeking to make fund raising easier, markets regulator Sebi on Monday provided relaxations to REITs and InvITs for preferential and institutional placement of their respective units. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) can now raise equity capital through institutional placement route two weeks after a previous such exercise. Earlier, the mandated time gap was six months between two institutional placements. […]

Maharashtra offers sops to developers to push SRA projects

 Demonetisation and the current Covid pandemic have been cited as two reasons for the devastation of the real estate industry by the state housing industry that is now offering various sops to revive the industry. In a Government Resolution issued on Tuesday, the department has said, “Initially Demonetisation and in recent times the Covid pandemic has made the financial condition […]

SBI offers up to 2 years repayment relief for home & retail loans

State Bank of India will provide relief to home and retail loan borrowers impacted by Covid-19 in the form of either a moratorium of up to 24 months or by rescheduling instalments and extending the tenure by a period equivalent to the moratorium granted. The moratorium period can be extended by a maximum of 2 […]

RBI resolution plan guidelines favourable for residential real estate, says ICRA

Real estate has been identified as one of the more deeply impacted sectors, and consequently, relatively high leverage levels have been permitted for the sector. The Reserve Bank of India (RBI) has recently released sector-specific leverage and debt-coverage guidelines for determining eligibility for restructuring of stressed loans, including those in the residential real estate sector. […]

Rehabilitation hope for Colaba slum dwellers

1,500 hutments were demolished in Ambedkar Nagar in 2017 for allegedly encroaching on mangrove land; committee set up to examine if slum dwellers can be rehabilitated. Over 1,500 families who lived at Cuffe Parade’s Ambedkar Nagar, whose hutments were demolished in 2017 for allegedly coming up on mangrove land, can expect some relief as the […]

Maharashtra government hikes circle rates by 1.74%

Days after the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020, it has now decided to hike the ready reckoner (RR) rates in the state by around 1.74 percent, sources said. “The ready reckoner rates have been hiked by 1.74 percent,” they […]

No takers for their flats, owners slash rents for first time

Tenants thrilled at rates being cut by 20%, getting longer leases and having rent hikes waived. A G Mehta never had a problem finding tenants for her flat near Andheri station. Regardless of the rent she demanded—the last time it went for Rs 32,000—the 450-sqft flat used to be snapped up quickly. The lockdown changed […]