Co-working spaces provider WeWork India is aiming for a revenue growth of over 20 per cent for the coming years, even as its initial public offering (IPO) with only an offer for sale (OFS) component gets valued at Rs 3,000 crore at the top of the price band. The IPO opens on October 3, a newspaper advertisement said.
'While the concept was introduced globally over four decades ago, branded residences have taken off now in India.'
Office space owners are looking at good times ahead as rentals are expected to rise due to demand for Grade A office spaces outpacing supply that has been sluggish due to construction delays, long gestation periods and developers' interests shifting to residential.
Global investment firm Blackstone on Wednesday sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore, according to sources. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by Blackstone and Bengaluru-based realty firm Embassy group. Blackstone sold its stake in the entity at around Rs 316 per share through open market transactions and at this price, the deal is valued at about Rs 7,100 crore, the sources said.
The exit of WeWork from its India unit is unlikely to have an impact on the country's co-working real estate market, according to industry executives. The company last week received approval from the Competition Commission of India (CCI) to sell its entire 27.5 per cent stake in the India unit to Real Trustee Advisory Company. The majority of the stake (72.5 per cent) in WeWork India is owned by Bengaluru-based Embassy Group.
Global coworking player WeWork has filed for bankruptcy in the US and has also started a comprehensive reorganisation and restructuring process to cut debt and strengthen its balance sheet. NYSE-listed WeWork Inc said that its centres located outside the US and Canada will not be part of this proceedings. Softbank-backed WeWork Inc, which was once valued at $47 billion, had reported a net loss of $696 million in the first half of this year.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
Future Gaming of lottery king Santiago Martin was the biggest purchaser of electoral bonds at Rs 1,368 crore, of which nearly 37 percent went to the DMK.
Global investment firm Blackstone-sponsored Nexus Select Trust has filed the draft paper with market regulator Sebi to launch India's first public issue of retail REIT to raise around $500 million (about Rs 4,000 crore), sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet of area valued at around $3 billion. As per the sources, Nexus Select Trust has on Thursday filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of the 2023 calendar year.
India's first Equestrian to qualify for the Olympics in last two decades Fouaad Mirza, astride his horse 'Seigneur Medicott', put on an exciting show on the first day of individual eventing at the Tokyo Olympics on Friday.
AI implementation enabler Staqu will deploy its proprietary video analytics system JARVIS to count votes directly from the camera by monitoring the electronic voting machines screens at the counting centre.
Smart homes that do your everyday tasks are now coming on the Indian market. Several real estate firms are making this reality as they venture into constructing automated homes.
Warehousing and logistics segment has been among the most resilient asset classes in the pandemic.
On Thursday, the prime minister is scheduled to hold one-on-one meetings with top five American CEOs. Two of them are Indian Americans -- Shantanu Narayen from Adobe and Vivek Lall from General Atomics. The three others are Cristiano E Amon from Qualcomm, Mark Widmar from First Solar, and Stephen A Schwarzman from Blackstone.
JLL had shortlisted over 10 developers and Embassy was selected after a long due and rigorous process of due diligence.
Big conglomerates of Japan, including Mitsubishi Corporation, Sumitomo Corporation, and Mitsui Group, are looking to both build and buy commercial properties in key Indian cities.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
An injury to his preferred horse has jeopardised Fouaad Mirza's qualification chances for the Tokyo Games but the double Asian Games silver medallist is confident of making the cut for the Olympics in the equestrian event.
As real estate investment trusts are yet to take shape in India, about a half a dozen realty firms have started the spadework for listing REIT-like vehicles on the Singapore Stock Exchange.
Prime Minister Narendra Modi began his engagements in the US on Thursday by meeting with leading American CEOs from five different key sectors and highlighted the economic opportunities in India.
Blackstone has bought A Wing and some part of B Wing of the building, which has three wings with a total area of 1.5 million square feet.
Draft prospectus to be filed next week; second trust, with Panchshil, in a few months
Asian Games medal winner Fouaad Mirza called for financial help in popularising equestrian in India, saying the government can take a cue from European nations such as the United Kingdom and Germany.
A steady demand environment, prudent debt management and faster absorption of office space gave them an edge over others.
Trust today means more than the belief that a brands' products will work as advertised; consumers want to believe that the company truly cares for its customers.
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
Hurun Report and GROHE India named Lodha Developers' M P Lodha and family as India's richest real estate entrepreneur with a wealth of Rs 31,960 crore, followed by DLF's vice chairman Rajiv Singh and Embassy group founder Jitendra Virwani in the second and third position respectively. Total wealth of top 100 Indians in the real estate sector stood at Rs 2,77,080 crore -- up 17 per cent against 2018. While Mumbai accounted for six of the top 10 and 37 of the 100 names, Delhi and Bengaluru had 19 residents each who featured on the list. Smita V Crishna of Godrej Properties featured as the richest woman.
Mumbai developers are battling high inventory.
The company is confident that more hotel owners will be keen to associate themselves with the Hilton brand, the second-biggest hotel chain globally after Marriott.
GIC entered Indian real estate in 2005, when it did a deal with residential developer XS Real, a Chennai-based developer
The logistics segment is becoming a hot favourite of private equity, of late.
Reit as an investment vehicle has a huge opportunity as the country has a rent-yielding office inventory of 537 million square feet valued in excess of $70 billion.
Raghavendra Kamath reports on what ails India's real estate sector.
The amount millenials spend on eating out is changing everything about the eating-out business.
Internet retailer Amazon and its fast-growing local rivals are driving a boom in commercial property leasing in India.
Aggressive acquisitions & deep pockets fuel real estate competition; experts suggest future partnership
PE funds have invested Rs 13,000 cr into the property market in Bengaluru.
He is the man behind Blackstone's India strategy
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
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