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India Real Estate 

Brookfield buys 51% stake in Bharti Enterprises' four prime commercial assets

IL&FS' headquarters in Mumbai's BKC sold to Brookfield for INR 10.8bn

Godrej Properties to develop a 9-acre project in Pune

Metro cess back on property registrations in Mumbai, 3 Maharashtra cities

Tamil Nadu hikes property tax, Chennai's core areas to pay 50% more

Embassy REIT to enter into INR 9.5bn debt financing arrangement with its investment entity

Housing prices to rise 10-15% from April, says Credai-MCHI

Maharashtra Government Raises Ready Reckoner Rates By Average 5%

Net leasing of office space in Jan-Mar jumps over two fold to 11.55msf

WeWork names CEO Sandeep Mathrani as Chairman

Amazon India opens 0.83msf of office space in Chennai

Seven banks to disburse INR 15bn for completion of Amrapali projects

Ahmedabad: Madhav Group buys Bodakdev plot for INR 2.5bn

Map fees hiked in Ghaziabad by over 5%, properties to cost more

Brookfield buys 51% stake in Bharti Enterprises' four prime commercial assets:

Global investment firm Brookfield has agreed to buy 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of INR 50bn. In a statement, Bharti Enterprises and Brookfield announced that they have entered into a joint venture for four commercial properties totalling to 3.3msf. The properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). "As part of the joint venture, a Brookfield private real estate fund will purchase a 51 per cent stake from Bharti Enterprises, which will continue with a 49 per cent economic interest in the properties. The enterprise value for the transaction is INR 50bn," Bharti Enterprises said in a statement. Brookfield's real estate operating arm, Brookfield Properties, will manage the properties going forward. Worldmark Aerocity is a mixed-use property of 1.43msf in Delhi NCR. (Source)

IL&FS' headquarters in Mumbai's BKC sold to Brookfield for INR 10.8bn: The IL&FS's headquarters at Bandra Kurla Complex BKC, Mumbai has been sold to Brookfield for INR 10.8bn. The letter of Intent has been given to Brookfield and the asset is to be handed over in 2022. The Il&FS building was one of the first few highend buildings to come up in BKC and has a leasable area of around 0.45msf. The top three floors were occupied by offices of IL&FS Group which will subsequently be vacated now that the deal has been done. (Source)

JM View: Brookfield remains on a buying spree of Indian commercial assets as indicated by recent deals with RMZ, ILFS and Bharti Group. While these assets are not part of the Brookfield REIT but they can be added to the ROFO pipeline and perhaps acquired by the REIT at a later stage.

Godrej Properties to develop a 9-acre project in Pune: Godrej Properties Ltd announced that it has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project. Pimpri-Chinchwad is one of the established residential locations in Pune and has excellent connectivity to all major social and commercial hubs of Pune city. Mohit Malhotra, MD & CEO, Godrej Properties, said, "Pimpri Chinchwad is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in key micro markets across India's leading cities.” (Source)

Metro cess back on property registrations in Mumbai, 3 Maharashtra cities: The Maharashtra government will once again start collecting one per cent metro cess on property purchases from April 1 in Mumbai, Thane, Nagpur and Pune cities with the lifting of all COVID-19 restrictions, an official said on Friday. Bhushan Gagrani, principal secretary (urban development), said the state government had taken a decision in February 2019 to levy one per cent metro cess on property purchases in four cities including Mumbai. But its implementation was stayed after a year due to the outbreak of COVID-19 in March 2020. "This is not a new decision. We are reviving the earlier decision, which had to be discontinued due to the pandemic,'' he said. Due to the metro cess, stamp duty on property registrations will go up by one per cent, he said. (Source)

JM View: Mumbai monthly home registrations showed a sharp spike in March with 16,726 units being registered (down 6% YoY but up 61% MoM; 4QFY21 had benefits of lower stamp duties). The rush is mainly on account of 1% additional metro cess being applicable from 1 st April.

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