Real Estate Mumbai

Arkade Developers Ltd has set the price band for its upcoming initial public offering (IPO) at Rs 121-128 per share for a total issue size of Rs 410 crore. The IPO will be open for public subscription from September 16 to September 19, while anchor investor bidding will open on September 13. The entire offering consists of a fresh issue of equity shares with no offer-for-sale (OFS) component. Post-issue, the company's valuation is estimated to exceed Rs 2,300 crore, as per brokerage estimates. The proceeds from the IPO will be used for the development of ongoing and upcoming real estate projects, acquisition of future projects, and general corporate purposes.

Arkade Developers, a growing real estate company with a significant presence in Mumbai, has developed 1.80 million square feet of residential property as of July 31, 2023, including through partnerships. Between 2017 and Q1 2023, the company launched 1,040 residential units and sold 792 units in the Mumbai Metropolitan Region (MMR). For the fiscal years 2021, 2022, and 2023, the company reported revenues of Rs 113.18 crore, Rs 237.18 crore, and Rs 224.01 crore, respectively.

The IPO has reserved 50% of its issue size for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and the remaining 15% for Non-Institutional Investors. Investors can bid for a minimum of 110 shares, with multiples thereof. The equity shares of Arkade Developers are expected to be listed on the BSE and NSE on September 24, and Unistone Capital is the sole book-running lead manager for the issue.

Century Textiles and Industries (CTIL) has secured ownership rights for a 10-acre leasehold land parcel in Worli, Mumbai, for Rs 1,100 crore from Nusli Wadia. This transaction merges CTIL’s existing leasehold interest with full ownership rights.

The land will be developed by Birla Estates, CTIL’s wholly owned subsidiary, adding an estimated Rs 14,000 crore in potential booking value to the company. With this acquisition, CTIL’s total landholding in the area expands to 30 acres, boosting the potential booking value to Rs 28,000 crore, according to the company.

This strategic acquisition reinforces CTIL's plans for large-scale developments in Mumbai’s prime real estate market.

Sumitomo Realty & Development Company, through its subsidiary Goisu Realty, has acquired a prime 2-acre land parcel in Mumbai's Worli locality from Bombay Realty, the property development arm of Bombay Dyeing & Manufacturing Company (BDMC), for Rs 440 crore. This deal includes the associated floor space index (FSI) and is part of a larger agreement made between Sumitomo and BDMC last year.

In 2023, Sumitomo signed a deal to acquire a total of 22 acres of Worli land for Rs 5,200 crore, making it one of India's largest land transactions. The acquisition is being completed in two phases, with Rs 4,675 crore already paid in the first tranche, and the remaining Rs 525 crore to be paid after meeting certain conditions.

According to documents stamp duty payment was for Rs 26.45 crore. Rahul Anand, CEO of Bombay Realty, confirmed the completion of this phase of the deal, stating, "We have developed and sold a commercial building of about 3.35 lakh sq ft earlier and sold the remaining landholdings in Worli to Sumitomo."

Sumitomo Corporation has steadily expanded its presence in India, driven by the rising demand for premium office spaces and residential developments. Last year, the company also secured a 3-acre land parcel in Mumbai’s Bandra-Kurla Complex (BKC) through an 80-year lease for over Rs 2,067 crore, further signaling its long-term commitment to India's real estate market.

As one of Japan's leading real estate developers, Sumitomo Realty & Development is leveraging its expertise in infrastructure and sustainable development to capitalize on India's rapid urbanization and economic growth. This acquisition highlights the growing appeal of India's real estate sector for global investors seeking long-term opportunities.

The Rs 6,560 crore initial public offering (IPO) of Bajaj Housing Finance was fully subscribed within hours of opening for bidding on September 9. The IPO received bids for 73.02 crore shares against 72.75 crore shares on offer, reflecting full subscription as of 14:03 hours on the National Stock Exchange (NSE).

- Non-Institutional Investors: 2.29 times subscription

- Retail Individual Investors (RIIs): 97% subscription

- Qualified Institutional Buyers (QIBs): 2% subscription

The IPO includes a fresh issue of equity shares worth Rs 3,560 crore and an offer-for-sale (OFS) of shares worth Rs 3,000 crore by Bajaj Finance, the parent company. The price band for the IPO is set at Rs 66-70 per share, and the offering will close on September 11.

Bajaj Housing Finance raised Rs 1,758 crore from anchor investors prior to the IPO. The proceeds from the fresh issue will be used to strengthen the company’s capital base and meet future capital requirements.

This IPO is part of Bajaj Housing Finance's compliance with the Reserve Bank of India's (RBI) regulations, which mandate that upper-layer non-banking finance companies (NBFCs) be listed on stock exchanges by September 2025. Bajaj Housing Finance, a non-deposit-taking housing finance company registered with the National Housing Bank, offers a variety of mortgage solutions, including home loans, loans against property, and developer financing.

The IPO is being managed by Kotak Mahindra Capital Company Ltd, BofA Securities India Ltd, SBI Capital Markets Ltd, Goldman Sachs (India) Securities Pvt Ltd, Axis Capital, and JM Financial Ltd.

With this IPO, Bajaj Housing Finance joins the ranks of other housing finance companies like Aadhar Housing Finance and India Shelter Finance, which have recently gone public.

Bollywood actor and BJP MP Kangana Ranaut has sold her row house in Mumbai’s upscale Pali Hill for Rs 32 crore, four years after it was embroiled in a legal dispute with the Brihanmumbai Municipal Corporation (BMC). The 3,075 sq ft property, located on Nargis Dutt Road in Bandra (West), was purchased by Kamalini Holdings. The sale agreement, registered last week, includes one parking slot, with the new owner paying a stamp duty of Rs 1.9 crore.

Ranaut originally bought the property for Rs 20 crore in 2017. During the COVID-19 lockdown in September 2020, the BMC issued a notice accusing her of unauthorized alterations and construction within the premises, claiming the row house had been converted into an office. The BMC listed alleged illegal modifications, including the addition of a toilet, kitchen, pantry, and the inclusion of a balcony on the second floor.

The BMC's notice led to the demolition of parts of the structure, prompting Ranaut to seek legal recourse. The Bombay High Court ruled in her favor, stating that the BMC's actions were driven by malice and ordered compensation for the damages. The court also granted Ranaut the right to restore her property and make it habitable again.

Despite the legal challenges, Ranaut has now exited the property, completing the sale for Rs 32 crore, marking a substantial profit from her initial investment.