The proposed investment will be in a commercial project in north Bengaluru spread over 10 acres with a development potential of 2-3 mn sft. “The deal is in the final stage of closure and will mark GFM’s foray in the commercial market in Bengaluru,” said a person aware of the deal.
Special Window for Affordable and Mid-Income Housing Fund (SWAMIH) Investment Fund.
Real estate firm Puravankara has entered the uber luxury real estate segment under the Purva WorldHome collection brand, targeted at a niche demographic of home buyers.
Welspun Group Promoters, through a closely held family office investment has acquired majority stake in warehousing platform - One Industrial Spaces, an integrated fund, development and asset management organization focused on the warehousing sector in India.
In five successive reductions so far in 2019, the Reserve Bank of India has cut interest rates by a cumulative 135 basis points since February in an attempt to bolster growth and also liquidity in the financial system. With no reduction today, the cumulative decrease in repo rate stands at which banks borrow from it—remains unchanged at 5.15%.
Listed real estate players, cautious about debt level and new launches, are focusing on execution and deliveries of residential apartments, helping push down debt but also garnering more market share.
Additional 22 per cent, around $21 billion, is under some pressure but has potential to get resolved with due steps.
Both firms are jointly evaluating six projects to co-invest under the equity partnership. They have already signed memoranda of understanding for two of those projects.
The builder has entered into an agreement with Marriott International to open six hotels in the country. As per the terms of the agreement, Prestige Group will build hotels of W, JW Marriott, Tribute Portfolio and Moxy brands across southern India. About 1,000 rooms under four brands will come up in Bengaluru, Chennai and Kochi.
Together with the Prestige Group, Marriott International launched its 100th hotel in India last year with the opening of the Sheraton Grand Bengaluru Whitefield Hotel & Convention Center, and currently also manage the Aloft Bengaluru Cessna Business Park.
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