The much-awaited auspicious time of the year is here when people look forward to spending money on several items, especially gold and homes. To fuel their aspirations, there’s no scarcity of lucrative deals. In real estate market, mounting unsold inventory across cities over the last few years has prompted developers to clear their stock and focus more on project completion rather than new launches. But should you buy a home now just because the developer is offering discounts or deals that seem ..
Since festive season is preferred by most people to buy homes, builders have raining offers such as GST waiver and no EMI till possession. “Festive season usually brings a host of offers for the buyers every year.
For instance, GST waiver is being offered as a discount by many developers. The deal could be beneficial but only if it is legitimate.
Cash discounts versus freebies
During festive season, developers offer freebies such as iPhones, cars, foreign holidays, home furnishing and free club membership.
Should you buy?
Buying a home needs a lot of planning. You need to consider a lot of factors such as location, type of property, price and finance scheme. So, if after due deliberation, you’ve made up your mind to buy a house, this may be a good time.
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Internet of Things (IoT) and Artificial Intelligence (AI) are no longer buzzwords even for real estate developers as they increasingly deploy these as well as home automation to lure home buyers.. buyers.
Balewadi, adjacent to Baner Road, where prices have peaked, is also benefiting owing to the IT-led development in the periphery. The area is particularly attractive to people working in the nearby IT hub of Hinjewadi and looking for a residential accommodation near the workplace.
The locality is a growing choice for home buyers mainly due to its close proximity to the Mumbai–Pune Expressway. Also, the Katraj- Dehu Road corridor passes through Balewadi. The area is also connected to the Mumbai-Bangalore Highway. It has good accessibility through road network to other locations of Pune. Balewadi is approximately 4 km from the IT Park Hubs and 1 km from Baner.
The prevailing property rates of Balewadi are in the range of Rs 5100 – 6500 per sq ft, whereas the neighbouring localities, such as Baner, offer properties over Rs 7500 – 9000 per sq ft. So, Balewadi becomes the nearest and affordable choice for those looking for residential space in Baner.
As Balewadi is located close to Baner and Aundh, the necessary social infrastructure is available in the area. Numerous banks, schools & colleges, restaurants, hyper markets, retail stores & multi speciality hospitals all in the distance range of 1 to 3 kms have emerged.
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The rise in FDI equity inflows is solely because of the RERA regime and other regulatory changes.
The return of FDI equity is a big positive which will help to improve developers’ leverage ratios – it is also a resounding vote of confidence in the sector.
The rise in FDI in real estate is an indicator of a positive future & is a critical component of the economy. It’s the country’s second-largest employer and presently contributes 8-9% to the country’s GDP.
Courtesy – Latika Bhargava
Since December 2007, the BSE Realty index is down nearly 90 per cent till January 25, 2017. However, it is up around 5 per cent on a year-to-date basis.
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The four road assets total 710km and are a part of a global transaction with Spanish infrastructure company Grupo Isolux Corsan
PSP Investments has become the second Canadian pension fund to expand its footprint in India’s highways sector, assuming ownership of four toll roads totalling 710km as part of a global transaction with Spanish infrastructure company Grupo Isolux Corsan.
These are a 291km road from Panipat to Jalandhar in Haryana and Punjab, a 94km project from Kishangarh to Beawar in Rajasthan, a 133km project from the Maharashtra-Gujarat border to Hazira in Gujarat and a 192km project from Varanasi in Uttar Pradesh to Aurangabad in Bihar.
Isolux Corsan in May said it has completed the legal process of separating subsidiary Isolux Infrastructure from itself in order to transfer a portfolio of nine global road assets to PSP Investments. PSP has renamed Isolux Infrastructure as ROADIS, a highways platform. The deal value was not disclosed. On Wednesday, the Canadian fund said ROADIS, which owns four road assets in India and five others across Mexico, Brazil, Spain, and the US totalling 1,644km, has now become its subsidiary.
The Indian assets will be headed by Nithyanand Appak, a company spokesperson said in response to an email query. According to the Isolux website, €2 billion (about Rs.15,100 crore) was invested in these four projects.
The other Canadian pension fund with a large investment in India’s roads sector is the Canada Pension Plan Investment Board, the country’s largest pension fund. In 2014, it announced it would invest a Rs.2,000 crore in Larsen and Toubro Ltd subsidiary L&T IDPL, which owns 17 road assets.
In November, PSP had agreed to buy a 49% stake in the electricity generation, transmission and distribution business of Anil Ambani’s Reliance Infrastructure Ltd in Mumbai and adjoining areas. The deal is yet to close.
In October, Mint had reported that Canadian Pension funds including Caisse de depot et placement du Quebec (CDPQ) and PSP Investments were looking to invest in the Indian infrastructure sector and have started scouting for assets. Global pension funds and sovereign wealth funds may invest up to $50 billion in the sector over the next five years, said a March report by investment bank Ambit Corporate Finance.
Of the four ROADIS road projects in India, three in Rajasthan, Gujarat and Uttar Pradesh were built under a joint venture with Morgan Stanley Infrastructure (MSI), the infrastructure investing platform of Morgan Stanley. In 2011, MSI and Isolux Corsan jointly committed an investment of $400 million to construct three highway projects in India. The three projects, spanning over 400km, had an estimated cost of over $1.6 billion. These projects were won by Isolux Corsan Concesiones, an Indian subsidiary of Isolux Corsan, on a build-operate-transfer basis.
PSP Investments had 112 billion Canadian dollars in net assets under management as of 30 September. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt.
Madrid-based Isolux Corsan also operates power transmission projects in India.
Courtesy – Livemint.com
I Squared Capital has committed to invest in road assets worth Rs8,000 crore through Cube Highways, and in assets worth Rs2,000 crore to its rooftop solar platform Amplus Energy Solutions
US private equity (PE) firm I Squared Capital is looking to invest as much as $1 billion (around Rs.6,700 crore) in Indian infrastructure, including roads, logistics and rooftop solar power projects.
“While we don’t have country specific allocations, we can see ourselves putting somewhere from $500-600 million to a billion dollar plus in the country over the life of our fund. If the right opportunity shows up, then we can transact at that scale,” said Gautam Bhandari, partner at I Squared Capital, who is looking to deploy about one-third of its funds under management in the region.
In 2015, I Squared Capital raised a $3 billion fund named ISQ Global Infrastructure Fund. That corpus has now grown to $3.8 billion, Bhandari said in an interview on Thursday.
I Squared has invested more than Rs.1,000 crore through its investment platform Cube Highways and Infrastructure Pte Ltd in three road assets till date. It has committed to invest in assets worth Rs.2,000 crore to its rooftop solar platform.
Founded in 2012 by former Morgan Stanley executives, I Squared Capital is an independent global infrastructure investment manager that is focused on energy, utilities and transport in North America, Europe and some high-growth economies. It was started by Sadek Wahba (former global head of Morgan Stanley Infrastructure), Gautam Bhandari (earlier head of Morgan Stanley Infrastructure in India, Middle East and Sub-Saharan Africa) along with Adil Rahmathulla (the head of investment execution in the Americas for the group).
The investment firm is looking at only doing so-called control deals, giving them more say over their investee companies.
“We do deals in which we have governance and control. That can really add a lot of value to our portfolio companies and, therefore, to the assets,” Bhandari said.
He considers the road assets in India to be a highly attractive investment opportunity.
“We take a very nuanced approach, where we like some of the assets within infrastructure in India; we think some assets need lot of policy and regulatory help before they can become mature enough for investments. So, specifically, the road sector is one which we have identified in India as being attractive globally,” said Bhandari.
Besides, the risks in the road sector are lower now, given the National Highways Authority of India’s (NHAI) standardized concession agreements and progressive policies, he added.
The sentiment around the road sector has improved in the recent times, primarily on the back of policy and regulatory decisions by the government and NHAI, said Vishwas Udgirkar, senior director at Deloitte Touche Tohmatsu India Pvt. Ltd.
I Squared Capital is looking at risk-adjusted annual returns between 15% and 20% from the road sector, Bhandari said.
I Squared Capital has invested in Indian road projects through Cube Highways and Infrastructure Pte Ltd—its toll road and transportation investment platform. Cube Highways is a joint venture between I Squared Capital and International Finance Corp. (IFC), the private investment arm of the World Bank.
Cube Highways has made three investments in India till date: a 74% stake in Madhucon Agra Jaipur Expressways Ltd, a 100% stake in Western UP Tollway Ltd and 74% acquisition of Jaipur Mahua Tollways Pvt. Ltd, a road project in Rajasthan for Rs.525 crore.
I Squared Capital has committed to invest in road assets worth Rs.8,000 crore through Cube Highways.
The firm will also look at creating platforms for investing in the logistics business and warehouses and bring in equity partners for the same. “As a strategy, we love to partner. On Cube, we have a significant investment of 20% with the IFC. As we look at logistics we are open to partnering with people who have specialized focus on logistics,” said Bhandari.
Investing in logistics and warehousing is part of I Squared Capital’s India investment plans.
“Our near-term expansion plan will be on the associated peripherals of highways. We are working actively with NHAI, in some of these peripherals like wayside amenities. We are also planning to convert two of our roads to intelligent highways, which could be a big business in the future,” said Harikishan Reddy, chief executive officer of Cube Highways Advisors.
Out of the planned Rs.8,000- crore commitment, Cube Highways plans to have 70-75% of its assets in the road sector and the rest in other sectors like logistics, warehouses and wayside amenities.
“The thesis that we have when we do these platforms is one of technology-led turnaround,” Bhandari said, adding that technology has allowed Cube Highways to improve the operating performance of highways significantly and the warehousing sector is on the verge of a similar technology-led story.
Besides roads, I Squared Capital has made significant financial commitments in the renewable energy sector. It has committed to invest in assets worth Rs.2,000 crore to its rooftop solar platform Amplus Energy Solutions Pvt. Ltd. The platform sets up rooftop solar power solutions for industrial and commercial clients.
However, in the short term, the fund plans to stay away from large scale solar power projects.
“The utility scale larger power projects tend to be very competitive, and the returns are simply not attractive enough for us from a risk-adjusted perspective,” said Bhandari.
Large projects in the solar sector will undergo the trajectory of roads, which witnessed high exuberance followed by several challenges, he said. I Squared Capital’s bullish stance on the road sector comes at a time when most infrastructure and road developers are reeling under huge debt. In certain cases, lenders have been forced to take over some of these companies through the strategic debt restructuring (SDR) mechanism.
SDR allows lenders to convert their debt into at least 51% equity in borrowers.
Lenders have initiated SDR process at several infrastructure firms, such as Gammon India Ltd, IVRCL Ltd and Lanco Infratech Ltd.
According to a 13 May report by Kotak Institutional Equities, road asset sales worth around Rs.20,800 crore have been announced in the last three-and-a-half years by debt-laden infrastructure developers.
While firms might be under pressure to sell assets, not much has changed in terms of valuations, said Reddy of Cube Highways Advisors, adding that the valuation expectations of sellers remain high.
Also, banks have not been as active as their Western counterparts in cases of distressed infrastructure developers, added Bhandari.
“While the banks have woken up to this, they are still less active than what they have been in the West. If this was the US or any other developed market, I think the banks by now would have more or less completed their restructuring,” he said.
Infrastructure is a key focus for the Narendra Modi-led government to stimulate investments into the country.
Finance minister Arun Jaitley, in his budget speech this year, announced that the total government capital expenditure on infrastructure during the fiscal year will be Rs.2.21 trillion.
Courtesy – livemint.com
A delegation of Malaysian construction companies on Thursday called on chief minister Devendra Fadnavis and evinced interest in partnering with the state in the proposed infrastructure projects like Mumbai-Nagpur communication expressway and affordable housing schemes being planned in Maharashtra.
In the meeting held at Sahyadri guesthouse in Mumbai, the Malaysian company CIDB Holding’s chairman Dato Shree and representatives of several companies were present while Mumbai MP Poonam Mahajan, state officials Pravin Pardesi and Kaustubh Dhiwase also participated in the discussions.
Fadnavis told the delegation that the communication super expressway to be built at an estimated cost of Rs 30,000 crore has the potential to boost the state’s economic growth as it envisaged several growth centers on the route passing through 22 districts. The scope for investment is vast as the project was biggest of its kind in the country, he said.
Courtesy – ET Realty
Seeking German investment in India’s infrastructure sector, Urban Development Minister M Venkaiah Naidu on Tuesday said the partnership between the two countries “should and will flourish” as he invited participation of its business community in India’s “urban renaissance”.
“Indo German partnership should and will flourish. You will be able to see for yourself the winds of change in India. We are very keen to develop the sectors where you are strong. We need your involvement,” Naidu said while addressing a conference on ‘100 Indian Smart Cities Conference’ here.
He said India is at the “threshold of rapid urbanization” and is among the “fastest urbanizing societies” of the world and is projected to be more urban than rural by 2050.
Courtesy – ET Realty