Kotak Mahindra Bank buys stake worth ~91 cr in Godrej Prop

Private-sector lender Kotak Mahindra Bank has acquired a 1.37 per cent stake in Godrej Properties for Rs 91 crore through an open market transaction.

The bank acquired 27,46,043 shares or 1.37 per cent stake in the real estate development arm of the Godrej group for Rs 90.61 crore, according to the bulk deals data available with the NSE. The shares were bought at an average price of Rs 330 per scrip. Godrej Properties is developing residential, commercial and township projects spread across 110.30 million sq ft in 12 cities across the country.

SARE Homes get Rs 200 cr investment from KKR for G’gaon proj 

FDI-funded realty firm SARE Homes has raised about Rs 200 crore from global investment firm KKR for the development of its township in Gurgaon.

SARE Homes, having operations in India since 2006, is promoted by London-based Duet group, a global asset and real estate management firm.

The fund would be utilised on development of the company’s various projects in the Gurgaon township, they added.

The Gurgaon-based Sare Homes is developing seven townships across the country covering over 30 million sq ft of area. Apart from Gurgaon, SARE Homes has presence in Chennai, Ghaziabad, Amritsar, Indore and New Mumbai.

Supertech looking to raise Rs 600 cr to build township

Realty firm Supertech  will raise about Rs 600 crore in form of equity and debt to fund its upcoming sport-centric 175-acre township in Greater Noida. Supertech had bought this land from the government's development authority for about Rs 900 crore. The company would develop 5,500 apartments and 500 villas in the township 'Sports village' at about Rs 1,800 crore, Supertech Chairman R K Arora told reporters here.

He announced a tie-up with sports icons Sania Mirza for tennis academy, Pullela Gopichand for badminton academy, Shikhar Dhawan for cricket, Gagan Narang for shooting and Jyoti Randhawa for golf academy. Arora said the company will bring another Noida-based realty firm Ajnara group as co-developer in this project.

Supertech has launched 1,000 flats in the first phase at a starting price of Rs 22 lakh. The basic selling price has been fixed at Rs 3,000 per sq ft. The company is developing 36 projects in Noida, Greater Noida, Ghaziabad, Gurgaon and Bengaluru among others.

DLF gets Rs 1992 cr from GIC from stake sale in 2 projects

Realty major DLF has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital. The country’s largest realty company had in September this year had announced the stake sale in the two projects to GIC.

Last month, the fair trade regulator CCI had approved joint venture with GIC for these two projects in central Delhi. “..subsequent to receipt of CCI approval and having met other pre-closing conditions, the funding for the above said transaction has been concluded on December 23, 2015 with the receipt of Rs 1,992 crore from GIC,” DLF said in a filing to the BSE. The company would use this fund to boost cash flow and reduce debt, which stood at Rs 22,520 crore in September end. These two upcoming projects are adjacent to its existing project Capital Green at Moti Nagar.

With sluggish property market in last 2-3 years, DLF had announced in February that it would raise over Rs 3,000 crore through divestment or joint ventures in certain projects to improve cash flow and reduce debt. “We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial,” DLF Senior Executive Director Finance Saurabh Chawla had said on the GIC deal. GIC is a leading global investment firm with well over $100 billion in assets under management, while DLF is leading realty firm with a land bank of 300 million sq ft.