hBits to raise Rs 44 crore from investors interested in buying 38,000 sq ft in Mumbai – ET RealEstate

NEW DELHI: Realty firm hBits, which facilitates fractional ownership of commercial properties, plans to raise Rs 44 crore from individual investors looking to acquire 38,000 sq ft area in Mumbai jointly. The concept of fractional ownership is gaining momentum in the office market because of better rental yields.

hBits said it has signed up two floors at Ackruti Centre in Andheri East. ICICI Bank and India Infoline (IIFL) are existing tenants, the company said in a statement.

hBits will raise Rs 44 crore from investors for this property. The total area offered to investors is 38,000 sq ft and minimum investment is Rs 25 lakh.

Shiv Parekh, Founder of hBits said, “This will be our second investment in this quarter, we have recently closed a Rs 40 crore deal in the month of January 2021. We are only focusing on bringing quality assets for our strong investor’s base.”

Ankush Ahuja, Director, Business Development and Investments, hBits, said the investors can earn rental yield of 9.2 per cent from this asset.

“The property will be registered under a special purpose vehicle (SPV) and investors will have equity and compulsory convertible debentures (CCD) in this SPV. Property management will be done by hBits for a fixed fee,” Ahuja said.

The company has so far raised Rs 105 crore from investors for various projects. It has five properties/assets under management in Eastern Suburbs and Andheri (E), Mumbai, Maharashtra, comprising 95,000 sq ft.

Mumbai-based hBits was founded in 2019 and offers fractional ownership of leased commercial properties to individual investors.



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Tenant can’t be denied flat owner’s parking space: Maharashtra court – ET RealEstate

MUMBAI: The Maharashtra state cooperative appellate court has said a tenant or a leave and licence holder has the right to park their car in the space allotted to a member on the society premises. It has “temporarily restrained” a cooperative housing society at Nepeansea Road from preventing a flat owner from allowing a person who had rented his flat to use his parking slot, reports Swati Deshpande.

The February 9 judgment said that the only question that arose for consideration was “whether the licensee can enjoy the alloted parking space which is allotted to…the member of the society?” It added, “A car parking space allotted to the owner can be used by the tenant as he has full rights over it.”

“As per Development Control Rules framed under the MRTP Act, 1966, the tenant cannot be denied parking,” stated the judgment in an appeal filed by a member of the south Mumbai society.

The February 9 judgment by appellate court member S S Kakade said, “The society should not discriminate, as parking rules are governed by DC Rules and if the owner is eligible to get parking space, then the tenant should also get the benefit of that space.”

Retired Army Brigadier S S Kadan (68) had appealed against a cooperative court order last year rejecting his plea for interim relief. He had challenged the society’s 2014 car parking policy as “arbitrary and unreasonable”.

When he decided last year to let out his flat, he said the society showed him the 2014 policy that sets out priority for car parking and rejected his request to permit his licensee to park a car in the society premises.

The society has 110 members and 101 parking slots, he said. The society, though, said there were only 70 parking slots for 110 flats.

His counsel, Aditya Chitale and Prathamesh Bhosle, said Kadan purchased a flat in the building in 2006 and was allotted an open-to-sky car parking slot by the society. He sought a declaration that his licensee was entitled to use his open car parking slot in the society premises. He also sought to prevent the society from obstructing such prospective tenants from using his parking space for a temporary period.

The society, through law firm AAK Legal, argued its car parking policy approved by the AGM was fair to all members and “well within the ambit of Bye Law 78 (B), which specifically states that if a society has the right to allot parking, then no other member can transfer or assign it to any other person”.

The society’s counsel said priority to parking space was based on three preferences–first to members not allotted any, second to members who owned a second vehicle and also have one parking, and third is for temporary parking to guests and tenants, provided space is available.

The society admitted the Brigadier’s licensees were allowed car parking till 2014. From then, till 2020, the family occupied it.

The court said the flat owner was only seeking relief to “not to prevent his licensee from enjoying’’ his parking space for a temporary period, “hence the question of non-availability of space as alleged by the society does not arise”.

“The trial court failed to consider that the licensee has the right to enjoy the facilities and amenities attached to the flat, which he/she has taken on a license basis till the license period is over,’’ said the cooperative appeal court judgment, setting aside the trial court order. The judgment also said trial court failed to consider that since September 2020, the society allowed Kadan’s licensee to park her vehicle in the slot on payment of daily charges.

It also said the flat owner has a right to seek inspection of the society records free of cost under the Maharashtra Cooperative Societies Act, and directed the society to allow him such inspection.

The court directed the trial court to decide the dispute over levy of any penalty, other than appropriate parking charges, expeditiously, within eight months.



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Institutional investments in Indian real estate to increase by 14.6% in 2021: Report – ET RealEstate

NEW DELHI: Institutional investments in Indian real estate will grow by 14.6% to Rs 396 billion from Rs 346 billion in 2020, according to a recent report by Colliers International India. Institutional investments in 2020 had witnessed a drop of 23% from 2019.

“The investment climate in India is very buoyant with global investors’ interest in real assets getting stronger. With global interest rates at historic lows and positive net yields in India, the country has emerged among the preferred destinations for investments in real estate,” said Piyush Gupta, managing director, Capital Markets & Investment Services (India) of the company.

Commercial office assets accounted for over 55% of total Indian real estate inflows between 2018 and 2020, showing the higher appetite of investors. Between 2018 and 2020, an average annual supply of over 35 million sq ft entered the top six Indian cities ie. Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai and Pune, with the majority being snapped up by institutional investors.

Even though a similar level of supply is set to enter the market, some investment firms are increasingly looking towards developing their own greenfield office assets. Investors remain bullish on the long-term prospects even as they target an internal rate of return (IRR) of about 17-18%.

“Whilst 2021 may be a year of consolidation and portfolio optimization for occupiers of commercial offices, they will return to growth as confidence in economy increases vis-Ă -vis the roll-out of COVID-10 vaccines,” said Siddhart Goel, senior director & head (Research) of the company.



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Kalpataru to invest Rs 300 crore to develop residential project in Mumbai – ET RealEstate

NEW DELHI: Kalpataru will invest Rs 300 crore to develop a residential project-Kalpataru Park Riviera at Panvel, Mumbai, the company said in a media release

The project, spread over 2.4 acres, will comprise of over 400 apartment units across 2BHK and 3BHK configurations and will be developed in two phases.

In the first phase, 171 units are being launched with prices starting Rs 73 lakh. They will be ready for possession by June 2025.

“Savings at a historical high between 8-10%, on account of softening of interest rates and various incentives by the government and industry makes this the best time to acquire real estate,” said Parag Munot, MD, Kalpataru.

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