sept 2019€¦ · sector particularly of nashik. the demand from credai comes ahead of chief...
TRANSCRIPT
19-Sept-2019
CREDAI Bengal Daily News Update | 19.09.19
PE investments in real estate expected to be at $6.5 billion in 2019
The new supply projection of 160-180 million sq ft over 2019-2021 is further expected to
support investors’ appetite.
Investments into real estate is expected to be about $ 6.5 billion, with office investments
garnering the highest share.
Investors, both foreign and Indian, are buoyed by the commercial office sector, which is
witnessing robust office demand, said a recent report by RICS-Colliers.
Investors are looking to bundle up assets and list them as REITs, capitalising on the solid
demand.
“The next decade will usher in new formats of workplaces, with landlords emerging as wellness
creators, where occupiers amalgamate workplaces and technology to increase productivity at
workplaces”, says Ritesh Sachdev MRICS, Head of Occupier Services, India and Managing
Director, South India at Colliers International.
Additionally, office sector has been on a strong footing as compared to residential. Between
2019-2023, average annual gross absorption of 50.3 million sq ft is expected across top cities,
outpacing the annual average gross absorption of the preceding five-year period by about 18%,
mentioned the report.
“The Indian market is in the midst of a slowdown, with the residential sector most impacted.
While we don‟t have a full-blown recession currently, as we did back in 2008, the impact on the
CRE market though not currently felt, will only be determined on how deep the slowdown
spreads”, says Nimish Gupta FRICS, Managing Director, South Asia, RICS.
The new supply projection of 160-180 million sq ft over 2019-2021 is further expected to
support investors‟ appetite, who are faced with a lack of investible assets in cities like
Bengaluru and Hyderabad, mentioned the joint report.
Since 2008, private-equity (PE) players have pumped nearly $56 billion into real estate, with
domestic investors accounting for 57% of the inflows. Over the last five years, foreign investors
have been focused on commercial office assets. Between 2014-H1 2019, Colliers notes that
foreign investors accounted for 70.0% of total office investments.
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Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/pe-investments-in-real-estate-expected-to-be-at-6-5-billion-in-2019/71184145
________________________________________________
CREDAI Nashik demands introduction of unified development
control rules
The association said the unified DCPR will get delayed by another six months if it is not
introduced right before the state assembly elections are announced.
The Confederation of Real Estate Developers Association of India (CREDAI) Nashik on
Tuesday asked the state government to introduce unified DCPR (Development Control and
Promotion Regulation) before the code of conduct of the state assembly elections come into
effect.
The association said the unified DCPR will get delayed by another six months if it is not
introduced right before the state assembly elections are announced.
It also added that the delay in introducing the unified DCPR may affect the growth of real estate
sector particularly of Nashik.
The demand from CREDAI comes ahead of chief minister Devendra Fadnavis‟s Mahajanadesh
Yatra.
According to CREDAI Nashik, city‟s real estate sector has already been affected and is in
trouble. Hence, it wants the state government to introduce the new unified DCPR for the state at
the earliest.
“The state government approved city‟s DCPR in February 2017, but the developers were
disappointed as it was incomplete. It did not even include solutions over cupboard issue. There
were several defect in the DCPR and it took around one-and-a-half years to make necessary
corrections in the DCPR,” Umesh Wankhede, CREDAI Nashik chairman, said.
Now, the state government has planned uniform DCPR for across all municipal corporations
excluding Mumbai.
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Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/credai-nashik-demands-introduction-of-unified-development-control-rules/71179800
Colliers International acquires Synergy Property Development
Services
The senior leadership of Synergy will remain significant shareholders of the combined
business under Colliers’ partnership model, the latter said in a release.
Global commercial real estate services and investment management firm, Colliers
International has acquired a controlling interest in project management firm, Synergy Property
Development Services and has merged the operations.
The senior leadership of Synergy will remain significant shareholders of the combined business
under Colliers‟ partnership model, the latter said in a release.
The combined operations in India now have more than 1,400 professionals operating from 16
offices, providing investment sales, lease brokerage, valuations, workplace consultancy, design
services and property and project management to domestic and international investors,
occupiers and developers of real estate. Terms of the transaction, however, were not disclosed.
Established in 2003, Synergy is a project management firm that has delivered over 120 million
sq ft of projects for investors, developers and occupiers of real estate.
Synergy‟s founder and chairman, Sankey Prasad will assume the role of Managing Director and
Chairman for Colliers in India.
________________________________________________________________
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/commercial/colliers-international-acquires-synergy-property-development-services/71185842
SC's order ensures 'certainty of succession' of Goan-owned
properties
Dealing with this crucial aspect, the Supreme Court observed that if they were to uphold
Article 24, “the consequences could be disastrous, to say the least. There would be no
certainty of succession”.
The Supreme Court on Friday gave primacy to constitutional freedom guaranteed to Goans to
buy properties anywhere in India and ended the post liberation legal tangle of inheritance of
properties of Goans purchased outside State ensuring “certainty of succession” for legal heirs
A provision in Article 24 of the Portuguese Civil Code (PCC) — called uniform civil code —
provided that family law was applicable to properties purchased in Goa (an erstwhile
Portuguese colony). This norm gave scope for the interpretation that the PCC, giving equal
rights to spouse and thereafter to legal heirs, was not applicable to properties purchased by a
Goan outside Goa.
Dealing with this crucial aspect, the Supreme Court observed that if they were to uphold Article
24, “the consequences could be disastrous, to say the least. There would be no certainty of
succession”.
“The rights of the spouses to have 50% of the property could easily be defeated by buying
properties outside the state of Goa. In the case of a Hindu Goan domicile, it would lead to
further complications because for properties in Goa, the Civil Code would apply but for the
properties outside the territory of Goa, the Hindu Succession Act will apply,” the top court said.
Similarly, for Muslims within the state of Goa, the civil code would apply, and outside Goa,
the Muslim Personal Law (Shariat) Application Act, 1937, would apply, the Supreme Court
said.
“This would lead to many uncalled-for disputes and total uncertainty with regard to succession.
There must be unity in succession. The Portuguese law is based on the Roman law concept of
inheritance to the entire legal position of a deceased man,” the court noted.
The SC read Article 24 in the context of the annexation of the territories of Goa by conquest
and their becoming an inherent part of India. “There are no Goan citizens; there can be
domiciles of Goa but all are citizens of India. As Indian citizens, under Article 19 of the
Constitution, they are free to move to any part of the country, reside there and buy property
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/scs-order-ensures-certainty-of-succession-of-goan-owned-properties/71179936
subject to local laws and limitations.”
Therefore, a domicile of Goa, who starts living in Mumbai or in any other part of India, cannot
be said to be Portuguese by any stretch of the imagination. This person is only a Goan domicile
living outside Goa in India, which is his country. Therefore, Article 24, in our opinion, has no
applicability, the Supreme Court said.
If Article 24 of the PCC was upheld by the Supreme Court, there would have been problems for
Goan families having properties outside Goa. There is a conflict between the Indian Succession
Act, the Hindu Succession Act, the Muslim Personal Law (Shariat) Application Act, 1937, and
the Portuguese Civil Code with regard to laws of inheritance.
________________________________________________________________
Lucknow civic body proposes steep hike in house tax
Incidentally, the financial crunch is mainly because of poor house tax collection over the
past three years.
Reeling under acute financial crisis, Lucknow Municipal Corporation (LMC) has proposed
steep hike of house tax from the financial year 2020-21 to increase its revenue.
Incidentally, the financial crunch is mainly because of poor house tax collection over the past
three years. However, instead of improving collection, LMC has chosen to raise taxes, inviting
angry reactions from the people.
The last time house tax was increased was in 2010-11. According to rules, house tax can be
revised every 10 years. The limit can be longer if financial condition of the municipal body is
healthy.
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/lucknow-civic-body-proposes-steep-hike-in-house-tax/71183040
LMC, however, has used the opportunity to propose a tax hike to meet the cash crunch and meet
the requirement of development in the city. The proposal has been approved by its executive
committee and the mayor and sent to the urban development department for approval.
Rather than increasing house tax to generate more revenue,
LMC should first work on improving tax collection. Tax hike
will burden those who have been honestly paying their dues
on time. Losses to the civic body are mainly because of
defaulters who should be fined or face legal action.TimesView
“We need to improve our revenue to meet the demand of development in the city, hence tax
hike proposal has been approved and sent to government for its stamp,” said LMC chief tax in
charge Ashok Singh.
LMC has not been able to achieve its target of collecting Rs 260 crore as house tax from 5.48
lakh houses in the city for the past three years. In 2017-18, it collected Rs 178 crore, in 2018-19
Rs 174 crore and 2019-20 around Rs 134 crore so far.
When asked why LMC was not working to improve tax collection, Singh said that the civic
body had tried several things from simplifying tax payment and online assessment to one-time
settlement schemes, but still has not been able to achieve the target.
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Thiruvananthapuram: Building permit adalats dispose off only
12% pending files
The low percentage of disposal of complaints in minister’s adalat has strengthened the
contention of former LSGD officials who had questioned the right of the minister to hold
an adalat.
The building permit adalats held in five urban local bodies in the district chaired by LSG
minister A C Moideen could dispose off only 12% pending files, according to the compiled
report. That means only one out of 10 files received a solution after the adalat.
Many of the files had to be put off owing to court cases and some were returned to respective
sections for want of no objection certificate from other departments concerned.
The low percentage of disposal of complaints in minister‟s adalat has strengthened the
contention of former LSGD officials who had questioned the right of the minister to hold an
adalat.
As many as 663 files had come up in the adalat in five urban local bodies in the district, of
which only 81 files could be disposed of and over 500 files were categorised as „to be finalised‟.
Former officials with LSGD had termed holding of minister‟s adalats illegal and arbitrary.
Even in case of denial of occupancy for want of airport NoC, senior LSGD officials had
withheld information on previous orders being passed on the same matter, almost forcing the
minister to commit an error.
Thiruvananthapuram corporation, which had 473 files in total, could record disposal of only 68
applications.
Even some of the applications which were disposed of by the minister are learned to have
triggered trouble for the civic body with the corporation recently receiving legal objection on a
decision made in the adalat. The civic body officials have been cautious about files pending
owing to ongoing legal cases.
Even T K Jose, ACS (LSGD) had to personally appear in the court after he was summoned by
the high court to explain the comments he had made on the court proceedings at the building
adalat held in Kochi pertaining to unauthorized commercial establishments in the residential
areas of Panampilly Nagar.
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/thiruvananthapuram-building-permit-adalats-dispose-off-only-12-pending-files/71182122
Jose had to submit an affidavit in which he had said that he had not interfered with the
administration of justice.
The zoning regulations had also gone for a toss during the adalat held at city corporation.
Nearly 10 applications that had surfaced in the adalat pertained to violation of zoning
regulations or demand for compromising on provisions laid down either in master plan or town
planning schemes.
In majority of the cases, the corporation was asked to go by the demand in a way rendering
zonal regulations and development plans earmarked in master plan and town planning schemes
useless.
Some of the files were directly sent to the office of the LSG minister for a final decision
following the adalat.
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Small builders to protest over Rajasthan's plan to bring them
under RERA
To create a healthy competition in the market, the RERA has proposed to lower the
threshold limit for registration of projects from 500 square metre to 250 square metre and
from eight units (flats) to four units.
The decision to bring small real estate developers under the ambit of the Rajasthan Real Estate
(Regulation and Development) 2016 has evoked sharp reaction.
To create a healthy competition in the market, the RERA has proposed to lower the threshold
limit for registration of projects from 500 square metre to 250 square metre and from eight units
(flats) to four units.
Opposing the decision and demanding other relaxations in the building bylaws, the small
developers association has decided to stage a massive protest against the government at Civil
Lines on Wednesday.
The association alleged that government is systematically planning to wipe out the small
builders from the market due to pressure of big developers lobby.
As all the small real estate projects in the city continue to remain out of the (RERA) radar, in a
recent meeting held on August 9, the RERA decided to tighten the noose on their owners. It was
decided that developers constructing more than 4 units (flats) in a building, should also
registered themselves with RERA.
Minutes of the meeting reads, a major hurdle in the promotion of real estate sector was felt to be
the fact that there is a large section of projects, which being on a land measuring less than 500
square metre or of less than eight units do not require to be registered under the RERA Act.
“To avoid unhealthy competition between the projects that are governed by the act and those
that are not governed by the Act, a proposal should be sent to lower the threshold limits for the
registration of projects under RERA. If either of the two conditions, of 250 square metre or four
units is met, registration under RERA would be compulsory.”
However, the idea has not gone well with the developers and decided to hit roads against the
decision. “The RERA should cancel the minutes of the meeting. Our target customer is middle
income group and if so many fees are imposed on us, it would affect the buyers and demand
would decrease, resulting in loss of business,” said Rajesh Dukiya, spokesperson, Jaipur Awas
Nirman Builders Mahasangh.
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/small-builders-to-protest-over-rajasthans-plan-to-bring-them-under-rera/71177030
A members further alleged , in many other states, on a 162 square metre plot, the developers are
constructing G+4 apartment, including stilt parking on 30 feet road. The state government
should amend rules after considering the feasibility.
________________________________________________________________
RBI explores loan rate pricing for housing finance companies
While an external benchmark might not be mandated for housing finance companies
(HFCs), banking regulator wants to bring more transparency in their pricing.
After forcing banks to link retail loans to an external benchmark, the RBI is looking at the way
non-banking finance companies (NBFCs) and mortgage companies price their products.
While an external benchmark might not be mandated for housing finance companies (HFCs),
banking regulator wants to bring more transparency in their pricing.
Meanwhile, the RBI is also not in favour of a combined fixed and floating home loan product,
which SBI chairman Rajnish Kumar had recently spoken about.
According to sources, after taking over the regulation of HFCs earlier this year, the central bank
is trying to bring uniformity in the regulation for banks and HFCs.
“Currently, HFCs are not even following the marginal cost of lending rate (MCLR) and are still
linking loans to the prime lending rate. The RBI is currently studying how they are pricing
interest rates,” a source said.
The central bank is unlikely to prescribe an external benchmark for HFCs because they fund
most of their loans from wholesale borrowings where the price does not vary in line with RBI‟s
rate changes.
Sources said that while competition ensures that HFCs offer rates that are close to what the
banks are offering, the RBI wants more transparency in the prices.
On the SBI chairman‟s recent announcement that the lender will seek clarification from the RBI
on offering fixed-floating rates, the central bank is understood to have expressed concern as it
pushes risks to a future date.
Kumar had earlier said that the bank was willing to offer long-term floating rate loans but did
not have the wherewithal to offer long-term fixed rate loans. In order to give choice to the
borrower, the lender had said that it will seek permission from the RBI to offer loans that are
fixed in the initial years but start floating in subsequent years.
The banking regulator is nudging lenders to ensure that they have their retail lending rates
linked to an external benchmark like the repo from October 1, 2019. Though many banks are
now linking their home loans to the repo, Citibank was the first to use an external benchmark by
linking interest rate on mortgages to yield on treasury bills.
Newspaper/Online ET Realty (online)
Date September 19, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/rbi-explores-loan-rate-pricing-for-housing-finance-companies/71193929
________________________________________________________________
Over 80 CWG flats to be sold by DDA to PSUs at lower rates
DDA has been unable to sell these flats in earlier auctions held in 2012 and 2015 due to
high reserve price.
With Delhi Development Authority (DDA) unable to sell 84 flats at Commonwealth Games
Village, government bodies and PSUs will now be able to purchase them at concessional rates.
In a meeting chaired by lieutenant governor Anil Baijal, the authority on Tuesday approved
20% concession on the current rate of Rs 2.8 lakh per square metre for disposal of 84 CWG
flats to government bodies, PSUs and central/state corporations.
"The revised rate for the flats is Rs 2.2 lakh per square metre for 2019-20. In addition to this
reserved price, the conversion charges of Rs 1,130 per square metre and cost of two car parking
lots of Rs 7 lakh per car parking are also chargeable," he said.
DDA has been unable to sell these flats in earlier auctions held in 2012 and 2015 due to high
reserve price. The flats were originally built to accommodate foreign athletes arriving in Delhi
for 2010 Commonwealth Games.
A proposal to auction plots for socio-cultural and religious purposes instead of direct allotment
was also made.
The maximum size of the plot will be 1,000 square metres for the socio-cultural category, while
it is 400 square metre for the religious category.
________________________________________________________________
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/over-80-cwg-flats-to-be-sold-by-dda-to-psus-at-lower-rates/71185077
Economic slowdown hits real estate in Tamil Nadu
Registration department, which is one of the largest revenue generators for the
government, has recorded a fall in revenue by nearly 2% in the past five months when
compared to the corresponding period in 2018.
After automobile industry, the economic slowdown has struck state‟s real estate sector as
revenue earned through property registrations has dropped this year.
Registration department, which is one of the largest revenue generators for the government, has
recorded a fall in revenue by nearly 2% in the past five months when compared to the
corresponding period in 2018.
Data accessed by TOI showed land registrations generated revenue to the tune of Rs 4,410 crore
between April and August this year, while it was nearly ?4,500 crore during the corresponding
period of 2018.
The Chennai zone comprising the city, Kancheepuram and Tiruvallur districts, which alone
accounts for 45% of the total property transactions, has also suffered the impact of the
prevailing slowdown. As per data, revenue through land registrations has dipped by 1.13%
since April this year.
The number of document registration also slumped by 22,000 witnessing a 2% drop in the two
years. Also, some properties could not be registered as they have been entangled in land
acquisition issues.
Newspaper/Online ET Realty (online)
Date September 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/economic-slowdown-hits-real-estate-in-tamil-nadu/71184488
“The economic slowdown appears to be the reason for the drop. We hoped that the sudden drop
in property registrations earlier this year would revive post the general elections in May but it
still continues,” a senior registration official said.
Registration revenue has been fluctuating between positive and negative growth with three out
of five months, April, June and August, witnessing a drop of 13.12% , 5.02% and 4.98%
respectively, when compared to the same period last year.
Confederation of Real Estate Developers‟ Association of India (CREDAI) said the economic
slowdown was visible. “”Economic slowdown is real and it is being felt. Sales have come
down,” said it‟s Chennai chapter president W S Habib.
The recent multilocation property fair of CREDAI evoked fewer footfalls than last year‟s event.
While the annual event that was organised in six different locations in the city last year attracted
about 5,000 people, this year‟s event conducted at four places, a fortnight ago, saw only about
2,000 visitors.
Revenue from the registration department was on a steady rise from 2016-17 till 2018-2019. It
jumped from ?7,007 crore to ?11,071 crore between the financial years. Meanwhile, the
government has set a revenue target of ?13,000 crore for the current fiscal of 2019-2020.
City-based developer C Chandran said the number of visitors and inquiries at his construction
site have dropped in the last five months. “Last year, I was able to market two to three units
every month. Now, selling even one unit has become a challenge,” he said.
“Even those who showed interest in the property in the past are postponing their decision to
invest. In the wake of the current market situation, people are hesitant to invest as they are
expecting property prices to dip further,” he said.
________________________________________________________________
Air India may lower prices of its properties to draw more buyers
Two years ago, the national carrier had put on the block as many as 111 properties with a
cumulative price tag of Rs 9,500 crore, hoping to monetise assets to reduce its mounting
debt.
Air India could slash by as much as a quarter the base price of real estate assets including plots,
apartments and a commercial tower it plans to auction, officials at the staterun airline said.
Two years ago, the national carrier had put on the block as many as 111 properties with a
cumulative price tag of Rs 9,500 crore, hoping to monetise assets to reduce its mounting debt. It
has so far managed to sell only 32 of those, raising about Rs 1,000 crore, the officials said.
In fact, several properties have been put on sale multiple times since, but failed to attract
bidders even at the base price. For instance, it recently cut the price of a 2,000-square-metre plot
in Mumbai‟s Pali Hill, after trying to auction it six times for Rs 200 crore. The base price of a
bungalow in Nairobi will also be reduced as it could not fetch any buyer so far.
“Because of the slowdown, we have noticed that even prime properties are not finding buyers at
the rate we are bidding,” said an Air India official. “The Mumbai‟s property is at a prime
location, and despite reducing the price by 25%, it could not find a buyer. We will have to see
what to do next … a property in Amritsar was sold at the sixth attempt.”
It has found success overseas though, with the sale of properties in Tokyo, Hong Kong, London
and Mauritius. An office space in London was sold at Rs 45 crore, while flats in Tokyo and
Hong Kong were sold to India‟s Ministry of External Affairs. A group of ministers is scheduled
to meet on Thursday to discuss the disinvestment.
Prime infrastructure such as Air India‟s Mumbai's Nariman Point building and a 30-acre
housing society in Delhi will be given to the government and the proceeds will be used to
reduce debt.
“The land of the Vasant Vihar housing complex has been handed over to the Ministry of Urban
Development and, similarly, all the major transactions will happen within the government,” said
the official. “We don‟t want any controversy later and that is why we keep the base price higher
than market price to avoid allegations of selling it at lower rate,” he said, suggesting that the
price would still be above market rates.
Newspaper/Online ET Realty (online)
Date September 19, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/air-india-may-lower-prices-of-its-properties-to-draw-more-buyers/71194073
“There is a committee which decides on lowering the rate in case the property is not finding any
buyer,” said Air India spokesperson Dhananjay Kumar. “Based on the recommendation, the call
is taken whether to reduce it by 10% or more. In some cases, the property is sold when the rate
is reduced by 10%.”
In 2011-12, the government prepared a turnaround plan for Air India and had tasked it to sell
properties worth Rs 500 crore every year. Most of the transactions have happened in last two
years and before the start of the process to sell its own stake, the airline wants to get rid of most
of the properties.
Air India had debt of Rs 59,000 crore on its books, of which the government transferred Rs
29,400 crore last year to Air India Asset Holdings, a special purpose vehicle (SPV) that houses
the debt and assets of the national carrier. The government is repaying the debt through
government-guaranteed bond issues in three batches. It is also looking at an option to further
reduce the remaining debt of Rs 30,000 crore by half. The money generated from property sale
will also go to the SPV.
The airline had posted a net loss of Rs 8,400 crore in 2018-19.
Air India has been issuing auction notices relating to properties it owns across the country,
including the iconic 23-story building located in Nariman Point in Mumbai.
In June, it sold 23 properties in 14 cities in India, including a holiday home at Lonavala and
flats is Delhi‟s Asiad Village. Last year, properties in Mumbai, Bengaluru and Ahmedabad, and
land in Kolkata, Pune, Bhuj, Goa, Gwalior, Thiruvananthapuram and Nashik were sold.
________________________________________________________________
Times Group, others invests $20 million into Square Yards
Tanuj Shori of Square Yards said, “Having Times Group as one of our strategic investors
will help us establish our brand as the first port of call for the real estate-related needs of
every Indian household.
Square Yards, India‟s largest tech-led real estate brokerage platform, has raised $20-million
equity capital from a clutch of investors including Times Group, Genkai
Capital, PropertyGuru founders Steve Melhuish & Jani Rautiainen, and former chairman of
Singtel & DBS — Koh Boon Hwee. Some of the existing investors also participated in the
round.
Tanuj Shori of Square Yards said, “Having Times Group as one of our strategic investors will
help us establish our brand as the first port of call for the real estate-related needs of every
Indian household.”
Sam Subramaniam of The Times of India Group said, “Square Yards is a unique company
helping people buy their dream homes and, at the same time, help developers find buyers for
their flats. We are proud to be a shareholder and look forward to supporting the company grow
and succeed.”
Founded in 2014 by Shori and Kanika Gupta, IIM and Wharton alumnus respectively, Square
Yards is the largest proptech (technology-led real estate brokerage) and mortgage marketplace
in India. Square Yards has so far raised $50 million in equity and over $25 million in debt
financing since inception.
________________________________________________________________
Newspaper/Online ET Realty (online)
Date September 19, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/times-group-others-invests-20-million-into-square-yards/71194063