City Mumbai Financial News

Strata, a tech-enabled platform for fractional investments in commercial real estate, is in the process of acquiring 700,000 square feet of commercial real estate valued at around Rs 700 crore by the end of the current financial year. The firm is in active discussions to acquire multiple assets across Bengaluru, Pune, Mumbai, Ahmedabad, and other cities. «In the last 12 months, the firm acquired nearly 900,000 sq ft of office space across Mumbai, Bangalore, Pune, and Jaipur, valued at around ?584 crore,» said Sudarshan Lodha, co-founder & CEO of Strata. The acquisition also includes 53,000 square feet of commercial assets in Pune for fractional ownership. The new investment opportunity is leased out to India's largest flex working space, has a 5-year lock-in and lease, and is expected to offer a gross entry yield of 9.1% with a total IRR of 13.1%. Strata is aiming for assets under management of Rs 2,000 crore by the end of 2023-24. It surpassed its AUM of Rs 1,300 crore and aims to expand its presence in western states such as Maharashtra, Rajasthan, and Gujarat.

Instagram. The case is currently under investigation by the police in south Mumbai's Worli. The victim detailed her harrowing experience in an Instagram post, calling it her «most traumatic» encounter.

Standard Chartered Bank. The tribunal has also appointed Rajan Garg as its resolution professional. In this case, originally the company’s promoter had availed a loan facility from Dewan Housing Finance (DHFL).

Maharashtra government, Marathas will march towards Mumbai tomorrow morning," he was quoted by ANI as saying. Protesters demand Kunbi (OBC) status to the Maratha community. On January 16, Jarange had demanded that 54 lakh Marathas should be issued Kunbi caste certificates within two days.

Maratha quota leader Manoj Jarange on Friday asserted that he won’t abandon his agitation midway till the community is granted reservation in government jobs and education, while Maharashtra minister Deepak Kesarkar said the activist’s demands have been accepted.

By Sohamm Thakkar

Gautam Adani will start in February to collect the data and biometrics of up to 1 million poor residents as part of the redevelopment of a slum in Mumbai that is considered one of Asia's largest. The survey will be crucial in deciding who among the residents of the Dharavi slum will be eligible to receive a free home in the area that is being redeveloped. However, authorities have struggled for decades to fix up the area, which covers 640 acres (260 hectares), with Adani Group finally winning the bid to redevelop the area together with the state of Maharashtra, though legal disputes over the awarding of the contract are outstanding.

US-based Forbes Global Properties on Wednesday announced its entry into the Indian real estate market with the launch of India Forbes Global Properties, and claims to set a global benchmark of luxurious living in India. In the initial stage, the company plans to build two projects – one in Mumbai and another in Delhi — and will offer brokerage and financial services, among others.

Republic Day, issuing an 'orange alert' for January 26, as per a PTI report. Until 8.30 am, visibility in the national capital is expected to be limited to only 400 metres due to the foggy weather. However, there is a forecast for improvement, with visibility levels expected to reach 1,500 metres by 10.30 am.

ALSO READ: Fire breaks out in Purna-Parli passenger train near Nanded Pedram Pak-Ayin, the spokesperson for the Health Ministry, was quoted by a state-media s saying that "none" of the workers and patients at Gandhi Hospital have been harmed. The reason for the fire is yet to be known. However, "initial reports indicate that the fire primarily affected the exterior of the hospital building," Maleki told state TV.

Piramal Capital & Housing Finance’s plea to initiate a corporate insolvency resolution process against Edweena Real Estate after the company defaulted on its dues of more than Rs 1,065 crore. The Mumbai bench of the National Company Law Tribunal has also appointed Jayesh Natvarlal Sanghrajka as the resolution professional for the company. The total default includes the principal amount of Rs 499 crore and the outstanding interest thereon as of March 2023 of over Rs 395 crore, along with default interest and additional interest of more than Rs 169 crore. In May 2016, original lender Dewan Housing Finance Corporation (DHFL) sanctioned a loan worth Rs 500 crore to Edweena Real Estate. Of this, Rs 499 crore was disbursed by the financial creditor to date in multiple tranches. The said loan was secured by various securities and instruments, such as a deed of hypothecation of receivables and demand promissory note, a deed of simple mortgage, and an escrow agreement. As per the loan agreement, any default in payment of interest or principal for two consecutive months would be construed as an event of default, and the entire loan would be due and payable.

Enforcement Directorate on Thursday said it raided companies of the Essel Group in Mumbai and recovered «incriminating» documents as part of its ongoing money laundering investigation linked to alleged diversion of funds worth over Rs 2,000 crore from Religare Finvest Limited (RFL). The federal agency said in a statement that three premises linked to Konti Infrapower and Multiventures Pvt Ltd, Edison Infrapower and Multiventures Pvt Ltd, Asian Satellite Broadcast Ltd, Widescreen Holdings Pvt Ltd, Jayneer Capital Pvt Ltd, Spirit Infrapower and Multiventures Pvt Ltd and the residential premises of a former senior official of the Essel Group (who was not named) were raided on Wednesday.

Krishna Kuppuswami Dasarakothapalli, known as Krishna DK, has purchased a luxury duplex apartment in Mumbai’s Goregaon suburb for over Rs 35.50 crore. The director, known for his work including The Family Man, Farzi, and Stree has acquired the 6,245-square-foot property jointly with his wife, Anuradha Sharma. As part of the deal, the buyers will also get ownership rights to a 1.62% land parcel of the Tower Windsor Grande Residences, which also counts other Bollywood personalities, including actors and leading singers, as apartment owners. Krishna DK has paid stamp duty of Rs 2.13 crore for the registration of the deal that took place in December, according to documents accessed through Zapkey.com. The buyers have acquired the property directly from Windsor Realty, the developer of the project. The luxury project with two towers is spread over four acres near Lokhandwala Complex and was delivered four years ago. ET’s email query to Krishna DK’s team remained unanswered until the time of going to press, while Windsor Realty’s founder, Gopal Narang, declined to comment on the story. The demand for residential properties and its conversion into sales across the country’s top eight cities scaled an all-time high in 2023, led by heightened activity in the mid-income, premium, and luxury segments. Among the key markets, Mumbai led the performance as the country’s biggest and most expensive property market continued its record-setting spree, scaling a new peak with its best annual performance in terms of both registration of properties and revenue collection through stamp duty charges.

₹825 crore, in the first big land transaction this year. The company plans to develop a housing project on this land, offering 7.5 million sq ft of saleable area. A key part of this transaction involved DLF settling Ireo’s outstanding loan of ₹825 crore.

Hindenburg Research handcrafted a multi-billion dollar shock with a 106-page report published online, business tycoon Gautam Adani on Thursday said his bat did the talking in the aftermath of the shortseller's attack.

Maharashtra's capital city Mumbai is set to witness traffic snarls considering the Maratha quota march that will take place on 26 January. The Mumbai Police is yet to issue an official advisory or a detailed roadmap for the chaos that is likely to ensue in Mumbai on Republic Day 2024. Maratha quota activist Manoj Jarange and thousands of his supporters are on their way to Mumbai to launch a protest on January 26.

₹1.25 lakh. This price doesn’t include breakfast. Similarly, a stay at Taj Fort Aguada in Goa will rack up a bill of ₹95,000.

Newme, on Wednesday told ET that it has raised $5.4 million (Rs 45 crore) in a seed funding round led by Fireside Ventures. The Bengaluru-based startup, which currently sells its own brand of clothing across both online and offline outlets was founded in 2022. It had in the past raised an undisclosed round of funding from investors such as Aum Ventures, 2am VC and All In Capital, all of whom have participated in the current round.

NEW DELHI, MUMBAI : India’s free trade talks with the UK and European Union (EU) may skip the vexed carbon tax matter in an attempt to fast-track the trade deals, three people aware of the matter said. The absence of any agreement on the carbon border adjustment mechanism (CBAM) casts a cloud over Indian steel exports to the region, as it would raise the cost of exports and eat into profits. India is negotiating separate free trade agreements (FTAs) with the UK and EU.

MUMBAI : Zee Entertainment Enterprises Ltd on Wednesday dragged Sony Pictures Networks India (now Culver Max Entertainment Pvt. Ltd) before the National Company Law Tribunal (NCLT), following the inglorious end to their two-year engagement. The Punit Goenka-led firm moved the tribunal seeking directions to implement the merger, while also initiating legal action to contest Culver Max and Bangla Entertainment Pvt.

Going to School, a not-for-profit education trust, brought together twenty-three women entrepreneurs from marginalised communities in Mumbai and Bengaluru to present startup ideas that can help address climate change.The initiative, named Pitch It, is akin to the popular show, Shark Tank which involved startups and entrepreneurs pitching their business models before industry veterans to onboard them as investors.With the guidance of the Youth Venture Fund, the project has J.P. Morgan offering support by creating a pipeline of skilled women entrepreneurs and Deutsche Bank providing access to startup grants.