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India Today
6 days ago
- Business
- India Today
Lokpal's clean chit to Madhabi Buch on Hindenburg report-based graft allegations
The Lokpal on Wednesday gave a clean chit to former Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch on graft allegations against her based on the Hindenburg are untenable, unsubstantiated and bordering on frivolity, the Lokpal noted while considering graft complaints against Puri Lokpal concluded that, based on the presented evidence and legal principles, the complaints were devoid of merit and did not establish a cognisable offence or a basis for investigation against Serious allegations of conflict of interest and financial misconduct were levelled against the Sebi chief by US short-seller Hindenburg Research and the Congress August 2024, US short-seller Hindenburg claimed that whistleblower documents showed Sebi Chairperson Madhabi Puri Buch and her husband had a stake in the obscure offshore entities used in the 'Adani money siphoning scandal'.Allegation 1: REIT and Blackstone ConnectionOne of the primary allegations raised by Congress was that Buch's promotion of Real Estate Investment Trusts (REITs) benefitted Blackstone, a global investment firm with which her husband is associated. The opposition accused her of misusing her position as Sebi chairperson to favour 2: Undisclosed Income from ICICI BankAnother allegation against Buch was her failure to disclose income received from her previous stint at ICICI Bank. It was claimed that the money she received was not reported review, the government found no illegal transactions and confirmed that Buch had paid all necessary dues. ICICI Bank clarified that after her retirement in October 2013, Buch did not receive a salary or ESOPs, only standard retirement benefits in line with industry 3: Employee Complaints about Work CultureA third front against Buch opened when employees within Sebi sent letters to the Finance Ministry, alleging a toxic work culture under her leadership. The complaints caused concern within both Sebi and political circles. Employees accused the leadership of calling names and shouting at staff, leading to grievances about management government investigated the matter and spoke with employees. The issue was resolved when Sebi's top management was asked to be more sensitive towards staff. Government sources suggested that the dissatisfaction may stem from the sweeping reforms Buch has implemented within Sebi, as her efforts to clean up the system have been met with Watch
Hans India
23-05-2025
- Business
- Hans India
Hyderabad Office Rents Surge 24% as MMR Leads with 28% Growth
Hyderabad has emerged as one of the fastest-growing commercial office rental markets in India, with rents increasing by 24.1 per cent from 2022 to 2025. Rental values in the city rose from Rs 59 per square foot per month in 2022 to Rs 72 in 2025. Leading the nationwide surge in rental rates, the Mumbai Metropolitan Region (MMR) witnessed the highest jump, with rental values climbing 28 per cent over the same period. Rentals in MMR increased from Rs 131 in 2022 to Rs 168 in 2025. High-demand micro-markets such as Bandra-Kurla Complex, Lower Parel, and Andheri East remain preferred locations for sectors like finance, IT/ITeS, and startups. Delhi NCR followed with a robust 20 per cent increase, as rents rose from Rs 92 to Rs 110 per square foot, driven by growing demand in Gurugram and Noida supported by new infrastructure projects. Bangalore recorded a 15.8 per cent rise in rental rates, anchored by sustained interest in Whitefield, Outer Ring Road, and Electronic City from global occupiers. Pune and Chennai experienced more moderate rental growth of 11.1 per cent and 9.1 per cent, respectively, reflecting steady expansion in their IT/ITES and industrial segments. Despite ongoing global economic challenges, India's commercial real estate market has demonstrated resilience, bouncing back from the pandemic-induced slowdown. Increasing demand for premium office space is evident as companies transition from hybrid work models back to structured in-office environments. This shift is particularly evident among Global Capability Centres (GCCs), technology giants, and BFSI sector players. Peush Jain, Managing Director of Commercial Leasing and Advisory at ANAROCK Group, noted that in the first quarter of 2025, GCCs leased an impressive 8.35 million square feet of office space, with Delhi NCR alone accounting for nearly 23 per cent of this demand. Over the last two years, GCCs have contributed more than 37 per cent of office leasing across India's top seven cities, highlighting a sustained commitment to expanding operations in metropolitan hubs. Investor confidence is strengthening as rental yields improve, especially in Hyderabad and Delhi NCR, where capital values remain competitive. The return of office space absorption to pre-pandemic levels, alongside growing traction in Real Estate Investment Trusts (REITs), signals optimism in the commercial property sector despite global uncertainties. According to Jain, India's commercial real estate landscape is evolving with the hybrid work model maturing into a strategic combination of physical office spaces and flexible arrangements. This has maintained a strong leasing pipeline, particularly in technology parks, co-working hubs, and special economic zones. As demand continues to surpass supply in prime micro-markets, India's growing role as a global outsourcing hub will likely keep driving rental values upward. The commercial property market remains a key area of focus for businesses seeking strategic locations and investors aiming for long-term growth.
Hindustan Times
20-05-2025
- Business
- Hindustan Times
Are REITs the stability your stock portfolio needs now?
Six years ago, I wrote an article laying out five solid reasons why REITs (Real Estate Investment Trusts) could be a smart option for retail investors. It was April 2019, and India had just listed its first REIT—Embassy Office Parks. The idea was compelling: you could finally own a piece of India's best office buildings, enjoy steady dividend income, and ride the wave of commercial real estate growth. What wasn't to love? Now that we have four REITs — three office-focused and one in retail—it's time to ask: have REITs delivered? And are they truly the stabilisers your stock portfolio needs? Let's start with hard data. The four listed REITs distributed ₹6,070 crore to shareholders in FY25, a 13% jump from a year ago. Seems great, doesn't it? But dig deeper, and the shine fades. Here's the breakdown. Embassy Office Parks REIT, India's first listed REIT, debuted at ₹300 a unit. Nearly six years on, it's trading around ₹385. This translates to a modest 4% annual unit price growth. Brookfield India REIT launched in February 2021 at ₹275 and now trades around ₹299. Price appreciation has been minimal—roughly 2% annualised. Of the three office REITs, Mindspace Business Parks REIT has delivered the best returns. Since its IPO at ₹275 in August 2020, the unit price has risen to ₹395—translating to a ~7.5% annualised capital appreciation. The dividend yields across all three have been similar, at 6-6.5%. Consequently, their overall returns vary quite a bit, with the Mindspace Business Parks REIT delivering 13% plus while Brookfield India REIT only managing 8.5% annualised returns since listing. Interestingly, the most impressive REIT performance hasn't been in the office space, but in retail. The Nexus Select Trust REIT marks two years on the stock exchanges this May and its unit price has appreciated from ₹100 to ₹131, translating to an annualised return of around 14%. Add to that a dividend yield of around 6.5% each year, and investors have made a handsome 21% per annum on this investment. · REITs are not a "fill-it, shut-it, forget-it" investment. In the case of an underperforming REIT, an investor who bought in on Day 1 and held on could see annualised returns as modest as 8.5%. While this beats a fixed deposit, it's roughly at par with debt mutual funds and yet carries a higher market risk. Also Read: From heatwaves to high bills: How to stay cool for less · Timing matters. Entering a REIT at its high can be costly. Take Embassy REIT, for instance. If you bought at its peak of ₹467 in 2020, your dividends wouldn't have cushioned the fall. Same with Nexus Select. Despite being the best-performing REIT, if you jumped in during the August 2024 euphoria at ₹150, you're still waiting to break even. · Let's discuss dividends. Those initially promised yields of 7.5% to 8% lasted only a few quarters before the pandemic struck. Today, dividends hover around 6%. So yes, while dividends are steady, they are not spectacular. And your true upside depends on the price appreciation of the listed unit. Occupancy of Office REITs is a niggling concern. When Embassy REIT listed, its top-tier Grade A offices reported a 95% occupancy. Four years post-COVID, they're still well below their peak. Embassy and Brookfield REITs hover at 87% and 88% occupancy, respectively, and only Mindspace has crossed over to a 91% occupancy. The figures reported by listed REITs are of gross leasing, and not net leasing, which isn't the best practice. Net leasing gives a more accurate picture of the real change in occupancy. Then comes the question around assets transferred to the REIT. Since the sponsor and REIT are the same— Embassy Group owns Embassy REIT, K Raheja owns Mindspace, and Brookfield owns Brookfield REIT — it's unclear how fairly assets are priced when moved into the REIT. Transfer of assets in the previous financial year like Embassy Splendid TechZone, Candor TechSpace N2, and Mindspace's Hyderabad commercial asset, were all claimed to be at a discount to the market value—but who's verifying that? The overlap between sponsor and REIT calls for greater scrutiny and stronger safeguards for investors. If you're looking for a portfolio diversifier that offers steady income with relatively low downside, REITs fit the bill. But if you're chasing growth with a surety of double-digit returns, dial down those expectations. Also, know that all REITs are not equal, even though they wear a similar badge of being India's top grade A office asset owners. The quality of management matters. Returns vary quite a bit. Just like stocks, REITs demand homework and an entry at a fair valuation. Retail investors would do well to stay informed and stay discerning. Manisha Natarajan is a well-known editorial voice in Real Estate and Sustainable Built Environment.
The Independent
16-05-2025
- Business
- The Independent
US house hunter inquiries about UK homes jump – here is where buyers are looking
A jump in inquiries from United States-based house hunters about homes for sale in the UK has been recorded by Rightmove. The number of inquiries stemming from the US about homes for sale in the UK since the start of the year (covering 2025 so far up to the first week of May) is nearly a fifth (19%) higher than the same period last year, the website said. Rightmove suggested that the impacts of global economic uncertainty are now being seen on the UK property market, following US President Donald Trump's announcements about tariffs. Homes in Edinburgh are most commonly grabbing the attention of US-based buyers this year so far, Rightmove's figures suggest, followed by properties in various London locations. The number of US-based inquiries for the period is the highest that Rightmove has recorded since 2017. The data includes people inquiring about relocating to the UK from the US or purchasing a second home or buy-to-let property in the UK. However, Rightmove said the US-based inquiries it is seeing are mainly relating to smaller homes with two bedrooms or fewer, suggesting that Americans are seeing UK properties as a possible opportunity for an investment or holiday home, rather than a permanent relocation. The website also said that the US house hunter focus on Scotland marks a departure from the longer-term trend, with London having typically generated the most interest from US buyers over the past 10 years. It suggested that lower property prices in Scotland may be attracting some potential buyers. As well as Edinburgh, Glasgow is also one of the most common locations for inquiries from the US. Glasgow currently sits above the London boroughs of Islington and Kensington and Chelsea for US house hunter inquiries. Colleen Babcock, a property expert at Rightmove, said: 'President Trump's tariff announcements have led to more economic uncertainty globally, and we're starting to see some of the effects of this on the UK property market. 'Whether it's because the UK is seen as a more stable investment opportunity, or whether some buyers are considering a permanent move across the Atlantic, we're seeing an increase in inquiries from the US. While a really interesting trend, it's important to note that only a very small percentage of all UK inquiries come from the US.' Toby Leek, president of property professionals' body NAEA (National Association of Estate Agents) Propertymark, said parts of the UK 'come at an affordable price for many overseas buyers', as well as being picturesque. He said: 'Scotland is likely to be particularly popular due to its scenic landscapes and the fact that the average home is around £100,000 less compared to that in England. 'In some ways, those who are looking for a rural escape may see this as providing more for their money.' Glynn Gibb, regional director at property firm John D Wood & Co, said: 'We've certainly seen a steady rise in inquiries from American buyers in prime central London, particularly over the past 12 months. 'While it's not a dramatic uptick, there's a noticeable trend of high net worth individuals looking to move capital into what they see as a safe and stable market. 'For many US clients, London represents both a safe haven and a strategic investment.' He added: 'London's culture and global connectivity make it an ideal springboard to Europe and beyond. Many are basing themselves here temporarily – often staying with friends – while they work out how long they plan to stay. 'For those expecting to remain less than five years, renting can often make more financial sense, especially when stamp duty is taken into account.' Here are the top 10 UK locations for inquiries from US house hunters, according to Rightmove, with the top locations for 2025 so far followed by the 2014-2024 long-term average in brackets: 1. Edinburgh, Scotland (Westminster, London) 2. Westminster, London (Edinburgh, Scotland) 3. Camden, London (Kensington and Chelsea, London) 4. Glasgow, Scotland (Camden, London) 5. Islington, London (Glasgow, Scotland) 6. Kensington and Chelsea, London (Cornwall, South West England) 7. Highland, Scotland (Highland, Scotland) 8. Argyll and Bute, Scotland (Argyll and Bute, Scotland) 9. Fife, Scotland (Fife, Scotland) 10. Tower Hamlets, London (Tower Hamlets, London)
Time of India
14-05-2025
- Business
- Time of India
Nexus Select Trust's operating income up 7% to ₹447 crore in Q4 FY25
NEW DELHI: Nexus Select Trust , a Real Estate Investment Trust (REIT) backed by retail properties, on Tuesday reported 7 per cent increase in net operating income to Rs 446.9 crore for the latest quarter ended March. According to a regulatory filing, the company declared distribution of Rs 303 crore or Rs 2 per unit to unitholders for the fourth quarter of 2024-25 fiscal. The cumulative distribution of unitholders for the full fiscal is Rs 1,265 crore. Nexus Select Trust is India's first publicly listed retail REIT. Its portfolio comprises 19 shopping malls with a gross leasable area of 10.6 million square feet spread across 15 cities in India, three hotel assets (450 keys) and three office assets with a gross leasable area of 1.3 million square feet.
