02 Jun 2025

Kolte-Patil Developers Ltd has reported a consolidated net profit of INR 66.29 crore for the fourth quarter of the previous fiscal year, marking a significant recovery from a net loss of INR 26.18 crore in the corresponding period a year earlier. The turnaround was supported by a robust rise in total income, which increased to INR 723.20 crore from INR 527.71 crore. For the full financial year 2024-25, the company posted a net profit of INR 109.33 crore, reversing the previous year's net loss of INR 67.48 crore. Total income for the year rose to INR 1,763.73 crore from INR 1,394.78 crore. The company's consistent delivery across key real estate markets in India further strengthened its performance.Read more

02 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has raised property tax rates by up to 15% for the 2025-26 assessment year, impacting over 9 lakh residential properties. This marks the first property tax revision since 2015-16. The increase, reflected in the latest property tax bills, varies by area, influenced by updated ready reckoner (RR) rates. Locations with higher RR rate revisions have seen steeper tax hikes. Properties with carpet areas under 500 sq ft remain exempt, continuing to benefit nearly 16 lakh households. BMC had delayed implementing new rates due to pending state approvals, which are now cleared. While officials say the hike aligns with current economic indicators, some residents have raised concerns over lack of notice and transparency. The change comes amid ongoing redevelopment, legal disputes, and monsoon preparedness, highlighting the need for more predictable civic engagement on taxation matters in Mumbai's evolving urban landscape.Read more

02 Jun 2025

Jio Financial Services and US-based BlackRock have received SEBI's approval to launch their joint mutual fund business in India. The new venture, Jio BlackRock Asset Management, is a 50:50 partnership aimed at delivering digital-first investment products tailored for Indian investors. Industry veteran Sid Swaminathan, formerly of BlackRock, will lead the venture as MD and CEO. The platform will integrate BlackRock's advanced risk management technology, Aladdin, offering retail and institutional clients sophisticated investment tools. This marks a significant step for Jio Financial Services, which has been expanding post its 2023 demerger from Reliance, with interests in Jio Payments Bank and upcoming wealth management and broking services. For BlackRock, the venture enhances its footprint in India's fast-growing asset management market. The collaboration aims to democratise access to high-quality investment solutions through Jio's extensive digital infrastructure.Read more

30 May 2025

In a significant move to curb property tax evasion, the Bruhat Bengaluru Mahanagara Palike (BBMP) is set to issue notices to over 400,000 property owners suspected of underreporting property details. Utilizing data from drone surveys, satellite imagery, and the Digitally Owned Number (DON) Survey, BBMP aims to rectify discrepancies in self-declared property information. With a target to collect INR 6,000 crore in property tax for the 2025-26 fiscal year, the civic body anticipates recovering an additional INR 1,000 crore through this initiative.Read more

30 May 2025

In a recent initiative, NITI Aayog has proposed a dedicated financing scheme under the Ministry of Micro, Small, and Medium Enterprises (MSME) to support medium-sized firms. The proposal includes concessional loans capped at INR 25 crore, with a maximum of INR 5 crore per request, and the introduction of a medium enterprise credit card with a pre-approved limit of up to INR 5 crore. Additionally, the report recommends allocating 25-30% of the Self-Reliant India (SRI) Fund exclusively for medium enterprises to bolster research and development (R&D) efforts. This move follows the recent expansion of the 'medium' enterprise definition in the Union Budget 2025, aiming to provide better financial support and promote growth among these firms.Read more

30 May 2025

Aluwind Infra-Tech Limited, a major force in the facade and fenestration solutions industry, has released solid audited financials for FY25 that show a notable increase in net profit, EBITDA, and revenue year over year. The company also posted impressive gains in its H2 FY25 performance. With over 300 projects delivered across more than 20 cities and 85 active projects in progress, Aluwind continues to build on its legacy of over 35 years in the sector. It recently launched a new subsidiary, Aluwind Clean-Tech Private Limited, to expand into facade maintenance, and forged a strategic alliance with Hindalco's Eternia brand in the MMR region. The company's innovation in materials and investment in automation point to a future-focused growth trajectory.Read more

30 May 2025

Knight Frank's latest report highlights Pune's commercial real estate growth, with leasing volumes rising 19% year-on-year to 8 million sq. ft. in 2024. Kharadi has emerged as a key business hub, attracting top firms like Citicorp, Amazon, and Deloitte, driven by its connectivity and growing professional base. Amid this surge, SQUAREA has positioned itself as a strategic advisor linking investors to high-yield Grade-A assets. Its latest collaboration with Omicron Group-Omicron Business Landmarks Kharadi NX-offers 360,000 sq. ft. of premium office space in a 26-storey tower. With sustainable design, modern amenities, and strategic location, the project reflects Kharadi's rise as a prime commercial destination.Read more

30 May 2025

Awfis Space Solutions Ltd, a prominent co-working space provider, reported a significant increase in its consolidated net profit for the March quarter, soaring to INR 11.23 crore from INR 1.37 crore during the same period a year earlier. Its total income for the quarter rose to INR 359.45 crore compared to INR 241.10 crore previously. Over the 2024-25 financial year, the company swung to a net profit of INR 67.87 crore, a stark turnaround from the net loss of INR 17.56 crore recorded in the preceding year. Total income during the fiscal climbed to INR 1,260.7 crore from INR 874.8 crore. In a major leadership change, Sumit Lakhani was elevated as the Chief Executive Officer.Read more

30 May 2025

According to real estate consultancy Anarock, office rents have increased significantly over the last two and a half years in major Indian metropolises, especially the Mumbai Metropolitan Region (MMR). Despite global economic uncertainties, companies, especially US-based firms, are driving demand for premium Grade A workspaces. MMR led the growth with a 28% surge in rents, followed by Hyderabad, Delhi-NCR, and Bengaluru. Industry leaders noted that the rebound in rentals reflects India's improving infrastructure, abundant talent pool, and a clear push for a return to physical offices by global corporations.Read more

29 May 2025

In a significant move within India's luxury real estate market, ASK Property Fund, backed by ASK Asset & Wealth Management Group and India Sotheby's International Realty, announced the initial close of its newly launched Alternative Investment Fund-ASK Curated Luxury Assets Fund-I. The fund, which aims to channel investments into upscale residential projects in key metropolitan areas, secured INR 500 crore in just three months from a blend of Ultra-High-Net-Worth Individuals and family offices. The fund has plans to raise a total of INR 1,500 crore, including a green shoe option, and is poised to deploy capital immediately.Read more