07 May 2025

The net operating income (NOI) of Brookfield India Real Estate Trust increased by a significant 16% year over year to INR 488.5 crore for the quarter that ended in March. It also declared a distribution of INR 319 crore to unitholders, marking a 10.5% increase from the previous quarter. For the full 2024-25 fiscal year, NOI climbed 37% to INR 1,854 crore, with total distributions rising to INR 1,053.7 crore. The REIT also recorded strong leasing activity of nearly 3 million square feet, reflecting demand recovery, especially across its SEZ assets. Its CEO noted sustained investor confidence, highlighting a capital raise of INR 4,700 crore and plans for future growth.Read more

07 May 2025

Sumitomo Mitsui Banking Corporation (SMBC) has received approval from the Reserve Bank of India to acquire a 51% stake in Yes Bank, marking a major step in its India expansion plan. The phased deal involves an initial 20% stake for USD 1.5 billion, followed by a potential increase to majority ownership. This rare regulatory clearance comes amid India's traditionally cautious stance on foreign ownership in domestic banks. Yes Bank, once a top private lender, has been recovering from past governance and asset quality issues. SMBC's majority stake could lead to significant changes in the bank's governance and strategy, potentially reshaping its future in India's banking landscape.Read more

06 May 2025

Saran district in Bihar set a new record by collecting over INR 210 crore in land registration revenue during FY 2024-25-an increase of INR 37 crore from the previous year. The rise is attributed to a surge in real estate transactions and streamlined administrative procedures, including the introduction of online registration services. The Sadar office in Chhapra led collections with INR 100.12 crore, while other sub-registrar offices also saw strong growth. Registered deeds rose to 55,034 from 46,791 the previous year, reflecting improved transparency and public confidence. Saran's success offers a model for boosting revenue and efficiency across the state.Read more

06 May 2025

Mumbai-based Sunteck Realty posted a 50.28% decline in its Q4 FY25 consolidated net profit at INR 50.38 crore due to lower revenue and rising expenses. However, the developer reported a strong full-year performance, with FY25 net profit more than doubling to INR 150.32 crore and revenue rising 51% to INR 853.13 crore. Annual pre-sales hit a record INR 2,531 crore, up 32% year-on-year. The board has proposed a INR 1.50 per share dividend and approved a plan to raise INR 2,250 crore via debt and equity. The company continues to focus on luxury residential projects across the Mumbai Metropolitan Region to drive long-term growth.Read more

06 May 2025

SEBI has proposed regulatory changes for REITs and InvITs aimed at simplifying compliance and improving investor transparency. Key suggestions include aligning valuation report deadlines with financial reporting cycles, redefining 'public' unitholders to include related QIBs, and allowing holding companies to offset negative cash flows using SPV distributions for calculating Net Distributable Cash Flow. SEBI also plans to introduce a standard Investor Charter outlining unitholder rights and responsibilities. Public comments are invited until May 22, 2025. The reforms aim to enhance ease of doing business and attract more investment into India's real estate and infrastructure sectors.Read more

06 May 2025

Macrotech Developers (Lodha) has set an ambitious INR 21,000 crore pre-sales target for FY26, a 19% rise over the previous year. The firm plans to launch 18.8 million sq ft of projects, up 37% from FY25. It reported INR 4,810 crore in Q4 pre-sales and INR 17,520 crore for FY25, exceeding its guidance. Backed by strong collections and INR 2,320 crore in Q4 operating cash flow, Lodha reduced net debt to INR 3,990 crore. The developer is also expanding into logistics with new land deals in Navi Mumbai and Palava. Analysts remain bullish, citing growth visibility, efficient cash flow, and prudent debt management.Read more

06 May 2025

The Mysuru City Corporation (MCC) has intensified its B-Khata drive to regularize unauthorized properties and bring them under the tax net. Launched earlier this year, the initiative aims to issue temporary registrations to 27,616 such properties over the next 16 months. The drive has received a positive response, with over 2,300 B-Khatas issued so far. To ensure transparency and eliminate middlemen, MCC has implemented measures such as installing CCTV cameras and replacing officers. The initiative is expected to boost property tax revenue and streamline the registration process.Read more

05 May 2025

Uttar Pradesh Chief Minister Shri Yogi Adityanath has directed the urban development department to implement a uniform system for municipal service charges across the state. Citing inconsistencies in fees among municipal corporations, councils, and town bodies, he called for a standardised framework to ensure fairness and transparency. Currently, varying slab structures-especially in places like Fatehpur and Budaun-cause confusion and inequality. Officials have been tasked with creating a uniform rate structure to apply statewide. This move aims to streamline urban governance, eliminate arbitrary charges, and provide consistent service delivery for all residents, regardless of location. Implementation preparations are now being prioritised.Read more

05 May 2025

The Chandigarh Municipal Corporation (MC) has collected INR 7.75 crore in property tax collections for the opening month of the current financial year, driven largely by enthusiastic residential taxpayer participation. This development comes during an active rebate window offering substantial discounts to early taxpayers. The MC has also taken corrective steps to address confusion around revised tax rates by issuing updated bills. The civic body's earlier achievements, including a record-breaking INR 52.24 crore in property tax revenue in the previous fiscal year, underscore its increasingly effective revenue mobilisation strategies.Read more

05 May 2025

The Greater Hyderabad Municipal Corporation (GHMC) is considering a property tax hike for individuals and establishments that engage in illegal garbage dumping. By integrating unpaid waste disposal fines into property tax dues through a Comprehensive Challan Management System (CCMS), GHMC aims to enforce stricter compliance. The initiative includes automated penalty generation linked to Property Tax Identification Numbers (PTINs), SMS notifications, and UPI payment options. Enhanced surveillance measures, including special monitoring teams and CCTV installations, are also being implemented to identify and penalize violators.Read more