24 Mar 2025

German insurance major Allianz SE announced its decision to exit its Indian insurance joint ventures with the Bajaj Group. Nearly six weeks after the government permitted 100% FDI in insurance ventures, Allianz entered into binding agreements with Bajaj Finserv Ltd to sell its 26% stakes in Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). The transaction, valued at INR 24,600 crore (EUR 2.6 billion), would be paid in tranches. Bajaj Finserv will subsequently hold 75.01% equity in each firm, while promoter entities Bajaj Holdings and Investment Ltd and Jamnalal Sons Pvt Ltd will acquire the remaining 24.99% equity. The deal also includes Bajaj Finserv's acquisition of Allianz's entire stake in Bajaj Allianz Financial Distributors Limited (BAFDL).Read more

24 Mar 2025

Shapoorji Pallonji (SP) Group is in the process of raising USD 3.3 billion (approximately INR 28,600 crore) in what is being recognised as India's largest domestic currency private debt arrangement. A consortium of five private credit funds, including Davidson Kempner Capital Management, Cerberus Capital Management, and Ares Management Corp, is contributing 75% (around USD 2.5 billion) of the funding. The funding, expected to conclude by early April, will be utilised for refinancing existing debt secured against the promoters' 18.4% stake in Tata Sons. Evangelos Ventures, owned equally by SP Group chairman Shapoor Mistry and his nephews, is facilitating this financing. The rupee-denominated bonds will have a high-teens interest rate, extend over 3.5 years, and will be listed on the BSE.Read more

24 Mar 2025

The Navi Mumbai Municipal Corporation's Property Tax Department announced its decision to auction seized properties with pending property tax dues. The civic body has begun the process of appointing authorised government valuers to assess these properties. Citizens whose properties are under seizure action have been urged by Municipal Commissioner Dr Kailash Shinde to clear their outstanding tax liabilities immediately to avoid the auction of their assets. A public advertisement has been issued, and responses from 10 government-registered valuers have been received. The Corporation also encouraged citizens to benefit from the ongoing 'Abhay' scheme offering a penalty waiver for lump sum payments.Read more

24 Mar 2025

The Pimpri Chinchwad Municipal Corporation (PCMC) has initiated a controversial move to recover INR 180 crore in unpaid property taxes from 77,886 flat owners by recording dues on their share certificates. This prevents defaulters from selling or transferring properties until dues are cleared. Additionally, PCMC has proposed barring defaulters from society elections. Housing federations and legal experts argue that the civic body lacks authority for such measures, calling it legally questionable. While PCMC maintains strict action is needed for compliance, opposition groups warn of potential legal challenges. The move could set a precedent if approved by cooperative housing authorities.Read more

24 Mar 2025

The West Bengal Infrastructure Development Finance Corporation (WBIDFC) is re-auctioning a prime 17-acre plot in New Town, Kolkata, valued at over INR 800 crore. Located between Novotel and Axis Mall, the land offers 30 lakh sq. ft. of development potential, expected to generate over 25,000 jobs. The auction, initially stalled due to tender issues, is now being revised for better participation. Industry experts anticipate large-scale commercial projects, enhancing New Town's appeal as a business hub. Similar auctions in cities like Delhi and Mumbai have driven urban expansion, positioning this sale as a catalyst for Kolkata's real estate growth.Read more

24 Mar 2025

The Karnataka government has proposed amendments to the BBMP Act, reducing the completion certificate fee for property owners in Bengaluru from up to 1% of a site's guidance value to just 0.1%. The move aims to provide financial relief and streamline approvals. Additionally, penalties for residential properties will be capped at two-thirds of BBMP fees to prevent excessive financial burdens. Alongside this, three key bills have been introduced: the Registration (Karnataka Amendment) Bill, which mandates registration for property-related power of attorney documents; the Karnataka Stamp (Amendment) Bill, which legalizes e-stamping and digital transactions; and the Karnataka Gram Swaraj and Panchayat Raj (Amendment) Bill, extending property tax provisions to unauthorized settlements and strengthening accountability for officials.Read more

21 Mar 2025

The Organisation for Economic Co-operation and Development (OECD) has recently revised India's growth forecast, projecting it to be 6.4% for FY26 from the earlier estimate of 6.9%. Growth for FY27 has also been trimmed to 6.6% from 6.8%. Despite the downgrade, India is expected to remain the fastest-growing major economy over the next two years. The OECD's outlook remains less optimistic compared to the Reserve Bank of India (RBI), particularly concerning inflation projections and trade uncertainties, even as global economic resilience offers a mixed picture.Read more

21 Mar 2025

Navi Mumbai Municipal Corporation (NMMC) has launched a special amnesty scheme for property tax defaulters from March 1 to 31, 2024, to boost tax collection. Taxpayers paying between March 1 and 20 will receive a 75% waiver on penalties, while those paying between March 21 and 31 will get a 50% waiver. The scheme is voluntary and applies only if the full outstanding tax amount is paid at once. Payments can be made online or at NMMC offices. As of now, NMMC has collected INR 530 crore against a target of INR 801 crore. No concessions apply after March 31.Read more

21 Mar 2025

India continued to strengthen its position in the Asia Pacific real estate market in the second half of 2024, recording an 88% annual increase in investments, totaling USD 3 billion, according to Colliers. The office sector led with a 47% share, followed by industrial and logistics at 27%. Mumbai attracted nearly half of these inflows due to strong demand for office assets. Institutional investments in India reached USD 6.5 billion in 2024, with further growth expected in 2025, supported by monetary easing and economic stability. Overall, India remains a key destination for domestic and international real estate investors.Read more

21 Mar 2025

State-owned Canara Bank has successfully raised INR 4,000 crore by issuing tier-II bonds with a maturity of 10 years. The bonds carry an annual coupon rate of 7.46% and come with a call option after five years. This issuance followed Punjab National Bank's move in the past month, where it had raised INR 3,000 crore via tier-II bonds maturing in 15 years at a coupon rate of 7.43%. The issue from Canara Bank had an initial base size of INR 1,000 crore, along with a greenshoe option of INR 3,000 crore.Read more