14 Feb 2025

The Greater Hyderabad Municipal Corporation (GHMC) faces a severe financial crunch as property tax arrears from residents and government departments have piled up to INR 5,500 crore. Despite being the primary source of revenue, nearly 7 lakh property owners have failed to clear dues over the past eight years. The civic body has issued 4 lakh distress warrants to defaulters but is hampered by the absence of a one-time settlement scheme from the state government. Government departments, including the secretariat and South Central Railway, owe INR 4,400 crore, with dues dating back to 2001. GHMC aims to recover pending taxes through door-to-door collection drives, legal measures, and frequent reminders.Read more

14 Feb 2025

Signature Global has cut its net debt by 29% in Q4 2024, bringing it down to INR 720 crore from INR 1,020 crore, driven by strong pre-sales and increased customer collections. The company reported a 54% rise in collections, reaching INR 3,210 crore in the first nine months of FY25. Sales surged to INR 8,670 crore, with an average pre-sales realization of INR 12,565 per sq ft. Signature Global aims for INR 10,000 crore in sales bookings this fiscal year and is expanding its footprint with new acquisitions, including a 16.12-acre plot in Gurugram for INR 300 crore.Read more

14 Feb 2025

The Ponda Municipal Council (PMC) is evaluating a house tax increase from INR 7 per square meter to manage its INR 40 lakh monthly salary bill and other rising expenses. A similar proposal in 2022 was withdrawn due to public opposition. Currently, new constructions are taxed at INR 50 per square meter, and commercial properties at INR 206 per square meter. Chairperson Anand Naik noted that other B-class councils impose higher rates. With waste management costs also rising, PMC is pushing for financial reforms, with a final decision expected in the upcoming council meeting.Read more

14 Feb 2025

Anamudi Real Estates LLP, linked to the Godrej family, has acquired a prime 560 sqm plot in Mumbai's upscale Juhu for INR 80.83 crore. The purchase, recorded in February 2025, highlights the area's continued demand among high-net-worth individuals and investors. The deal included a INR 4.85 crore stamp duty and INR 30,000 registration fee. Juhu's real estate market saw 175 transactions worth INR 1,346 crore in 2024, with an average property price of INR 72,166 per sq. ft. This acquisition underscores the Godrej family's growing presence in Mumbai's luxury real estate segment.Read more

14 Feb 2025

NBCC (India) Ltd reported a 25% increase in net profit for Q3 FY25, reaching INR 138.47 crore, alongside a rise in consolidated income to INR 2,331.23 crore. The Aspire Golf Homes project in Greater Noida played a pivotal role, contributing over INR 3,200 crore in revenue from the sale of 1,233 housing units. This project, part of NBCC's efforts to revive stalled Amrapali Group developments, highlights the company's commitment to timely deliveries and quality amenities. NBCC's sustained growth is further driven by its focus on infrastructure and government projects, ensuring benefits for homebuyers and the broader market.Read more

14 Feb 2025

The Ludhiana Municipal Corporation (MC) is struggling to meet its property tax recovery target of INR 200 crore, with collections stuck at INR 130 crore as the financial year nears its end. The shortfall threatens the MC's ability to pay employees and deliver civic services, while inefficiencies in recovery processes add to the challenges. Residents' dissatisfaction with civic services and comparisons with better-performing cities highlight systemic issues. Officials remain hopeful, but without structural reforms or innovative solutions like digital payments or incentives, meeting such ambitious targets could remain a recurring challenge.Read more

13 Feb 2025

Ajax Engineering, a leading manufacturer of concrete equipment for the construction industry, is set to raise up to INR 1,269.4 crore via an offer for sale by its promoters and investor Kedaara Capital. Kedaara Capital will divest its entire 6.5% stake, reducing the promoter group's holding from 93.5% to over 82% post-IPO. The company dominates the self-loading concrete mixer (SLCM) market with a 75% share and benefits from the government's infrastructure push. However, its performance is tied to economic conditions, and the promoter group must reduce its stake to 75% over the next three years. With a robust business model and an asset-light approach, the company offers an attractive investment opportunity for long-term investors.Read more

13 Feb 2025

TARC Ltd, a New Delhi-based real estate developer, reported a net loss of INR 28.69 crore for Q3 FY25, improving from INR 33.48 crore last year. Despite ongoing losses, the company saw a 6.6% increase in total income to INR 11.21 crore. A major highlight was its strong sales performance, securing INR 1,165 crore in Q3 sales and INR 181 crore in collections. Total sales for 9M FY25 reached INR 2,487 crore, surpassing last year's figures. CEO Amar Sarin emphasized market confidence and future expansion, positioning TARC for continued growth in luxury real estate.Read more

13 Feb 2025

Kolte Patil Developers has announced a net consolidated profit of INR 26.33 crore for the quarter ending December 31, 2024, a significant turnaround from a loss of INR 63.04 crore in the same quarter last year. The company's total consolidated income rose to INR 369.28 crore in Q3 FY25, compared to INR 83.70 crore in the corresponding period of the previous fiscal. CEO Atul Bohra highlighted strong operational performance during the first nine months, with milestone sales of INR 2,161 crore and collections of INR 1,729 crore. The company also entered a joint development project in Pune with a potential gross development value of INR 4,000 crore.Read more

13 Feb 2025

The Yamuna Expressway Industrial Development Authority (YEIDA) successfully auctioned multiple hotel plots near Noida International Airport, generating INR 106 crore-12% above the reserve price. Equasocio Digital Technologies secured the highest bid at INR 31 crore for a 4,000-sqm plot. Other notable buyers include Balaji Enterprises, Ranchor Infra Developers, and Net2Source Consulting. Additionally, Bharat Petroleum acquired a fuel station plot for INR 12.2 crore. With investments exceeding INR 200 crore, these deals reflect strong investor confidence in the region's hospitality and commercial growth ahead of the airport's opening, positioning Noida as a key business and tourism hub.Read more