06 Feb 2025

The Indian government has introduced a retrospective amendment to the CGST Act, altering Section 17(5) by replacing "plant or machinery" with "plant and machinery". This change significantly limits ITC (Input Tax Credit) eligibility for real estate firms involved in commercial property construction and leasing. It effectively overrides the Supreme Court ruling in Safari Retreats Pvt Ltd., which had allowed ITC claims for constructed buildings used in leasing services. Experts believe this move aims to increase GST revenue but could discourage investment in India's commercial real estate sector.Read more

06 Feb 2025

Sundaram Finance Ltd (SFL) reported a 16% increase in standalone net profit to INR 349 crore for the quarter ended December 2024, compared to INR 300 crore in the same period the previous year. The growth was attributed to a rise in operating profit, supported by a strong surge in interest income. The company's board announced an interim dividend of INR 14 per share for FY25. Interest income saw a 24% rise to INR 1,478 crore, while total income increased by 23% to INR 1,664 crore. Disbursements expanded by 19%, reaching INR 7,764 crore. Despite a weaker-than-expected festival season, the company reported a 19% year-on-year increase in assets under management (AUM) to INR 50,199 crore, with an improvement in asset quality.Read more

06 Feb 2025

The Pune Municipal Corporation (PMC) has initiated an auction of 46 properties to recover INR 11 crore in unpaid property taxes. Despite announcing a similar auction last year for 50 properties, only two were sold as most defaulters settled their dues at the last moment. The PMC has already seized properties where no legal disputes exist and has begun the auctioning process. PMC follows a structured approach, sealing properties and imposing a penalty of 2% per month on unpaid taxes. Successful bidders must pay an initial 20% of the bid amount within two days and the remainder within 15 days, though owners can reclaim their properties if dues and auction expenses are cleared within the same period.Read more

05 Feb 2025

Embassy Office Parks REIT (Embassy REIT) has reported a 31.19% drop in its net consolidated profit for the quarter ended December 31, 2024. Profit after tax stood at INR 158.19 crore, down from INR 229.90 crore in the same quarter the previous year. Despite this, the company's net operating income (NOI) increased by 9% year-on-year to INR 829 crore. Embassy REIT raised INR 1,000 crore in debt and saved interest costs by approximately 70 basis points. The board announced distributions totaling INR 5,592.57 million for the quarter. The company leased 1.1 million sq ft of space and achieved a portfolio occupancy of 90%, with key markets like Bengaluru, Mumbai, and Chennai seeing strong demand for office space.Read more

05 Feb 2025

The Ahmedabad Municipal Corporation (AMC) is considering the introduction of a fee for transferring names on property tax records for new commercial and residential units. The proposal suggests that the builder's name will appear first on the property tax bill before the buyer's name is registered after the sale deed. This would allow the AMC to charge a name transfer fee once the property is sold and Building Use (BU) permission has been granted. However, no official decision was made during the recent meeting, though a resolution is expected soon.Read more

05 Feb 2025

The Securities and Exchange Board of India (SEBI) is set to auction 26 properties of HBN Dairies & Allied Ltd in February 2025 to recover funds raised through illicit collective investment schemes. The auction, with a reserve price of INR 83.26 crore, follows a Supreme Court order in May 2024 allowing SEBI to sell the assets. These properties are spread across various states, including Delhi, Gujarat, Maharashtra, Punjab, Madhya Pradesh, and Chhattisgarh. The sale will be conducted online, with Quikr Realty and C1 India assisting in the process. This auction is part of SEBI's ongoing efforts to recover over INR 1,136 crore raised illegally by HBN Dairies.Read more

05 Feb 2025

Aditya Birla Housing Finance Ltd (ABHFL) has raised INR 830 crore through Non-Convertible Debentures from the International Finance Corporation (IFC) to expand housing finance access, particularly for low- and middle-income groups. A key focus is on homeownership for women and support for MSMEs, especially women-led businesses. CEO Pankaj Gadgil called the funding a milestone for financial inclusion, while IFC's Wendy Werner emphasized its role in economic empowerment. With assets of INR 23,236 crore as of September 2024, ABHFL aims to strengthen its outreach, aligning with national goals of gender equality and sustainable economic growth.Read more

05 Feb 2025

Phoenix Mills reported a 2.02% increase in net profit for Q3 FY25, reaching INR 350.93 crore, despite a 1.47% decline in total income to INR 1,005.52 crore. The company divested its subsidiary Janus Logistics for INR 47.93 crore as part of its restructuring strategy. Commercial office income grew 7% to INR 53 crore, with EBITDA rising 17% to INR 33 crore. Over nine months, commercial revenue increased 12% to INR 158 crore. While total revenue dipped, the company's focus on commercial real estate and strategic asset management positions it for steady growth in the evolving real estate sector.Read more

04 Feb 2025

The Uttar Pradesh government has introduced a one-time settlement scheme effective from January 1 to clear 1,400 pending stamp duty cases in Gautam Buddh Nagar. Property owners can resolve disputes by paying a nominal penalty of INR 100, along with outstanding dues, interest, and stamp duty. The scheme, ending on March 31, aims to expedite litigation resolution, reduce financial strain on owners, and boost state revenue. Previously, penalties were up to four times the owed amount. Officials expect the initiative to encourage real estate transactions and streamline the stamp duty collection process, fostering a more efficient property registration system.Read more

04 Feb 2025

Home First Finance reported a net profit of INR 97.38 crore for Q3 FY25, a 23.5% rise from INR 78.82 crore last year. Total income surged 35.4% to INR 407.45 crore. The board approved raising INR 1,250 crore via equity shares to strengthen its capital base. Assets under management grew 32.6% YoY to INR 11,949 crore, with a GNPA of 1.7%. Ajay Khetan was promoted to deputy CEO. The company maintains a strong liquidity position of INR 3,486 crore and recorded disbursements of INR 1,193 crore, positioning itself for continued growth in India's housing finance sector.Read more