18 Oct 2024

In a significant policy shift, the Uttar Pradesh estate department has introduced stringent penalties for property owners who delay their dues, imposing a staggering 9.15% annual interest rate on overdue payments exceeding four months. This move aims to enforce timely payments among occupants in the state's 52 government colonies, including notable areas in Lucknow. While officials acknowledge maintenance issues like irregular water supply and seepage in Dalibagh Colony, they emphasise that prompt payment is essential. An online payment system has been in place to streamline processes and mitigate ongoing challenges in property management.Read more

18 Oct 2024

Residential sales across India's top seven cities hit a new peak in the last year, with a strong buyer demand for branded developers. The top eight listed real estate companies saw remarkable sales growth, significantly reducing their debt. DLF Ltd. achieved a 165% debt reduction, gaining surplus cash of INR 2,896 crore, while Kolte Patil reduced debt by 107%, with INR 37 crore in surplus cash. Lodha reduced its net debt by 83%. The collective booking values for these companies jumped 234%, from INR 27,144 crore in FY2019 to INR 90,573 crore in FY2024, according to investors.Read more

18 Oct 2024

The Delhi Metro Rail Corporation (DMRC) has formally requested over INR 6,200 crore from the Delhi government to address its urgent financial needs as it prepares for the revised budget for 2024-25. DMRC requires INR 4,872 crore for immediate payment, including INR 2,872 crore for a loan from the Japan International Cooperation Agency (JICA) and over INR 2,000 crore for exchange rate fluctuations. Additionally, DMRC seeks INR 724.74 crore for Phase 3 completion and INR 400 crore for initiating Phase 4, which can be paid in installments as needed, along with INR 1,645.72 crore to reimburse operating losses from previous years.Read more

18 Oct 2024

Landowners in Nadaprabhu Kempegowda Layout are facing difficulties due to the Bengaluru Development Authority's (BDA) delays in collecting betterment charges, which are essential for obtaining legal status for their properties. Without "A" khata status, owners struggle to secure loans and face legal limitations. The BDA has approved the collection of these charges, yet inaction continues to hinder property transactions and development in the area.Read more

17 Oct 2024

The World Bank has revised India's economic growth forecast for the fiscal year ending in March 2025 to 7%, up from 6.6%, driven by recovering agricultural output and rising private consumption. The Reserve Bank of India (RBI) has retained its GDP growth forecast at 7.2%, adjusting quarterly estimates slightly. Despite inflation concerns, the RBI remains optimistic, focusing on domestic drivers of growth. The IMF also raised its growth forecast to 7%, reflecting improved consumption prospects, especially in rural areas. Both institutions see positive trends supporting India's economic resilience amidst external challenges.Read more

17 Oct 2024

Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.Read more

17 Oct 2024

Garuda Construction and Engineering's IPO has received overwhelming demand, being oversubscribed by 7.55 times by the close of the share sale. A total of 15.03 crore bids were placed against the 1.99 crore shares on offer, with Retail Individual Investors (RIIs) and non-institutional investors showing strong interest. The company raised INR 75 crore from anchor investors earlier this week, with a price band of INR 92-95 per share. The IPO size is estimated at INR 264 crore, with INR 100 crore earmarked for working capital. The Mumbai-based construction firm, with an order book of INR 1,408.27 crore, has seen consistent financial growth.Read more

17 Oct 2024

The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced a significant e-auction for 43 industrial and commercial plots across the state. Set to facilitate bidding in regions like Bareilly, Jalaun, and Prayagraj, these plots are intended for various business uses, including warehousing and hotels. Additionally, industrial plots in Amethi and other areas will be available, contributing to industrial growth in Uttar Pradesh. The application process began on Friday, with reserve prices established for the plots. Interested bidders must pay fees by October 17, and the e-auction is scheduled for October 25.Read more

17 Oct 2024

JLL's latest report underscores Chennai's dramatic transformation in the real estate sector over the past 25 years, highlighting a remarkable 75-fold increase in office space primarily fuelled by the IT sector and the rise of Global Capability Centres (GCCs). Currently, the state commands a 12% share of India's GCC market, with a notable 15% presence in the Banking, Financial Services, and Insurance (BFSI) sector. Siva Krishnan of JLL India remarked on the city's evolution from a manufacturing hub to a diversified economic powerhouse, emphasizing that ongoing infrastructure advancements and strategic policies position Chennai to leverage emerging trends in technology and urban living.Read more

16 Oct 2024

The Karnataka government's initiative to digitise property transactions through mandatory e-khata registration has hit significant roadblocks, causing a 95% drop in registrations in key cities like Bengaluru, Mangaluru, and Mysuru. This decline coincides with efforts by the stamps and registration department to boost revenues by keeping sub-registrar offices open on weekends. Although property registrations had seen a 5% increase earlier this fiscal year, technical glitches and low public awareness hinder the e-khata rollout, prompting Revenue Minister Krishna Byre Gowda to meet with officials to address these challenges and reassure property owners of a flexible timeline for obtaining e-khatas.Read more