10 Oct 2024

The Ahmedabad Municipal Corporation (AMC) recently sold a 66,168 sq m plot in Chandkheda to LuLu International Shopping Malls Pvt Ltd for a notable INR 519 crore. However, AMC initially faced issues granting full possession, as 10,672 sq m of the plot was under cultivation and not fully owned by the civic body. Sources now confirm that AMC has obtained the entire plot, and a proposal will be presented at the upcoming standing committee meeting to authorize the municipal commissioner to finalize the sale deed, enabling the buyer to gain full possession.Read more

10 Oct 2024

The Supreme Court has granted the real estate sector the right to claim input tax credits (ITC) on construction costs for commercial buildings used for rental purposes. The court ruled that if constructing a building is essential for providing services like leasing or renting, it qualifies as "plant and machinery" under Section 17(5)(d) of the CGST Act, making it eligible for ITC. This decision, praised by tax experts, clarifies the GST law on ITC eligibility, reducing financial burdens on developers and encouraging investment in commercial real estate, particularly in sectors like warehousing, hospitality, and real estate.Read more

10 Oct 2024

Garuda Construction and Engineering Ltd recently announced the successful raising of INR 75 crore from anchor investors ahead of its upcoming initial public offering (IPO). The IPO, priced between INR 92 and INR 95 per share, includes a fresh issue and an offer for sale, totalling an estimated INR264 crore. The company aims to use INR 100 crore for working capital and other corporate purposes. With a strong order book and significant revenue growth, Garuda is engaged in multiple construction projects across various sectors.Read more

09 Oct 2024

Garuda Construction and Engineering is preparing for its initial public offering (IPO), set to open for subscription early next week. The offering includes a fresh equity sale and an offer for sale, with a price range of INR 92-95 per share. The company boasts an order book of 12 ongoing projects, including high-value residential developments. For the financial year ending early 2024, Garuda reported a 4% decline in revenue and a decrease in profit after tax. Corpwis Advisors is the lead manager for the IPO, with Link Intime India as the registrar.Read more

09 Oct 2024

IIFL Home Finance plans to engage retail investors for the first time in three years, motivated by recent RBI restrictions on non-banking finance companies (NBFCs). With a draft prospectus for raising up to INR 3,000 crore, CEO Monu Ratra indicated an initial fundraising target of INR 300-500 crore this quarter. The mortgage company, focusing on affordable housing, reported an AUM of INR 36,000 crore, with 90% of its portfolio dedicated to this segment. Following regulatory relief on its gold loan business, IIFL's outlook was recently upgraded to stable by Crisil.Read more

09 Oct 2024

The Nashik Municipal Corporation (NMC) is offering a one-time opportunity for defaulters to settle their property tax dues with significant penalty waivers' 85% for December payments and 75% for January. The total outstanding property tax stands at INR 6 billion, including INR 3 billion in penalties. Previous efforts in 2021 saw limited success, but this time, the NMC hopes that reduced penalties will spur higher payments. With a INR 2.50 billion target for the year, the civic body is confident of increased collections. Property tax recovery remains crucial, with confiscation looming for non-compliance.Read more

09 Oct 2024

According to Knight Frank India's latest report, housing sales in eight major cities increased by 5% year-on-year during July-September 2024, totalling 87,108 units. The growth is primarily attributed to strong demand for premium homes priced over INR1 crore. However, the affordable housing segment faces challenges, experiencing a decline in sales. Notably, Mumbai recorded the highest sales volume, while Delhi-NCR saw a drop.Read more

09 Oct 2024

AISECT, a prominent social enterprise in India dedicated to education, skills development, and financial inclusion, has established a partnership with Uttarakhand Gramin Bank to serve as its Corporate Business Correspondent. This agreement, formalised in Dehradun, expands AISECT's network to nine banking institutions focused on enhancing financial services in rural areas. With over 7,300 kiosks and 1 crore bank accounts opened, AISECT plays a crucial role in bridging the financial divide and empowering marginalised communities. Dr. Siddharth Chaturvedi emphasised the importance of this partnership in fostering economic growth and social development.Read more

08 Oct 2024

In September, Mumbai property registrations fell 14% year-on-year to just over 9,100 units, down from 10,694 the previous year, largely due to the Shraadh period, a time when people avoid major transactions. Knight Frank reported this decline, noting that the culturally significant 12-day Shraadh, which ran from September 29 to October 14 in 2023, often impacts the primary and secondary real estate markets. As a prominent global consultancy, Knight Frank provides market analysis, transaction advisory, and strategic consulting across sectors, helping clients navigate market trends like this seasonal slowdown, common in the real estate sector during Shraadh.Read more

08 Oct 2024

The Prayagraj Municipal Corporation (PMC) has seen a substantial increase in tax collection, thanks to a new software system for online assessments and payments. By September 2024, the PMC collected approximately INR 53 crore from house taxes, up from INR 36 crore the previous year. The corporation has also extended the deadline for a 10% tax rebate until October 31. Upcoming initiatives include pothole-free road repairs, regular cultural programmes at the Ganga-Yamuna ghats, and a commitment to clean drains to address water logging issues. Additional decisions include providing communication equipment to officers and planting thousands of saplings.Read more