20 Sep 2024

Nexus Venture Partners recently sold a 5.97% stake in India Shelter Finance Corporation for INR 482 crore via open market transactions. This move reduced Nexus' stake in the company from 21.32% to 15.35%. Meanwhile, financial institutions Goldman Sachs, SBI Life Insurance, and ICICI Prudential Life Insurance increased their stakes in the housing finance company by acquiring shares worth a combined INR 164.19 crore. India Shelter Finance, which serves first-time homebuyers in Tier-II and Tier-III cities, saw its stock decline following these transactions, closing at INR 730 on the BSE.Read more

19 Sep 2024

The government of Singapore, the Monetary Authority of Singapore, and Goldman Sachs recently increased their stakes in PNB Housing Finance, investing a total of INR 178 crore through open market transactions. According to the National Stock Exchange (NSE), the government of Singapore acquired 13,16,000 shares, the Monetary Authority of Singapore bought 213,000 shares, and Goldman Sachs purchased 92,000 shares at an average price of INR 1,097.30 each. Meanwhile, Asia Opportunities V (Mauritius) sold 1.622 million shares, reducing its stake to 4.57 percent. These transactions highlight active market dynamics and investor confidence in PNB Housing Finance's potential.Read more

19 Sep 2024

The Lucknow Municipal Corporation (LMC) has implemented significant changes, including capping the mutation fee at INR 10,000 and withdrawing extra charges from 20 business sectors, benefiting over 200,000 business owners. Plans are underway to survey and cover open drains after a recent tragedy, and sewer issues in Munshipulia will be addressed. Additional projects include disaster relief equipment procurement, upgrading municipal schools with smart screens, constructing entry gateways to the city, and organising street vending zones for Diwali. The LMC is also set to replace an old municipal school with modern infrastructure, including underground parking.Read more

19 Sep 2024

Beginning 13th September, the Bangalore Development Authority (BDA) has mandated a shift to e-khata for all properties, replacing the paper-based system. This transition, impacting over 2 lakh properties, enhances transparency in property transactions and helps prevent fraud such as double registrations and illegal dealings. The e-khata, integrated with the Kaveri-2 software, assigns a unique ID to each property, enabling buyers to verify legality and ownership. While properties with existing khatas remain valid, new transactions require e-khata registration. This move strengthens accountability and will soon cover Bruhat Bengaluru Mahanagara Palike (BBMP) properties.Read more

19 Sep 2024

hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors.Read more

18 Sep 2024

The legal feud between Nusli Wadia of the Wadia Group and the Aditya Birla Group has concluded with a significant land transaction. Century Textiles and Industries, a subsidiary of Aditya Birla Group, purchased a 10-acre land parcel in Mumbai's Worli area for INR 1,100 crore. This deal merges existing leasehold interests with ownership rights and expands Century's total landholding to 30 acres, with an estimated booking value of INR 28,000 crore. The increasing demand for prime land in major Indian cities highlights the growing need for residential and commercial developments amid urban expansion.Read more

18 Sep 2024

Golden Growth Fund (GGF), a Category II Alternate Investment Fund, raised INR 25 crore in its initial funding round, which closed in mid-August. This capital will finance the acquisition of a prime land parcel in South Delhi, marking the start of GGF's plan to develop luxury residential properties. With support from Grovy India Limited, GGF focuses on brownfield projects, offering a faster turnaround of 15-18 months compared to greenfield projects. GGF aims to reshape the luxury real estate market in Delhi, with further funding rounds planned to support ongoing and future projects.Read more

18 Sep 2024

Bank of Baroda has sanctioned Supertech Group's resolution plan for its Dehradun project, allowing the delivery of over 600 homes. The bank has also approved the inclusion of a co-developer, with Supertech partnering with a local firm to restart the project. Additionally, Kotak Investment Advisors Ltd (KIAL) is investing INR 450 crore in Supertech's 'Supernova' project in Noida, which is halfway complete and projected to generate over INR 7,000 crore in revenue. Supertech, which needs to deliver over 15,000 homes and has liabilities of INR 8,000 crore, is selling land to pay off lenders and accelerate construction.Read more

18 Sep 2024

The Greater Visakhapatnam Municipal Corporation (GVMC) aims to bring 10,000 unassessed properties into the tax system this financial year, having already identified 4,600 such properties. It also found 877 underassessed properties and collected INR 135 crore through early bird property tax incentives, surpassing last year's INR 118 crore. GVMC's total property tax collection for 2023-24 stands at INR 457 crore, exceeding its target of INR 420 crore. The GVMC focuses on addressing unassessed and underassessed properties to boost revenue and has proposed enforcement teams to remove unauthorised constructions and encroachments while improving vacant land tax collection.Read more

18 Sep 2024

Bajaj Housing Finance shares launched on September 16 at INR 150, reflecting a 114% premium over its IPO price of INR 70. The IPO attracted overwhelming interest, raising INR 6,560 crore with subscriptions totaling INR 3.23 lakh crore. Following strong market performance, the shares reached INR 164.99, boosting market capitalization beyond INR 1.1 lakh crore. Analysts praise the company's robust fundamentals and positive outlook for housing finance. The IPO was launched to comply with RBI regulations, and proceeds will enhance the company's capital to support future growth.Read more