10 Sep 2024

Jio Finance Ltd, the NBFC arm of the Jio Financial Services, is advancing its financial offerings, including home loans, which are currently in the Beta mode. The MD and CEO, Hitesh Sethia, revealed plans to introduce products like Loan Against Property and Loan on Securities. Jio Finance has already launched secured lending products such as supply chain financing and loans on mutual funds. A joint venture with BlackRock will expand into wealth management and broking services. The JioFinance app, launched in May 2024, has over 1 million downloads and offers various financial services, including digital banking and insurance.Read more

09 Sep 2024

Gujarat's real estate market is grappling with a liquidity crunch, as evidenced by a drop in housing loan applications from 150,000 to 101,000 in Q1 FY 2025. Despite this decline, housing loan disbursements surged by 62%, rising from INR 8,307 crore to INR 13,433 crore. The increase in loan amounts suggests a shift towards more expensive, luxury properties, driven by higher jantri rates and a market dominated by financially resilient buyers. The upcoming festival season may offer a boost, potentially revitalizing the market and balancing current trends.Read more

09 Sep 2024

Bajaj Housing Finance is set to launch its INR 6,560 crore IPO on September 9, 2024, with the offering closing on September 11. The IPO features a fresh issue of equity shares worth up to INR 3,560 crore and an offer for sale of INR 3,000 crore from parent company Bajaj Finance. This move is aimed at meeting the Reserve Bank of India's mandate for public listing of upper-layer NBFCs by September 2025. With a strong fiscal performance, including a 38% increase in net profit to INR 1,731 crore for FY 2023-24, the IPO is expected to bolster the company's financial position and support future growth.Read more

09 Sep 2024

NBCC (India) Ltd. has approved a bonus share issuance of 1:2, granting one additional share for every two held, using INR 90 crore from its reserves. The record date is October 7, 2024, with approximately 90 crore bonus shares set to be issued. This decision reflects the company's strong performance, including record turnover and profit for FY 2023-2024. With a reserves balance of INR 1,959 crore, NBCC aims to reward shareholders and attract new investors. This move, the first since 2017, underscores NBCC's robust financial health and commitment to growth.Read more

09 Sep 2024

The New Delhi Municipal Council (NDMC) is offering a 5% rebate on property taxes and service charges for payments made until September 30. This initiative aims to ease the financial burden on residents and streamline tax collection. Taxpayers can access detailed property assessments on the NDMC website to manage their payments efficiently. The rebate is part of a broader effort to improve urban infrastructure and service delivery through timely tax payments. NDMC urges residents to avoid last-minute rushes to benefit from the rebate and support essential municipal services.Read more

06 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.Read more

06 Sep 2024

The Indian commercial real estate market is projected to experience significant growth in FY25, with net leasing of Grade A office spaces expected to reach 41-43 million square feet, according to Crisil Ratings. This growth is driven by increased demand from global capability centers (GCCs) and sectors like BFSI and manufacturing. Bangalore and Hyderabad are anticipated to see the most growth due to their tech hubs and infrastructure improvements. GCCs are expected to account for 40-45% of leasing activity, while vacancy rates are predicted to stabilize at around 17.4-17.5%, marking a recovery after high pandemic-era vacancies.Read more

06 Sep 2024

Housing sales in the Mumbai Metropolitan Region (MMR) are expected to surpass INR 1.35 lakh crore in 2024, according to JLL India's report, "Mumbai Residential Market: Through the Lens of Time." The MMR, including Mumbai, Thane, and Navi Mumbai, is seeing strong investment driven by high sales figures, new residential launches, and infrastructural advancements. The growth is supported by projects like the Mumbai Coastal Road and metro extensions, enhancing connectivity and boosting demand. Consumer trends toward larger suburban homes and hybrid work models are also influencing the market, positioning Mumbai as a key player in India's real estate sector.Read more

05 Sep 2024

Shriram Properties Limited (SPL) has achieved a notable milestone with ASK Property Fund exiting its investment in the Shriram Pristine Estates project ahead of schedule. Launched under the SPL-ASK Co-Investment Platform in December 2022, the project in Doddaballapura, Bangalore, benefited from a substantial initial investment of INR 85 crore and a total capital commitment of INR 500 crore. ASK Property Fund achieved a 20% IRR and an investment multiple of 1.24x in under 18 months. The project's success reflects strong market response and robust sales. Both SPL and ASK Property Fund are committed to future collaborations, underscoring the vitality of strategic partnerships in India's real estate sector.Read more

05 Sep 2024

India Shelter Finance Corporation Limited (ISFC) has received a credit rating upgrade from [ICRA]A+ (Positive) to [ICRA]AA- (Stable) for its Non-Convertible Debentures (NCDs) and long-term loans. This upgrade reflects ISFC's strong financial health and effective risk management. The boost in ratings highlights ISFC's crucial role in providing affordable housing finance, especially in Tier II and III cities, aligning with government housing initiatives. Managing Director Rupinder Singh expressed satisfaction with the upgrade, underscoring ISFC's commitment to expanding services and leveraging technology to enhance customer accessibility. The upgrade reinforces ISFC's capacity to meet its financial obligations and support India's housing goals.Read more