08 Jul 2024

Ather Energy, a prominent electric scooter manufacturer, is set to establish a new INR 2,000 crore manufacturing facility in Maharashtra's Aurangabad Industrial City. This strategic move aims to scale up production to one million electric vehicles and battery packs annually, creating approximately 4,000 jobs. Maharashtra's supportive ecosystem and infrastructure, including the Samruddhi Expressway, attracted Ather Energy, reinforcing the state's position as a hub for automotive innovation. The expansion aligns with India's push towards electric mobility, driven by government incentives and rising fuel costs, signaling robust growth prospects for the EV industry in the country.Read more

05 Jul 2024

Homeowners in Bengaluru with properties lacking a Khata have until July 31st to benefit from a new one-time settlement (OTS) scheme launched by the Bruhat Bengaluru Mahanagara Palike (BBMP). This initiative allows residents to clear outstanding property tax dues and obtain a Khata within three months. A Khata is essential for legal property ownership and facilitates connections to utilities, access to home loans, and property sales. The BBMP aims to generate INR 800-1,000 crore annually from the scheme, offering financial relief and simplifying future transactions. This initiative underscores BBMP's commitment to improving property registration and transparency in Bengaluru.Read more

05 Jul 2024

A recent Colliers report highlights a significant rise in office space leasing in major cities during Q2 2024, indicating growing business confidence. Leasing across Mumbai, Bengaluru, Hyderabad, Chennai, Delhi-NCR, and Pune rose to 15.8 million sq ft, up from 14.6 million sq ft last year. Mumbai's leasing doubled to 3.5 million sq ft, while Bengaluru saw a 41% increase to 4.8 million sq ft. Hyderabad also grew by 73% to 2.6 million sq ft. However, Chennai, Delhi-NCR, and Pune experienced declines. Technology and manufacturing sectors drove demand, with co-working spaces leasing a record 2.6 million sq ft.Read more

05 Jul 2024

The State Bank of India (SBI) successfully raised INR 10,000 crore through its fifth infrastructure bond issuance today, aimed at funding infrastructure and affordable housing projects. The issuance attracted bids totaling INR 19,884 crore, four times the initial issue size of INR 5,000 crore, highlighting strong investor confidence. The funds will provide long-term financing for critical infrastructure and housing initiatives, crucial for sustained economic growth. The bond saw diverse investor participation, signaling a growing appetite for infrastructure bonds in India. SBI's move underscores its commitment to driving India's infrastructure development and supporting key economic sectors.Read more

05 Jul 2024

The Asian Development Bank (ADB) has partnered with Aadhar Housing Finance Limited (AHFL) to provide USD 60 million in affordable housing loans targeting women in India. This initiative aims to help low-income families, particularly women, who struggle to access traditional loan options. The USD 60 million financing includes an initial USD 30 million disbursement to AHFL, focusing on eight states: Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal. AHFL, with its extensive network, offers loans averaging around INR 900,000 (USD 10,875 USD), reducing financial barriers to homeownership. This partnership empowers women, promoting financial security and stability for families, and strengthening India's housing sector.Read more

05 Jul 2024

CtrlS Datacenters is set to invest INR 2,200 crore in Kolkata, developing a 60 MW IT load capacity data centre campus in New Town. This project, with a 16 MW first phase scheduled for completion by end-2024, will feature the first Rated-4 data centre in eastern India, adhering to top global reliability and security standards. President Suresh Kumar Rathod emphasised Kolkata's rising digital prominence, backed by its strong economic position and substantial internet user base. This expansion will bolster Kolkata's digital infrastructure, offering managed services and high-speed connectivity, thus driving business growth and creating new job opportunities.Read more

04 Jul 2024

The Adani Group has revealed plans to invest a monumental INR 1.3 trillion (USD 16 billion) in the fiscal year 2024-25, adding to their commitment to green energy and infrastructure development. Over 70% of this investment, exceeding INR 910 billion (USD 11.3 billion), will bolster their "green portfolio," targeting renewable power generation, green hydrogen production, and energy transmission infrastructure. Notable projects include a 6-7 GW expansion in renewable energy capacity and the completion of the Navi Mumbai airport. With a robust financial performance, including a record 45% increase in pre-tax profits, Adani Group reinforces its position as a pivotal player across India's infrastructure landscape.Read more

04 Jul 2024

A transformative shift is underway among India's affluent families as a new wave of entrepreneurs takes charge of family offices. Moving away from traditional investments in real estate and gold, they are now focusing on stocks, startups, and technology companies. This trend is driven by a younger generation comfortable with technology and seeing it as crucial for business success. Family offices are increasingly active in the stock market, including pre-IPO investments and secondary market trading. This shift is marked by major deals, such as Indian family offices negotiating with global giants like Coca-Cola and investing in high-growth startups like Oyo, reflecting a dynamic evolution in wealth management strategies.Read more

04 Jul 2024

The Indian real estate market, though generally positive, is seeing a slowdown in residential property sales in key IT hubs like Pune, Hyderabad, and Bengaluru. PropEquity data shows a significant drop in sales for Hyderabad (20%) and Pune (15%) in Q2 2024, while Bengaluru's sales remain flat. This contrasts with their Q1 growth of 6%, 18%, and 1%, respectively. Factors include sharp property price increases and a slowdown in the IT/ITeS sector. Despite the decline, overall annual sales figures remain strong, with experts suggesting the market is self-correcting after rapid price hikes. Prospective buyers should carefully assess the market before committing.Read more

04 Jul 2024

India's housing market shows a dual trend as PropEquity reports an 18% quarter-on-quarter sales decline across major cities like Mumbai, Delhi NCR, and Bengaluru, amounting to 119,901 units sold in April-June 2024. However, year-over-year data reveals a marginal 2% dip from 2023. Hyderabad and Mumbai saw significant drops, while Delhi NCR bucked the trend with a 7% increase. Factors such as state elections and seasonal market dynamics may have influenced this variation. Despite lower sales, demand remains strong, outpacing new supply by 23%. Analysts anticipate market stabilisation as new launches and economic conditions evolve in upcoming quarters.Read more