05 Jun 2024

State-owned construction firm NBCC Ltd. reported a 26% increase in consolidated net profit for the quarter ending March 2024, reaching INR 136.08 crore compared to INR 108.4 crore in the same period last year. The company's income from operations for the 2023-24 fiscal year rose to INR 10,432.63 crore, marking a 17% year-on-year growth. NBCC operates in project management consultancy (PMC) and real estate, benefiting from India's focus on infrastructure development. With government-backed projects exceeding INR 10,000 crore, NBCC's strong financial performance suggests a promising future in the booming infrastructure sector.Read more

04 Jun 2024

A new report by Anarock Group, a leading real estate consultancy, shows a 57% decline in unsold housing inventory in Delhi-NCR over the past five years. The number of unsold units dropped from around 2 lakh in Q1 2018 to approximately 86,420 by Q1 2024, indicating a significant market recovery. Comparatively, South Indian cities like Bengaluru, Hyderabad, and Chennai saw only an 11% decrease in unsold inventory during the same period. Key areas like Greater Noida and Ghaziabad saw reductions of 70%, reflecting strong demand and improving market conditions in the Delhi-NCR region.Read more

04 Jun 2024

DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF Ltd and Singapore's GIC wealth fund, saw its rental income from office buildings increase 7% annually to INR 3,460 crore in the last fiscal year. DCCDL has an operational rental portfolio of 41.9 million square feet, comprising 37.9 million square feet of office space and 4 million square feet of retail real estate. Rental income from retail assets (malls and shopping centres) increased 18% to INR 865 crore last fiscal year from INR 735 crore in 2022-23. Service and other operating income grew 14% last fiscal to INR 1,489 crore from INR 1,311 crore the year before.Read more

04 Jun 2024

A recent ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) determined that for an under-construction property, the date of taking possession should be considered when determining eligibility for tax benefits under Section 54 of the Income Tax Act. Section 54 of the Income Tax Act allows taxes on long-term capital gains from selling an old home to be reduced by investing in a new property within a specified time period. However, an Income Tax officer denied benefits to a non-resident couple citing the purchase agreement date, not possession date. ITAT ruled in favour of the taxpayers, holding that possession date, which fell within the required period, determined eligibility for the tax break.Read more

03 Jun 2024

Prachay Capital, a prominent Pune-based NBFC, has teamed up with Knest, an Indian Aluform manufacturer, to offer financing solutions for the real estate sector. Developers often struggle with upfront costs for Aluform, crucial for high-rise buildings. Prachay's Equipment Lease Finance (ELF) and Equipment Purchase Finance (EPF) programs alleviate these financial pressures by providing flexible payment plans. Unveiled at YouthCon, Delhi, in March 2024, these solutions received enthusiastic responses, highlighting a significant shift in real estate financing. This initiative positions Pune's real estate sector for accelerated growth, benefiting from Prachay Capital's innovative approach.Read more

03 Jun 2024

Columbia Pacific Communities (CPC), a US-based senior living operator, plans to invest over INR 200 crore (USD 25 million) in India in FY25, reflecting the growing demand for senior living communities. CPC will expand to Pune, Hyderabad, Kottayam, and Kochi, increasing their portfolio to over 1,500 units. They use joint ventures, manage and brand senior living facilities, and pilot innovative models like fee-based and rental options. In Kerala, they partner with Asset Homes on four projects. CPC's national expansion aims to deliver 300 units and launch 1,200 more in FY25, catering to India's rising senior population.Read more

03 Jun 2024

The Indian construction and infrastructure sectors face a potential slowdown due to new Reserve Bank of India (RBI) guidelines. These proposed rules aim to increase loan provisioning requirements for banks, raising concerns among industry stakeholders. Bank loans to the construction sector have surged nearly 26% over five years, jumping from INR 1.08 trillion in January 2019 to INR 1.4 trillion by March 2024. The infrastructure sector saw loans rise by almost 31%, from INR 7.98 trillion to INR 10.5 trillion in the same period. The new RBI guidelines could require banks to set aside up to 5% of loan amounts during the riskier construction phase, potentially reducing banks' appetite for such loans and affecting India's economic development.Read more

03 Jun 2024

Arpwood Partners Fund LLP is set to acquire a majority stake in SEWA Grih Rin, also known as Sitara, a housing finance company focused on providing affordable loans to low-income households, especially women, in urban and semi-urban India. Founded in 2015, Sitara has assets worth INR 1,200 crores and over 25,000 customers across 75 branches. Arpwood Partners, a private equity firm led by Rajeev Gupta, will invest INR 680 crores to acquire a major stake as part of Sitara's INR 705 crores fundraising effort. The deal, pending RBI approval, aims to enhance Sitara's operations and expand its reach.Read more

31 May 2024

Sundaram Home Finance reported a net profit of INR 57 crore for the January-March 2024 quarter, down from INR 65 crore in the same period last year. However, for the full fiscal year 2023-24, net profits grew to INR 236 crore from INR 215 crore the previous year. Disbursements in Q4 rose 20% to INR 1,469 crore, and overall disbursements crossed INR 5,000 crore for FY24, up 27%. Assets Under Management increased to INR 13,812 crore as of March 31, 2024, from INR 11,180 crore a year ago. The company expanded its branch network to 150 and hired over 400 employees during the year.Read more

31 May 2024

Strata, India's largest commercial real estate investment platform, has applied for a Small and Medium REITs (SM REITs) license from the Securities and Exchange Board of India (SEBI). SEBI recently introduced new regulations expanding the fractional ownership model to assets over INR 50 crore. Strata will migrate eligible assets to SM REITs as it looks to achieve INR 2,000 crore in assets under management by fiscal 2025. Strata currently leads the fractional ownership sector with over INR 1,800 crore in transactions and 4 million square feet under management across major Indian cities. In line with its vision and coupled with acquiring a SM REITs license, Strata aims to be the largest alternative investment platform in India by enabling retail investors to invest in CRE assets and democratizing access through its easy-to-use online platform.Read more