30 Nov 2023

The municipal administration in Ludhiana is intensifying efforts to optimize property tax revenue by targeting longstanding arrears from government entities. The Municipal Corporation (MC) is engaging with various departments, offering settlement opportunities without additional penalties. Notices have been dispatched to entities, including the police department, with an estimated sum of Rs 15 crore. The MC, aiming for Rs 130 crore in the current fiscal year, has already recovered over Rs 105 crore. Municipal Commissioner Sandeep Rishi emphasizes the duty of government entities to clear outstanding dues promptly. Persistent efforts include notices to the DC office, court complex, and other departments, reflecting a commitment to financial transparency and civic welfare.Read more

29 Nov 2023

In the latest high-profile real estate transaction in Delhi, Laxmi Devi Agarwal, wife of GR Infraprojects Limited's key promoter, Devkinandan Agarwal, acquired a luxurious Vasant Vihar bungalow for a staggering Rs 86 crore. The expansive property, spanning 1,003.32 square meters, comes with a hefty stamp duty of Rs 4.36 crore and e-registration charges of Rs 86 lakh. This acquisition aligns with a broader pattern of substantial real estate deals in Delhi, showcasing the enduring demand for high-end properties among the city's affluent elite.Read more

29 Nov 2023

In anticipation of the upcoming general elections, key players in India's financial sector, including the National Bank for Financing Infrastructure and Development (NABFID) and major public sector banks like Bank of Baroda and Canara Bank, are gearing up for substantial bond issuances, eyeing a cumulative raise of about Rs 30,000 crore. Timed amidst a decline in government bond yields, the strategy involves diverse maturities, with NABFID opting for a 15-year term. The Delhi-Mumbai Expressway is also set to mobilize funds. State-owned banks, following SBI's lead, are actively issuing infrastructure bonds, reflecting robust investor interest and fortifying essential development initiatives.Read more

28 Nov 2023

Bengaluru-based RMZ Corporation, a leading real estate developer, has unveiled an ambitious $7 billion investment plan for the next five years. The company, led by Raj Menda and Manoj Menda, plans to develop 125 million square feet in projects valued at $25 billion. This diversification strategy includes luxury residences, mixed-use developments, industrial and logistics spaces, office facilities, and forays into the hospitality sector. The projects will unfold across major cities, including Mumbai, Bengaluru, Delhi, and Hyderabad. RMZ aims to fund this substantial investment through internal accruals and by establishing an investment platform in collaboration with global institutional investors.Read more

28 Nov 2023

Hanto Workspaces, a leading provider of managed commercial real estate solutions, has secured a significant infusion of Rs 15 crore in seed funding. Anurag Jain, founder of KredX, led the capital infusion, supplemented by other angel investors. The funds, a mix of equity and debt, aim to propel Hanto's ambitious expansion across major Indian cities. Focused on metropolises and Tier 2 cities like Hyderabad and Pune, Hanto targets a revenue exceeding Rs 700 crore by 2028. The funds will be allocated for team expansion, acquiring new spaces, and anticipating a doubling of revenue in the next fiscal year. Hanto employs a unique "pod"-based model, integrating various commercial real estate solutions with IoT technology.Read more

28 Nov 2023

The Nagpur Municipal Corporation (NMC) is undertaking an extensive recovery drive to address financial challenges exacerbated by defaults in property tax payments. The corporation aims to earn Rs 300 crore in property taxes for the current financial year and has already added Rs 150 crore to its exchequer as of November 20. To boost collection efforts, the NMC has initiated property attachments and public auctions, utilizing legal provisions to recover outstanding arrears. The proactive approach underscores the municipality's commitment to achieving revenue targets and addressing financial constraints. Zone assistant commissioners have been directed to expedite proceedings for property tax recovery warrants issued to defaulters.Read more

28 Nov 2023

Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.Read more

25 Nov 2023

In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.Read more

25 Nov 2023

The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.Read more

25 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.Read more