29 Aug 2023

Reserve Bank Governor Shaktikanta Das led a crucial meeting to enhance governance and assurance mechanisms in non-banking financial companies (NBFCs), including housing finance companies (HFCs), aiming to fortify the financial sector's stability. CEOs of prominent NBFCs and government entities, along with the RBI's Deputy Governors, participated in discussions focused on governance standards, risk management, and compliance. With these entities holding 50% of overall NBFC assets and serving underserved areas, the RBI emphasized vigilance, resource diversification, cybersecurity, fair practices, and IT enhancements. The meeting showcases the RBI's commitment to maintaining financial resilience and transparency in the sector.Read more

28 Aug 2023

Shriram Housing Finance embarks on Vision 2026, aiming to triple its size by capitalizing on the surging demand for affordable homes. With assets of Rs 10,000 crore, it plans to expand branches, workforce, and products, aspiring to achieve Rs 30,000 crore in AUM by FY26. Notably, 75 percent of its clients are from low- to middle-income groups. Its growth journey has witnessed a 44 percent CAGR in 4 years, doubling AUM in 17 months to reach Rs 10,000 crore. It seeks to establish a pioneering position in the affordable housing finance sector while upholding asset quality.Read more

28 Aug 2023

Real estate firm Casagrand has made a notable land acquisition in Hyderabad, securing over 4 lakh square feet of land valued at approximately Rs 57 crore. This move reflects Casagrand's strategic expansion in the thriving Hyderabad real estate market, highlighting their confidence in the city's growth potential. With Hyderabad's mix of tradition and modernity, booming technology and business sectors, and diverse cultural scene, it has become a hotspot for real estate investment. This move by Casagrand aligns with the trend of companies capitalizing on Hyderabad's economic growth and urban development.Read more

28 Aug 2023

Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.Read more

28 Aug 2023

The Municipal Corporation of Gurugram (MCG) is modernizing property tax management by collaborating with a private agency to distribute tax assessment bills to 6.4 lakh property owners. This innovative approach enables residents to review and update property tax details without visiting MCG's office. A dedicated team delivers bills door-to-door, promoting engagement and accuracy. Property owners can communicate changes to agency representatives, ensuring up-to-date records. This effort covers both residential and commercial properties, integrating with digital platforms and offering a 15% tax rebate incentive. MCG's initiative emphasizes efficiency, transparency, and resident involvement for improved property tax administration.Read more

28 Aug 2023

Global alternative investment firm Varde Partners has reportedly provided around Rs 750 crore in mezzanine debt to Hyderabad's Phoenix Group for construction purposes. The funds are intended for a project where the developer is converting a special economic zone (SEZ) project into a non-SEZ venture. Due to changes in project scope, traditional bank lending was not possible, leading Phoenix Group to seek private lending from Varde Partners. Despite the relatively high interest rates associated with Varde Partners' loans, the move is seen as strategic given the current market conditions. Varde Partners has shown consistent interest in India's real estate market and has invested over $3 billion across 20 transactions in the country over the last four years.Read more

28 Aug 2023

The Bankers Institute of Rural Development (BIRD) convened in Lucknow, has discussed the potential of Svamitva cards—documents certifying rural property ownership—as eligible collateral for loans. Attended by representatives from major national and regional banks, as well as state commissioners, the meeting examined the card's validity as a conclusive property title and its implications for rural financial stability. This initiative could transform rural lending dynamics, providing villagers with enhanced financial avenues.Read more

26 Aug 2023

Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.Read more

26 Aug 2023

Omkara ARC has secured a significant loan of Rs 784 crore from PNB Housing Finance through an all-cash deal facilitated by Joyous Housing Limited. This move aids PNB Housing Finance in addressing a substantial non-performing asset on its balance sheet. Joyous Housing, who defaulted on a secured construction finance of Rs 800 crore from PNB Housing, played a role in this transaction. The loan resolution was accomplished through the 'Swiss Challenge' method, marking a strategic step for both parties. PNB Housing Finance had recently raised capital through a successful rights issue involving key stakeholders like PNB, Carlyle, Ares SSG, and General Atlantic. The company has been working on improving its asset quality and reducing its stressed portfolio through various means.Read more

26 Aug 2023

The majority of commercial banks align home loan rates with the RBI's repo rate, factoring in eligibility criteria such as age, income, and property value. Bank choice affects the interest rate, with a margin and risk premium added to the external benchmark rate as per RBI guidelines. The top 10 banks offering competitive home loan rates in August 2023 include HDFC, Indian Bank, and Punjab National Bank, ranging from 8.5% to 10.1%. Floating rates linked to market changes determine EMI fluctuations. Additional charges for loan processing, verification, inspection, legal opinion, and more may apply, varying by bank. Early loan repayment may incur penalties based on the source of funds.Read more