02 Jul 2025

Globe Civil Projects Ltd, a civil construction and infrastructure development firm, witnessed a strong stock market debut this week, closing over 33% higher than its IPO issue price of INR 71. The company's INR 119 crore public issue received a solid response from investors, with an overall subscription of 86 times on the final day of bidding. The stock listed at INR 91.10 on the BSE and INR 90 on the NSE, before ending the session at INR 94.72 and INR 94.46 respectively. The proceeds from the IPO are intended to fund working capital needs, machinery purchases, and general corporate purposes.Read more

02 Jul 2025

Pune and Patna municipal bodies have taken contrasting paths in property tax collection this fiscal. Pune extended its discounted payment deadline to July 7 due to bill distribution delays, collecting INR 1,244.5 crore by June 30-about INR 100 crore less than the same period last year. Activists are pushing for further extensions, citing tech glitches and unresolved rate issues in newly merged areas. Meanwhile, Patna collected INR 40 crore in Q1 FY26-28% of its annual target-offering a 5% rebate until June 30 and adding tech-driven solutions like QR-coded notices, chatbot payments, and extended hours. These varied strategies reflect the challenges in maximizing tax revenues to fund urban services.Read more

02 Jul 2025

Navi Mumbai Municipal Corporation (NMMC) has reported a record property tax collection of INR 366.80 crore in Q1 FY26, driven by citizen-focused initiatives and smart planning. Over 1 lakh taxpayers contributed, with 66% of the total collected online. The highest single-day intake, INR 90.84 crore, came on the quarter's last day. Nerul ward led contributions with INR 74.13 crore. Residential and industrial properties each made up 33% of collections. Incentives like a 10% rebate and tech tools such as a WhatsApp chatbot and mobile apps helped boost compliance. A 2% monthly penalty on late payments starts July. Commissioner Dr. Kailash Shinde praised public cooperation in achieving the milestone.Read more

02 Jul 2025

Hong Kong's New World Development has secured around HKD88 billion (USD11-11.3 billion) in refinancing this past week, one of the largest loan deals in the city's history. After months of tense negotiations, lenders have backed a multi-tranche facility extending maturities to mid-2028. With high exposure to mainland projects and steep interest costs, the loan lifeline is crucial in pulling the developer back from default risk. CEO Echo Huang emphasised that the support reflects confidence in the firm's strategy, which prioritises debt reduction and cash flow improvement. The refinancing provides vital breathing room amid the property downturn.Read more

02 Jul 2025

Indian banks are set to report subdued earnings for the first quarter of FY26, impacted by weak loan growth, falling net interest margins (NIMs), and seasonally low fee income. According to IIFL Capital, profits after tax are expected to decline 2% year-on-year and 4% quarter-on-quarter. Loan growth dipped to 9.6% year-on-year, with MSME lending being the only bright spot. Margins are expected to compress further in Q2, before stabilising by Q3. Despite improved liquidity, sluggish business momentum and rising slippages are putting pressure on overall banking performance.Read more

02 Jul 2025

Ranchi Municipal Corporation has celebrated a decade of implementing Pradhan Mantri Awas Yojana-Urban, achieving an impressive 88% completion rate by delivering 11,052 homes out of a target of 12,587. The civic body recently handed over keys and saplings to new homeowners in five wards, embodying a message of sustainable beginnings. With PMAY-Urban 2.0 extended to 2029 offering up to INR 2.5 lakh per eligible beneficiary, Ranchi is strengthening its commitment to "Housing for All". This milestone underscores both past success and future ambition in addressing urban housing needs.Read more

02 Jul 2025

Radisson Hotel Group has added a new property to its portfolio with the opening of the 91-key D Square Statue of Unity Kevadia in Gujarat. Operated under the Radisson Individuals brand, the hotel is positioned to serve the rising demand in emerging leisure destinations. The group stated that this expansion aligns with its strategic plan to reinforce its presence in key tourism locations, particularly in Gujarat where travel-linked infrastructure is expanding rapidly.Read more

02 Jul 2025

Wakefit Innovations, a Bengaluru-based home and sleep solutions company, has filed its Draft Red Herring Prospectus with SEBI for an Initial Public Offering (IPO) to raise up to INR 468.22 crore. The IPO comprises a fresh issue and an Offer for Sale by existing shareholders, including promoters. Funds are set aside for retail expansion, machinery, marketing, and debt repayment. The company, founded in 2016, reported INR 971.08 crore revenue and a net loss of INR 8.81 crore in 9M FY25. Operating five manufacturing units, Wakefit aims to boost its omnichannel presence in India's growing home furnishings market, projected to reach INR 5.2-5.9 trillion by 2030.Read more

01 Jul 2025

The Gujarat government has approved an 80% waiver on stamp duty for property transfers conducted through allotment letters or share certificates by housing societies, associations, and non-trading corporations. This relief, sanctioned under Section 9(a) of the Gujarat Stamp Act, 1958, is intended to ease the financial burden on lower- and middle-income families. Only 20% of the original duty, along with any applicable penalties, will now be payable, significantly lowering transaction costs for property buyers using these documentation routes.Read more

01 Jul 2025

Vardhman Amrante Pvt Ltd, the real estate arm of the Oswal Group, has committed an investment of INR 260 crore to develop a 200-key five-star hotel in Ludhiana, Punjab. The project will be operated under the 'Westin Hotels & Resorts' brand by Marriott International. The hotel will form part of a seven-acre commercial complex spanning 17 lakh sq ft, with construction expected to begin in the coming year and the hotel slated to open in the final quarter of 2030. This initiative marks a key milestone in the company's continued expansion in Punjab's real estate market.Read more

01 Jul 2025

India's office leasing market has picked up pace in the first half of 2025, led by co-working operators who leased 6.5 million sq ft across seven major cities-a 48% jump from last year. This reflects growing demand for flexible, managed workspaces as companies look for cost-effective and scalable solutions. Despite this shift, traditional leasing remains significant. Overall, gross office leasing rose 13% year-on-year to 33.7 million sq ft. Experts note that flexible spaces are becoming central to corporate strategies, with strong demand from tech firms setting up Global Capability Centres. New Grade A office supply continues to attract both domestic and global occupiers.Read more

01 Jul 2025

Infra.Market has secured an additional $50 million from MARS Growth Capital, extending their existing $100 million deal by five years and raising MARS's total commitment to $150 million. Earlier this year, the Mumbai-based building materials platform also raised $125 million in a Series D round from global investors. Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market offers over 15 product categories, including concrete, steel, plywood, modular kitchens, and appliances, serving both institutional clients and retail outlets. The new funding will help fuel its expansion plans as it aims to become a leading construction materials brand from India, reflecting strong investor confidence.Read more

01 Jul 2025

Embassy Office Parks REIT has raised INR 1,550 crore through a mix of non-convertible debentures and term loans to refinance its existing liabilities. The fresh capital is expected to reduce annual interest costs by around 113 basis points. The funding includes INR 750 crore via debentures at a 6.97% coupon and INR 800 crore through a 15-year bank loan at a floating rate of 7.40%. This move aligns with the company's long-term strategy to strengthen its balance sheet and support future expansion across its office parks portfolio in major Indian cities.Read more

01 Jul 2025

CREDAI-MCHI supported Design POV 2025, held at Jio World Convention Centre from June 27-29, joining conversations on design, innovation, and urban development. A key panel on June 27, moderated by Dr. Harshul Savla, explored breaking myths around affordable housing and design. Speakers highlighted that modern luxury is about natural light, ventilation, spatial comfort, and well-being, not just expensive finishes. They advised against maximizing FSI at the cost of quality and emphasized the role of sustainability and wellness features like rainwater harvesting and efficient ventilation. Panelists stressed using data tools to align with market needs and balancing affordability with thoughtful, community-focused design.Read more

01 Jul 2025

The Noida Authority has denied Max Estates' request for a INR 67 crore waiver in transfer fees for the stalled Delhi One project in Sector 16B. Max Estates took over the project through a corporate insolvency process approved by the NCLT, offering to pay INR 613 crore in dues over three years to revive it. The Authority accepted the payment plan but ruled that the full transfer charges under its Unified Policy must still be paid, rejecting arguments that the insolvency process justified a waiver. Max Estates has already paid INR 135 crore, with three years granted to complete the project and clear dues.Read more

01 Jul 2025

MMRDA has cut the estimated cost of the planned Uttan-Virar sea link project from INR 87,427 crore to INR 52,652 crore, saving around INR 35,000 crore. The reduction comes after a redesign that changed lane configurations from 4+4 to 2+2 lanes and shifted from a twin-pillar to single-pillar structural design. The sea link portion was also shortened from 24.4 km to 19 km, while the project's total length remains 55.1 km. About 72% of the new cost will be financed through loans, with the rest via state equity. Deputy CM Eknath Shinde has asked MMRDA to speed up approvals and submit a detailed project report.Read more

01 Jul 2025

Pine Labs, a digital commerce and payments company backed by Temasek, has filed draft papers with SEBI for its planned IPO. It intends to raise INR 2,600 crore via fresh equity, while existing investors will sell over 14.78 crore shares through an offer for sale. The funds will go toward debt repayment, upgrading IT and cloud infrastructure, technology development, expanding digital checkout services, and strengthening subsidiaries in Singapore, Malaysia, and the UAE. For 2024, Pine Labs processed INR 7,53,105 crore in gross transaction value across 3.97 billion transactions, reported INR 1,208 crore revenue, and a INR 26.14 crore profit. It serves 9.15 lakh merchants, 666 brands, and 164 financial institutions.Read more

01 Jul 2025

The Indian government plans to ease rules for finance companies in GIFT City, its International Financial Services Centre, to boost financial activity and global appeal. The Ministry of Corporate Affairs has proposed extending regulatory exemptions under Section 186 of the Companies Act, 2013-currently given to RBI-registered NBFCs-to firms registered with the International Financial Services Centres Authority (IFSCA). Section 186 governs limits on inter-corporate loans, guarantees, and investments. This change would make it easier for GIFT City firms to borrow and lend across companies. Public feedback is open until mid-July. The move aims to strengthen GIFT City's competitiveness as a global financial hub.Read more

30 Jun 2025

India's logistics costs have dropped from nearly 16% to around 10% of GDP, according to Transport Minister Nitin Gadkari, who aims to bring it down to 9% soon. Faster port handling, lower transport costs, and innovations like FASTag have cut delays and fuel waste, helping exporters and small businesses. The government is focusing on green fuels and multimodal hubs, building logistics parks in Assam, Nagpur, and Jammu & Kashmir. New expressways will soon connect Delhi to cities like Jaipur and Dehradun in just a few hours. These steps, under plans like Bharatmala and Sagarmala, aim to make India's supply chains more efficient and sustainable.Read more

30 Jun 2025

The Gujarat government has fixed the annual house tax at INR 200 for all rural homes built under PMAY-Gramin and similar housing assistance schemes. This tax rate, which will remain unchanged for the next four years, aims to protect economically weaker households from arbitrary increases by local Gram Panchayats. The policy was formally notified by the Panchayat, Rural Housing, and Rural Development Department and is part of Chief Minister Bhupendra Patel's broader push for structured rural governance and affordability. Officials plan to reassess the tax structure after the four-year period, based on its ground-level impact.Read more