22 May 2025

The Navi Mumbai Municipal Corporation (NMMC) has launched its annual property tax billing process for the financial year 2025-26 with several citizen-centric reforms. For the first time, a 10% early bird discount is being offered to those who pay their property tax by the end of June. Bills are now available online via the NMMC website and mobile app, and the payment process has been streamlined through the Bharat Bill Payment System. The corporation has also roped in women from self-help groups to distribute physical bills. Additionally, citizens are being urged to link their mobile numbers with their properties for digital updates.Read more

22 May 2025

Embassy Office Parks REIT recently secured a debt facility of INR 2,000 crore to refinance its existing borrowings, aiming to reduce its interest outgo. The debt, issued as coupon-bearing Non-Convertible Debentures (NCDs), carries an interest rate of 7.21% for a tenure of three years. The refinancing move is projected to result in savings of approximately 77 basis points in interest compared to existing rates. The transaction received strong traction from institutional investors, with 11 entities participating. Embassy REIT currently manages a diversified commercial real estate portfolio spanning 51.1 million square feet across key Indian metros.Read more

22 May 2025

The Department of Financial Services (DFS) conducted a review meeting earlier this week with India Infrastructure Finance Company Ltd (IIFCL), where DFS Secretary M Nagaraju directed the state-owned financial institution to intensify diversification across different infrastructure sub-sectors. The directive comes on the back of IIFCL's strong performance over the past five years, during which it achieved a 17% compound annual growth rate (CAGR). Nagaraju highlighted the need to expand operations into new areas while maintaining asset quality. IIFCL's Managing Director PR Jaishankar and other senior executives were present during the discussion.Read more

22 May 2025

India's leading real estate developer by market capitalisation, DLF Ltd, has reported a 39% year-on-year jump in consolidated net profit for the final quarter of the previous fiscal, reaching INR 1,282 crore. This impressive performance was supported by a substantial rise in revenue, which climbed to INR 3,347.77 crore during the January-March quarter. For the full financial year, the company's net profit rose to INR 4,366.82 crore, up from INR 2,723.53 crore the year before, while total income grew by nearly 29%. The board has recommended a dividend of INR 6 per equity share, subject to shareholder approval, reinforcing investor confidence.Read more

22 May 2025

The Reserve Bank of India (RBI) has proposed easing certain norms governing investments by banks, NBFCs, and other regulated entities (REs) in Alternative Investment Funds (AIFs). This comes after regulatory actions taken in December 2023, aimed at curbing potential evergreening through AIFs, were found to have instilled financial discipline. The revised draft directions suggest allowing REs to invest up to 5% of a scheme's corpus freely, capping individual contributions at 10% and collective exposure at 15%. Provisions will be mandatory in specific cases of downstream debt investments. SEBI has also issued complementary due diligence requirements.Read more

22 May 2025

India's real estate market continues to demonstrate cautious optimism, as revealed in the latest Real Estate Sentiment Index by Knight Frank and NAREDCO. Although both current and future sentiment scores dipped marginally in Q1 2025 compared to the previous quarter, the industry remains in the positive zone. While developers and financial institutions foresee stability or growth in residential prices and project launches, global uncertainties have slightly tempered expectations regarding sales. Nevertheless, the sector remains resilient and focused on long-term momentum amid a dynamic global economic backdrop.Read more

21 May 2025

Mumbai-based Shapoorji Pallonji (SP) Group is planning to raise USD 1.3 billion (around INR 10,500 crore) over the next two years by selling assets from its real estate and oil businesses. The funds will be used to repay debt and are part of a broader plan to restructure the group's balance sheet. The group recently raised INR 3.3 billion through India's largest private credit deal and plans to sell high-value commercial assets and two offshore oil units (FPSOs). Key investors such as Cerberus, Farallon, and BlackRock have shown interest in the offering, as the group looks to ease its high debt burden.Read more

21 May 2025

The Nagpur Municipal Corporation (NMC) has launched a new property tax rebate scheme designed to encourage environmentally sustainable construction across the city. This initiative provides tax discounts of up to 20% for buildings certified by the Indian Green Building Council (IGBC), reinforcing the city's efforts to tackle rising pollution and urban heat. The rebate applies in tiers, with Platinum-certified buildings receiving the highest reduction, followed by Gold and Silver levels. Property owners must apply with valid IGBC certification to avail these benefits, complementing existing incentives for eco-friendly building features such as solar energy and rainwater harvesting.Read more

21 May 2025

The Pune Municipal Corporation (PMC) is set to launch a pilot project introducing water bills based on actual consumption for residential properties within its limits. This initiative forms part of the city's ongoing 24-7 water supply programme, which aims to promote water conservation and ensure fair distribution. The pilot will begin in zones where over 90% of water meters have been installed, covering about 80 of the 141 designated areas. While many residents have welcomed this move, concerns remain about the adequacy of water supply and the fairness of billing, prompting PMC to assure a measured and transparent implementation.Read more

21 May 2025

IRB Infrastructure Developers Ltd reported a 14% increase in net profit for the March quarter of FY25, recording INR 214.7 crore, up from INR 188.8 crore in the same quarter of the previous fiscal year. The rise in profit was driven by increased revenue from operations, which grew to INR 2,149.2 crore from INR 2,061.2 crore. Expenses decreased to INR 1,895.3 crore, contributing to the profit growth. For the entire FY25, net profit surged significantly to INR 6,480.6 crore compared to INR 605 crore in FY24. The company's toll revenue rose by 23% to INR 6,360 crore for FY25, driven by the commencement of two TOT projects that outperformed expectations. The company remains optimistic about further growth through BOT and TOT bids in alignment with the government's infrastructure push.Read more