27 Dec 2024

Ventive Hospitality, backed by Blackstone, saw overwhelming demand for its INR 1,600 crore IPO, oversubscribed 9.82 times. Investors bid for over 14.17 million shares, with non-institutional investors leading at 13.87 times subscription. Qualified institutional buyers (QIBs) and retail investors subscribed 9.08 and 5.94 times, respectively. The IPO, priced at INR 610, INR 643 per share, raised INR 719 crore from anchor investors. Funds will primarily reduce debt. Ventive owns 11 luxury properties in India and the Maldives, partnering with brands like Marriott and Hilton. This marks a strong recovery in India's hospitality sector, projected to grow over 10% CAGR post-pandemic.Read more

27 Dec 2024

The Asian Development Bank (ADB) has invested USD 70 million (INR 595 crore) in Vastu Housing Finance to enhance affordable home loans for underserved communities in India. Fifteen percent of the funding is allocated for first-time homebuyers, with a focus on empowering women through homeownership. Vastu, founded in 2015, specialises in financing low-income and self-employed individuals in Tier II to IV towns, addressing housing challenges in these segments. This initiative aligns with efforts to bridge India's affordable housing gap and promote inclusivity, marking a significant step toward sustainable development and improved living conditions for economically weaker sections.Read more

27 Dec 2024

Surat's real estate sector has witnessed remarkable growth, with the Surat Municipal Corporation (SMC) earning INR 829 crore from paid Floor Space Index (FSI) in nine months, projected to surpass INR 1,100 crore by year-end. Revenues have nearly doubled in three years, reflecting strong property demand. However, challenges persist, including INR 225 crore in unpaid FSI dues, rising jantri rates, and a proposed 18% GST on paid FSI, which could increase property costs by 10%. Developers and CREDAI warn these factors may deter middle-class buyers, who form 70% of the market, emphasizing the need to balance growth and affordability.Read more

26 Dec 2024

The Mizoram government collected INR 8.58 crore in stamp duties and land registration fees in the first eight months of FY24, reflecting steady growth following the Indian Stamp (Mizoram Amendment) Bill, 2024, which raised stamp duty from 1% to 3%. This hike targets diverse transactions like land purchases, mortgages, and gifts, aiming to boost state development funds. Key initiatives include plans for a revenue court to address land disputes, expanding the online tax payment system statewide, and digitising land records via the new Record of Rights (RoR). These measures enhance transparency, streamline processes, and support urbanisation and infrastructure growth, positioning Mizoram for increased investment and efficient land management.Read more

26 Dec 2024

Maharashtra's Ready Reckoner (RR) rates are set to become more accurate as the Geographic Information System (GIS) mapping of land parcels nears completion. The Maharashtra Remote Sensing Application Centre (MRSAC) has finalized rural mapping and completed 50% of urban and influence zones. GIS mapping will replace the current subjective process by integrating precise geospatial data, offering clearer insights into property values. This will aid in setting RR rates for 2024, reflecting accurate market conditions and benefiting citizens and evaluators. The updated system will use cadastral maps, population data, and infrastructure developments to establish RR rates, ensuring transparency and reducing arbitrary rate assignments.Read more

26 Dec 2024

Nashik Municipal Corporation (NMC) has successfully collected INR 40 crore of the INR 600 crore in property tax arrears through its amnesty scheme, which began on October 1. The scheme, offering significant penalty waivers, has proven effective, with INR 13 crore collected in the past three weeks alone. Defaulters who settle by December 31 can avail of up to a 95% penalty reduction, while those paying in January are eligible for an 85% waiver. Despite a slow response in 2021, this year's scheme is seeing better participation, and NMC expects to collect an additional INR 25-30 crore before the scheme ends on January 31.Read more

26 Dec 2024

The Gujarat Real Estate Regulatory Authority (GujRERA) will implement new banking rules from January 1, 2025, requiring developers to maintain three separate bank accounts for each project. These accounts-RERA collection, retention, and transaction-will ensure financial transparency and proper fund utilization. The RERA retention account, holding 70% of collected funds, is designated for construction and land costs, with withdrawals requiring certified progress documentation. Auto-sweep transfers will distribute funds in a 70:30 ratio to retention and transaction accounts. Banks are restricted from issuing cheque books, debit cards, or online services for the collection account. Non-compliance can result in penalties up to 5% of project costs, reinforcing accountability in Gujarat's real estate sector.Read more

25 Dec 2024

Bollywood actor and television host Manish Paul has rented out his office space in Andheri West, Mumbai, for INR 2 lakhs per month. He purchased the property in September 2023 for INR 2.25 crore. Located within Morya Grand, a commercial project developed by Nakta Investment Pvt Ltd, the office space spans 1,200 sq ft. The lease agreement, registered in December 2024, involves an INR 8 lakh security deposit and a tiered rental structure, with the rent increasing after the first year. Known for hosting shows like Jhalak Dikhhla Jaa and Indian Idol, Manish Paul's real estate move reflects the growing trend of celebrities investing in property, similar to the ventures of Shah Rukh Khan, John Abraham, and Akshay Kumar.Read more

25 Dec 2024

State-owned Punjab & Sind Bank has successfully raised INR 3,000 crore via its inaugural issuance of infrastructure bonds, significantly exceeding the base issue size of INR 500 crore. The bonds, offered at an annual coupon rate of 7.74%, carry a 10-year tenure and will be listed on the National Stock Exchange (NSE). This issuance attracted strong interest from domestic investors. This follows a growing trend among banks to leverage infrastructure bonds over AT-1 and Tier-2 bonds due to better pricing and regulatory exemptions from CRR and SLR requirements.Read more

25 Dec 2024

The National Highways Infrastructure Trust (NHIT), under the National Highways Authority of India (NHAI), intends to raise approximately INR 15,000 crore in the coming months for its fourth round of road asset acquisitions. Funds will be sourced through bank loans, financial institutions, and equity subscriptions, while plans for a public bond issue have been deferred to the next financial year. The NHIT has identified 12 road stretches, totalling over 850 km, for monetisation. This round is set to be the largest InVIT initiative for NHAI, with toll collection rights spanning 20 years. Additionally, NHIT aims to explore zero-coupon bonds to diversify its fundraising.Read more