PNT Reporter

17 Dec 2024

The Competition Commission of India (CCI) recently approved Blackstone's arm, BREP Asia III India Holding Co VIII, for acquiring stakes in Bagmane Developers and Bagmane Rio, which are involved in commercial real estate development, leasing, and renewable power generation. CCI also gave its approval for the acquisition of thyssenkrupp Electrical Steel India by Jsquare Electrical Steel Nashik, and for VVDN Technologies Pvt Ltd's acquisition of an equity stake in India Business Excellence Fund-IV. The regulatory body has ensured the acquisitions comply with competition laws and do not pose a risk to market dynamics.Read more

PNT Reporter

17 Dec 2024

Aadhar Housing Finance expects its AUM to surpass INR 25,000 crore by FY24, up from INR 22,817 crore as of September 2023, marking a 23-24% growth rate. Focused on low-income housing, the company reports an average loan size of INR 10 lakh and a gross NPA ratio of 1.29%. In H1 FY24, profits rose 24% to INR 428 crore. To support expansion, Aadhar plans to raise INR 500 crore via non-convertible debentures and open 50 new branches within four months, adding to its existing 545 branches across 21 states. Strong collection efficiency of 99% underscores its robust financial performance and growth outlook.Read more

PNT Reporter

17 Dec 2024

Eleganz Interiors Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge for an IPO of 6,005,000 equity shares of INR 10 each. The INR 60 crore issue allocates INR 25 crore for debt repayment and INR 30 crore for working capital. Based in Mumbai, Eleganz offers interior fit-out solutions for corporate and commercial spaces, providing Design & Build (D&B) and General Contracting (GC) services. With branches in Bangalore, Pune, Hyderabad, and Chennai, the company aims to expand operations and strengthen its foothold in India's growing fit-out market.Read more

PNT Reporter

17 Dec 2024

Innov8, a leading flex space startup, reported a PAT of INR 62 crore for FY24, up from INR 2.5 crore in FY23, driven by asset-light expansion and efficient operations. Operating 45 centres with 17,000 seats across 10 cities, Innov8 plans to double its centres in 2025, increasing capacity to 50,000 seats. The company will raise INR 100 crore to support acquisitions and tech upgrades. Innov8 also plans to add 4 million sq. ft. in managed office spaces over three years, focusing on Grade-A buildings to meet India's surging demand for coworking spaces.Read more

PNT Reporter

16 Dec 2024

Peripheral regions in India's major cities are witnessing significant price growth, often surpassing prime urban areas, due to enhanced connectivity, improved infrastructure, and availability of land. Locations like Bengaluru's Gunjur, MMR's Panvel, and Chennai's Navalur have recorded remarkable appreciation in residential property values. Developers are exploiting this trend by launching state-of-the-art projects in these areas, offering larger spaces and modern amenities. While prime locations continue to grow, their pace is relatively slower due to already high base prices. The surge in peripheral growth highlights a shift in urban development, presenting attractive opportunities for buyers and investors alike.Read more

PNT Reporter

16 Dec 2024

The Ahmedabad Municipal Corporation (AMC) has intensified its efforts to recover property tax arrears from residential societies. On Tuesday, 748 properties across the East and South Zones were sealed, and notices were issued to 147 societies warning of water and sewer disconnections for unpaid dues. The AMC also introduced public shaming by affixing stickers on defaulters' properties. It has since recovered Rs. 18.86 lakhs. In the East Zone, the civic body initiated property auctions and added encumbrances to 18 properties, with Rs. 3.29 crore worth of encumbrances recorded over the year. These measures aim to enforce compliance and improve tax recovery.Read more

PNT Reporter

16 Dec 2024

Brookfield India Real Estate Trust recently launched a Qualified Institutional Placement (QIP) to raise up to INR 3,500 crore by issuing shares to institutional investors. The funds will be used for the repayment of borrowings, capital expenditures, and other general purposes such as supporting future growth. The Trust owns a portfolio of Grade A assets in major cities like Delhi, Mumbai, Gurugram, Noida, and Kolkata, totalling 28.9 million square feet, with a combination of operational, under-construction, and future development areas.Read more

PNT Reporter

16 Dec 2024

HDFC Bank has secured an entire 8-storey office building with a total area of 400,000 sq ft in the Mindspace Airoli West complex, Navi Mumbai, under a long-term lease agreement for 10 years. The bank will pay over INR 320 crore in rent, including a 15% escalation every three years, as per agreements with Mindspace Business Parks REIT. The building, previously part of a special economic zone, will be central to HDFC Bank's operational expansion. The Airoli region continues to experience high demand from data centres and financial services, further driving leasing activity.Read more

PNT Reporter

13 Dec 2024

Atmosphere-The Store Makers has raised INR 5 crore in seed funding, co-led by Artha Venture Fund and PIL Italica Lifestyle Limited, to fuel its growth in premium retail and workspace design. The investment will support expansion in the 'Design & Build' segment across retail, hospitality, and workplace sectors, leveraging innovative design and advanced manufacturing. Atmosphere's offerings, such as 'Store in a Box' and offsite manufacturing, enable rapid, scalable, and cost-effective luxury transformations. With 500,000 sq. ft. of premium spaces delivered and marquee clients like Michael Kors and Tumi, the company aims to strengthen its market position through a design lab, global partnerships, and an expanded high-end client base.Read more

PNT Reporter

13 Dec 2024

The Pimpri Chinchwad Municipal Corporation (PCMC) has identified over 3,500 properties with unpaid taxes exceeding INR 362 crore. Strict measures, including sealing more than 1,000 properties and auctioning 43 defaulter-owned properties, are being enforced. The tax department has also requested electricity disconnections for non-compliant properties. Last fiscal year, PCMC collected a record INR 977 crore in property taxes but faces a INR 70 crore shortfall this year. Efforts to recover dues are being expedited, especially after delays caused by election duties. Additionally, 2.51 lakh unregistered properties were discovered, with steps underway to bring them under the tax net. These actions aim to strengthen revenue collection and ensure compliance.Read more