11 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has intensified efforts to recover unpaid property taxes, aggressively attaching properties and sealing non-residential buildings. Despite these measures, 66,8% of property owners remain defaulters. The East Zone leads enforcement by sealing 1.317 properties, followed by the West Zone. In property attachments, the West Zone tops the list with 9.088 properties. Mahadevapura, although the highest tax-paying zone, also has the most defaulters. Meanwhile, Deputy Chief Minister DK Shivakumar launched an online building plan approval system to streamline procedures and enforce regulations, particularly in areas adjacent to Rajakaluves, where significant infrastructure development is underway.Read more

10 Sep 2024

The Indian office market is set for a record year in 2024, with expected leasing exceeding 80 million square feet across the top eight cities, according to Cushman & Wakefield. The first half of 2024 alone saw 41.9 million square feet leased, marking a 56% share of 2023's total leasing volume. Bengaluru, a key player, contributed significantly, with Global Capability Centers driving 26% of leasing. The second quarter saw a 27% increase in leasing year-on-year. The market is buoyed by strong demand from multinational firms and new supply, indicating continued growth and confidence in India's commercial real estate sector.Read more

10 Sep 2024

Prestige Estates Projects Ltd., a leading Indian real estate developer, has launched a Qualified Institutional Placement (QIP) to raise up to INR 5,000 crore from institutional investors. The company has set the floor price for the QIP at INR 1,755.09 per share, with the indicative issue price expected at a 5% discount. The funds raised will be used to repay existing borrowings, acquire land or land development rights, invest in subsidiaries and joint ventures, and for general corporate purposes. Prestige Estates is also monetizing assets from its hospitality segment through a share issue by its wholly-owned subsidiary. The move aims to strengthen the company's financial position and fuel its ambitious growth plans in the real estate market.Read more

10 Sep 2024

Jio Finance Ltd, the NBFC arm of the Jio Financial Services, is advancing its financial offerings, including home loans, which are currently in the Beta mode. The MD and CEO, Hitesh Sethia, revealed plans to introduce products like Loan Against Property and Loan on Securities. Jio Finance has already launched secured lending products such as supply chain financing and loans on mutual funds. A joint venture with BlackRock will expand into wealth management and broking services. The JioFinance app, launched in May 2024, has over 1 million downloads and offers various financial services, including digital banking and insurance.Read more

09 Sep 2024

Gujarat's real estate market is grappling with a liquidity crunch, as evidenced by a drop in housing loan applications from 150,000 to 101,000 in Q1 FY 2025. Despite this decline, housing loan disbursements surged by 62%, rising from INR 8,307 crore to INR 13,433 crore. The increase in loan amounts suggests a shift towards more expensive, luxury properties, driven by higher jantri rates and a market dominated by financially resilient buyers. The upcoming festival season may offer a boost, potentially revitalizing the market and balancing current trends.Read more

09 Sep 2024

Bajaj Housing Finance is set to launch its INR 6,560 crore IPO on September 9, 2024, with the offering closing on September 11. The IPO features a fresh issue of equity shares worth up to INR 3,560 crore and an offer for sale of INR 3,000 crore from parent company Bajaj Finance. This move is aimed at meeting the Reserve Bank of India's mandate for public listing of upper-layer NBFCs by September 2025. With a strong fiscal performance, including a 38% increase in net profit to INR 1,731 crore for FY 2023-24, the IPO is expected to bolster the company's financial position and support future growth.Read more

09 Sep 2024

NBCC (India) Ltd. has approved a bonus share issuance of 1:2, granting one additional share for every two held, using INR 90 crore from its reserves. The record date is October 7, 2024, with approximately 90 crore bonus shares set to be issued. This decision reflects the company's strong performance, including record turnover and profit for FY 2023-2024. With a reserves balance of INR 1,959 crore, NBCC aims to reward shareholders and attract new investors. This move, the first since 2017, underscores NBCC's robust financial health and commitment to growth.Read more

09 Sep 2024

The New Delhi Municipal Council (NDMC) is offering a 5% rebate on property taxes and service charges for payments made until September 30. This initiative aims to ease the financial burden on residents and streamline tax collection. Taxpayers can access detailed property assessments on the NDMC website to manage their payments efficiently. The rebate is part of a broader effort to improve urban infrastructure and service delivery through timely tax payments. NDMC urges residents to avoid last-minute rushes to benefit from the rebate and support essential municipal services.Read more

06 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.Read more

06 Sep 2024

The Indian commercial real estate market is projected to experience significant growth in FY25, with net leasing of Grade A office spaces expected to reach 41-43 million square feet, according to Crisil Ratings. This growth is driven by increased demand from global capability centers (GCCs) and sectors like BFSI and manufacturing. Bangalore and Hyderabad are anticipated to see the most growth due to their tech hubs and infrastructure improvements. GCCs are expected to account for 40-45% of leasing activity, while vacancy rates are predicted to stabilize at around 17.4-17.5%, marking a recovery after high pandemic-era vacancies.Read more