02 Sep 2024

Pune has experienced a significant rise in property owners claiming tax discounts for rainwater harvesting, with numbers soaring from 306 in 2012-2013 to 3,716 in 2022-2023. Despite this tenfold increase, overall adoption remains low. The Pune Municipal Corporation (PMC) offers up to 10% tax rebates for rainwater harvesting, solar energy systems, and vermicomposting, with broader interest seen in the latter two. As water scarcity becomes a pressing issue, the PMC and local legislators stress the importance of rainwater harvesting in new constructions, aiming to enhance water conservation and sustainability efforts across the city.Read more

02 Sep 2024

Housing prices in Ahmedabad surged by 13% year-on-year by Q2, 2024, positioning the city third in India for price growth, after Delhi-NCR (30%) and Bengaluru (28%), according to CREDAI and Colliers. The average housing price in Ahmedabad now stands at INR 7,335 per square foot, with emerging areas like Ambawadi and Bodakdev seeing a 16% rise. The city's robust demand, especially in affordable and mid-segment housing, is coupled with an 8% reduction in unsold inventory. Infrastructure improvements and livability make Ahmedabad an increasingly attractive market for both local buyers and investors.Read more

02 Sep 2024

UltraTech Cement has secured a USD 500 million sustainability-linked loan, marking a significant step in its commitment to environmental goals. The loan, facilitated by Sumitomo Mitsui Banking Corporation, State Bank of India, BNP Paribas, DBS Bank, MUFG, and Mizuho, aligns UltraTech's financial strategy with its sustainability targets. This is UltraTech's second sustainability-linked financing move, following a 2021 bond issuance. The cement industry, which contributes 7% of global CO2 emissions, faces increasing pressure for sustainability. UltraTech's initiative reflects a broader trend of integrating environmental, social, and governance criteria into corporate finance.Read more

02 Sep 2024

M3M India reported a 37% increase in sales for Q1FY25, reaching INR 3911 crore. This growth is attributed to strong market demand and significant bank support. The residential and plot development segment saw a 46% rise in sales, totalling INR 2971 crore, while the commercial segment grew by 14% to INR. 940 crore. The plotted development segment experienced a remarkable 300% increase, reaching INT. 1094 crore. M3M's financial stability is reinforced by INR. 4600 crore in backing from major banks. With several ultra-luxury projects planned, M3M India is set to sustain its strong market position.Read more

30 Aug 2024

General Atlantic plans to sell a 5.1% stake in PNB Housing Finance through an open market transaction, offering 1.33 crore shares at a minimum price of INR. 775 each, aiming to raise INR 1,033 crore (USD 125 million). This price is 4% below the previous closing price of INR 810.90. The shares will not have a lock-in period, allowing immediate trading post-sale. As of June 30, 2024, General Atlantic held a 5.13% stake in the company. Previously, Carlyle sold a 12.8% stake in PNB Housing Finance for INR 2,578 crore. PNB Housing Finance's net profit rose 25% year-over-year in FY25 Q1, driven by strong home loan demand. The company also plans to expand into non-housing and small-sized prime loans to boost profitability.Read more

30 Aug 2024

Tata Capital Housing Finance Ltd (TCHFL) plans to raise up to INR 3,500 crore through non-convertible debentures (NCDs) to fuel business growth. As of March 2024, TCHFL's loan book reached INR 51,402 crore, marking a 39% year-on-year growth. The company raised INR 5,429 crore via secured NCDs in FY24, with a debt-equity ratio of 7.27%. TCHFL's retail finance portfolio, including home loans and loans against property, grew to INR 42,391 crore, while its construction finance portfolio increased to INR 9,011 crore. The company's enhanced regulatory oversight stems from its substantial loan book exceeding INR 50,000 crore.Read more

30 Aug 2024

Asia Opportunities V has divested a 3% stake in PNB Housing Finance, raising over INR 676 crore by selling 78 lakh shares at INR 866.70 each. This reduces their holding from 5.19% to 2.19%. The Government of Singapore purchased 16 lakh shares worth INR 149.74 crore. The transaction highlights rising international interest in PNB Housing Finance, following recent major sales by other investors like Carlyle Group. Despite these changes, PNB Housing Finance's stock declined slightly to INR 867.20. The ongoing stake sales reflect dynamic shifts and potential growth opportunities in the company.Read more

30 Aug 2024

Interarch Building Products' IPO, valued at INR 600 crore, closed with exceptional interest, being oversubscribed by 93.46 times. The company received bids for 43.88 million shares, well above the 4.69 million shares available. Qualified Institutional Buyers (QIBs) led the demand, with bids exceeding 205 times the shares on offer. Non-Institutional Investors (NIIs) subscribed 128.42 times, and Retail Individual Investors (RIIs) 19.11 times. The IPO, priced between INR 850 and INR 900 per share, will fund capital expenditures and system upgrades. Managed by Ambit Pvt Ltd and Axis Capital, the shares will list on BSE and NSE.Read more

30 Aug 2024

Nisus Finance Services Co. Limited is set to launch an IPO, offering 65 lakh equity shares to raise capital and enhance its market presence. The offering includes 57.8 lakh new shares and 7.2 lakh shares from existing stakeholders, each valued at INR 10. The funds will strengthen Nisus's fund management infrastructure in key financial hubs such as GIFT City, Dubai, and Mauritius. The IPO proceeds will also support strategic investments and operational growth. With strong financial performance, including a profit after tax of INR 1,687.96 lakhs, Nisus is well-positioned for expansion in the competitive financial sector.Read more

30 Aug 2024

Kolkata's housing market has seen a significant decline in home sale registrations, ending five months of growth. In July, registrations dropped by 18% from June and 13% year-over-year, with only 3,506 properties registered compared to 4,292 in June and 6,709 in July 2022. This downturn follows the withdrawal of state government incentives, including a 2% stamp duty reduction and a 10% cut in circle rates, which had previously bolstered the market. Mid-sized homes (501-1,000 sq. ft.) accounted for 47% of sales, while large apartments over 1,000 sq. ft. saw a sharp decline. CREDAI Bengal has urged the state to reconsider these policy changes to stimulate sales. Experts anticipate market adjustments, with potential recovery during the upcoming festive season.Read more