15 Aug 2024

Ajmera Realty & Infra India Ltd (ARIIL) has announced a strategic demerger, resulting in a marginal gain for its shareholders. The demerger, approved by the National Company Law Tribunal (NCLT), involves the transfer of a 6.5-acre land parcel to a 100% subsidiary, Radha Raman Dev Ventures Pvt Ltd. As part of the Scheme of Arrangement, ARIIL has allotted 1 equity share for every 50 shares held by its shareholders, a 2% monetary gain. The move aims to leverage the growth potential of the mixed-use project planned on the land and bolster ARIIL's overall growth momentum in the thriving real estate sector.Read more

14 Aug 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) reported a 24.79% increase in property tax collection for the first four months of the current fiscal year, reaching INR 3,065.82 crore. However, the collection still falls short of the target by 60.1%. Key factors include payments from long-term defaulters under the One Time Settlement scheme and property owners revising self-assessments. Despite the deadline, many made last-minute payments, causing server issues. The BBMP plans strict actions against defaulters, including potential property auctions. Significant tax collection increases were noted in areas like Bommanahalli, Mahadevapura, and Yelahanka.Read more

14 Aug 2024

Bengaluru's rapid growth and economic significance have not led to its designation as a 'Metro' city, unlike Mumbai, Delhi, Kolkata, and Chennai, which benefit from a 50% House Rent Allowance (HRA) tax exemption. Union Minister of State for Finance, Pankaj Chaudhary, highlighted that Bengaluru, classified as a non-metro, only receives a 40% exemption. This disparity has sparked calls for reclassification to alleviate financial pressure on residents and attract talent. The government's stance, aimed at rationalising tax rates and limiting exemptions, continues to stir debate on urban growth and national fiscal policies.Read more

14 Aug 2024

India's markets regulator, SEBI, has updated regulations to simplify the nomination process for unitholders in REITs and InVITs, promoting fair board representation. These changes allow unitholders surpassing specific ownership thresholds to nominate directors more easily, even in cases involving defaults or security creation. By enhancing governance and participation, SEBI aims to attract more investments in real estate and infrastructure sectors. This move supports investor confidence and aligns with India's infrastructure development goals, offering unitholders improved involvement in managing their investments and reinforcing their rights.Read more

13 Aug 2024

The Delhi-NCR real estate market has seen a surge in luxury home demand, with 45% of the 32,200 housing units sold in H1 2024 being luxury properties, up from just 3% in 2019, according to ANAROCK. Gurugram leads this trend, with 10,365 luxury units sold, constituting 59% of its total sales. Noida and Greater Noida follow, with 42% of their 8,425 units being luxury homes. This shift is driven by the increasing number of ultra-high-net-worth individuals and a preference for investment in high-end properties, indicating a sustained trend towards luxury living in the region.Read more

13 Aug 2024

In the first half of 2024, India attracted approximately USD 3 billion in cross-border real estate investments, capturing 9% of the Asia-Pacific (APAC) region's total investment volume of USD 11.5 billion. The office sector led with 36% of foreign investments, followed by industrial properties at 30%. Residential and retail sectors received 15% and 10%, respectively. India's appeal is bolstered by a supportive regulatory environment and increasing urbanisation. Despite strong competition from markets like Australia, Japan, and Singapore, India's diverse real estate opportunities position it as a growing hub for global investors.Read more

13 Aug 2024

Mumbai's real estate market experienced a notable boost in July 2024, with 12,160 properties registered, generating INR 1,055 crore in revenue. This represents a 19% increase in registrations and a 27% rise in revenue year-on-year. The city has enjoyed eleven months of growth, marking July as the highest registration month in over a decade. Residential properties comprised 80% of the transactions, with a preference for larger living spaces. From January to July 2024, Mumbai recorded 84,653 registrations, up 16% from last year, highlighting a strong recovery and sustained demand in the property market.Read more

12 Aug 2024

Aptus Value Housing Finance Limited reported a 21% increase in consolidated profit after tax (PAT) for Q1 FY25, reaching INR 171.74 crore, up from INR 142.25 crore last year. Total income surged to INR 404.62 crore, compared to INR 315.37 crore previously. This growth reflects strong demand for housing finance, driven by rising middle-class incomes and government housing initiatives. The company's Assets Under Management (AUM) grew by 27% year-on-year, supported by the addition of 36 new branches. Aptus aims for a 30% AUM increase in the coming quarters and maintains a robust liquidity position of INR 907 crore.Read more

12 Aug 2024

CapitaLand India Trust Management Pte. Ltd., Trustee-Manager of CLINT, reported an 8% year-on-year rise in distribution per unit to 3.64 Singapore cent and an 18% increase for H1 2024 compared to the second half of FY 2023. Total property income and net property income grew by 23% and 21% year-on-year to SGD 136.1 million and SGD 103.5 million, respectively. In Indian rupee terms, total property income increased by 24% to INR 840 crore, while net property income rose by 22% to INR 640 crore. CLINT achieved a 96% committed portfolio occupancy and increased its assets under management to SGD 3.2 billion.Read more

12 Aug 2024

The Indian Income Tax Department has recently expanded its focus to include overseas property investments by Indian residents, moving beyond previous scrutiny of foreign bank accounts and trusts in tax havens. This shift is part of the automatic exchange of information under the Common Reporting Standard (CRS) developed by the OECD, which facilitates data sharing among over 100 countries but traditionally excludes property transactions. The department has recently issued notices to residents with real estate investments in Switzerland and Portugal. The goal is to prevent the misuse of citizenship and residency schemes for asset secrecy and ensure compliance with financial reporting standards.Read more