07 Jun 2024

State-owned telecom giants BSNL and MTNL are accelerating the monetization of their valuable land assets, worth over INR 1 lakh crore, by prioritizing sales to government organizations. This is because selling to government entities is a cleaner and smoother process. This strategic move aims to revive the ailing telecom firms, which have already received substantial government revival packages. While the land monetization process has been slow, the companies are now taking proactive steps, including creating a dedicated website for property listings and engaging with central and state authorities. Property consultants view this as a significant opportunity in the current real estate market scenario, particularly for assets present in prime commercial and residential locations across major Indian cities.Read more

07 Jun 2024

TARC Ltd, a leading real estate developer, has reported a consolidated net loss of INR 51.73 crore for the quarter ended March, despite achieving a record sales booking of INR 1,612 crore in the 2023-24 fiscal year. The company's total income declined by 92% during the fourth quarter, and it recorded a net loss of INR 77.44 crore for the full fiscal year. However, TARC Ltd remains confident in its ability to exceed its presales guidance of INR 5,000 crore in FY2025, driven by its robust pipeline and ongoing developments, particularly in the luxury residential segment in Delhi and Gurugram. The company has launched successful projects like TARC Kailasa and TARC Tripundra, which have received a positive market response.Read more

07 Jun 2024

In a significant real estate transaction, Godrej & Boyce Manufacturing Company has sold an office spread over nearly 58,500 sq ft across two floors in the Godrej One commercial complex in Vikhroli, Mumbai, to its sister company, Godrej Industries, for INR 157 crore. The sale includes exclusive access to 75 car parking slots. The existing lease of the 9th-floor office space to Simpliwork Offices has been transferred to Godrej Industries. This move aligns with the recent ownership realignment within the Godrej Group, where Jamshyd Godrej and his family will oversee the Godrej Enterprises Group, while Nadir Godrej will lead the Godrej Industries Group. The transaction highlights the group's strategic restructuring and its focus on streamlining operations and asset management.Read more

07 Jun 2024

Shriram Properties (SPL) posted a 27% rise in net consolidated profit, reaching INR 20.12 crore in Q4 FY24, up from INR 15.84 crore last year. Total income surged 109.6% to INR 358.37 crore, reflecting robust business activity. The company expanded its portfolio, acquiring Shriprop Malls, Shrivision Projects, and SPL Homes. FY24 sales hit 4.59 million sq. ft., worth INR 2,362 crore, a 28% year-on-year increase. SPL's cost of debt fell to 11.6%, with a net debt ratio of 0.35:1, showcasing financial discipline. Investors are optimistic about SPL's growth prospects given its strategic acquisitions and strong financial performance.Read more

06 Jun 2024

Pune-based EFC is making a major move in the co-working space market, expanding its portfolio by 3.6 lakh square feet across Pune and Noida. This strategic growth reflects the surging demand for flexible workspaces in India, especially in key business hubs. EFC's expansion includes 1.1 lakh sq. ft in Noida and 2.5 lakh sq. ft in Pune, solidifying its market presence. Now boasting a national presence in seven states with over 35 centers and more than 1.5 million sq. ft, EFC offers nearly 50,000 seats, catering to both institutional (65%) and retail (35%) clients, accommodating the growing need for adaptable workspaces.Read more

06 Jun 2024

The Reserve Bank of India (RBI) is considering new provisioning rules that could affect banks and borrowers involved in construction projects. According to CareEdge Ratings, public sector banks may need to set aside up to 11% and private banks up to 4% over the next three years to cover potential loan losses. This could moderately increase credit costs and decrease profits by up to INR 11 crore for public banks and INR 4 crore for private banks. While stricter lending norms might make securing loans tougher, the long-term effect could strengthen bank balance sheets and reduce bad loans.Read more

06 Jun 2024

Bengaluru-based Brigade Enterprises Ltd. reported a nearly threefold increase in consolidated net profit for the March 2024 quarter, reaching INR 206.09 crore, driven by a rise in overall income. For the full 2023-24 fiscal year, net profit jumped to INR 451.61 crore from INR 291.41 crore, a 55% year-on-year increase. Total income for the fiscal year rose to INR 5,064.15 crore, a 42% growth from the previous year's INR 3,563.21 crore. This success spans real estate, leasing, and hospitality sectors, positioning Brigade well in South India's growing real estate market, with significant ongoing projects in Bengaluru, Hyderabad, Chennai, and Kochi.Read more

06 Jun 2024

The NDR Infrastructure Investment Trust (NDR InvIT), listed on the National Stock Exchange, reported strong Q4 and FY24 results. Highlights include a Net Asset Value (NAV) of INR 126.29 as of March 31, 2024, and a payout of INR 1 per unit for the period from February 8 to March 31, 2024. Managing 17 million square feet of assets with plans to add 3 million square feet in FY25, NDR InvIT boasts a 96% occupancy rate and high credit ratings of 'CARE AAA, Stable' and 'IND AAA, Stable'. The trust reported revenues of INR 427 million, aligning with projections.Read more

05 Jun 2024

The Noida Authority sold 149 plots in FY24, securing INR 1.03 lakh crore in investment commitments, surpassing their target of INR 90,000 crore. The plots were allotted across housing, IT/ITES, industrial, and commercial sectors, with major companies like County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers among the buyers. The projects are expected to create approximately 440,000 jobs in the next three years. Work has begun on 50 plots, with the remainder starting soon. A report has been submitted to the Uttar Pradesh government, which plans a groundbreaking ceremony to launch these projects. Progress will be tracked via government portals.Read more

05 Jun 2024

Mumbai's Brihanmumbai Municipal Corporation (BMC) collected INR 4,856 crore in property tax for FY 2023-24, the lowest in two years and below the previous year's INR 4,994 crore. Despite surpassing its INR 4,800 crore target, delays in issuing tax bills and staffing shortages due to Lok Sabha elections hindered collections. Controversy over a proposed 17.5% tax hike and subsequent bill revisions further impacted efforts. K/East ward led with INR 463 crore, while B ward collected the least at INR 33 crore. The BMC has not raised property taxes since 2015, balancing revenue generation and public sentiment remains critical.Read more