25 Jul 2023

RLDA invites bids for residential development on a 90,304 sqm railway land in Belanganj, Agra. The 99-year lease awaits visionary developers to shape the city's skyline. The pre-bid meeting saw participation from local and national developers, sparking creativity. The prime location near iconic landmarks enhances the land's allure. With a reserved price of Rs 213 crore, the canvas awaits transformative innovation. The last date for e-Bid submissions is August 3, 2023.Read more

25 Jul 2023

Bandhan Bank invites bids from ARCs to sell its Rs 500-crore distressed retail mortgage portfolio, aiming to reduce bad loans. The portfolio comprises around 5,800 home loan accounts with an aggregate principal loan book of Rs 500 crore. The bank prefers upfront cash offers and targets to conclude the sale by August. Bandhan Bank's shares declined 13 percent in a month, closing at Rs 211.7 on BSE. It holds a mortgage loan book of Rs 26,950 crore with a gross non-performing asset of Rs 1,090 crore. The bank previously acquired Gruh Finance and regularly sold distressed loan books to ARCs to strengthen its financial position.Read more

24 Jul 2023

The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.Read more

24 Jul 2023

Wells Fargo International Solutions boldly renews its lease for 3.7 lakh sq. ft of office space in Hyderabad, making it one of India's largest office lease transactions in 2023. The agreement with Divyasree NSL Infrastructure ensures stability for the next 60 months at Rs 57.48 per sq. ft, with no escalation. Wells Fargo's strategic moves continue, with a previous lease extension for 8.47 lakh sq. ft in Bengaluru's Embassy Tech Village until June 2032. Despite global challenges, India's office sector shows resilience, witnessing a rebound in Q2 2023. Top firms reaffirm commitment with lease renewals, reflecting India's allure for corporations.Read more

22 Jul 2023

The top 8 large and listed developers in India have experienced a remarkable reduction in net debt by 43 percent, dropping from Rs 405 billion in fiscal year 20 to over Rs 230 billion in fiscal year 23. Despite periodic interest rate hikes, their execution capabilities remain unaffected. The market confidence in these developers has grown, as indicated by the increasing market share of both listed and unlisted players. The last fiscal year witnessed the highest sales volume in five years, with approximately 3.65 lakh units sold across the top 7 cities. This positive trend reflects a thriving real estate market poised for continued growth.Read more

22 Jul 2023

The PMC has introduced a WhatsApp chatbot service for property tax billing. Over 10 lakh bills have been sent through this platform, streamlining the process for residents. Citizens can access property tax information and payment receipts at any time by sending a message to 8888251001. The initiative has received positive feedback, simplified interactions, and eliminated physical bill distribution challenges. The PMC also employs data analytics and satellite imaging for property tax assessments. With a target of Rs 2318.15 crore for property tax collection in 2023-24, the PMC aims to enhance revenue and provide a seamless experience for citizens.Read more

22 Jul 2023

Dalmia Nisus Finance Investment Managers LLP has made a substantial investment of over Rs 25 crore in the plotted development project called Treasure Hills, led by Treasure Group. This investment, facilitated through the Real Estate Credit Opportunities Fund - I, signifies their foray into non-metropolitan regions. With a prime location in Indore, Treasure Hills offers meticulously designed plots with a total sale potential of 4 lakh sq. ft. This strategic move aligns with the growing demand and the high GDP growth rate in Indore. Nisus Finance Group's expertise and Treasure Group's track record position them for remarkable success in this venture.Read more

22 Jul 2023

The Kolhapur Municipal Corporation (KMC) faces the challenging task of revising property taxes to increase revenue. To expedite the process, the civic administration has formed teams of employees to conduct a property survey of 1.35 lakh properties. The involvement of civic employees from the property tax department ensures transparency, but the inclusion of employees from other departments raises concerns about expertise in property assessment. To prevent corruption and ensure fairness, the KMC plans to have a senior official independently review the survey process.Read more

21 Jul 2023

The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.Read more

21 Jul 2023

IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavour for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.Read more