PNT Reporter

22 May 2023

Eldeco Housing & Industries reported a marginal 2.62% growth in net consolidated profit for Q4 FY23. The company's profit after tax increased to Rs 14.90 crore, and its total income rose by 23.72% to Rs 41.99 crore. Sales were impacted due to a lack of new launches, but the company expects to resolve these issues in the coming quarters. A final dividend of 400% was recommended, and the acquisition of Surya Season Foods was approved.Read more

PNT Reporter

22 May 2023

Home First Finance, an affordable housing finance company, saw shares worth Rs 330 crore sold by True North Fund V LLP, Aether Mauritius Ltd., and Orange Clove Investments BV. The transaction resulted in a decrease in the promoters stake and Orange Clove's equity in the company. Norges Bank and Society Generate acquired shares from Home First Finance. The company focuses on providing mortgages to low- and middle-income individuals in various regions of India.Read more

PNT Reporter

19 May 2023

Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.Read more

PNT Reporter

19 May 2023

Ganesh Housing Corporation (GHCL), a renowned real estate development company, has acquired a minority stake in its subsidiary, Gatil Properties. This acquisition, valued at approximately Rs 321 crores, has made Gatil Properties a wholly owned subsidiary of GHCL. The project entails the development of a future township in Godhavi, Ahmedabad, spread over 450 acres, with a potential development area of 15.3 million square feet and a saleable potential of over Rs 5,000 crore. The township will be introduced in five phases, with the first phase scheduled to start in the second half of FY24 and the subsequent phases targeted for completion by the second half of FY29.Read more

PNT Reporter

19 May 2023

Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.Read more

PNT Reporter

19 May 2023

DLF, a prominent residential company, witnessed a remarkable increase in net consolidated profit, with a 40.45% growth in the quarter ending on March 31, 2023. The profit after tax rose to Rs. 569.60 crore compared to Rs. 405.54 crore in the corresponding period of the previous year. Despite a 4.63% decrease in net consolidated total income, amounting to Rs 1,575.70 crore in Q4 FY23, DLF recorded significant new sales bookings of Rs 8,458 crore, marking a substantial 210% YoY increase. For the fiscal year, the company achieved a total of Rs 15,058 crore in new sales.Read more

PNT Reporter

19 May 2023

The National Housing Bank (NHB) has instructed all housing finance companies (HFCs) with an asset size over Rs 1,000 crore to integrate an Early Warning Signals (EWS) framework to curtail financial fraud and prevent accounts from becoming non-performing assets. This directive comes after an analysis of reported frauds revealed seller impersonation, submission of fraudulent documents, and builder-borrower collusion. The EWS framework aims to alert HFCs to potential risks, encouraging proactive risk management. The new mechanism is expected to be operational by April 1, 2024.Read more

PNT Reporter

19 May 2023

The Pune Municipal Corporation (PMC) has extended the 40 percent tax benefit for self-occupied properties to the recently merged areas, easing concerns over high property tax rates. However, residents are confused about their bill status. Merged villages lack basic infrastructure and face higher taxes while receiving fewer amenities compared to central areas. The PMC has become the largest municipal corporation in Maharashtra after adding 23 villages. The Uruli-Phursungi areas will undergo demerger and have a separate governing body.Read more

PNT Reporter

18 May 2023

The public in Thiruvananthapuram has expressed outrage over the significant increase in building permit fees. The Local Fund Audit report for FY 2021-22 highlighted cases where the civic authority failed to collect the necessary service cess, particularly for high-rise structures and commercial developments. Thiruvananthapuram Corporation has issued notices to applicants demanding payment of outstanding amounts. The audit revealed undercharging and non-collection of fees, leading to a loss of funds. The Local Fund Audit is responsible for auditing local self-government institutions and aims to increase accountability and financial compliance.Read more

PNT Reporter

18 May 2023

Housing Development Finance Corp (HDFC) is seeking to sell stressed loans amounting to over 2,000 crore that it extended to developers prior to its merger with HDFC Bank. These loans, spread across multiple accounts, including advances to owners of Radisson Blu properties, are now being discussed with asset reconstruction companies for liquidation. Alvarez & Marsal, a consultancy firm, is actively searching for potential buyers. The sale of distressed debts is aimed at preparing for HDFC's upcoming merger with HDFC Bank.Read more