09 Feb 2023

Over the weekend, the Gujrat State Revenue Department made an announcement regarding the revision of ‘Jantri’ rates in the state. After a twelve-year hiatus, the Gujarat government has finally raised the 'Jantri' or annual statement of rates (ASR) for immovable properties. This was done to correct the current pricing and give homeowners their fair market worth. ASR rates are used as a benchmark for determining the value of a property for tax and other purposes.Read more

09 Feb 2023

Godrej Properties (GPL) recorded an increase in its net consolidated profit of 44.54 percent for the quarter that concluded on December 31, 2022. In a BSE filing, the company stated that its profit after tax (PAT) increased to Rs 56.40 crore in Q3 FY23 from Rs 39.02 crore the prior year's corresponding quarter. Its booking value increased by 111% to Rs 3,252 crore and its 9M FY23 bookings increased by 77% year over year to Rs 8,181 crore. Under the Employee Stock Grant Scheme (ESGS), the company granted 30,869 additional shares of stock to qualified workers during the nine months that ended on December 31, 2022.Read more

09 Feb 2023

Kotak Realty Fund has recently made a major investment in hospitality company Bharat Hotels. This marks the fund's first investment in the hospitality sector in over 14 years. The investment, which totals over INR 1,100 crore, was made through debt with a five-year tenure and will be used to repay existing lenders, including public and private sector banks. This transaction has brought Kotak Realty Fund's total investments in FY23 to a record high of over INR 5,500 crore, surpassing their previous best for any fiscal year.Read more

08 Feb 2023

Real estate major DLF Ltd reported a solid financial performance in Q3 of the fiscal year 2022, with a 36.8% increase in its consolidated net profit, reaching Rs 519.2 crore ($71.6 million), up from Rs 379.4 crore ($51.7 million) in the previous year. New sales bookings for the residential business reached Rs 2,507 crore ($342.7 million) in the quarter, reflecting a YoY growth of 24%. DLF's total income declined from Rs 1,686.92 crore ($230.1 million) in the previous year to Rs 1,559.66 crore ($211.3 million) in the recent quarter. The company is said to be working towards further deleveraging, and its net debt decreased to Rs 2,091 crore ($285 million) at the end of the quarter.Read more

08 Feb 2023

Earlier this week, the Additional District Consumer Disputed Redressal Commission in Thane ordered SBI General Insurance Ltd to pay the claim amount of Rs 30 lacs within 45 days to a complainant for damages to his flat due to a slab collapse. The insurer has initially denied the claim. However, the commission rejected the insurer’s reasoning, stating that before issuing a policy, it is the responsibility of the insurance company to carefully verify all documents and assess the life of the structure. The commission also ordered the insurer to pay a sum of Rs 50,000 to the complainant for expenses incurred for litigation proceedings.Read more

07 Feb 2023

According to its BSE filling, the net consolidated profit of Ajmera Realty and Infra India increased by 9.58% during the three months ending December 31, 2022. Its profit after tax (PAT) increased to Rs 10.64 crore in Q3 FY23 from Rs 9.71 crore in the equivalent period of the previous fiscal. The company's total consolidated income increased by 14.87% to Rs 80.57 crore in Q3 FY23 from Rs 70.14 crore which it reported in the same quarter the previous year. The company claims to have deleveraged their debt by Rs 38 crore during the quarter.Read more

07 Feb 2023

Credent Global Finance is looking to tap into the growth potential of second-tier cities in India through the launch of its new real estate fund, Credent Estate Multiplier Fund. This fund will invest in mid-income residential projects through equity, and will be divided into two AIFs, one focused on second-tier cities and the other on independent housing. The company is looking at cities such as Indore, Chandigarh, Lucknow, and Baroda to make their investments.Read more

03 Feb 2023

Mindspace Business Parks Real Estate Investment Trust (REIT) reported strong financial results for the quarter ending December. The company's net operating income increased by 22% to INR 455 crore ($62 million) compared to INR 373.7 crore ($50 million) in the same period last year. Mindspace REIT also announced a distribution of INR 284.6 crore ($38 million) to unitholders, demonstrating the company's commitment to returning value to its investors.Read more

03 Feb 2023

The real estate market in Kolkata Metropolitan Area has shown growth over the past 18 months since the introduction of the stamp duty rebate, with a 61% increase in the number of residential properties registered compared to the previous 18 months. Despite a 17% decrease in the number of registrations in December 2022 compared to the previous year, the overall trend is positive, and the recent extension of the stamp duty incentive is expected to provide further encouragement for potential buyers.Read more

02 Feb 2023

Macrotech Developers Limited, that sell their real estate projects under the brand name Lodha has announced it hopes to reduce its net debt by over 40% to roughly Rs 5,000 crore by the end of current calendar year. They hope to do so with the aid of extra cash flow from robust home sales experienced in 2022. For the company, the fiscal year of 2022-23 started off with voluminous sales bookings and cash flows which led to a reduction in debt of Rs 753 crore in the December quarter to Rs 8,042 crore.Read more