12 Dec 2022

An affordable house financing scheme called Roshni was introduced by PNB Housing Finance (HFC). The programme will allow anyone to apply for loans ranging from Rs 5 lakh to Rs 30 lakh. This initiative fits with PNB Housing Finance's long-term objective of facilitating and supporting a person's desire to buy a home. The Company most recently established Roshni-focused branch offices in Chennai, Coimbatore, Ghaziabad, Hyderabad, Indore/Ujjain, Lucknow, Mumbai, Nagpur, Pune, Rajkot, and Varanasi.Read more

12 Dec 2022

The Telangana Government and CapitaLand India Are said to have signed a Memorandum of Understanding (MoU) to jointly establish a data centre at CLINT's International Tech Park Hyderabad (ITPH) which will be situated in Madhapur. The ITPH data will span across roughly 250,000 square feet and have a 36-megawatt (MW) power capacity. The project is anticipated to require an investment of over INR1,200 Crores (S$210 million) which will be made over the course of the following three to five years.Read more

09 Dec 2022

The Reserve Bank of India has raised interest rates for the fifth time since May 2022. The benchmark lending rate has been increased by 35 basis points to 6.25 percent as of 7 December 2022 in an attempt to tame inflation. This decision is likely to push home loan rates back to pre-covid levels. In totality, the benchmark lending rate has gone by 225 basis points in the last seven months. Experts believe the trajectory of rising interest rates may give the rental market a well-timed stimulus if potential homebuyers find that purchasing a house is beyond their budget.Read more

08 Dec 2022

According to data released by the Maharashtra registration department earlier this week, the state property registration department has already met 78 per cent of its annual revenue target for the year in November. The robust collections are being attributed to several high-value property registrations, higher ready reckoner rates and stamp duty fees. The state is said to have collected approximately Rs 25,000 crores as of 28 November 2002, inching closer to its yearend target of Rs 32,000 crores.Read more

07 Dec 2022

Blox, a real estate prop tech platform launched in 2020 has recently raised almost Rs 100 crores in a series A funding round. The company intends to utilise the funds for market expansion, improving product offerings and building data infrastructure around the customer, broker, and developer segments. The company will also use the newly acquired capital to increase their focus on technology advancements to improve product development frameworks.Read more

07 Dec 2022

Centrum Housing Finance, the financial arm of Centrum Group has reportedly paid a sum of Rs. 112 crore rupees to acquire the home loan portfolio of National Trust Housing Finance. The companies are said to have entered into a binding agreement but no official spokesperson for either party has released any details to the press. National Trust Housing Finance is a Chennai-based institution that offer affordable housing finance across 17 cities in four southern states of India. It’s loan book exceeds Rs 300 crores and employs over 100 individuals.Read more

06 Dec 2022

In a monumental decision by the Supreme Court this week, land and property owners can no longer evade taxes levied on land, redevelopment rights and property transactions by creating partnerships firms. Last week, the apex court ruled that revaluation surplus in a partnership will no longer be exempt from taxation such as capital gains tax. Common practice up until now has been for individuals holding real estate assets in a partnership structure to evade capital tax via simple restructuring. With the new ruling, firms facing a tax liability post revaluation will force the original owners of the property to pay the tax if they wish to take the funds infused by new partners out of the firm.Read more

06 Dec 2022

International Finance Corporation (IFC) and its affiliate IFC Emerging Asia Fund partnered with Bengaluru based Puravankara to invest around Rs 550 crores in the development of several residential projects under their ‘Provident’ band which is focused on affordable housing. IFC is now partially exiting a 1.4 million plotted development scheme in Bengaluru at an alleged IRR of 20%. IFC had invested approximately Rs 150 crores into this project over the span of two years. Having already invested about Rs 320 crores rupees raised from IFC, Puravankara hopes to raise further capital from IFC in the future, owing to the positive experience both parties have had so far.Read more

05 Dec 2022

PropsAMC, the asset management services, and data intelligence division of Square Yards has recently announced its foray into real estate investment opportunities via a fractional ownership platform. Backed by proprietary tools and data analytics, the company aims to offer young working professionals an opportunity to invest in high-quality “income-generating” real estate properties and other secured real estate securities at a fraction of the actual cost. The company aims to provide investors with an IRR of 14-15% on the capital invested along with a 7-9% annual yield for a period ranging from 3 to 6 years.Read more

01 Dec 2022

In July this year, Delhi based Signature Global filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its maiden public issue. As per latest updates of the SEBI website, the realty firm has received an observation letter from the entity implying a green light for the proposed IPO. According to documents filled, the IPO will comprise of a fresh issue of equity shares amounting to Rs 750 crores and an Offer for Sale (OFS) of up to Rs 250 crores. International Finance Corporation and Sarvpriya Securities will sell equity shares worth Rs 125 crores each.Read more