03 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) rcently confirmed that property tax rates have not increased; the rise in tax bills stems from updated ready reckoner (RR) rates for FY 2025-26. RR rates, revised for the first time in a decade, set minimum property values for taxation. An average 15.89% uptick in tax bills is also due to a statutory capital value revision under Section 154(1)(c) of the Mumbai Municipal Corporation Act-last updated in 2015, with the 2020 revision delayed due to COVID-19. The BMC also announced a temporary suspension of solid waste management fees after intervention by Maharashtra's Chief Minister and Deputy CM. Residential units under 500 sq. ft. remain exempt from property tax. As civic elections approach, property tax policies and enforcement could become a key issue, with public focus on fairness and accountability in Mumbai's civic administration.Read more

03 Jun 2025

Embassy Developments Ltd is considering the sale of a key commercial project in Whitefield, Bengaluru, valued between INR 3,200 crore and INR 3,700 crore. The 3.3 million sq. ft. project may be offered to Embassy Office Parks REIT, pending shareholder and regulatory approvals. The move aligns with Embassy's portfolio monetisation and REIT-focused strategy. The company, formerly Indiabulls Real Estate, reported a consolidated net profit of INR 122.98 crore for Q4 FY25, reversing a loss of INR 99.21 crore year-on-year. Quarterly income rose to INR 1,182.61 crore, while full-year FY25 net profit reached INR 193.63 crore, compared to a prior loss of INR 517.39 crore. Annual income also doubled to INR 2,546.97 crore. Embassy's potential collaboration with its REIT platform underscores the industry's growing shift towards asset optimisation and structured exits in India's commercial real estate market.Read more

02 Jun 2025

Marwadi Chandarana Intermediaries Brokers, part of the diversified Marwadi Chandarana Group (MCG), announced its acquisition of a 75% stake in TruCap Finance, a non-banking financial company (NBFC), through a deal worth INR 207 crore. The investment, revealed earlier this week, comprises a preferential allotment of equity shares, convertible warrants, and the secondary purchase of 3.68 crore shares from TruCap's existing promoter group. With this move, MCG is set to become the new promoter, effectively phasing out the existing promoter group's shareholding. This strategic step has also triggered an open offer under SEBI regulations.Read more

02 Jun 2025

India's mining and construction equipment (MCE) sector is poised for a major leap, with projections indicating a growth from its current USD 16 billion valuation to USD 45 billion within the next five years. This forecast comes from a recent Vision Report jointly released by the Confederation of Indian Industry (CII) and global consultancy Kearney. The report lays out an ambitious Vision 2030 plan, positioning India as a global hub in the MCE industry. With India already the fastest-growing market among the top six global economies, surpassing even the US, Germany and Japan, this trajectory is expected to significantly enhance national GDP and employment.Read more

02 Jun 2025

Reliance Infrastructure Ltd (RInfra) reported a strong financial turnaround earlier this week, posting a net profit of INR 4,387 crore for the March quarter, compared to a net loss of INR 220.58 crore in the same period last year. The significant improvement was largely attributed to a substantial reduction in overall expenses. Although the company's total income saw a dip, strategic cost management played a pivotal role in boosting profitability. For the full financial year, RInfra posted a net profit of INR 4,937.52 crore, reversing the previous year's loss. Notably, the company confirmed zero standalone net debt and a surge in consolidated net worth.Read more

02 Jun 2025

Kolte-Patil Developers Ltd has reported a consolidated net profit of INR 66.29 crore for the fourth quarter of the previous fiscal year, marking a significant recovery from a net loss of INR 26.18 crore in the corresponding period a year earlier. The turnaround was supported by a robust rise in total income, which increased to INR 723.20 crore from INR 527.71 crore. For the full financial year 2024-25, the company posted a net profit of INR 109.33 crore, reversing the previous year's net loss of INR 67.48 crore. Total income for the year rose to INR 1,763.73 crore from INR 1,394.78 crore. The company's consistent delivery across key real estate markets in India further strengthened its performance.Read more

02 Jun 2025

The Brihanmumbai Municipal Corporation (BMC) has raised property tax rates by up to 15% for the 2025-26 assessment year, impacting over 9 lakh residential properties. This marks the first property tax revision since 2015-16. The increase, reflected in the latest property tax bills, varies by area, influenced by updated ready reckoner (RR) rates. Locations with higher RR rate revisions have seen steeper tax hikes. Properties with carpet areas under 500 sq ft remain exempt, continuing to benefit nearly 16 lakh households. BMC had delayed implementing new rates due to pending state approvals, which are now cleared. While officials say the hike aligns with current economic indicators, some residents have raised concerns over lack of notice and transparency. The change comes amid ongoing redevelopment, legal disputes, and monsoon preparedness, highlighting the need for more predictable civic engagement on taxation matters in Mumbai's evolving urban landscape.Read more

02 Jun 2025

Jio Financial Services and US-based BlackRock have received SEBI's approval to launch their joint mutual fund business in India. The new venture, Jio BlackRock Asset Management, is a 50:50 partnership aimed at delivering digital-first investment products tailored for Indian investors. Industry veteran Sid Swaminathan, formerly of BlackRock, will lead the venture as MD and CEO. The platform will integrate BlackRock's advanced risk management technology, Aladdin, offering retail and institutional clients sophisticated investment tools. This marks a significant step for Jio Financial Services, which has been expanding post its 2023 demerger from Reliance, with interests in Jio Payments Bank and upcoming wealth management and broking services. For BlackRock, the venture enhances its footprint in India's fast-growing asset management market. The collaboration aims to democratise access to high-quality investment solutions through Jio's extensive digital infrastructure.Read more

30 May 2025

In a significant move to curb property tax evasion, the Bruhat Bengaluru Mahanagara Palike (BBMP) is set to issue notices to over 400,000 property owners suspected of underreporting property details. Utilizing data from drone surveys, satellite imagery, and the Digitally Owned Number (DON) Survey, BBMP aims to rectify discrepancies in self-declared property information. With a target to collect INR 6,000 crore in property tax for the 2025-26 fiscal year, the civic body anticipates recovering an additional INR 1,000 crore through this initiative.Read more

30 May 2025

In a recent initiative, NITI Aayog has proposed a dedicated financing scheme under the Ministry of Micro, Small, and Medium Enterprises (MSME) to support medium-sized firms. The proposal includes concessional loans capped at INR 25 crore, with a maximum of INR 5 crore per request, and the introduction of a medium enterprise credit card with a pre-approved limit of up to INR 5 crore. Additionally, the report recommends allocating 25-30% of the Self-Reliant India (SRI) Fund exclusively for medium enterprises to bolster research and development (R&D) efforts. This move follows the recent expansion of the 'medium' enterprise definition in the Union Budget 2025, aiming to provide better financial support and promote growth among these firms.Read more