22 May 2025

The Department of Financial Services (DFS) conducted a review meeting earlier this week with India Infrastructure Finance Company Ltd (IIFCL), where DFS Secretary M Nagaraju directed the state-owned financial institution to intensify diversification across different infrastructure sub-sectors. The directive comes on the back of IIFCL's strong performance over the past five years, during which it achieved a 17% compound annual growth rate (CAGR). Nagaraju highlighted the need to expand operations into new areas while maintaining asset quality. IIFCL's Managing Director PR Jaishankar and other senior executives were present during the discussion.Read more

22 May 2025

Embassy Office Parks REIT recently secured a debt facility of INR 2,000 crore to refinance its existing borrowings, aiming to reduce its interest outgo. The debt, issued as coupon-bearing Non-Convertible Debentures (NCDs), carries an interest rate of 7.21% for a tenure of three years. The refinancing move is projected to result in savings of approximately 77 basis points in interest compared to existing rates. The transaction received strong traction from institutional investors, with 11 entities participating. Embassy REIT currently manages a diversified commercial real estate portfolio spanning 51.1 million square feet across key Indian metros.Read more

22 May 2025

The Navi Mumbai Municipal Corporation (NMMC) has launched its annual property tax billing process for the financial year 2025-26 with several citizen-centric reforms. For the first time, a 10% early bird discount is being offered to those who pay their property tax by the end of June. Bills are now available online via the NMMC website and mobile app, and the payment process has been streamlined through the Bharat Bill Payment System. The corporation has also roped in women from self-help groups to distribute physical bills. Additionally, citizens are being urged to link their mobile numbers with their properties for digital updates.Read more

21 May 2025

Mumbai-based Shapoorji Pallonji (SP) Group is planning to raise USD 1.3 billion (around INR 10,500 crore) over the next two years by selling assets from its real estate and oil businesses. The funds will be used to repay debt and are part of a broader plan to restructure the group's balance sheet. The group recently raised INR 3.3 billion through India's largest private credit deal and plans to sell high-value commercial assets and two offshore oil units (FPSOs). Key investors such as Cerberus, Farallon, and BlackRock have shown interest in the offering, as the group looks to ease its high debt burden.Read more

21 May 2025

The Nagpur Municipal Corporation (NMC) has launched a new property tax rebate scheme designed to encourage environmentally sustainable construction across the city. This initiative provides tax discounts of up to 20% for buildings certified by the Indian Green Building Council (IGBC), reinforcing the city's efforts to tackle rising pollution and urban heat. The rebate applies in tiers, with Platinum-certified buildings receiving the highest reduction, followed by Gold and Silver levels. Property owners must apply with valid IGBC certification to avail these benefits, complementing existing incentives for eco-friendly building features such as solar energy and rainwater harvesting.Read more

21 May 2025

The Pune Municipal Corporation (PMC) is set to launch a pilot project introducing water bills based on actual consumption for residential properties within its limits. This initiative forms part of the city's ongoing 24-7 water supply programme, which aims to promote water conservation and ensure fair distribution. The pilot will begin in zones where over 90% of water meters have been installed, covering about 80 of the 141 designated areas. While many residents have welcomed this move, concerns remain about the adequacy of water supply and the fairness of billing, prompting PMC to assure a measured and transparent implementation.Read more

21 May 2025

Anarock Group has demonstrated remarkable growth in the fiscal year 2024-25, posting a 33% increase in revenue to INR 755 crore, up from INR 566 crore the previous year. This surge is largely attributed to India's strong economic momentum, which has fuelled demand across residential and commercial real estate sectors. Housing consultancy continues to dominate the revenue share, contributing approximately 56%, while expansion into office leasing consultancy has gained significant traction since its launch earlier this year. Additionally, the company secured INR 200 crore in funding to support strategic acquisitions aimed at bolstering its market position. This growth reflects Anarock's strategic agility and optimistic outlook amid ongoing market challenges.Read more

21 May 2025

IRB Infrastructure Developers Ltd reported a 14% increase in net profit for the March quarter of FY25, recording INR 214.7 crore, up from INR 188.8 crore in the same quarter of the previous fiscal year. The rise in profit was driven by increased revenue from operations, which grew to INR 2,149.2 crore from INR 2,061.2 crore. Expenses decreased to INR 1,895.3 crore, contributing to the profit growth. For the entire FY25, net profit surged significantly to INR 6,480.6 crore compared to INR 605 crore in FY24. The company's toll revenue rose by 23% to INR 6,360 crore for FY25, driven by the commencement of two TOT projects that outperformed expectations. The company remains optimistic about further growth through BOT and TOT bids in alignment with the government's infrastructure push.Read more

20 May 2025

Signatureglobal (India) Ltd reported a 48.17% increase in net profit for Q4 FY25, reaching INR 611.2 million, despite a 21.07% decline in total income to INR 5.70 billion. The company achieved record pre-sales of INR 102.9 billion and collections of INR 43.8 billion for FY25, marking 42% and 41% year-on-year growth, respectively. Operating cash surplus rose by 79% to INR 16.3 billion. Signatureglobal launched five new projects with a combined GDV of INR 138.1 billion and acquired approximately 48 acres of land in Gurugram for INR 10.7 billion, aiming to develop 7.97 million sq ft. Net debt was reduced to INR 8.8 billion by the end of FY25.Read more

20 May 2025

Property consultant Square Yards has reported a 41% increase in revenue, reaching INR 1,410 crore in the previous fiscal year, primarily due to higher brokerage income from housing sales and home loans. The company's revenue in the prior fiscal year was INR 1,001 crore. Square Yards revealed that its India revenue climbed 47% to INR 1,163 crore, up from INR 790 crore in the 2023-24 financial year. Additionally, gross profit surged by 52% to INR 316 crore, compared to INR 208 crore in the preceding year. The company's founder and CEO, Tanuj Shori, highlighted that Square Yards has positioned itself as a robust asset-light platform with a strong presence in both India and Dubai.Read more