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

20 May 2025

Star Housing Finance Limited (Star HFL), a BSE-listed housing finance company focusing on affordable housing in semi-urban and rural regions, has announced plans to list its equity shares on the National Stock Exchange of India Limited (NSE). The move is part of the company's broader strategy to increase visibility, enhance shareholder liquidity, and attract a wider investor base. The proposed listing is subject to regulatory approvals and the fulfilment of eligibility criteria. Star HFL, which has consistently delivered strong performance in the low-cost housing finance sector, remains committed to serving economically weaker and low-income groups while aiming to expand its market footprint.Read more

20 May 2025

State-owned NBCC (India) Ltd has successfully generated INR 1,468 crore by selling 446 apartments in Noida through an e-auction. According to a regulatory filing made earlier this week, the company disclosed that these residential units were part of the Aspire Silicon City project located in Sector-76, Noida. The transaction is expected to aid NBCC in repaying debts incurred for completing stalled projects under the Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE), a scheme initiated under the directive of the Supreme Court. The sale also entitles NBCC to a 1 per cent marketing fee based on the total transaction value.Read more

20 May 2025

In a significant regulatory shift, the Securities and Exchange Board of India (SEBI) has mandated the use of the Electronic Book Platform (EBP) for all private placements of debt securities amounting to INR 20 crore or more. This directive, introduced earlier this week, aims to enhance transparency and streamline the fundraising process in the private debt market. The scope of EBP has been broadened to include Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), marking a substantial expansion from previous regulations. Additionally, new provisions concerning anchor investors and disclosure requirements have been established to promote fairness and accountability in allotments.Read more

19 May 2025

Nagpur's stamp duty collections for the fiscal year ending March 2025 fell 7% short of the target, collecting INR 1,675 crore against the projected INR 1,800 crore. The shortfall is linked to a slowdown in real estate deals and modest 4-5% increases in ready reckoner rates. Rural collections also missed targets by 3%. Despite this, officials are hopeful after recent ready reckoner hikes of up to 10% in some areas, which could boost future revenues. Nagpur Municipal Corporation faces further financial strain from undelivered property tax bills and low tax recovery, leading to a penalty waiver scheme. Improving collection efficiency is vital for the city's finances and infrastructure development.Read more

19 May 2025

The Securities and Exchange Board of India (SEBI) has cautioned investors about Strata SM Reit, a new-age investment platform that aimed to launch multiple real estate investment schemes. Strata, backed by Sudarshan Lodha and Priyanka Rathore, surrendered its SM Reit registration after legal troubles and discussions with SEBI. The regulator clarified that Strata can no longer present itself as a registered intermediary. This comes as the regulator tries to tighten rules around fractional ownership of real estate to protect investors. While Strata denies wrongdoing, SEBI's action highlights the need for caution when investing through untested digital real estate platforms.Read more

19 May 2025

India's four publicly listed Real Estate Investment Trusts (REITs) have reported a 13% year-on-year increase in distributions to unitholders, totalling INR 6,070 crore in the past fiscal year. The Indian REITs Association (IRA) revealed that the cumulative distribution for the March quarter amounted to over INR 1,553 crore, benefiting over 2.64 lakh unitholders. The four REITs Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust - have collectively achieved significant revenue growth, with net operating income rising by 16% to INR 89,100 crore in FY25. Industry leaders attribute the surge to strong leasing activity from global capability centres and robust domestic demand.Read more

19 May 2025

The Municipal Corporation of Delhi has initiated a rigorous campaign to rectify property tax discrepancies, focusing on commercial entities misclassified under residential tax brackets. By analyzing electricity usage data, MCD identified 421 properties with mismatched classifications out of an initial 3,200 reviewed. This initiative aims to address a significant revenue shortfall experienced in the previous fiscal year, attributed to taxpayer confusion over recent tax exemption announcements. The implementation of a digital reporting portal for inspectors underscores MCD's commitment to accountability and efficient tax collection.Read more

16 May 2025

Knowledge Realty Trust (KRT), a new REIT backed by Blackstone and Sattva Group, has received approval from India's Competition Commission to acquire businesses linked to both firms. This includes full and joint control of several real estate entities. KRT, managed by SEBI-registered Knowledge Realty Office Management Services, focuses on income-generating commercial office spaces. It plans to raise over INR 6,200 crore through an IPO, aiming to become India's largest REIT by Net Operating Income and asset value. With 30 office assets across key cities, KRT will join four existing REITs in India and mark Blackstone's fifth real estate listing in the country, highlighting rising investor interest in Indian commercial properties.Read more

16 May 2025

Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary of Religare Enterprises, has received a credit rating upgrade from ICRA to [ICRA]BBB- (Stable)/[ICRA]A3 for Rs.400 crore bank lines. This improvement reflects stronger financial health and operational stability, aided by the Burman Group becoming promoters of REL and better board governance. RHDFCL's net worth is ?208 crore with a low gearing ratio, and its asset quality has improved. Focused on affordable housing loans, it serves underserved urban and semi-urban clients. The rating upgrade is expected to enhance funding access and growth. RHDFCL plans to expand via co-lending partnerships and aims to strengthen its presence in the affordable housing finance sector.Read more