16 May 2025

A major reduction in stamp duty for homes given to families displaced by the Nagpur Smart City project was approved by the Maharashtra Cabinet earlier this week. The state has decided to charge only INR 1,000 as stamp duty for the registration of lease deeds for 28 homes in Mouza Punapur, part of the 'Home Sweet Home' rehabilitation scheme. Previously, stamp duty costs ranged between INR 40,000 and INR 45,000, putting a financial strain on the economically weaker beneficiaries. This decision is expected to ease the registration process and help families regain legal ownership of their new homes.Read more

15 May 2025

India's commercial real estate sector is facing a major transformation opportunity, with 160-80 million sq ft of office space over 10 years old requiring upgrades, according to CBRE South Asia. Retrofitting these assets could unlock capital values worth INR 1.2-1.6 lakh crore, with investment needs estimated at INR 30,000-40,000 crore. Key markets like Bengaluru, Delhi-NCR, and Mumbai account for over 70% of this potential. Strategic upgrades-ranging from structural improvements to ESG compliance-can boost asset values by up to 40% and increase rentals by 15-35%. The move toward modern, green-certified offices also supports sustainability and stronger tenant retention.Read more

15 May 2025

ICICI Bank has announced the transfer of its real estate and private equity fund management operations from ICICI Venture Funds Management to ICICI Prudential Asset Management Company (AMC), aiming to consolidate its investment services. While ICICI Prudential AMC will take over fund management responsibilities, ICICI Venture will continue providing advisory services and manage remaining funds. The move, pending regulatory approvals, aligns with ICICI's strategy to streamline operations and offer a broader range of investment products under a single brand. Market experts see the consolidation as a step toward enhancing ICICI Prudential AMC's position in the asset management space and expanding its investor base.Read more

15 May 2025

The Madurai Corporation recently announced that its April 2025 property tax collections totaled an unprecedented INR 54.91 crore, the highest amount of money collected in a single month in the corporation's history. This achievement was driven by a 5% early payment rebate scheme, capped at INR 5,000 per taxpayer, and a series of awareness campaigns. The corporation also deployed assistant revenue officers and bill collectors across all 100 wards, ensuring accessibility and convenience for residents. This proactive approach resulted in a substantial increase compared to the previous year's collections.Read more

15 May 2025

The Karnataka government has allocated INR 7,000 crore to Bengaluru Smart Infrastructure Ltd (B-SMILE), a special purpose vehicle aimed at executing large-scale infrastructure projects in Bengaluru. The funding is designed to draw private investments, enhance project execution, and streamline land acquisition. With a dual-agency model involving the BBMP and BDA, B-SMILE is set to accelerate the city's infrastructure development. The initiative aims to offer greater financial autonomy and operational efficiency, with hopes to set a precedent for other urban SPVs in India.Read more

14 May 2025

Larsen & Toubro (L&T) reported a 25% year-on-year increase in its consolidated profit after tax (PAT) for the quarter ending March 31, 2025, reaching INR 5,497 crore. This surge was driven by higher revenues and an exceptional gain. The company's revenue from operations also saw an increase to INR 74,392.28 crore. For the full year, L&T posted a consolidated PAT of INR 15,037 crore, reflecting a 15% growth. Its order inflows for the year were record-breaking at INR 3.56 trillion, with international orders comprising 58% of the total. Despite global challenges, L&T remains optimistic about growth prospects for FY26, forecasting a 10% rise in order inflows.Read more

14 May 2025

The Reserve Bank of India (RBI) has recently lifted restrictions on foreign portfolio investors (FPIs) in the corporate debt market. Previously, FPIs were limited to investing no more than 30% of their total corporate debt allocation in instruments with maturities of up to one year and faced concentration limits of 15% for long-term FPIs and 10% for others. These caps have now been removed to encourage greater foreign investment inflows into India's corporate bond market.Read more

14 May 2025

The Airport Economic Regulatory Authority (AERA) has approved a revised User Development Fee (UDF) structure for Mumbai airport, effective April 2024 to March 2029. Domestic passengers will now pay INR 275-304, while international passengers will pay INR 830-875, with higher rates for business class. A separate INR 175 levy will apply to all arriving passengers. AERA also directed Mumbai International Airport Ltd (MIAL) to revise its Terminal-1 demolition schedule, favoring a phased transition to avoid disruption. While MIAL had sought a 67% UDF hike, AERA approved only a 21.6% increase, emphasizing affordability and operational efficiency for both passengers and airlines.Read more

14 May 2025

Ravi Infrabuild Projects Ltd, a prominent civil construction company with over two decades of experience, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to raise INR 1,100 crore through an initial public offering (IPO). The proposed IPO comprises a complete fresh issue of equity shares without any Offer-for-Sale (OFS) component. The funds will be allocated towards purchasing new equipment, investment in subsidiaries for debt repayment, and general corporate purposes. With a strong foothold in multiple Indian states, including Rajasthan, Madhya Pradesh, Maharashtra, and Uttar Pradesh, the company's extensive portfolio includes projects under major national initiatives such as Bharatmala Pariyojna, NHAI, and IRCTC.Read more

14 May 2025

The Ludhiana Municipal Corporation (MC) has escalated its efforts to recover outstanding property tax dues from government departments. Notices have been issued to various departments, including the Greater Ludhiana Area Development Authority (GLADA), Public Works Department, and Punjab Agricultural University, for properties where commercial activities are conducted without tax payments. MC officials are also displaying photographs of defaulting properties to encourage compliance. Last year, the MC successfully met its tax collection targets and aims to exceed them this year. If departments fail to settle their dues, the MC plans to inspect properties, calculate the tax owed, and take enforcement actions, including sealing buildings if necessary.Read more