18 Mar 2025

Aditya Birla Capital Limited (ABCL) has infused INR 300 crore into its subsidiary Aditya Birla Housing Finance Limited (ABHFL) via a rights issue, reinforcing its financial stability and expansion plans. In parallel, IFC has invested INR 830 crore in ABHFL through non-convertible debentures to fund affordable housing loans and support MSMEs, particularly women-led businesses. These investments reflect a strong push for financial inclusion, with a focus on low-income homeownership and entrepreneurial growth. ABHFL's strategic moves align with industry trends emphasizing affordable housing and MSME financing for inclusive economic development.Read more

18 Mar 2025

A consortium of lenders, including SBI, ICICI Bank, and PNB, has transferred Jaiprakash Associates Ltd's (JAL) outstanding debt to the National Asset Reconstruction Company Ltd (NARCL) to manage non-performing assets. JAL, with liabilities of INR 55,493 crore, is undergoing insolvency proceedings under NCLT. The move aligns with India's strategy to clean up bank balance sheets and accelerate NPA resolution. NARCL, the government-backed 'bad bank,' will now handle the asset recovery process while banks free up capital for fresh lending. This restructuring is expected to stabilize the financial sector and improve liquidity in the economy.Read more

18 Mar 2025

The Nashik Municipal Corporation (NMC) has reported a surge in digital property tax payments, with online transactions accounting for INR 118 crore out of INR 235 crore collected as of March 10, 2025. This marks a significant rise from pre-pandemic levels when online payments made up just 7% of total collections. The shift is driven by incentives like rebates and amnesty schemes for defaulters, which recovered INR 65 crore. NMC aims to collect INR 250 crore this year, leveraging digital adoption. The trend aligns with similar initiatives in Pune and Bangalore, enhancing efficiency, transparency, and taxpayer compliance in urban governance.Read more

18 Mar 2025

Danish multinational Topsoe has moved its India operations from Faridabad to Noida, leasing 75,000 sq. ft. at DLF Tech Park. This shift aligns with a trend of corporations relocating to Noida, driven by the upcoming Jewar Airport, set to open by May 2025. Improved connectivity and rising property values-up by 20-30% in Greater Noida and along the Yamuna Expressway-are fueling commercial expansion. YEIDA has also received proposals for specialized hubs near the airport, reinforcing Noida's position as a strategic business hub attracting global companies.Read more

17 Mar 2025

The Ghaziabad Municipal Corporation (GMC) has introduced key reforms, including an annual property tax hike of INR 4,000-5,000, revised vending fees, and a smart parking system linked to mobile apps. New property tax rates will be based on road width and DM circle rates, with rates set at INR 4 per sq ft for properties on roads wider than 24 meters. The Integrated Parking Management System (IPMS) will provide real-time parking availability, tiered pricing, and upgraded facilities. GMC also introduced designated vending zones, following models from Delhi, Pune, and Bengaluru, to enhance urban management.Read more

17 Mar 2025

The Uttar Pradesh government is revising land circle rates to align property valuations with current market conditions, benefiting landowners, farmers, and urban developers. The revision is complete in 37 districts, with Lucknow, Varanasi, and Gorakhpur now in focus. Updated rates will ensure fair compensation, particularly for land acquisitions, and increase transparency in property transactions. Urban centers like Noida, Greater Noida, and Agra will benefit from realistic valuations reflecting market demand. The initiative supports industrialization, infrastructure development, and rural expansion, strengthening Uttar Pradesh's real estate market and fostering a fair and efficient investment environment.Read more

17 Mar 2025

India's construction industry saw a moderate 2-4% cost increase in 2024, down from 6-8% hikes in 2021-22, due to stabilized inflation and improved supply chains, according to CBRE's 2024-25 Construction Cost Trends report. Cement, steel, and aluminum prices dropped, but labor costs rose by 5% due to shortages, keeping overall expenses high. Mumbai led fit-out cost increases (4-6%), while Delhi-NCR, Bengaluru, and Pune saw 3-4% hikes due to luxury residential and commercial projects. Sustainability and energy-efficient construction are shaping future trends, with Tier-2 cities also adopting green building practices, influencing long-term market stability and investment value.Read more

17 Mar 2025

Bollywood actor Kajol Devgan has purchased a 4,365 sq. ft. commercial retail space in Goregaon, Mumbai, for INR 28.78 crore, paying INR 65,940 per sq. ft. with INR 1.72 crore stamp duty and four car parking spaces. This reflects the growing trend of celebrities investing in commercial real estate for rental income and capital appreciation. Kajol previously bought an office space in Andheri for INR 7.64 crore, while Ajay Devgan acquired five office units (INR 45 crore) and a Juhu bungalow (INR 60 crore). Mumbai's commercial real estate in suburban hubs like Goregaon and Andheri are attracting high-profile investors due to rising business demand.Read more

17 Mar 2025

HDFC Bank has repurchased nearly INR 7,000 crore worth of its high-cost bonds in the secondary market over the past six months to improve its credit-deposit (CD) ratio, which surged to 110% following its merger with HDFC in July 2023. The move was driven by the Reserve Bank of India's directive and the bank's inability to classify these bonds as infrastructure bonds, which would have reduced its funding costs. With some bonds carrying high interest rates, replacing them with lower-cost deposits is expected to strengthen the bank's net interest margin. More such buybacks are anticipated in the coming weeks.Read more

17 Mar 2025

The Navi Mumbai Municipal Corporation (NMMC) has launched a newly updated online property tax collection system, aimed at simplifying the payment process for residents. Municipal Commissioner Dr Kailash Shinde introduced this modernised system earlier this week, integrating advanced technologies such as net banking, UPI, QR codes, and digital wallets. As a result, online tax payments have reportedly increased by nearly 15%. Additionally, the Bharat Bill Payment System (BBPS) is set to be implemented within the next 2 weeks, offering residents 24x7 access to make secure payments through major banks and digital platforms. Furthermore, the Municipal Corporation has introduced the Abhay Yojana, granting a 50% concession on late payment penalties for arrears, encouraging citizens to settle outstanding dues by the end of March.Read more