12 Feb 2025

To enhance its financial stability, the Guntur Municipal Corporation (GMC) has initiated efforts to bring more households under the tax net. Ward secretaries have been instructed to identify unassessed properties and reassess under-taxed structures. Commissioner Puli Srinivasulu emphasised that the existing revenue is insufficient to meet the city's growing developmental demands. Special teams have been formed to expedite the tax assessment process, ensuring newly constructed buildings are taxed without delays. Additionally, officials have been warned against corrupt practices, with stringent measures in place to prevent undue delays and irregularities in property tax assessments.Read more

12 Feb 2025

The Noida Authority has taken stringent action against TGB Infrastructure by sealing two unsold flats and a commercial shop at the Meghdutam housing project in Sector 50 due to outstanding dues amounting to INR 55 crore. The Authority has also sought assistance from the district magistrate to recover the dues as land revenue. Despite a reduction in liabilities following a waiver under a state government scheme, the developer has yet to meet the required advance payment for property registrations. The Allahabad High Court recently directed the Authority to facilitate registrations for affected homebuyers, criticising its ineffective recovery efforts. Meanwhile, one of the developer's directors, Anil Kumar Saha, remains in custody.Read more

12 Feb 2025

Sobha Realty has reported a 43.77% increase in its net consolidated profit for the quarter ending December 31, 2024. The company's profit after tax rose to INR 21.68 crore in Q3 FY25 from INR 15.08 crore in the corresponding quarter of the previous fiscal. Its total consolidated income surged by 76.10% to INR 1,256.87 crore compared to INR 713.74 crore in the same quarter last year. Real estate collections saw a remarkable 104% year-on-year growth, reaching INR 10,627 million. Additionally, Sobha Realty introduced 1.13 million square feet of saleable area in Bangalore during the quarter and has outlined plans to expand into Greater Noida, Hosur, and Mumbai, increasing its presence to 15 cities.Read more

12 Feb 2025

Kapston Services Limited, a leading manpower solutions provider, has announced its financial results for Q3 and the nine months of FY25, ending December 31, 2024. The company recorded a total revenue of INR 182.41 crore for Q3FY25, reflecting a 32.69% year-on-year increase. EBITDA rose by 41.84% to INR 8.34 crore, while profit after tax (PAT) surged by 68.40% to INR 4.53 crore. For the nine-month period, total revenue stood at INR 504.40 crore, a 32.83% growth compared to the previous year. EBITDA reached INR 22.49 crore, marking a 34.19% increase, and net profit grew by 20.18% to INR 11.79 crore. The company also completed a sub-division of equity shares earlier this financial year. Kapston's expansion into new geographies and strong client acquisitions have contributed to its growth trajectory.Read more

11 Feb 2025

Godrej Properties has posted impressive growth in Q3 FY25, with a 152.23% increase in net profit and a 126.41% rise in income. The company is well-positioned to exceed its FY25 bookings target, bolstered by a strong pipeline of projects and a resilient residential market. Beyond financial success, Godrej Properties is also committed to sustainability and innovation, with a focus on delivering future-ready developments. Additionally, the broader real estate sector's positive outlook, supported by government initiatives, adds to the company's growth trajectory.Read more

11 Feb 2025

The municipal corporations of Pune and Pimpri Chinchwad have proposed to keep property taxes unchanged for the financial year 2025-26, bringing some relief to residents. While the proposal has already been approved by the Pimpri Chinchwad Municipal Corporation (PCMC), the Pune Municipal Corporation (PMC) is yet to give its approval. Both cities have been governed by municipal commissioners in the absence of elected representatives due to delayed elections. Despite the proposal, concerns about the quality of services remain among citizens.Read more

11 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) plans to impose property tax on commercial establishments in slum areas, aiming to generate INR 350 crore in FY 2025-26. This move is part of a broader strategy to increase revenue, with the total property tax collection target set at INR 5,200 crore. Additionally, the BMC is considering introducing a Solid Waste Management (SWM) user charge after further legal consultation. While the tax aims to fund urban services and infrastructure, it has faced criticism for its potential impact on small businesses. This approach aligns with urban bodies' efforts to expand tax bases amid growing infrastructure demands.Read more

11 Feb 2025

Nexus Select Trust has announced a distribution of INR 332.69 crore to unitholders for Q3 FY25, amounting to INR 2.19 per unit. The Net Operating Income (NOI) rose by 6% to INR 441.6 crore, driven by increasing consumer spending. Nine malls recorded their highest-ever quarterly consumption, particularly in fashion, jewellery, beauty, and entertainment. With 17 malls across 14 cities and 10 million sq. ft. of retail space, Nexus remains India's largest retail REIT. The company focuses on innovation and customer engagement, integrating experiential retail elements like live events and digital enhancements to create dynamic shopping experiences and drive sustained growth.Read more

11 Feb 2025

The cumulative recovery rate of security receipts (SRs) for asset reconstruction companies (ARCs) is expected to rise to 75-80% by next fiscal year, driven by improved recoveries in real estate, thermal power, and roads. Retail loan resolutions and reduced acquisitions also contribute to this growth. Crisil Ratings projects INR 12,000 crore in recoveries, supported by rising property prices, stronger power demand, and inflation-linked toll hikes. Debt restructuring has become the dominant resolution method, yielding 85-90% recovery rates. With NPAs at multi-year lows, ARCs are focusing on low-vintage assets, ensuring sustainable growth through strategic acquisitions and restructuring efforts.Read more

11 Feb 2025

Ajmera Realty & Infra India Ltd posted strong financial results for Q3 and 9M FY25, with revenue rising 27% to INR 599 crore. EBITDA surged 42% to INR 200 crore, while net profit climbed 37% to INR 102 crore. The company reduced debt by 14%, improving its debt-to-equity ratio to 0.57. Sales value reached INR 830 crore, up 14%, driven by strong demand. Despite falling short of project addition targets, upcoming launches with a GDV of INR 4,300 crore signal future growth. Ajmera Realty remains focused on financial stability and market expansion for sustained success.Read more