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

11 Feb 2025

The finance ministry has finalized a plan to generate INR 16,000 crore by selling assets of MTNL and BSNL. The proposal, cleared by the National Land Monetization Corporation (NLMC) and the Department of Public Enterprises, awaits final approval from the Department of Investment and Public Asset Monetisation. Proceeds will aid the revival of both telecom firms, which collectively own over 600 land parcels in major cities. This move aligns with Asset Monetisation 2.0, targeting INR 10 lakh crore. With MTNL's financial distress and merger with BSNL, the success of this initiative is crucial for the telecom sector and government disinvestment plans.Read more

10 Feb 2025

The Goa government has set up a 15-member committee, led by the revenue secretary, to review and update property circle rates and built-up rates. Operating for two years with quarterly meetings, the committee aims to align property valuations with market trends and enhance revenue generation. A sub-committee will also assess land parameters influencing pricing. The initiative seeks to streamline registration processes, improve transparency, and support economic growth. As Goa attracts more investors and residents, the updated valuation system is expected to create a fairer, more balanced real estate market.Read more

10 Feb 2025

The Nagpur Municipal Corporation (NMC) has collected only INR 194.47 crore in property tax as of January 29, falling short of its INR 429 crore target by INR 234.52 crore. To manage funding for infrastructure projects, NMC has taken a INR 500 crore loan. An amnesty scheme launched on January 1 offers an 80% waiver on penalties and interest on INR 770 crore in arrears, aiming to boost collections before the fiscal year ends. With uneven tax recovery across zones, stricter enforcement measures, including property attachments, may follow if collections remain low, raising concerns over the city's financial stability.Read more

10 Feb 2025

Trichy Corporation has collected INR 111 crore in property tax for FY 2024-25, marking a significant improvement from previous years. A survey of 5,400 properties added INR 10 crore in revenue by correcting tax assessment errors. With the Central Finance Commission's new funding formula linking allocations to tax collection, officials have intensified efforts, achieving 60% of the INR 188.1 crore target by January 30. While solid waste charges reached 60% collection, water charges lag at 34%. The corporation plans a special drive to boost water bill payments, aiming for financial stability and improved civic services before the fiscal year ends.Read more

10 Feb 2025

The Nashik Municipal Corporation (NMC) is addressing a backlog of 2,600 unresolved civic complaints, 1,000 pending building plan approvals, and property tax objections. Municipal Commissioner Manisha Khatri has directed officials to resolve grievances within a week, while a review of the e-Connect App aims to improve response times. Building plan approvals now require mandatory online submissions to enhance efficiency, with a first-come, first-served process. Property owners must file tax objections by February 28. NMC is exploring digital solutions to improve transparency, streamline processes, and meet the demands of Nashik's rapid urban expansion.Read more

10 Feb 2025

Anant Raj Limited reported a 36% year-on-year revenue growth in Q3 FY25, reaching INR 544 crore. EBITDA rose 45% to INR 143 crore, while profit after tax surged 55% to INR 110 crore. The company cut net debt to INR 54 crore from INR 96 crore, reinforcing its financial strength. Anant Raj is expanding into the data centre sector, launching a 6 MW IT load facility in Manesar, with plans for 22 MW more. It also introduced Ashok Cloud, India's first sovereign cloud platform. With ongoing real estate projects and new launches ahead, the company is poised for further growth.Read more

10 Feb 2025

The Karnataka government plans to extend the B khata system statewide to regularize unauthorized properties and increase urban local body (ULB) revenues. Of 55 lakh urban properties, only 22 lakh have A khatas, while the rest will now be taxed under B khatas. The move aims to boost property tax collection, currently at INR 1,500 crore from 302 ULBs. The state expects significant revenue growth, supporting urban infrastructure and civic amenities. Implementation begins February 10, with district officials issuing B khatas within three months. Real estate leaders support the decision but demand transparency in fund allocation for infrastructure development.Read more

10 Feb 2025

LIC Housing Finance reported a 22.75% increase in net consolidated profit, reaching INR 1,434.89 crore in Q3 FY25, compared to INR 1,169 crore in the same period last year. Total income rose by 3.91% to INR 7,069.99 crore. Key financial highlights include gross NPAs at 2.74%, net NPAs at 1.46%, and a liquidity coverage ratio of 187.66%. Total disbursements grew by 2% to INR 15,475 crore, with project loan disbursements surging by 162%. The total outstanding portfolio expanded by 6% to INR 2,99,144 crore.Read more

07 Feb 2025

SRG Housing Finance reported a 7.89% rise in Q3 FY25 net profit to INR 5.74 crore, while total income surged 24.96% to INR 40.25 crore. The company's AUM grew 29% year-on-year to INR 707.5 crore, with a new target of INR 1,000 crore AUM in 12-18 months. Expansion into Maharashtra, Karnataka, and Andhra Pradesh has begun contributing to revenue, though the cost-to-income ratio rose to 65.40%. With a strong capital adequacy of 39.85% and plans to raise INR 50 crore, SRG Housing Finance is positioning itself for aggressive growth in India's expanding housing finance sector.Read more