07 Feb 2025

In a recent board meeting, the Ahmedabad Urban Development Authority (AUDA) implemented a twofold increase in fees for crucial development plan documents. Charges for DP and TP part plan documents rose from INR 500 to INR 1,000, while base map fees escalated from INR 2,000 to INR 4,000. Similarly, fees for measurement sheets and final plot F forms have also been revised. The meeting also saw the introduction of an online system for RTI applications and document requests, along with the approval of consultations for 18 TP schemes. These changes are expected to streamline processes while adjusting costs to current operational requirements.Read more

07 Feb 2025

Aptus Value Housing Finance India recorded a 20.89% increase in its net consolidated profit for the quarter ending December 31, 2024. The company reported a profit after tax of INR 190.50 crore in Q3 FY25, compared to INR 157.58 crore in the corresponding quarter of the previous financial year. Total income saw a 28.14% rise, reaching INR 464.68 crore. Additionally, the board approved the appointment of Anand Raghavan and Natarajan Ramasubramanian as independent directors for a five-year term starting January 31, 2025. The company reported a net worth of INR 3,609.93 crore and maintained strong liquidity of INR 1,000 crore, including undrawn sanctions of INR 570 crore.Read more

07 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) has sought clarity from the Mumbai Metropolitan Region Development Authority (MMRDA) regarding an INR 550 crore unpaid property tax linked to J Kumar Infraprojects Limited. The dispute arises from seven plots allocated by MMRDA for metro construction casting yards and ready-mix concrete plants. While Clause 2.7 of the tender indicates that MMRDA is responsible for property tax, lease agreement Condition 5 assigns the liability to J Kumar Infraprojects. The contractor insists MMRDA must pay, while MMRDA maintains the tax burden rests with the contractor. The resolution of this issue is crucial as BMC pursues its INR 6,200 crore property tax target.Read more

07 Feb 2025

MapmyIndia, a leading digital maps and deep-tech solutions provider, announced its financial results for the third quarter and first nine months of FY25, showing significant revenue and profitability growth. The company's revenue for Q3 FY25 reached INR 115 crore, marking a 24.5% year-on-year increase, while EBITDA stood at INR 42 crore, reflecting a 15.7% rise. Profit After Tax (PAT) for the nine-month period reached INR 99 crore, up from INR 96 crore in the previous year. Consumer Tech & Enterprise Digital Transformation (C&E) revenue surged by 39%, while Automotive & Mobility Tech (A&M) revenue grew by 9%. Strategic expansions, including a joint venture with Hyundai Autoever in Indonesia, and major deals with global social media networks, contributed to the company's strong performance.Read more

07 Feb 2025

Mumbai's real estate market is on a growth trajectory, with 2025 poised to be a pivotal year for property investments. Key locations such as Mulund, Borivali, Malad-Goregaon, Panvel, Chembur, and Sion are emerging as prime investment destinations. Industry experts highlight factors such as improved connectivity, robust infrastructure, and evolving buyer preferences that contribute to their appeal. From Mulund's luxury living and Borivali's green surroundings to Panvel's affordability and Sion's central connectivity, each area offers unique advantages. These developments indicate a promising future for both investors and homebuyers seeking growth and value in Mumbai's dynamic real estate sector.Read more

06 Feb 2025

WeWork India Management Ltd has filed for an IPO, consisting entirely of an Offer for Sale (OFS) of up to 4.37 crore equity shares. The IPO aims to list the company's shares on the stock exchanges, with no proceeds going to WeWork India. Founded in 2017, the company has been a leader in India's flexible workspace sector. The IPO reflects the growing demand for coworking spaces in India, driven by the shift towards hybrid work models. The offering will allow investors to capitalize on this market expansion.Read more

06 Feb 2025

Mahindra Lifespace Developers Limited (MLDL) reported its Q3 FY25 financial results, highlighting pre-sales of INR 1,749 crore over 9M FY25, covering 2.15 million sq. ft. in saleable area. The company added INR 14,050 crore in Gross Development Value (GDV), driven by a 37-acre Bhandup land acquisition and an 8-acre plot near Bengaluru Airport. Revenue from land leasing in the Industrial and Commercial (IC&IC) business reached INR 208.9 crore, leasing 47.3 acres in FY25. Despite total income rising to INR 408.4 crore, MLDL posted a consolidated loss of INR 23.8 crore due to higher costs. The company remains committed to sustainable, future-ready developments in emerging real estate hubs.Read more

06 Feb 2025

BBMP has launched an auction drive targeting 608 properties across eight zones due to INR 20 crore in unpaid property taxes. This follows its recent success in tax recovery, where four property owners cleared INR 1 crore before a scheduled auction. The move raises concerns among property owners, as legal challenges and market implications come into play. BBMP is intensifying enforcement by sending SMS alerts alongside physical notices, while also expanding its focus beyond commercial properties. With INR 400 crore still pending in tax dues, the civic body's crackdown highlights a shift in strategy, sparking discussions on policy reforms and alternative tax collection methods.Read more

06 Feb 2025

The Indian government has introduced a retrospective amendment to the CGST Act, altering Section 17(5) by replacing "plant or machinery" with "plant and machinery". This change significantly limits ITC (Input Tax Credit) eligibility for real estate firms involved in commercial property construction and leasing. It effectively overrides the Supreme Court ruling in Safari Retreats Pvt Ltd., which had allowed ITC claims for constructed buildings used in leasing services. Experts believe this move aims to increase GST revenue but could discourage investment in India's commercial real estate sector.Read more

06 Feb 2025

Sundaram Finance Ltd (SFL) reported a 16% increase in standalone net profit to INR 349 crore for the quarter ended December 2024, compared to INR 300 crore in the same period the previous year. The growth was attributed to a rise in operating profit, supported by a strong surge in interest income. The company's board announced an interim dividend of INR 14 per share for FY25. Interest income saw a 24% rise to INR 1,478 crore, while total income increased by 23% to INR 1,664 crore. Disbursements expanded by 19%, reaching INR 7,764 crore. Despite a weaker-than-expected festival season, the company reported a 19% year-on-year increase in assets under management (AUM) to INR 50,199 crore, with an improvement in asset quality.Read more