04 Feb 2025

The Andhra Pradesh (AP) government has introduced a significant relief for beneficiaries of the AP Township and Infrastructure Development Corporation (APTidco) by waiving INR 145 crore in loan dues. The corporation is now focused on completing 4,500 pending housing units in the Jakkampudi housing layout. APTidco chairman Vemulapati Ajay Kumar confirmed that the state government will clear interest dues to banks within 15 days after resolving financial guarantee issues. Infrastructure development for the project, including roads, drainage, water, and electricity, is expected to be completed in the next year.Read more

04 Feb 2025

ArisInfra Solutions Ltd has secured INR 80 crore in a pre-IPO funding round, issuing 36.03 lakh shares at INR 222 each. This reduces its IPO size to INR 499.6 crore from the initially planned INR 600 crore. Investors include Cognizant Capital Dynamic Opportunities Fund and JVS Holdings LLP. The company, which has supplied over 10.35 million metric tonnes of construction materials, will use IPO proceeds for working capital, subsidiary investments, and loan repayments. With lead managers JM Financial, IIFL Securities, and Nuvama, ArisInfra aims to strengthen its role in tech-driven construction materials procurement.Read more

03 Feb 2025

Coimbatore city corporation is facing difficulties in meeting its property tax collection target of INR 592 crore for the current financial year, having collected only around INR 281 crore so far. The corporation is falling behind other cities like Salem, Tirupur, and Karur, with a growth rate of just 14%, which is below the national average. The poor collection is attributed to residents' delayed payments, lack of awareness about incentives, and technical issues. To improve collections, the corporation is using public announcements, media, and special camps, alongside measures to detect unauthorized constructions.Read more

03 Feb 2025

DLF Limited reported a 61.46% increase in net consolidated profit for Q3 FY25, reaching INR 1,058.73 crore compared to INR 655.71 crore in the same period last year. The company's consolidated income grew 5.72% to INR 1,737.47 crore. Sales bookings hit INR 12,093 crore for the quarter, with a nine-month total of INR 19,187 crore. DLF Cyber City Developers reported a 117% profit growth to INR 941 crore. The recent NCLT-approved amalgamation aims to enhance operational efficiency. DLF is focusing on major developments in Chennai and Gurugram to fuel future growth.Read more

03 Feb 2025

Sundaram Home Finance recorded a net profit of INR 62.55 crore in the third quarter, slightly surpassing the INR 62.28 crore posted in the same period the previous year. Disbursements surged by 35% to INR 1,692 crore, with December marking a record monthly disbursement of INR 618 crore. For the first nine months of the financial year, net profit stood at INR 173.09 crore, slightly lower than INR 179.03 crore in the corresponding period of the previous year. However, disbursements rose by 29% to INR 4,588 crore. The company's AUM reached INR 14,577 crore, reflecting a 14% increase. Sundaram Home Finance expanded its footprint with 12 new branches and over 500 new hires while entering new markets in Chhattisgarh and Andhra Pradesh through its emerging business segment.Read more

03 Feb 2025

The Reserve Bank of India (RBI) has superseded the board of Aviom India Housing Finance due to governance failures and missed payment obligations. Former Punjab National Bank officer Ram Kumar has been appointed as the Administrator to oversee operations. Following recommendations from the National Housing Bank (NHB), the RBI plans to initiate resolution proceedings under the Insolvency and Bankruptcy Code (IBC) through the National Company Law Tribunal (NCLT). This action reflects increasing regulatory scrutiny in India's housing finance sector amid rising defaults. The case will be closely monitored as it may set a precedent for future interventions.Read more

03 Feb 2025

ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management Group, has invested INR 245 crore in a residential project in Gurugram's Sector 104, located along Dwarka Expressway. The project, spread across 4.6 acres, will include approximately 500 mid to upper-mid-income housing units, with a total saleable area of 1.2 million sq ft. Expected to generate INR 1,600 crore in revenue over five years, the investment will support land acquisition and working capital requirements.Read more

31 Jan 2025

The Ahmedabad Municipal Corporation's North West Zone recently seized two reserved plots in Chandlodia and Thaltej wards, designated for a garden and commercial sale. Builders in Chandlodia and Gota faced fines of INR 25,000 and INR 40,000, respectively, for failing to install safety measures at construction sites. In a separate operation across areas like Ghatlodia and Vastrapur, 23 vehicles were penalised for illegal parking. The property tax department also sealed 1,795 properties citywide due to tax defaults, recovering substantial amounts in the process.Read more

31 Jan 2025

Arkade Developers reported a 2.48% increase in its net consolidated profit for Q3 FY25, reaching INR 50.08 crore compared to INR 48.87 crore in the same period last year. However, total income dipped by 3.38% to INR 231.40 crore. The company achieved impressive pre-sales growth of 93% year-on-year in Q3, alongside significant progress in collections and pre-sales for 9M FY25. Arkade is expanding its portfolio with three new redevelopment projects in Mumbai's western suburbs, covering a saleable carpet area of 5.85 lakh square feet. The company remains optimistic about Mumbai's luxury housing market.Read more

31 Jan 2025

The Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund, managed by SBICAP Ventures Ltd, has reached a significant milestone by completing 50,000 homes. This government-backed initiative, launched in 2019, aims to provide priority debt financing for stressed and brownfield residential projects in the affordable and mid-income housing segments. Funded by the finance ministry, the fund has raised INR 15,530 crore and is viewed as the lender of last resort for distressed projects, including those involving litigation or non-performing assets.Read more