31 Jan 2025

Adani Infra, a subsidiary of the Adani Group, is seeking approval from the Competition Commission of India (CCI) to acquire a majority stake in PSP Projects Ltd. The transaction involves purchasing shares from the current promoters, including Prahaladbhai S. Patel, and a public open offer. The acquisition aims to consolidate Adani Infra's position in the construction sector, with PSP's order book valued at INR 6,546 crore as of September 2024. Adani Infra plans to increase its stake to 30.07 per cent and make an open offer for an additional 26 per cent, making it the largest shareholder.Read more

31 Jan 2025

Infra.Market, a technology-driven platform for building materials, has raised INR 1,050 crore in a pre-IPO funding round, elevating its valuation to INR 24,147 crore. Investors such as Tiger Global, Evolvence, and Nikhil Kamath participated in this round. With partnerships established with eight major investment banks, the company plans to file its draft papers with SEBI soon. Known for its supply to landmark projects like the Mumbai Metro and Apple's Foxconn factory, Infra.Market continues to expand its retail footprint with over 10,000 touchpoints and 30 flagship stores. In FY24, it reported revenues of INR 14,530 crore and a PAT of INR 378 crore.Read more

30 Jan 2025

Commercial office leasing in India's six major cities is anticipated to grow by 10-11% in FY25, reaching 59-60 million square feet, with a further 3-4% rise in FY26, according to ICRA. Driven by demand from Global Capability Centres (GCCs) and domestic corporations, this trend is underpinned by India's skilled talent pool and competitive office rental rates. Vacancy rates are expected to drop to multi-year lows despite substantial new supply. Additionally, retail mall operators are forecasted to experience a rental income increase of 7-8% in FY25 and 8-9% in FY26, reflecting robust occupancy levels and rising trading values.Read more

30 Jan 2025

Mindspace Business Parks REIT (Mindspace REIT) posted a 1.32% decline in net profit for Q3 FY25, reporting INR 1,449.55 million compared to INR 1,468.89 million in the same period last year. However, total income surged by 10.42% to INR 6,744.72 million. The board declared a distribution of INR 5.32 per unit, totaling INR 3,154.86 million. Leasing activity remained robust, with 1.7 million sq. ft. leased during the quarter. The REIT is expanding its portfolio, with a planned acquisition of a 1.8 million sq. ft. IT park in Hyderabad, maintaining a stable loan-to-value ratio of 22.6%.Read more

30 Jan 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

29 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) will auction four properties with outstanding tax dues totaling INR 2.52 crore, following repeated warnings to owners. Auctions will take place on February 5 for an East Zone property with arrears of INR 11 lakh and on February 6 for properties in Dasarahalli and Bommanahalli Zones, with dues ranging from INR 30 lakh to INR 1.8 crore. Conducted under Section 156(5) of the BBMP Act 2020, the initiative aims to recover unpaid taxes and enforce compliance. Property owners can avoid auction by clearing dues before the scheduled dates. More than 500 additional auction notices are expected in the coming weeks.Read more

29 Jan 2025

A large number of Group 'A' and Group 'B' Income Tax officials are yet to submit their Immovable Property Returns (IPRs), with the deadline for filing set for January 31, 2024. As of earlier this year, over 10,000 officials were still to complete the process. The Central Board of Direct Taxes has advised officials to file their returns well before the deadline to avoid technical issues caused by heavy traffic on the SPARROW portal. Failure to submit IPRs by the due date can result in several administrative consequences, such as denial of vigilance clearance and training opportunities.Read more

29 Jan 2025

In a major relief for small taxpayers enrolled in the composition scheme, the Central Board of Indirect Taxes and Customs (CBIC) has removed the 18% GST liability on rents paid to property owners not registered under GST. This change, effective retrospectively from earlier this month, aims to address the working capital challenges faced by small businesses, especially restaurants and service providers. Previously, GST-registered tenants were required to pay 18% GST under the reverse charge mechanism (RCM) for such rentals, which created financial strain as they were unable to claim input tax credit (ITC). Industry experts have welcomed this move, highlighting its positive impact on small-scale traders and businesses.Read more

28 Jan 2025

The Pune Municipal Corporation (PMC) has initiated efforts to recover commercial taxes from businesses operating in slum areas, aiming to generate approximately INR 100 crore in revenue. This move follows the civic body's struggle to recover dues from larger defaulters, including mobile towers that owe INR 3,500 crore. While PMC is focusing on slum-based businesses, civic activists have urged them to prioritise larger defaulters and discourage recurrent tax amnesty schemes. The Slum Rehabilitation Authority (SRA) projects have rehabilitated approximately 11,000 slum dwellers, yet challenges remain due to space constraints and the demand for rehabilitation within the same locations.Read more

28 Jan 2025

The Ahmedabad Municipal Corporation (AMC) reported a 9.82% increase in property tax revenue, rising from INR 1,175.04 crore in 2023-24 to INR 1,290.47 crore in 2024-25. The central zone saw the highest growth at 29.96%, while the northwest zone followed with a 20.61% rise. However, the west zone experienced a 5.95% decline due to reassessment delays, with collections dropping to INR 280.39 crore. AMC aims to complete tax bill distribution by January-end, expecting revenue to rise in February and March. Efforts to streamline reassessment and billing processes are crucial for sustaining revenue growth.Read more