16 Jan 2025

ICICI Bank has leased 1.29 lakh sq ft of commercial space in Turbhe, Navi Mumbai, from Arihant Superstructures for an annual rent of nearly INR 9 crore. The lease, spread across four floors, includes a tenure of nine years with a 14% rental escalation every three years. Recently, HDFC Bank had also leased 4 lakh sq ft across eight floors in Airoli West's Mindspace Business Parks for over INR 320 crore over ten years. Navi Mumbai's evolving infrastructure, such as the Navi Mumbai International Airport, Atal Setu and metro projects, continues to boost its prominence as a hub for industries like banking and IT.Read more

16 Jan 2025

Karnataka witnessed a significant decline in property registrations in late 2024, attributed to the implementation of the e-khata system and a mid-December transfer of sub-registrars. In December 2024, only 1.5 lakh documents were registered-the lowest monthly tally of the financial year-causing a revenue shortfall of INR 1,971 crore against a target of INR 18,388 crore. Despite the slowdown, there was a 17% increase in revenue compared to 2023. Officials are optimistic that transparency measures and a potential second hike in property guidance values will fuel long-term growth and help meet the state's annual revenue target.Read more

16 Jan 2025

Raj Chodankar, founder of RRP Electronics, has purchased a luxury apartment in Mumbai's Bandra-Kurla Complex (BKC) for INR 34 crore. The 3,132 sq. ft. apartment in Signia Pearl tower marks a significant family investment in Mumbai's premium real estate market. This transaction aligns with the city's trend of rising high-value property deals, driven by affluent buyers and resilient market growth. Simultaneously, RRP Electronics is investing over INR 5,000 crore in a semiconductor manufacturing plant in Maharashtra, reflecting its role in advancing India's tech sector. The purchase underscores the synergy between Mumbai's luxury real estate and economic innovation.Read more

15 Jan 2025

Casagrand Premier Builder, based in Chennai, has received final approval from the Securities and Exchange Board of India (SEBI) to raise INR 1,100 crore through an initial public offering (IPO). The IPO will comprise a fresh issue of up to INR 1,000 crore and an offer for sale of up to INR 100 crore by promoter shareholders. Proceeds from the fresh issue will be used to repay certain borrowings and for general corporate purposes. The IPO's lead managers are JM Financial and Motilal Oswal Investment Advisors, while KFin Technologies is the registrar.Read more

15 Jan 2025

The Ahmedabad Municipal Corporation (AMC) has intensified its efforts to enforce property tax compliance and cleanliness regulations. This week, the AMC sealed 825 properties in the eastern part of the city, recovering INR 47.72 lakh in overdue taxes. Simultaneously, the solid waste management department inspected 432 units in the south zone, issuing 150 notices, sealing 17 units, and imposing fines totaling INR 1.14 lakh for littering violations. Similar actions in the north zone resulted in fines of INR 75,000. These measures reflect AMC's commitment to ensuring civic compliance and maintaining cleanliness, with stricter inspections and penalties anticipated in the future to uphold city standards.Read more

Vriti Gothi

15 Jan 2025

GMR Group, a key player in India's infrastructure sector, has received a significant investment of INR 6,300 crore (approximately USD 750 million) from the Abu Dhabi Investment Authority (ADIA). The funds will be used to refinance existing debts of GMR Enterprises Pvt Ltd, boosting the financial health of its airport operations. This move aligns with ADIA's confidence in India's aviation sector and its growth prospects. GMR's strong portfolio of airports in India and abroad underscores its strategic importance in the global aviation market.Read more

15 Jan 2025

hBits, a rising real estate platform, secured INR 40 crore in Series A funding from Capricon Realty, part of the Thackersey Group. The funds will enhance its technology platform and support geographic expansion. hBits has applied for a small and medium REITs (SM REITs) license with SEBI, aiming to democratize real estate investments. The company targets a threefold increase in assets under management (AUM) to INR 1,500 crore by FY26. By leveraging technology, building strategic partnerships, and introducing SM REITs, hBits is poised to revolutionize real estate investing in India, offering broader access and stable returns to investors amidst market volatility.Read more

14 Jan 2025

In a landmark ruling, the Gujarat High Court has exempted the transfer of leasehold rights in land granted by the Gujarat Industrial Development Corporation (GIDC) from goods and services tax (GST). This decision provides relief to businesses in Gujarat and Maharashtra, which faced retrospective GST demands of 18%, totaling INR 8,000 crore. The court ruled that such transactions should be treated as land sales, already subject to stamp duty, avoiding double taxation. While the judgment offers clarity and a precedent for similar disputes nationwide, including cases pending before the Bombay High Court, a definitive resolution may depend on a Supreme Court judgment or guidance from the Central Board of Indirect Taxes and Customs.Read more

14 Jan 2025

State-owned lender India Infrastructure Finance Company Ltd (IIFCL) is preparing to raise USD 200 million via external commercial borrowing (ECB) this month to bolster its infrastructure funding capabilities. Managing Director P R Jaishankar highlighted that this marks IIFCL's first ECB since its establishment in 2007, emphasising its strategy to diversify funding sources. The company aims to mobilise INR 8,000 crore by March 2025, with the current fiscal's total target at INR 29,000 crore. Collaborative funding with the Asian Development Bank and Korean Development Bank is also underway, reflecting IIFCL's commitment to infrastructure development.Read more

14 Jan 2025

India's housing sales surged to a 12-year high in 2024, growing 7% year-on-year across eight major cities to 350,613 units, fueled by strong demand for premium homes, according to Knight Frank. Mumbai led with an 11% increase, while Hyderabad and Pune also set record highs. However, the affordable segment under INR 50 lakh faced challenges, indicating a shift in buyer preferences towards larger, well-amenitized properties. While Knight Frank highlights robust sales, Anarock reports a 4% decline across seven cities, reflecting market complexities. As the focus shifts to premium housing, balancing this demand with affordable solutions will be crucial for sustained growth in 2025.Read more