28 Nov 2024

The Colliers' 2025 APAC Real Estate Outlook reveals strong investor optimism, with 69% planning to allocate over 30% of global assets to real estate. India emerges as a key investment destination, attracting USD 19 billion in institutional investments since 2021. Driven by expectations of interest rate cuts and economic growth, investors are targeting office, industrial, logistics, and multi-family sectors. The report highlights increasing capital inflows, sustainable investment trends, and promising growth prospects in the Asia Pacific region for 2025.Read more

28 Nov 2024

RULOANS Distribution Services has introduced India's first fully digital lending solution for home loans (HL) and loans against property (LAP) on its RUCONNECT app. Launched in collaboration with Piramal Capital & Housing Finance Ltd in September 2024, the platform enables end-to-end digital processing, simplifying loan distribution for channel partners. In just 60 days, over 7,000 applications have been processed, disbursing INR 35 crore in loans, with INR 100 crore in the pipeline. The app's seamless experience supports DSAs by eliminating physical branch visits and enhancing efficiency. This innovation marks a significant shift towards technology-driven solutions in India's secured loan market.Read more

27 Nov 2024

Star Housing Finance Limited (Star HFL) reported outstanding financial results for Q2 FY25, showcasing a 62% year-on-year growth in Assets Under Management (AUM) to Rs. 517.84 crore and a 60.56% rise in interest income. The company maintained a healthy Net Interest Margin (NIM) of 7.47% and achieved a 78.28% increase in pre-tax profit (PBT) to Rs. 3.94 crore. Asset quality remained strong with a GNPA ratio of 1.56%. Star HFL secured Rs. 70 crore in funding to support expansion and continues to meet affordable housing finance needs across multiple states, focusing on underserved economically weaker sections and low-income groups.Read more

27 Nov 2024

The National Company Law Tribunal (NCLT) has approved Mahindra Homes' capital reduction proposal, following a special resolution from its equity shareholders. This decision involves the cancellation of specific Series B and C equity shares held by global investment firm Actis and Mahindra Lifespace Developers. With approximately INR 214 crore received from homebuyers classified as current liabilities, Mahindra Homes assures that the reduction will not disrupt operations or project timelines, especially under RERA compliance. The ruling underscores the significance of clear communication with stakeholders, particularly homebuyers, in maintaining trust within the real estate sector.Read more

27 Nov 2024

The Gujarat government has unveiled the draft Annual Statement of Rates for 2024, popularly known as the Jantri rates, for public review until December 20. This document is crucial for determining the market value of land and properties in the State. The updated rates are expected to be implemented in January 2025. Following a doubling of jantri rates in April 2023, a comprehensive survey was conducted across urban and rural areas to ensure accurate land valuations. Chief Minister Bhupendra Patel has acknowledged farmers' requests for increasing the rates due to inadequate land acquisition compensation. Public feedback will be considered before finalizing the rates.Read more

27 Nov 2024

Enviro Infra Engineers Limited has officially launched its initial public offering (IPO), open for subscription until November 26, 2024. The company aims to raise INR 650.43 crore, with a price band set between INR 140 and INR 148 per share. The offering includes a fresh issue of 38,680,000 shares and an Offer for Sale (OFS) of 5,268,000 shares by promoters. Prior to the IPO, Enviro Infra secured INR 194.7 crore from anchor investors. With a strong financial track record, the company plans to use the proceeds for working capital, project funding, and general corporate purposes, positioning itself for continued growth in the wastewater management sector.Read more

27 Nov 2024

The Brihanmumbai Municipal Corporation (BMC) is ramping up efforts to recover outstanding property tax dues from major defaulters as revenue continues to decline. Over the past decade, the BMC has attached 3,322 properties valued at INR 3,438 crores. The highest dues, amounting to INR 880 crores, are concentrated in areas like Prabhadevi and Worli. Recently, notices were sent to ten defaulters owing INR 600 crores, warning of property auctions if debts are not settled. The BMC is adopting a strict approach, including asset auctions, to ensure compliance and recover funds.Read more

26 Nov 2024

ArisInfra Solutions Ltd has received SEBI's approval to raise INR 600 crore via an IPO, entirely a fresh issue of equity-shares with no OFS component. The Mumbai-based B2B firm, which filed draft IPO papers in August and received observations on November 13, plans to use proceeds for working-capital, investment in its subsidiary Buildmex-Infra, loan-repayment, and general corporate purposes. Specializing in digitized-procurement of construction materials, it supplied 10.35 million tonnes from April 2021 to March 2024, serving 2,133 customers via 1,458 vendors across 963 pin codes. JM Financial, IIFL Securities, and Nuvama are the lead managers for the issue.Read more

26 Nov 2024

With just a week left to settle property tax arrears under the One-Time Settlement (OTS) scheme, around 200,000 out of 390,000 defaulters owe a staggering INR 373 crore. The Bruhat Bengaluru Mahanagara Palike (BBMP) has confirmed that no further extensions will be granted beyond November 30, urging defaulters to pay their dues to avoid steep penalties. As of mid-November, the BBMP has collected INR 360 crore of the INR 733 crore owed. As part of its recovery efforts, the BBMP has begun attaching and sealing properties.Read more

26 Nov 2024

The municipal corporation is owed INR 1,881 crore in property tax, with 15% of this owed by 100 major defaulters, who collectively owe INR 288.4 crore. The corporation plans to target these defaulters to boost revenue, with actions such as sealing properties, disconnecting water supply, and auctioning properties if dues remain unpaid. While the MCG has projected INR 300 crore in property tax earnings for the current fiscal year, it fell short of its INR 500 crore target last year. Residents' welfare associations have pointed out that data errors in property IDs, including incorrect contact details and property sizes, have contributed to payment delays.Read more