25 Nov 2024

The Hubballi-Dharwad Municipal Corporation (HDMC) achieved a record INR 100 crore property tax collection within seven months of FY25, marking the highest in its history. Innovative measures such as online payments, doorstep collections, and extended tax concessions played a pivotal role in reaching this milestone. Despite challenges, including financial strain and criticism from local leaders, HDMC's people-friendly approach proved transformative. With the potential to generate INR 250 crore annually, HDMC's success underscores the importance of efficient tax collection strategies.Read more

25 Nov 2024

India's construction sector has faced a significant cost rise, with residential construction expenses rising by 11% yearly as of October 2024. Labour costs, which constitute over a quarter of total construction expenses, have increased by 25% annually and 150% over five years, outpacing material price fluctuations. Developers are addressing these challenges by enhancing budgets, diversifying supply chains, and investing in automation and workforce training. Despite cost pressures, the sector continues to evolve with the adoption of circular economy principles to enhance efficiency and sustainability. This approach ensures resilience while balancing rising costs with the delivery of high-quality, modern projects.Read more

25 Nov 2024

The Reserve Bank of India (RBI) has released its Report on Municipal Finances, analyzing the fiscal health of 232 municipal corporations from 2019-20 to 2023-24. It highlights the need for boosting non-tax revenues, such as user charges for water, sanitation, and waste management, to strengthen municipal finances and improve public services. Non-tax revenues already contribute significantly, accounting for 66.5% of municipal income from sources like market fees, parking charges, and registration fees. The report emphasizes adopting digital tools like GIS mapping and payment systems to enhance revenue collection efficiency and plugging leakages.Read more

22 Nov 2024

The Greater Noida Industrial Development Authority (GNIDA) has taken action against developers with outstanding dues, issuing recovery certificates (RCs) to Antriksh Engineers, Elegant Infracon, and MSX Realtors, who collectively owe over INR 159 crore. The recovery follows a December 2023 policy offering interest waivers on stalled housing projects. GNIDA has already collected INR 550 crore in initial deposits and expects an additional INR 1,302 crore from remaining payments, marking progress in resolving overdue liabilities.Read more

22 Nov 2024

National Asset Reconstruction Co (NARCL) has raised its offer to INR 12,000 crore for the INR 54,000 crore debt of Jaiprakash Associates (JAL), despite the company's ongoing insolvency appeal at the National Company Law Appellate Tribunal (NCLAT). The bid includes a 15% upfront payment and 85% in government-guaranteed security receipts. JAL's assets, including cement plants, real estate, and hospitality ventures, are key to resolving India's second-largest insolvency case. With delays and promoter litigation, creditors may prefer NARCL's streamlined debt consolidation. The revised bid marks a significant step towards resolving this prolonged bankruptcy case under the IBC framework.Read more

22 Nov 2024

Global investment firms, including Morgan Stanley and Societe Generale, have acquired a 6.82% stake in PNB Housing Finance, purchasing 1.77 crore shares for INR 1,664 crore. Morgan Stanley led the investments, acquiring 5.4% through its Asia Singapore subsidiary. These transactions highlight renewed optimism in the housing finance sector. Conversely, Carlyle Group has reduced its stake, selling 2.45 crore shares for INR 2,301.58 crore, lowering its ownership from 19.87% to 10.44%. Following these transactions, PNB Housing Finance shares dropped 6.9% to INR 915.35. Amid challenges like rising interest rates and opportunities in affordable housing, PNB Housing Finance faces a pivotal period of market adjustments.Read more

22 Nov 2024

The Pune Municipal Corporation (PMC) faces a projected INR 300 crore shortfall in property tax collections, primarily due to election-related restrictions and halted tax recovery in newly merged areas. By October, PMC collected INR 1,725 crore against its INR 2,600 crore target, with an additional INR 600 crore expected by March 2025. Efforts to enhance recovery in merged villages have been stalled by the poll code and state directives. With property tax as a key revenue source for its INR 11,601 crore budget, PMC must explore alternative strategies and collaborate with state authorities to stabilize finances and meet fiscal commitments.Read more

22 Nov 2024

Sammaan Capital Limited (SCL), formerly Indiabulls Housing Finance, reported strong financial results for H1 FY25, with a net worth of INR 20,000 crore, up INR 3,000 crore. The parent entity consolidated its position by acquiring a INR 5,500 crore legacy loan book, boosting capital adequacy to 26%. Sammaan Finserve, now focused on affordable housing finance, is poised for higher valuations in a growing sector. Improved asset quality, with SMA and NPA levels at record lows, reflects proactive provisioning of INR 4,500 crore. With stable credit costs and a robust capital base, SCL is well-positioned to drive growth in affordable housing finance.Read more

21 Nov 2024

SEBI has exempted InvITs and REITs from lock-in and allotment restrictions for units issued under unit-based employee benefit (UBEB) schemes, simplifying the process of acquiring and transferring units to employees. Additionally, SEBI has standardized the quarterly reporting format and directed the Bharat InvITs Association and Indian REITs Association to implement uniform compliance templates. These measures aim to enhance transparency, operational efficiency, and consistency across the sectors. By improving processes and ensuring accessible reporting, SEBI's initiatives benefit investors and employees while fostering better compliance and ease of business within the InvIT and REIT ecosystems.Read more

21 Nov 2024

The revision of guideline values in Tamil Nadu has significantly boosted the state's registration department revenue, adding INR 1,222 crore in the first seven months of FY 2024-25 compared to the previous year. Revenue rose from INR 10,511 crore to INR 11,733 crore, driven by higher registration fees and increased transaction volumes. During a review meeting, Revenue and Registration Minister P. Moorthy emphasized faster processing and digitalisation to enhance efficiency and transparency. Ahead of the busy Aippasi month, token allocations were increased to manage demand at registration offices. These measures reflect the government's commitment to improving service delivery and streamlining property registration processes.Read more