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

21 Nov 2024

Indore recorded property transaction revenue of INR 214 crore in October, a 12.8% year-on-year increase, driven by heightened activity during the festive season. Across the Indore-Ujjain division, revenue from property registrations totaled INR 376 crore, reflecting 15% growth compared to the previous year. Festivals like Navratri and Diwali played a pivotal role in boosting registrations, with Ujjain seeing a 16% rise and Dhar registering a 43% rise. Industry experts attribute the growth to the auspicious timing and ongoing infrastructure projects, such as the metro and flyovers. However, rising property prices are expected to temper further growth in the market.Read more

21 Nov 2024

Awfis Space Solutions reported a net profit of INR 38.67 crore for Q2 FY25, a turnaround from last year's INR 4.34 crore loss. The company saw a 40.31% rise in total income, reaching INR 301.95 crore. With a 73% exit-month occupancy rate and 84% in centres over 12 months, demand for flexible workspaces remains strong. Awfis now operates over 150,000 seats across 224 centres, on track to meet its target of 135,000 operational seats by March 2025. CEO Amit Ramani credited the company's asset-light model for its success in optimising returns while minimising risks.Read more

21 Nov 2024

The BBMP has urged property tax defaulters to clear dues under the One-Time Settlement (OTS) scheme, which offers waivers on interest and penalties and is set to expire this month. Defaulters face additional charges from December 1 if payments are not made. Across Bengaluru, over 1.6 lakh defaulters owe INR 397.3 crore in property tax arrears. In Yelahanka zone, proactive measures, including attaching 212 properties and sealing 54 establishments, have achieved 85.4% of the collection target. BBMP Chief Commissioner Tushar Giri Nath has directed officials to intensify enforcement actions, emphasizing the importance of recovering dues to improve revenue compliance.Read more

21 Nov 2024

Industrial Investment Trust (IITL) is launching a Category I Alternative Investment Fund (AIF) with a target corpus of INR 500 crore, focusing on real estate projects in tier 1 and tier 2 cities. This strategic move aims to tap into high-growth urban centres, offering attractive returns for investors. Additionally, IITL is introducing a housing finance company to support homebuyers, further bolstering its presence in the real estate sector. In FY 2024, IITL reported an 18.6% year-on-year profit growth, with net profits of INR 51 crore. These initiatives reflect IITL's robust financial health and commitment to driving India's real estate growth.Read more

20 Nov 2024

GIC Housing Finance reported substantial profit growth for Q2 FY25, with net profit reaching INR 36.52 crore, up 20.97% from INR 30.19 crore in the same period last year, reflecting strong operational performance. Despite this, total income declined slightly to INR 265.70 crore, down 1.66% from INR 270.19 crore due to sectoral and market changes. The company's net worth stands at INR 1,880.55 crore, with a debt-equity ratio of 4.60 and debt comprising 81.47% of assets, typical for housing finance. With a 13.74% net profit margin, GIC Housing Finance demonstrates resilience and efficiency, showcasing its potential for continued growth in a competitive market.Read more

20 Nov 2024

The Bombay Stock Exchange (BSE) has approved the Draft Red Herring Prospectus (DRHP) for Nisus Finance Services Co. Limited, paving the way for an initial public offering (IPO). The move will allow Nisus Finance to expand its capital structure, enhance its infrastructure, and further develop financial services hubs in key global markets. With plans to issue a combination of fresh equity and an offer for sale, the IPO aims to bolster Nisus Finance's footprint in real estate financing and fund management. Key financial players, including Beeline Capital and Skyline Financial, are involved in the IPO's orchestration.Read more

20 Nov 2024

Eldeco Housing & Industries recorded a 29.64% decline in net profit for Q2 FY25, with profits at INR 4.51 crore, while total income rose significantly to INR 36.38 crore, marking a 95% increase year-on-year. Chairman Pankaj Bajaj attributed the profit drop to the revenue mix of current projects, though the company continues its expansion, recently acquiring an additional 3.84 acres for a new township. With 65 acres aggregated, Eldeco expects the upcoming project to generate over INR 600 crore in revenue, targeting a launch early next year.Read more

20 Nov 2024

Uttar Pradesh has introduced a draft policy to streamline land allocation for group housing projects across three industrial development authorities. The policy aims to prevent defaulters and companies linked to defaulting promoters from participating in bids. The move seeks to recover approximately INR 40,000 crore in dues. It outlines eligibility, lease terms, and financial criteria to ensure only viable developers qualify. Notably, applicants must have a net worth of at least INR 30 crore for plots up to 1 lakh sqm, increasing for larger plots. The draft also proposes measures for transparent bidding, land transfer policies, and handling delays.Read more

20 Nov 2024

Nexus Select Trust reported a 56.16% decline in net-profit for Q2-FY25, with profit-after-tax at INR 1,102.36 million compared to INR 2,514.62 million in the same quarter last year. Net-operating-income reached INR 3,713 million, a 5% year-on-year increase, while total-income rose 3.48% to INR 5,762.79 million. Distributions of INR 3,040.61 million (INR 2.007/ unit) were declared. CEO Dalip Sehgal highlighted resilient-performance, with 18% consumption-growth in October-2024 and expected acquisitions of 1.3 million sq ft in H2-FY25. Debt-cost decreased by 10 bps, with NAV at INR 147.04 per-unit.Read more