14 Nov 2024

Hyderabad's housing market remains resilient, with a significant 20% growth in total sales value during the September 2024 quarter, despite a slight sequential dip. Square Yards reported a 7% rise in annual residential transactions, while leading developers like Aparna Constructions and Prestige Group observed strong demand for projects near the Outer Ring Road (ORR). The city saw a shift towards mid-to-high priced properties, with larger home configurations gaining popularity. The Western suburbs led in both transaction volume and sales value, underscoring the area's appeal among homebuyers and investors.Read more

14 Nov 2024

TARC Ltd. reported a significant net loss of INR 67.36 crore for the quarter ending September 30, 2024, compared to a profit of INR 1.06 crore in the same quarter last year. The company's income dropped drastically by 85.5%, falling from INR 34.67 crore to INR 5.02 crore. Despite the loss, TARC took proactive steps to manage its debt, including redeeming INR 1,000 crore in Series A debentures. Additionally, its subsidiaries raised funds through secured debentures and loans. These efforts are aimed at strengthening the company's financial position and improving its liquidity in the challenging period.Read more

14 Nov 2024

SEBI has proposed allowing REITs, SM REITs, and InvITs to use the interest rate derivatives for risk hedging, like interest rate swaps, to stabilise the cash flows and to protect the unitholders. It suggests allowing locked-in units to transfer among sponsors, enhancing sponsor flexibility without reducing commitment. Fixed deposits could count as cash equivalents for leverage calculation, and SEBI aims to clarify credit rating requirements and board vacancy timelines. REITs may invest in liquid mutual funds, and facilities like power plants and water treatment would qualify as "common infrastructure." SEBI's proposals focus on business flexibility, regulatory clarity, and investor protection.Read more

13 Nov 2024

EFC (I) Ltd, through its subsidiary EFC REIT Private Limited, secured SEBI registration for EMBERSTONE SM REIT as India's first Small & Medium Real Estate Investment Trust (SM REIT) operated by a managed office-space provider. EMBERSTONE SM REIT, with registration no. IN/SM-REIT/24-25/0003, can launch its initial offer for up to INR 500 crore. This milestone boosts EFC's Assets Under Management, aligning with its vision for scalable office spaces. EFC's Q2 FY25 net-profit rose 230.26% to INR 36.56 crore, with total income increasing 72.93% to INR 171.08 crore, reflecting substantial financial growth and market influence.Read more

13 Nov 2024

The finance company, Easy Home Finance secured USD 35 million in funding, led by the companies, Claypond Capital and Sumitomo Mitsui's Asia Rising Fund, with participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund. Targeting first-time home buyers in peripheral cities, Easy aims to expand its assets under management (AUM) from USD 90 million to USD 300 million and grow its presence from 90 to 150 locations. Launched in 2019, the company provides loans between INR 10-50 lakh, leveraging a digital platform for instant sanctions, while supporting underserved communities through digital appraisals and simplified loan processes.Read more

13 Nov 2024

The Nagpur Municipal Corporation (NMC) recently sold a prime plot in the Orange City Street project for INR 91 crore, surpassing expectations. This deal, finalized just ahead of the state assembly elections, follows previous sales that totalled INR 218.76 crore. Covering 75.34 acres, the project includes various designated zones, including plans for a vegetable and mutton market in the Laxmi Nagar area. To support this market's construction, the NMC has sought INR 128.51 crore in funding from the Maharashtra government. This successful initiative not only enhances local amenities but also serves as a model for other municipal corporations looking to utilize land assets for urban development.Read more

13 Nov 2024

Aptus Value Housing Finance has recorded a 16 per cent rise in standalone profit after tax for the latest quarter, with consolidated profit surging by 22 per cent. The company's growth is supported by expanding disbursements and a focus on productivity, as assets under management (AUM) increased by 27 per cent year-on-year. Managing Director P Balaji attributed the strong performance to consistent growth and the strategic addition of 24 branches, extending into new regions. Despite a slight increase in gross non-performing assets (NPA), the company maintained a competitive return on assets and equity, underscoring its operational and financial efficiency.Read more

12 Nov 2024

The Noida Authority is taking a firm stance to recover INR 1,578 crore in outstanding rent from licensed and leased properties after rejecting a proposed one-time settlement scheme. Instead of negotiating, the authority will issue final notices to 49 defaulting entities, including government departments and banks, warning of potential property sealing for non-compliance. This decision underscores the authority's commitment to accountability amid pressures from state oversight committees. Previous settlement schemes had limited success, highlighting ongoing challenges in resolving unpaid dues. The authority's approach reflects a broader trend in India's real estate sector toward stricter regulatory enforcement and transparency.Read more

12 Nov 2024

The Centrum Group is set to complete the sale of its housing finance subsidiary, Centrum Housing Finance, by the end of the fiscal year. Currently negotiating with multiple investors, the company is considering either a full sale or a partial stake monetisation, focusing on valuation discussions. Centrum aims for a valuation between INR 1,200 crore and INR 1,300 crore, which is lower than its parent company, Centrum Capital's market capitalisation. With a net worth of INR 450 crore and assets of INR 1,500 crore, the subsidiary has seen strong growth, including a 61% revenue increase to INR 868 crore. The final decision on the sale is expected soon and could significantly impact the burgeoning housing finance market in India.Read more

12 Nov 2024

Vridhi Home Finance, an innovative housing finance company, has raised INR 310 crore in equity funding from Norwest Venture Partners, Elevation Capital, and its founders. This follows an earlier USD 18 million investment from Elevation in October 2023. Established in 2022, Vridhi has expanded to 51 branches across five states and boasts INR 200 crore in assets under management. The new capital will enable the company to enter new markets and improve its digital onboarding system for home loans, targeting underserved self-employed individuals in small towns, with loan amounts ranging from INR 3 lakh to INR 45 lakh.Read more