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

11 Nov 2024

EFC (I) has secured SEBI registration for Emberstone SM REIT as a small and medium real estate investment trust, allowing it to make an initial offer of up to INR 500 crore for its first scheme. This development will significantly boost the EFC Group's assets under management and office space portfolio nationwide. The company recently reported a substantial increase in net consolidated profit and has also finalised a lease for a property in Hyderabad, expanding its presence at Silicon Towers to over 200,000 square feet.Read more

11 Nov 2024

Afcons Infrastructure, the flagship company of the Shapoorji Pallonji group's infrastructure division, closed its IPO on a strong note, achieving an overall subscription rate of 2.63 times, driven by robust institutional investor demand. While retail investor interest fell slightly short at 94% of its allocation, Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) oversubscribed their portions by 3.79 times and 5.05 times, respectively. The IPO raised INR 5,430 crore, including INR 1,250 crore in fresh issues for capital expenditure, working capital, and debt repayment, and INR 4,180 crore from a promoter's offer for sale. Afcons' diversified portfolio across sectors positions it well for future growth, enhancing its role in national infrastructure development.Read more

11 Nov 2024

The Ahmedabad Municipal Corporation (AMC) recently auctioned 13 plots but succeeded in selling only four, achieving impressive returns on each. The highest bid was for a 4,658 sq m plot in Bodakdev, which sold for INR 3.07 lakh per square metre, totaling INR 143 crore-well above its INR 125.76 crore base price. The total revenue from the four plots reached INR 235.97 crore, exceeding the base price of INR 194.57 crore by over INR 40 crore. This success reflects strong real estate demand in the region, with the AMC set to finalize sales after an upcoming standing committee approval.Read more

11 Nov 2024

Sundaram Home Finance reported a net profit of INR 44 crore for Q2 FY2024, down from INR 59 crore in the same quarter last year, despite a significant rise in disbursements to INR 1,543 crore. For the first half of FY2024, net profits reached INR 111 crore, slightly lower than INR 117 crore in the previous year, while disbursements soared to INR 2,897 crore. The company's expansion into markets like Pune, Indore, and Belgaum aligns with its strategy to target Tier II and III towns, reflecting the growing demand for affordable housing and financial solutions.Read more

11 Nov 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced a crackdown on unpaid property taxes by sealing properties with outstanding dues. This enforcement follows the One-Time Settlement (OTS) scheme, which allowed property owners to clear their debts by November 30, waiving compound interest and offering penalty rebates. On the first day of the drive, 115 properties were sealed, with the East zone having the highest number of defaulters. City officials stress the importance of tax compliance for funding public services and infrastructure. Property owners are urged to take action and utilise the OTS scheme before further enforcement measures are implemented.Read more

08 Nov 2024

The Indian real estate sector has emerged as a dominant player in the capital markets, accounting for a significant 17% of the total qualified institutional placements (QIP) issuance across sectors. The real estate sector raised INR 12,801 crore out of the total INR 75,923 crore raised through QIPs. This trend reflects the increased appetite of real estate developers to raise funds through IPOs and QIPs, particularly in the post-COVID era. The success of these capitalization efforts underscores the sector's continued ability to attract both retail and institutional investors, driven by factors such as improved transparency, strong post-pandemic recovery, and rising investor confidence.Read more

08 Nov 2024

LIC Housing Finance reported a Q3 net profit of INR 1,327.29 crore, up 11.2% from last year's INR 1,193.57 crore, driven by a 2.55% increase in total income to INR 6,938.81 crore. MD & CEO Tribhuwan Adhikari highlighted the role of stable interest rates and the festive season in driving growth. As of September 30, 2024, the company holds a net worth of INR 31,241 crore with a debt-equity ratio of 8.42. Its outstanding loan portfolio grew by 6% to INR 2,94,588 crore, with individual loans at INR 2,50,879 crore. Expected Credit Loss (ECL) is INR 5,458 crore, with Stage 3 EAD at 3.06%.Read more

08 Nov 2024

SRG Housing Finance Ltd. (SRGHFL) reported strong growth for the quarter ending September 30, 2024, with net consolidated profit rising by 25.48% to INR 66 million, driven by increased loan disbursements and portfolio expansion. Consolidated income also increased by 18.11% year-over-year to INR 368.4 billion. Managing Director Vinod Jain highlighted a 41.26% quarterly rise in disbursements, aligning with SRGHFL's targets of INR 7.5 billion in assets under management (AUM) in the short term and INR 10 billion in the medium term. With a stable debt-to-equity ratio, robust capital adequacy, and low non-performing asset levels, SRGHFL is well-positioned for sustained growth.Read more

08 Nov 2024

HDFC Standard Life Insurance recently acquired a notable stake in PNB Housing Finance, investing INR 90 crore through an open market transaction. This move, capturing a 0.4 per cent share of PNB Housing, aligns with HDFC Standard Life's interest in housing finance. Meanwhile, foreign investor Asia Opportunities V (Mauritius) Ltd continued its gradual reduction of holdings in PNB Housing, lowering its stake from 1.34 per cent to 0.94 per cent. This transaction follows previous divestments by Asia Opportunities V and General Atlantic earlier in the year, which saw substantial share sales worth hundreds of crores.Read more