06 Nov 2024

Greater Noida has witnessed the registration of over 8,100 flats since February, following developers' adoption of a UP government policy aimed at reviving stalled real estate projects. A GNIDA report forecasts that an additional 8,000 flats will be registered by March. This policy requires builders to pay 25% of their recalculated dues upfront to qualify for a zero-interest waiver. Currently, 73 group housing projects with 32,435 unregistered flats are participating in the program. Additionally, GNIDA has approved a new policy to streamline flat registrations at the Senior Citizen Home Complex Welfare Society, enhancing protections for homebuyers.Read more

05 Nov 2024

PNB Housing Finance reported a 22.63% rise in Q2 FY25 net profit, reaching INR 469.68 crore, driven by robust retail segment performance, which grew 16.2% year-on-year. Revenue increased by 5.63% to INR 1,879.66 crore. Retail disbursements rose 28%, with the affordable loan segment surpassing INR 3,000 crore in assets. Gross NPAs declined to 1.24%, and assets under management grew 10.8%, reaching INR 74,724 crore. CEO Girish Kousgi highlighted the company's focus on sustainable growth in affordable housing. PNB Housing's strong asset quality and financial position underscore its strategic growth ambitions.Read more

05 Nov 2024

Embassy Office Parks REIT has reported a notable net profit of INR 1,530.35 crore for Q2 FY25, marking a significant increase from INR 216.67 crore in the same quarter of the previous year. Operational revenues and net operating income (NOI) grew by 12%, reaching INR 997 crore and INR 805 crore, respectively. The company also secured INR 2,000 crore debt to refinance maturing non-convertible debentures (NCDs). Embassy REIT's proactive leasing efforts have led to a robust 90% occupancy rate, and it has raised its leasing guidance for FY25 in response to strong demand.Read more

05 Nov 2024

Arvind Smartspaces Limited (ASL) reported significant growth in Q2 FY25, achieving a 293.35% increase in net profit, which reached INR 42.6 crore. The company's total income grew by 257.75% to INR 269.28 crore. Strong operating cash flows, high sales bookings, and steady debt reduction underscore ASL's robust performance. Key developments included the launch of Aqua City in Ahmedabad and a major project acquisition on ITPL Road, Bengaluru, with both ventures adding significant revenue potential. ASL continues to strengthen its position in the mid- and premium residential segments, aligning with market demand and expansion strategies for ongoing growth.Read more

05 Nov 2024

DLF reported a 122.1% growth in net profit for Q2 FY25, posting INR 1,381.22 crore compared to INR 621.89 crore last year. The company's income rose by 47.7% to INR 2,180.83 crore. Despite delays in product approvals, sales bookings reached INR 692 crore, with H1 FY25 bookings at INR 7,094 crore. DLF also declared a dividend of INR 5 per share, totaling INR 1,237.66 crore. Operating cash surplus stood at INR 1,211 crore, with gross margins at 45%. DLF Cyber City Developers recorded INR 1,653 crore in revenue.Read more

05 Nov 2024

Hyundai India's shares took a notable hit, dropping by 7.2% on debut due to retail investors' concerns over high valuations. Amid this challenging market, Swiggy-backed by SoftBank and Prosus-has reduced its IPO valuation to USD 11.3 billion, down 25% from an initial USD 15 billion. This decision, guided by investor feedback, prioritizes IPO success amid global uncertainties, including the upcoming US presidential election. Swiggy's move comes as India's IPO market remains strong, with 270 companies raising USD 12.57 billion this year. Notably, BlackRock and CPPIB plan to invest in Swiggy's USD 1.4 billion IPO, aiming to secure its position in India's competitive market.Read more

04 Nov 2024

Can Fin Homes (CFHL), the housing finance subsidiary of Canara Bank, recorded a 33.79% rise in consolidated net profit for the quarter ending September 30, 2024, reaching INR 211.48 crore. Its net total income rose by 10.52% to INR 962.69 crore. The company's loan portfolio grew to INR 36,591 crore, driven by strong demand in housing loans, and its loan disbursements increased by 18% over the previous year. CFHL maintained a solid financial position with a debt-equity ratio of 7.19, low non-performing assets, and a liquidity coverage ratio of 166.06%, well above regulatory requirements.Read more

04 Nov 2024

In the first nine months of 2024, India's land sale volume surged by 65%, hitting 1,700 acres in six major cities: Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune. According to CBRE South Asia, more than 100 land deals were completed, up from 60 in the same period in 2023. Delhi-NCR topped the activity, accounting for 32% of the trades, followed by Bengaluru, Mumbai, and Chennai. The increase in land transactions indicates increased investor confidence in India's real estate market, which is driven by demand in residential, office, and developing sectors such as data centres, making the country a major market for long-term investments.Read more

04 Nov 2024

India's data centre (DC) operational capacity is projected to more than double to 2,000-2,100 MW by FY2027, from 950 MW in FY2024, driven by the digital boom and data localisation. This expansion will require investments of INR 50,000-55,000 crore. Key players like NTT, STT, and CtrlS currently hold 85% of the capacity, but new entrants are investing significantly. Anupama Reddy of ICRA attributes the growth to rising data consumption, AI, and supportive policies. Hyperscalers, along with BFSI and IT/ITES sectors, are major drivers. Mumbai leads DC capacity due to its robust infrastructure, and operators are expected to shift towards green energy, aiming for 20-25% by 2028.Read more

04 Nov 2024

Godrej Properties reported net-profit of INR 333.79 crore in Q2-FY25, a significant rise from INR 72.54 crore in Q2-FY24. Total income grew 122.53% year-over-year to INR 1,346.54 crore. Booking-value for Q2 increased 3% YoY to INR 5,198 crore, with a record H1 booking-value of INR 13,835 crore. Strong demand was driven by projects in NCR, Bengaluru, and MMR, contributing to a 68% rise in collections. The company added 10 new-projects in FY25 with a potential booking value of INR 17,450 crore and delivered 6.6 million sq. ft. across 3 cities in Q2.Read more