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

04 Nov 2024

TARC Limited has raised INR 1,000 crore from a consortium of domestic banks, led by Kotak Mahindra Bank, to refinance existing debt and enhance working capital. The funding, secured at an interest rate of 12.75%, will improve cash flows and financial flexibility for growth. The refinancing is tied to the cash flows of TARC Kailasa and TARC Tripundra projects. TARC is investing INR 1,200 crore in TARC Kailasa, a luxury residential development in Kirti Nagar, which aims to generate INR 4,000 crore in revenue and address the demand for gated condominiums in central Delhi.Read more

01 Nov 2024

Bajaj Housing Finance Limited (BHFL) announced a 20.95% rise in its net consolidated profit for the quarter ending September 30, 2024, amounting to INR 545.60 crore, compared to INR 451.11 crore from the previous year. The company's total income for Q2 FY25 reached INR 2,410.24 crore, reflecting a growth of 26.09%. BHFL also launched an initial public offering (IPO) of 93,71,42,856 equity shares to enhance its capital. With assets under management increasing by 26% to INR 1,02,569 crore, and net interest income rising 13% to INR 713 crore, BHFL demonstrates solid financial performance and effective risk management strategies.Read more

01 Nov 2024

In 2024, India's office rental market rebounded, with average rents exceeding pre-pandemic levels. Core micro markets are witnessing remarkable growth, with increases of up to 25%. Following a sharp V-shaped recovery after the pandemic slowdown, leasing activity returned to pre-pandemic rates by 2022. Major cities like Hyderabad and Pune achieved rental recovery by 2022, while Mumbai and Delhi NCR completed their cycles in 2024. High demand for Grade A office spaces in well-connected locations continues to drive rental growth, resulting in a cumulative demand of 264 million sq ft since 2019.Read more

01 Nov 2024

The Urban Development Department of Uttar Pradesh announced a 33% revenue increase in the first half of the fiscal year, with collections rising from INR 1,054 crore to INR 1,401 crore. Factors contributing to this growth include the expansion of municipal boundaries and a digital transition in tax collection. The Lucknow Municipal Corporation led with a 43% increase, while Aligarh, Mathura, and Ayodhya posted remarkable growth rates of 183%, 139%, and 88%, respectively. Principal Secretary Amrit Abhijat highlighted ongoing efforts to achieve a total revenue increase of 50% by year-end.Read more

31 Oct 2024

Aurum PropTech has reorganized its business into three core segments-rental, distribution, and capital-driving significant growth. The rental segment saw a 32% revenue increase, boosted by expanded co-living options and the introduction of new services like NestAway Lite in the family rental segment. The capital business is transitioning its fractional ownership model into a SEBI-regulated Small and Medium Real Estate Investment Trust (SM-REIT), marking an important shift. Despite reporting a net loss, reduced losses and increased income signal positive growth. With a focus on expanding its core businesses, Aurum PropTech is well-positioned for improved financial performance in upcoming quarters.Read more

31 Oct 2024

The Lucknow Municipal Corporation (LMC) will review a proposal for a new mutation fee structure in an upcoming executive committee meeting, potentially setting a maximum fee of INR 15,000. Currently, the fee is 1% of a property's value, leading to high charges for property owners. The proposed tiered system would categorise properties by value, aiming to ease financial burdens. Concerns have been raised about the higher charges compared to existing fees set by the Lucknow Development Authority. In response to a state government directive for reduced fees, the LMC seeks to streamline the mutation process, addressing delays and improving efficiency.Read more

31 Oct 2024

Dalmia Nisus Finance Investment Managers LLP has successfully exited its investment from the Real Estate Credit Opportunities Fund - I (RECOF-I), marking a significant milestone in its focus on profitable real estate investments in India. In July 2022, RECOF-I invested INR 40 crore in Shriram Properties' Chirping Ridge project in Bangalore, achieving an impressive internal rate of return (IRR) of approximately 19% within two years. This success highlights Dalmia Nisus's effective investment strategy and strong partnerships with developers. With a total corpus of INR 1,500 crore for its Real Estate Special Opportunities Fund - I, the firm is well-positioned to capitalise on high-yield opportunities in the evolving Indian real estate market.Read more

31 Oct 2024

CBRE South Asia reports a 65% increase in land transactions in India from January to September 2024, indicating a surge in real estate activity, particularly in Delhi-NCR, which led with 32% of the total deals. Over 100 transactions covered approximately 1,700 acres, with Gurgaon contributing 65% of Delhi-NCR deals. The residential sector dominated with 61% of deals, while data centres and office properties also gained traction. Investor confidence remains strong, supported by favourable economic conditions and high demand across markets. CBRE anticipates continued momentum driven by strategic investments in the Indian real estate sector.Read more

31 Oct 2024

IIFL Home Finance Ltd. has launched its festive campaign, "Bharose Ki Keemat," featuring actor Abhishek Banerjee, who emphasizes the importance of trust in financial decisions. Set during a vibrant Diwali mela, the campaign's first video skillfully combines humor and relatability, showcasing the fluctuating 'Bharosa Meter' to illustrate trust dynamics in relationships. Enhanced by the catchy 'Bharosa Jingle,' the campaign conveys a heartfelt message about trust's significance in personal and financial interactions. With this initiative, IIFL Home Finance aims to reinforce its role as a reliable partner in homeownership, especially for the Economically Weaker Section (EWS) and Lower Income Group (LIG).Read more