28 Oct 2024

Shareholders of Reliance Infrastructure have overwhelmingly approved a plan to raise INR 6,000 crore through a preferential issue of shares and qualified institutional placement (QIP). Over 98% of votes favored the resolutions via postal ballot. The fundraising, approved by the board on September 19, includes INR 3,014 crore from the preferential allotment of 12.56 crore shares at INR 240 each, with significant investments from promoters and key investors. This initiative will boost Reliance Infrastructure's net worth from INR 9,000 crore to INR 12,000 crore and nearly eliminate its debt, positioning the company for growth and enhanced shareholder value.Read more

25 Oct 2024

Primus Senior Living has raised USD 20 million in seed funding, led by General Catalyst with participation from Nikhil Kamath and Gruhas. The funding will fuel Primus' mission to create India's first full-stack solution for senior care, offering healthcare, lifestyle support, and proactive aging services directly to elders' homes. By building intergenerational communities and leveraging technology, Primus aims to ensure seniors can age with dignity and maintain a high quality of life. The investment underscores a growing commitment to revolutionizing eldercare in India.Read more

25 Oct 2024

Ek.indUS, a joint venture with IMMCO Investments, has launched in India, providing Indian-investors access to U.S. residency through the EB-5 program. This initiative offers a secure-pathway for investors to obtain U.S. permanent-residency by investing at least USD 800,000 into a U.S. commercial enterprise, which must create over 10 American jobs. Investors benefit from a U.S. green card for themselves, their spouse, and dependent-children under 21, with a potential path to citizenship. Ek.indUS provides comprehensive support, ensuring a smooth process for Indian investors, and boasts a 100% acceptance rate over 13 years with over 500 successful applicants.Read more

25 Oct 2024

Ghaziabad Municipal Corporation (GMC) faces financial strain due to unpaid municipal service charges from government properties. Currently, 69 state government properties owe INR 162.55 crore, while 41 central government buildings have outstanding dues of INR 280.7 crore. Despite efforts to collect, significant payments remain overdue. These service charges, vital for maintaining local infrastructure, are based on the buildings' rental values, yet exemptions granted to agencies like DMRC and NCRTC complicate collections. GMC's struggles highlight the need for clear, enforceable policies to ensure government properties contribute to local services, safeguarding the financial stability of municipal bodies.Read more

25 Oct 2024

The Madurai Corporation plans to implement a 6% increase in property tax starting from 1st October for the second half of the financial year. Opposition councillors criticise the decision for lacking adequate notice and burdening taxpayers again. Corporation officials anticipate collecting INR 230 crore in property taxes for 2023-24, with a target of over INR 260 crore for 2024-25, in line with the Tamil Nadu Urban Local Bodies Rules, 2023. Commissioner Dinesh Kumar defends the hike, citing the need for proportional tax collection to secure government funds. To encourage timely payments, the corporation offers incentives, including a 5% discount for early payers.Read more

24 Oct 2024

After a year-long pause, the Mysore Urban Development Authority (MUDA) is gearing up to restart auctions for corner and intermediate sites, a crucial revenue generator. MUDA has also acquired 14 sites surrendered by Chief Minister Siddaramaiah's wife, Parvathi, but these will be auctioned only after the investigation into the alleged scam concludes. The process was delayed due to the absence of a chairman, the 50:50 scam, and preoccupation with the Dasara festival. Now, with approvals pending, MUDA Commissioner AN Raghunandan has confirmed that site auctions will begin soon, offering around 200 sites across various localities.Read more

24 Oct 2024

India's luxury housing market, defined as properties priced at INR 4 crore and above, has witnessed a remarkable 37.8% year-on-year growth from January to September 2024, with total sales reaching 12,625 units. Key markets like Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 90% of these sales. A similar trend continued in the July to September quarter, where sales surged by 82% year-on-year, with significant contributions from Kolkata. The rising demand is attributed to affluent buyers seeking spacious living with enhanced amenities and the increasing involvement of NRIs and domestic investors in luxury properties.Read more

24 Oct 2024

The recent auction of plots in Navi Mumbai by CIDCO saw a tepid response, with only 15 of 47 plots receiving qualified bids, despite ongoing mega-projects that typically drive up property demand. Developers cited high base prices as the primary reason for the limited interest, arguing that the location of many plots did not justify the high rates. CIDCO, however, refuted these concerns, with Vice Chairman Vijay Singhal noting that prices were based on an independent market analysis by Knight Frank, not CIDCO. Some plots saw bids as much as 118% above the base rate. Godrej Properties, among successful bidders, purchased three plots in Kharghar for INR 716.58 crore. While the auction saw fewer bids, it highlights varying demand across locations in Navi Mumbai.Read more

24 Oct 2024

Pune's property market saw a 33% drop in registrations in September 2024, with only 11,056 units registered, compared to 16,604 in the same month last year. This decline is largely attributed to the cultural observance of the Shraadh period, during which buyers avoid significant financial transactions. Despite this temporary downturn, Pune's property market has shown resilience overall. From January to September 2024, property registrations grew by 29%, totaling 138,412 units, and stamp duty collections reached INR 5,253 crore, a 38% year-on-year increase. Shishir Baijal, Knight Frank India's Chairman, emphasized Pune's strong market fundamentals, driven by rising incomes, positive buyer sentiment, and ongoing infrastructure development.Read more

23 Oct 2024

SEBI is set to auction 15 properties owned by Mangalam Agro Products, Sumangal Industries, and Falkon Industries India as part of its recovery efforts following violations of regulatory norms. Quikr Realty will assist in the auction, which will feature properties from these companies and others, including Ravi Kiran Realty India and Purusattam Infotech Industries. Bidders are advised to conduct independent inquiries regarding the properties before placing bids.Read more