21 Oct 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) launched its e-khata system to streamline property record management, but its pilot in the East zone saw slow uptake. Since 2022, only 8.6% of the 3.5 lakh property owners have adopted the system. The initiative aims to reduce fraud and improve transparency, but awareness and documentation challenges, such as GPS and KYC submissions, have hindered progress. Despite extensive promotion, many property owners have yet to link their GPS data. To ensure success, BBMP needs to address these issues, as the system promises to simplify property transactions and increase accountability.Read more

21 Oct 2024

InCorp Global has made history by becoming the first company at GIFT IFSC to secure a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence. This authorisation allows the firm to provide essential financial services beyond the BFSI sector. The licence enhances GIFT City's potential as a global hub for financial services and aligns with international compliance standards, facilitating a vibrant financial ecosystem.Read more

21 Oct 2024

India's top 10 cities have witnessed a significant 88% surge in average property prices for newly launched projects over the past five years, with Gurugram leading the rise, according to PropEquity. Prices in Gurugram soared from INR 7,500 to INR 19,500 per square foot (160% growth), while Mumbai saw the lowest increase at 37%, despite remaining the most expensive at INR 35,500 per square foot. Factors driving this increase include infrastructure upgrades, interest from NRIs, HNIs, UHNIs, and a growing preference for luxury homes. The trend highlights evolving aspirations and demand for upscale properties across India's urban centres.Read more

18 Oct 2024

In a significant policy shift, the Uttar Pradesh estate department has introduced stringent penalties for property owners who delay their dues, imposing a staggering 9.15% annual interest rate on overdue payments exceeding four months. This move aims to enforce timely payments among occupants in the state's 52 government colonies, including notable areas in Lucknow. While officials acknowledge maintenance issues like irregular water supply and seepage in Dalibagh Colony, they emphasise that prompt payment is essential. An online payment system has been in place to streamline processes and mitigate ongoing challenges in property management.Read more

18 Oct 2024

Residential sales across India's top seven cities hit a new peak in the last year, with a strong buyer demand for branded developers. The top eight listed real estate companies saw remarkable sales growth, significantly reducing their debt. DLF Ltd. achieved a 165% debt reduction, gaining surplus cash of INR 2,896 crore, while Kolte Patil reduced debt by 107%, with INR 37 crore in surplus cash. Lodha reduced its net debt by 83%. The collective booking values for these companies jumped 234%, from INR 27,144 crore in FY2019 to INR 90,573 crore in FY2024, according to investors.Read more

18 Oct 2024

The Delhi Metro Rail Corporation (DMRC) has formally requested over INR 6,200 crore from the Delhi government to address its urgent financial needs as it prepares for the revised budget for 2024-25. DMRC requires INR 4,872 crore for immediate payment, including INR 2,872 crore for a loan from the Japan International Cooperation Agency (JICA) and over INR 2,000 crore for exchange rate fluctuations. Additionally, DMRC seeks INR 724.74 crore for Phase 3 completion and INR 400 crore for initiating Phase 4, which can be paid in installments as needed, along with INR 1,645.72 crore to reimburse operating losses from previous years.Read more

18 Oct 2024

Landowners in Nadaprabhu Kempegowda Layout are facing difficulties due to the Bengaluru Development Authority's (BDA) delays in collecting betterment charges, which are essential for obtaining legal status for their properties. Without "A" khata status, owners struggle to secure loans and face legal limitations. The BDA has approved the collection of these charges, yet inaction continues to hinder property transactions and development in the area.Read more

17 Oct 2024

The World Bank has revised India's economic growth forecast for the fiscal year ending in March 2025 to 7%, up from 6.6%, driven by recovering agricultural output and rising private consumption. The Reserve Bank of India (RBI) has retained its GDP growth forecast at 7.2%, adjusting quarterly estimates slightly. Despite inflation concerns, the RBI remains optimistic, focusing on domestic drivers of growth. The IMF also raised its growth forecast to 7%, reflecting improved consumption prospects, especially in rural areas. Both institutions see positive trends supporting India's economic resilience amidst external challenges.Read more

17 Oct 2024

Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.Read more

17 Oct 2024

Garuda Construction and Engineering's IPO has received overwhelming demand, being oversubscribed by 7.55 times by the close of the share sale. A total of 15.03 crore bids were placed against the 1.99 crore shares on offer, with Retail Individual Investors (RIIs) and non-institutional investors showing strong interest. The company raised INR 75 crore from anchor investors earlier this week, with a price band of INR 92-95 per share. The IPO size is estimated at INR 264 crore, with INR 100 crore earmarked for working capital. The Mumbai-based construction firm, with an order book of INR 1,408.27 crore, has seen consistent financial growth.Read more