10 Oct 2024

Mumbai city recorded over 105,608 property registrations in the first nine months of 2024, contributing more than INR 8,877 crores to the state treasury. This represents a 12% year-on-year growth in registrations and a 6% increase in revenue. While September saw a decline in registrations due to the inauspicious period of 'Shraadh', overall demand remains strong, particularly for high-value properties. The city's residential market continues to thrive, driven by economic prosperity and a growing preference for homeownership.Read more

10 Oct 2024

The Residents' welfare associations in Chennai, represented by the Alliance of the Residents' Welfare Associations (AoRWA), are protesting a recent 6% property tax hike passed by the Greater Chennai Corporation (GCC). In their second annual general meeting, the AoRWA called for an improved civic infrastructure, including water and sewer connections, before any tax increases. The group previously challenged the 2022 tax revision, citing inadequate facilities. The AoRWA also demanded monthly electricity billing, preservation of the waterbodies and educational zones, and opposed an eco-park in Perungudi. They advocated separate areas for dogs and cattle, and restoration of 139 waterbodies in Chennai.Read more

10 Oct 2024

JLL's latest report indicates a recovering office real estate market in India, with net absorption rising 14% year-on-year to 12.16 million square feet in the third quarter of the fiscal year. Bengaluru leads with a significant increase in demand, while Chennai, Delhi, and Pune also report growth. In contrast, Hyderabad and Kolkata experienced declines in net absorption. Over the first nine months, total net absorption reached 31.03 million square feet, up 19% year-on-year. Experts anticipate continued growth in the sector, reinforcing India's position as a leading destination for office space amidst expanding global demand.Read more

10 Oct 2024

The Ahmedabad Municipal Corporation (AMC) recently sold a 66,168 sq m plot in Chandkheda to LuLu International Shopping Malls Pvt Ltd for a notable INR 519 crore. However, AMC initially faced issues granting full possession, as 10,672 sq m of the plot was under cultivation and not fully owned by the civic body. Sources now confirm that AMC has obtained the entire plot, and a proposal will be presented at the upcoming standing committee meeting to authorize the municipal commissioner to finalize the sale deed, enabling the buyer to gain full possession.Read more

10 Oct 2024

The Supreme Court has granted the real estate sector the right to claim input tax credits (ITC) on construction costs for commercial buildings used for rental purposes. The court ruled that if constructing a building is essential for providing services like leasing or renting, it qualifies as "plant and machinery" under Section 17(5)(d) of the CGST Act, making it eligible for ITC. This decision, praised by tax experts, clarifies the GST law on ITC eligibility, reducing financial burdens on developers and encouraging investment in commercial real estate, particularly in sectors like warehousing, hospitality, and real estate.Read more

10 Oct 2024

Garuda Construction and Engineering Ltd recently announced the successful raising of INR 75 crore from anchor investors ahead of its upcoming initial public offering (IPO). The IPO, priced between INR 92 and INR 95 per share, includes a fresh issue and an offer for sale, totalling an estimated INR264 crore. The company aims to use INR 100 crore for working capital and other corporate purposes. With a strong order book and significant revenue growth, Garuda is engaged in multiple construction projects across various sectors.Read more

09 Oct 2024

Garuda Construction and Engineering is preparing for its initial public offering (IPO), set to open for subscription early next week. The offering includes a fresh equity sale and an offer for sale, with a price range of INR 92-95 per share. The company boasts an order book of 12 ongoing projects, including high-value residential developments. For the financial year ending early 2024, Garuda reported a 4% decline in revenue and a decrease in profit after tax. Corpwis Advisors is the lead manager for the IPO, with Link Intime India as the registrar.Read more

09 Oct 2024

IIFL Home Finance plans to engage retail investors for the first time in three years, motivated by recent RBI restrictions on non-banking finance companies (NBFCs). With a draft prospectus for raising up to INR 3,000 crore, CEO Monu Ratra indicated an initial fundraising target of INR 300-500 crore this quarter. The mortgage company, focusing on affordable housing, reported an AUM of INR 36,000 crore, with 90% of its portfolio dedicated to this segment. Following regulatory relief on its gold loan business, IIFL's outlook was recently upgraded to stable by Crisil.Read more

09 Oct 2024

The Nashik Municipal Corporation (NMC) is offering a one-time opportunity for defaulters to settle their property tax dues with significant penalty waivers' 85% for December payments and 75% for January. The total outstanding property tax stands at INR 6 billion, including INR 3 billion in penalties. Previous efforts in 2021 saw limited success, but this time, the NMC hopes that reduced penalties will spur higher payments. With a INR 2.50 billion target for the year, the civic body is confident of increased collections. Property tax recovery remains crucial, with confiscation looming for non-compliance.Read more

09 Oct 2024

According to Knight Frank India's latest report, housing sales in eight major cities increased by 5% year-on-year during July-September 2024, totalling 87,108 units. The growth is primarily attributed to strong demand for premium homes priced over INR1 crore. However, the affordable housing segment faces challenges, experiencing a decline in sales. Notably, Mumbai recorded the highest sales volume, while Delhi-NCR saw a drop.Read more