23 Sep 2024

Nisus Finance, along with strategic partner BCD Group, has raised INR 450 crore for its debut real estate credit fund, RESO-1, and aims to close the fund by the fiscal year's end. The fund has already deployed capital across four deals, focusing on mid-income housing and affordable projects. Key investments include Bengaluru's Project High Cliff and a land parcel in Pune's Manjari-Budruk. With a targeted return of 18-22%, the fund addresses last-mile construction finance needs, offering strong asset-backed investments while seeking substantial returns for investors.Read more

23 Sep 2024

Swiggy, the Bengaluru-based food-delivery platform, is preparing to file for its domestic IPO, potentially seeking over USD 1 billion. The company is awaiting SEBI approval, with details of the offering still subject to change. Founded in 2014, Swiggy partners with over 150,000 Indian restaurants and competes with Zomato, Amazon India, and BigBasket. Backed by SoftBank Group, Swiggy's IPO is part of a broader trend of significant listings in India this year, which has already seen approximately USD 7.8 billion raised. Upcoming major listings include Hyundai Motor's Indian subsidiary and LG Electronics' potential Indian business IPO.Read more

20 Sep 2024

Councilors in Coimbatore raised concerns over the use of drones for property tax assessments during a recent council meeting. Corporation Commissioner M Sivaguru Prabakaran explained that drones help identify commercial buildings, detect violations, and locate unassessed properties. Property owners have 15 days to contest findings. Despite some skepticism about the accuracy of drone-based assessments, the commissioner emphasized their importance for generating revenue. At the meeting, chaired by new Mayor K Ranganayaki, only 3 of 83 resolutions were approved, including those related to property tax and building permit fees.Read more

20 Sep 2024

Around 18,000 properties in Pune Municipal Corporation's (PMC) newly merged areas remain outside the property tax system, resulting in a loss of INR 80 crore. The PMC has initiated disciplinary action against 45 officials for negligence. Despite merging 34 areas since 2017, many properties have yet to be taxed, causing dissatisfaction among property owners over high tax rates and inadequate infrastructure. PMC introduced reforms, including regular staff transfers, to improve tax collection. Activists allege collusion between officials and locals to avoid assessments. The PMC faces pressure to resolve loopholes and improve accountability in tax collection.Read more

20 Sep 2024

Vastu Housing Finance, an Indian mortgage lender specialising in affordable housing, plans to borrow up to USD 50 million from the US International Development Finance Corporation. The 20-year loan will enhance credit access for low-income borrowers in Tier II to IV Indian towns, focusing on housing needs and women's home ownership. Founded in 2015, Vastu manages USD 1.14 billion in assets, operates in 14 states, and employs over 4,500 people. Supported by major financial institutions, Vastu aims to expand affordable housing and financial inclusion in smaller Indian towns.Read more

20 Sep 2024

Nexus Venture Partners recently sold a 5.97% stake in India Shelter Finance Corporation for INR 482 crore via open market transactions. This move reduced Nexus' stake in the company from 21.32% to 15.35%. Meanwhile, financial institutions Goldman Sachs, SBI Life Insurance, and ICICI Prudential Life Insurance increased their stakes in the housing finance company by acquiring shares worth a combined INR 164.19 crore. India Shelter Finance, which serves first-time homebuyers in Tier-II and Tier-III cities, saw its stock decline following these transactions, closing at INR 730 on the BSE.Read more

19 Sep 2024

The government of Singapore, the Monetary Authority of Singapore, and Goldman Sachs recently increased their stakes in PNB Housing Finance, investing a total of INR 178 crore through open market transactions. According to the National Stock Exchange (NSE), the government of Singapore acquired 13,16,000 shares, the Monetary Authority of Singapore bought 213,000 shares, and Goldman Sachs purchased 92,000 shares at an average price of INR 1,097.30 each. Meanwhile, Asia Opportunities V (Mauritius) sold 1.622 million shares, reducing its stake to 4.57 percent. These transactions highlight active market dynamics and investor confidence in PNB Housing Finance's potential.Read more

19 Sep 2024

The Lucknow Municipal Corporation (LMC) has implemented significant changes, including capping the mutation fee at INR 10,000 and withdrawing extra charges from 20 business sectors, benefiting over 200,000 business owners. Plans are underway to survey and cover open drains after a recent tragedy, and sewer issues in Munshipulia will be addressed. Additional projects include disaster relief equipment procurement, upgrading municipal schools with smart screens, constructing entry gateways to the city, and organising street vending zones for Diwali. The LMC is also set to replace an old municipal school with modern infrastructure, including underground parking.Read more

19 Sep 2024

Beginning 13th September, the Bangalore Development Authority (BDA) has mandated a shift to e-khata for all properties, replacing the paper-based system. This transition, impacting over 2 lakh properties, enhances transparency in property transactions and helps prevent fraud such as double registrations and illegal dealings. The e-khata, integrated with the Kaveri-2 software, assigns a unique ID to each property, enabling buyers to verify legality and ownership. While properties with existing khatas remain valid, new transactions require e-khata registration. This move strengthens accountability and will soon cover Bruhat Bengaluru Mahanagara Palike (BBMP) properties.Read more

19 Sep 2024

hBits has launched its second Grade A commercial asset in Vaswani Centropolis, Bengaluru, worth INR 28.8 crore. The property, measuring 12,776 square feet and leased for six years, has an entrance yield of 8.75% and an expected internal rate of return (IRR) of 15.12%. This is the company's fourth asset launch this year, bringing its total portfolio to 15 properties with an AUM of INR 400 crore. hBits recently applied for a small and medium REIT licence from SEBI, with the goal of providing more investment alternatives to smaller investors.Read more