09 Sep 2024

NBCC (India) Ltd. has approved a bonus share issuance of 1:2, granting one additional share for every two held, using INR 90 crore from its reserves. The record date is October 7, 2024, with approximately 90 crore bonus shares set to be issued. This decision reflects the company's strong performance, including record turnover and profit for FY 2023-2024. With a reserves balance of INR 1,959 crore, NBCC aims to reward shareholders and attract new investors. This move, the first since 2017, underscores NBCC's robust financial health and commitment to growth.Read more

09 Sep 2024

The New Delhi Municipal Council (NDMC) is offering a 5% rebate on property taxes and service charges for payments made until September 30. This initiative aims to ease the financial burden on residents and streamline tax collection. Taxpayers can access detailed property assessments on the NDMC website to manage their payments efficiently. The rebate is part of a broader effort to improve urban infrastructure and service delivery through timely tax payments. NDMC urges residents to avoid last-minute rushes to benefit from the rebate and support essential municipal services.Read more

06 Sep 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) has unveiled a list of the top 100 property tax defaulters, which includes significant institutions such as transport corporations and educational bodies. With unpaid taxes totalling INR 900 crore, these entities have ignored repeated notices from the BBMP, despite the One-Time Settlement (OTS) scheme offering a 50% waiver on interest and penalties. The BBMP is now intensifying efforts to recover these dues, threatening property seizures for non-compliance. The move targets significant defaulters across various city zones, aiming to restore much-needed revenue for Bengaluru's development.Read more

06 Sep 2024

The Indian commercial real estate market is projected to experience significant growth in FY25, with net leasing of Grade A office spaces expected to reach 41-43 million square feet, according to Crisil Ratings. This growth is driven by increased demand from global capability centers (GCCs) and sectors like BFSI and manufacturing. Bangalore and Hyderabad are anticipated to see the most growth due to their tech hubs and infrastructure improvements. GCCs are expected to account for 40-45% of leasing activity, while vacancy rates are predicted to stabilize at around 17.4-17.5%, marking a recovery after high pandemic-era vacancies.Read more

06 Sep 2024

Housing sales in the Mumbai Metropolitan Region (MMR) are expected to surpass INR 1.35 lakh crore in 2024, according to JLL India's report, "Mumbai Residential Market: Through the Lens of Time." The MMR, including Mumbai, Thane, and Navi Mumbai, is seeing strong investment driven by high sales figures, new residential launches, and infrastructural advancements. The growth is supported by projects like the Mumbai Coastal Road and metro extensions, enhancing connectivity and boosting demand. Consumer trends toward larger suburban homes and hybrid work models are also influencing the market, positioning Mumbai as a key player in India's real estate sector.Read more

05 Sep 2024

Shriram Properties Limited (SPL) has achieved a notable milestone with ASK Property Fund exiting its investment in the Shriram Pristine Estates project ahead of schedule. Launched under the SPL-ASK Co-Investment Platform in December 2022, the project in Doddaballapura, Bangalore, benefited from a substantial initial investment of INR 85 crore and a total capital commitment of INR 500 crore. ASK Property Fund achieved a 20% IRR and an investment multiple of 1.24x in under 18 months. The project's success reflects strong market response and robust sales. Both SPL and ASK Property Fund are committed to future collaborations, underscoring the vitality of strategic partnerships in India's real estate sector.Read more

05 Sep 2024

India Shelter Finance Corporation Limited (ISFC) has received a credit rating upgrade from [ICRA]A+ (Positive) to [ICRA]AA- (Stable) for its Non-Convertible Debentures (NCDs) and long-term loans. This upgrade reflects ISFC's strong financial health and effective risk management. The boost in ratings highlights ISFC's crucial role in providing affordable housing finance, especially in Tier II and III cities, aligning with government housing initiatives. Managing Director Rupinder Singh expressed satisfaction with the upgrade, underscoring ISFC's commitment to expanding services and leveraging technology to enhance customer accessibility. The upgrade reinforces ISFC's capacity to meet its financial obligations and support India's housing goals.Read more

04 Sep 2024

Jenika Ventures, a rapidly expanding player in the Indian business landscape, has announced its entry into South India with a new office in Bengaluru. This strategic move aims to tap into the city's vibrant business ecosystem, known for its prominence in technology, innovation, and entrepreneurship. Bengaluru, often dubbed India's Silicon Valley, will serve as a hub for Jenika Ventures to manage regional operations, foster partnerships, and drive growth across sectors like technology, finance, and real estate. The company plans to leverage the city's rich talent pool and dynamic market to expand its service offerings. This expansion reinforces Jenika Ventures' commitment to innovation and economic growth as it broadens its footprint across India.Read more

04 Sep 2024

hBits, a platform for fractional real estate ownership, is applying for a Small and Medium Real Estate Investment Trust (SM REIT) licence from SEBI. Expected to receive approval soon, hBits plans to launch its first SM REIT in the third quarter of this fiscal year. With current assets under management totaling INR 365 crore, the company aims to grow this to INR 10,000 crore in five years. The SM REIT will offer a diversified property portfolio to attract retail investors, enhancing liquidity and providing accessible investment options in India's evolving real estate market.Read more

04 Sep 2024

India has reached the "Transparent" tier in JLL's Global Real Estate Transparency Index 2024, marking a milestone in its real estate sector. This advancement is due to improved data access, enhanced institutional practices, and the rise of Real Estate Investment Trusts (REITs). With WELL-certified spaces surpassing 70 million square feet and robust regulatory frameworks like RERA and the Insolvency and Bankruptcy Code, India is now among the top ten markets globally for transaction processes. Despite these gains, further improvements in dispute resolution are needed to sustain transparency and attract continued international investment.Read more