04 Sep 2024

Vascon Engineers Ltd. is realigning its strategy to enhance its position in the real estate and EPC sectors following the sale of GMP Technical Solutions Pvt. The company expects real estate revenue to exceed INR 150 crore this year and double in the following year, driven by increased demand in urban infrastructure. Chairman R. Vasudevan mentioned that while a demerger of the real estate division is a possibility, it will only be considered for strategic reasons. The company aims to boost EBITDA margins from under 10% to 15-16%, with the real estate sector potentially achieving 25% margins. Vascon's order book has surged to INR 150-200 crore, with additional orders anticipated.Read more

03 Sep 2024

The Kolkata real estate market is experiencing a downturn in home sales registrations following the expiration of the stamp duty rebate, a government incentive that had temporarily boosted property transactions. The rebate, which reduced registration costs, spurred a surge in home purchases as buyers rushed to finalize deals before the benefit ended. However, with the rebate no longer available, the market has slowed, as higher registration costs deter potential buyers, leading many to delay or reconsider their purchases. This has resulted in reduced interest from prospective buyers, affecting developers and agents. While the rebate's end highlights ongoing challenges in the market, some experts remain optimistic that demand for housing will eventually stabilize, though price adjustments and market uncertainties are anticipated in the near term.Read more

03 Sep 2024

The District Collector in Ayodhya, the temple town, has proposed a significant 200% increase in the circle rates for key locations. The circle rates, set by the state government, serve as a benchmark to determine property values for stamp duty calculations. The current rates were last revised in 2017, but the administration has observed that actual market rates have been much higher. To generate more revenue for the state, the proposed new circle rate list will soon be made public, allowing residents and stakeholders to provide feedback before a final decision is taken.Read more

03 Sep 2024

Residential property prices in India have surged significantly, driven by increased demand and new housing projects. Bengaluru's Bagaluru saw a 90% price increase, rising from INR 4,300 to INR 8,151 per square foot between 2019 and mid-2024, with 17,065 new units added, predominantly mid and premium segment. Hyderabad's Kokapet followed with an 89% rise, from INR 4,750 to INR 9,000 per square foot, supported by 12,920 new ultra-luxury homes. Whitefield in Bengaluru also saw an 80% price hike. These trends highlight a growing gap in affordable housing and varied regional growth across India's urban centers.Read more

02 Sep 2024

Pune has experienced a significant rise in property owners claiming tax discounts for rainwater harvesting, with numbers soaring from 306 in 2012-2013 to 3,716 in 2022-2023. Despite this tenfold increase, overall adoption remains low. The Pune Municipal Corporation (PMC) offers up to 10% tax rebates for rainwater harvesting, solar energy systems, and vermicomposting, with broader interest seen in the latter two. As water scarcity becomes a pressing issue, the PMC and local legislators stress the importance of rainwater harvesting in new constructions, aiming to enhance water conservation and sustainability efforts across the city.Read more

02 Sep 2024

Housing prices in Ahmedabad surged by 13% year-on-year by Q2, 2024, positioning the city third in India for price growth, after Delhi-NCR (30%) and Bengaluru (28%), according to CREDAI and Colliers. The average housing price in Ahmedabad now stands at INR 7,335 per square foot, with emerging areas like Ambawadi and Bodakdev seeing a 16% rise. The city's robust demand, especially in affordable and mid-segment housing, is coupled with an 8% reduction in unsold inventory. Infrastructure improvements and livability make Ahmedabad an increasingly attractive market for both local buyers and investors.Read more

02 Sep 2024

UltraTech Cement has secured a USD 500 million sustainability-linked loan, marking a significant step in its commitment to environmental goals. The loan, facilitated by Sumitomo Mitsui Banking Corporation, State Bank of India, BNP Paribas, DBS Bank, MUFG, and Mizuho, aligns UltraTech's financial strategy with its sustainability targets. This is UltraTech's second sustainability-linked financing move, following a 2021 bond issuance. The cement industry, which contributes 7% of global CO2 emissions, faces increasing pressure for sustainability. UltraTech's initiative reflects a broader trend of integrating environmental, social, and governance criteria into corporate finance.Read more

02 Sep 2024

M3M India reported a 37% increase in sales for Q1FY25, reaching INR 3911 crore. This growth is attributed to strong market demand and significant bank support. The residential and plot development segment saw a 46% rise in sales, totalling INR 2971 crore, while the commercial segment grew by 14% to INR. 940 crore. The plotted development segment experienced a remarkable 300% increase, reaching INT. 1094 crore. M3M's financial stability is reinforced by INR. 4600 crore in backing from major banks. With several ultra-luxury projects planned, M3M India is set to sustain its strong market position.Read more

30 Aug 2024

General Atlantic plans to sell a 5.1% stake in PNB Housing Finance through an open market transaction, offering 1.33 crore shares at a minimum price of INR. 775 each, aiming to raise INR 1,033 crore (USD 125 million). This price is 4% below the previous closing price of INR 810.90. The shares will not have a lock-in period, allowing immediate trading post-sale. As of June 30, 2024, General Atlantic held a 5.13% stake in the company. Previously, Carlyle sold a 12.8% stake in PNB Housing Finance for INR 2,578 crore. PNB Housing Finance's net profit rose 25% year-over-year in FY25 Q1, driven by strong home loan demand. The company also plans to expand into non-housing and small-sized prime loans to boost profitability.Read more

30 Aug 2024

Tata Capital Housing Finance Ltd (TCHFL) plans to raise up to INR 3,500 crore through non-convertible debentures (NCDs) to fuel business growth. As of March 2024, TCHFL's loan book reached INR 51,402 crore, marking a 39% year-on-year growth. The company raised INR 5,429 crore via secured NCDs in FY24, with a debt-equity ratio of 7.27%. TCHFL's retail finance portfolio, including home loans and loans against property, grew to INR 42,391 crore, while its construction finance portfolio increased to INR 9,011 crore. The company's enhanced regulatory oversight stems from its substantial loan book exceeding INR 50,000 crore.Read more