27 Aug 2024

The Reserve Bank of India's (RBI) revised regulations for deposit-taking housing finance companies (HFCs), effective 12 August 2024. HFCs must gradually raise their liquid asset requirements from 13% to 15% by mid-2025, reduce the maximum public deposit holdings to 1.5 times their net owned funds, and limit deposit tenures to five years. While most HFCs are already compliant, some may need to improve liquidity and adjust deposit ratios. These changes are part of the RBI's broader effort to align HFC regulations with those of non-banking financial companies (NBFCs), aiming to strengthen the sector's financial stability.Read more

27 Aug 2024

Delhi-NCR attracted the highest private equity investment in the real estate market of India, with USD 633.3 million during January-June 2024, as per the Cushman & Wakefield's report. Office assets received USD 483.6 million, while the residential sector collected USD 149.6 million, particularly in luxury housing. The rise in investment is driven by high demand for prime office spaces and strategic location advantages. Across six major cities, total investments reached USD 3.9 billion, with multi-city deals dominating. Experts anticipate continued momentum in Delhi-NCR, highlighting its infrastructure, connectivity, and appeal to businesses and investors as key growth factors.Read more

27 Aug 2024

BBMP is now empowered to recover property tax arrears by attaching the bank accounts and immovable properties of defaulters. Previously, they could only issue demand notices and seal premises, but legal challenges hindered enforcement. With the 2024 property tax rules, BBMP can issue attachment warrants, forcing banks to disclose and freeze defaulters' accounts, including fixed deposits. Non-compliant banks face legal action under the Bharatiya Nyaya Sanhita-2024, strengthening BBMP's ability to ensure tax compliance.Read more

27 Aug 2024

Shriram Properties, a leading Delhi-based realty firm saw a jump of 5% in its net profit reaching INR 17.46 crore in June quarter, the company reported. The company's total income recorded INR 210.90 crore this fiscal year against previous fiscal year that stood at INR 53.73 crore. The top official of the company said the strong presence in the market and strategies helped to growth and deliver its commitments for upcoming years. In its official statement, the company said it has concluded 2 new projects in Bengaluru.Read more

27 Aug 2024

Smartworks Coworking Spaces Ltd, a leading provider of managed office spaces, has filed for an IPO with SEBI. The proposed offering includes an INR 550 crore fresh issue and an Offer for Sale of 67.59 lakh shares by promoters. The company may also raise an additional INR 110 crore through a pre-IPO placement. The proceeds will be used for capital expenditure, loan repayment, and general corporate purposes. Specializing in transforming bare-shell properties into tech-enabled, amenity-rich campuses, Smartworks caters to businesses of all sizes, with a focus on mid-to-large companies. The IPO is being managed by a consortium of reputed investment banks.Read more

26 Aug 2024

Omaxe Ltd reported a consolidated net loss of INR 147.44 crore in Q1 FY24, a sharp rise from INR 106.32 crore in the same period last year. Despite a 74% increase in total income to INR 385.23 crore, driven by strong demand in regions like Delhi-NCR, Punjab, and Haryana, the company's expenses soared to INR 542.40 crore, up from INR 352.39 crore. The loss highlights challenges such as rising raw material costs and labor shortages. Moving forward, Omaxe may need to refine its cost management and project prioritization to stabilize its financial performance.Read more

26 Aug 2024

The Delhi-NCR region leads India's real estate market with USD 633.3 million in private equity investments in the first half of 2024, driven by demand for prime office spaces and luxury housing. The office sector alone attracted USD 483.6 million, reflecting strong investor confidence. Across India's six major cities, real estate investments totaled USD 3.9 billion, marking a significant year-over-year increase. With robust public investments in infrastructure and logistics, analysts expect this positive momentum to continue, signaling a strong year for private equity in India's commercial real estate sector.Read more

26 Aug 2024

The Reserve Bank of India (RBI) has fined five financial entities a total of INR 3.1 crore for regulatory breaches. CSB Bank faced INR 1.86 crore in penalties for lapses in risk management and outsourcing guidelines, while Union Bank of India was fined INR 1.06 crore for issues related to central repository creation and KYC processes. Muthoot Housing Finance, Nido Home Finance Limited, and Ashoka Viniyoga Limited received smaller fines for compliance failures. The RBI's actions underscore its commitment to stringent regulatory enforcement to uphold banking sector integrity and consumer trust.Read more

26 Aug 2024

EFC (I) Ltd, a co-working company, reported a near five-fold increase in net profit for the June 2024 quarter, driven by higher income. The company's total income almost doubled to INR 105.28 crore, with significant contributions from its real estate leasing and fit-out services. Founder & CEO Umesh Sahay attributed this growth to strong demand for EFC's office solutions and its capacity to draw a wide range of clients. EFC is expanding its portfolio by adding 1.95 lakh square feet across major cities, managing assets over 2.25 million square feet, and offering comprehensive office space management services.Read more

26 Aug 2024

Triveda Capital, a SEBI-registered alternative investment fund, has secured INR 80 crore in its first close, with a total target of INR 250 crore. Led by Ranjan Pai, Chairman of the Manipal Education and Medical Group, the fund aims to manage USD 1 billion in assets over the next five years. Triveda Capital plans to invest in plotted development projects, with a focus on South Indian metropolitan areas. The fund, which has a five-year tenure, targets an internal rate of return of 18%-21%. Its first investment is a 30-acre project near the airport, marking its strategic entry into the sector.Read more