03 Jul 2024

The Adani Group is making a significant move into pumped storage hydropower (PSH) with a planned investment of INR 225,000 crore to INR 275,000 crore (around USD 3 billion). This ambitious project aims to establish India's clean energy leadership and secure Adani's position in the growing renewable energy market. Adani Green Energy Ltd (AGEL) plans to set up 5GW of PSH capacity within five years, eventually expanding to 25GW, boosting AGEL's green energy capacity to 70GW. The initial focus will be on Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana. Construction has begun on a 500MW pilot project in Andhra Pradesh, scheduled for completion by FY27.Read more

03 Jul 2024

Armee Infotech Ltd., a Gujarat-based IT infrastructure solutions provider, has filed for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) to raise INR 250 crore. The IPO will be a fresh issue of equity shares, with no offer for sale component. The funds will be used to increase working capital (around INR 50 crore), pay off existing debt (around INR 75 crore), and for general corporate purposes, including investments in new technologies and market expansion. Armee Infotech serves government and private sector projects, focusing on IT hardware, software, smart classrooms, digital infrastructure for public systems, and digitalisation of primary agriculture credit societies.Read more

03 Jul 2024

A recent report by the Ministry of Statistics and Programme Implementation (MoSPI) reveals significant challenges in India's infrastructure development, particularly for large-scale projects with an investment of INR 7,150 crore or more. Among 1,817 monitored projects, 458 are experiencing cost overruns, with total anticipated costs ballooning by INR 25.71 lakh crore, a 20.7% increase from initial estimates. Additionally, 554 projects are facing delays. Common issues include land acquisition delays, project plan modifications, and raw material cost increases. Despite these hurdles, 51.3% of the anticipated costs, amounting to INR 21,707,190.15 crore, have been spent, indicating progress amidst the challenges.Read more

02 Jul 2024

The Karnataka government has addressed concerns over reports of selling 25,000 acres around Bengaluru for development. Emphasising balanced economic growth, the government clarified that land sales are not planned. Instead, they aim to increase non-tax revenue from sectors like mining, urban area advertising, and naming rights for public projects. Improving tax compliance and monetizing non-strategic assets without outright land sales are key strategies. The government plans to enhance private land value through infrastructure projects and develop idle government land to generate income. Collaborating with global consultants, they seek private investment for industrial townships, ensuring transparency and sustainable development for Bengaluru.Read more

02 Jul 2024

The Ghaziabad Municipal Corporation (GMC) is intensifying efforts to collect INR 19.1 crore in unpaid property taxes from 2,900 defaulters across five zones, following a revenue shortfall in the 2023-24 financial year. Defaulters include residential properties, hotels, and industrial units. GMC has begun issuing notices and may halt essential services like garbage collection and water supply for non-payment. Since August, the GMC has digitised the tax payment process, enabling residents to pay online. While INR 28.9 crore has been recovered from 1,562 defaulters, GMC aims to collect the remaining dues to fund vital services and infrastructure improvements in Ghaziabad.Read more

02 Jul 2024

The Noida Authority has issued notices to 13 real estate developers, demanding settlement proposals for their outstanding dues, which total over INR 8,510.69 crore, including interest and penalties. The major developers involved are ATS Group (INR 7,786.06 crore), Supertech Group (INR 3,064.72 crore), and Logix Group (INR 1,113.24 crore). This move aims to resolve the longstanding issue of flat registration, crucial for ownership and financial leveraging. A recent Uttar Pradesh government order incentivises developers to clear dues by waiving interest and penalties, potentially easing financial strains for both developers and homebuyers. The coming weeks are critical for the success of this initiative.Read more

02 Jul 2024

Sobha Ltd. is launching a rights issue to raise INR 2,000 crore, aimed at reducing debt and financing new projects. The issue, from June 30th to July 4th, offers 6 new shares for every 47 held, priced at INR 1,651 each. The funds will be used for land acquisition, equipment purchase (INR 210 crore), construction costs (INR 212.35 crore), and debt repayment (INR 905 crore). Sobha plans to expand beyond South India and Delhi-NCR, entering Mumbai's luxury market with projects worth INR 658.58 crore. The initiative supports Sobha's goal of increasing annual sales bookings to INR 30,000 crore in five years.Read more

02 Jul 2024

A recent Magicbricks Propindex report reveals a 15.2% surge in prices for under-construction properties across 13 major Indian cities during the June quarter (April-June 2024). This increase surpasses the rise in ready-to-move-in property prices, indicating growing buyer confidence in the real estate market's long-term potential. Notably, cities like Gurugram, Delhi, and Noida saw substantial demand growth. The report also highlights an 11.7% increase in the supply of under-construction properties, the fastest growth in residential supply in the past 24 months. Prospective buyers should conduct thorough research and consult reputable agents to navigate this dynamic market effectively.Read more

01 Jul 2024

The GST Council's recent decision to waive Goods and Services Tax (GST) on rentals below INR 20,000 per month is set to ease financial burdens for tenants in apartments and co-living spaces. Effective for stays exceeding 90 days, this exemption clarifies tax obligations and is expected to stimulate demand in the co-living sector. Experts anticipate reduced rental costs will benefit tenants and spur growth in student housing and co-living segments. While stakeholders applaud the move, they advocate for broader exemptions to further bolster affordability in India's urban rental markets, potentially fostering a more dynamic housing ecosystem across cities.Read more

01 Jul 2024

The Ahmedabad Municipal Corporation (AMC) saw a surge in land demand during an online auction, with four out of six plots surpassing their base prices. The sales totaled INR 60.34 crore, significantly higher than the combined starting price of INR 37.32 crore. Notably, a commercial plot in Isanpur sold for INR 10.03 crore at INR 1.57 lakh per square meter, exceeding its base price of INR 60,000 per square meter, while a prime plot in Motera sold for INR 9.73 crore. This auction is part of AMC's broader land sale, which has generated INR 997 crore from 10 out of 22 plots over four days, reflecting strong market demand.Read more