06 Jun 2024

Pune-based EFC is making a major move in the co-working space market, expanding its portfolio by 3.6 lakh square feet across Pune and Noida. This strategic growth reflects the surging demand for flexible workspaces in India, especially in key business hubs. EFC's expansion includes 1.1 lakh sq. ft in Noida and 2.5 lakh sq. ft in Pune, solidifying its market presence. Now boasting a national presence in seven states with over 35 centers and more than 1.5 million sq. ft, EFC offers nearly 50,000 seats, catering to both institutional (65%) and retail (35%) clients, accommodating the growing need for adaptable workspaces.Read more

06 Jun 2024

The Reserve Bank of India (RBI) is considering new provisioning rules that could affect banks and borrowers involved in construction projects. According to CareEdge Ratings, public sector banks may need to set aside up to 11% and private banks up to 4% over the next three years to cover potential loan losses. This could moderately increase credit costs and decrease profits by up to INR 11 crore for public banks and INR 4 crore for private banks. While stricter lending norms might make securing loans tougher, the long-term effect could strengthen bank balance sheets and reduce bad loans.Read more

06 Jun 2024

Bengaluru-based Brigade Enterprises Ltd. reported a nearly threefold increase in consolidated net profit for the March 2024 quarter, reaching INR 206.09 crore, driven by a rise in overall income. For the full 2023-24 fiscal year, net profit jumped to INR 451.61 crore from INR 291.41 crore, a 55% year-on-year increase. Total income for the fiscal year rose to INR 5,064.15 crore, a 42% growth from the previous year's INR 3,563.21 crore. This success spans real estate, leasing, and hospitality sectors, positioning Brigade well in South India's growing real estate market, with significant ongoing projects in Bengaluru, Hyderabad, Chennai, and Kochi.Read more

06 Jun 2024

The NDR Infrastructure Investment Trust (NDR InvIT), listed on the National Stock Exchange, reported strong Q4 and FY24 results. Highlights include a Net Asset Value (NAV) of INR 126.29 as of March 31, 2024, and a payout of INR 1 per unit for the period from February 8 to March 31, 2024. Managing 17 million square feet of assets with plans to add 3 million square feet in FY25, NDR InvIT boasts a 96% occupancy rate and high credit ratings of 'CARE AAA, Stable' and 'IND AAA, Stable'. The trust reported revenues of INR 427 million, aligning with projections.Read more

05 Jun 2024

The Noida Authority sold 149 plots in FY24, securing INR 1.03 lakh crore in investment commitments, surpassing their target of INR 90,000 crore. The plots were allotted across housing, IT/ITES, industrial, and commercial sectors, with major companies like County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers among the buyers. The projects are expected to create approximately 440,000 jobs in the next three years. Work has begun on 50 plots, with the remainder starting soon. A report has been submitted to the Uttar Pradesh government, which plans a groundbreaking ceremony to launch these projects. Progress will be tracked via government portals.Read more

05 Jun 2024

Mumbai's Brihanmumbai Municipal Corporation (BMC) collected INR 4,856 crore in property tax for FY 2023-24, the lowest in two years and below the previous year's INR 4,994 crore. Despite surpassing its INR 4,800 crore target, delays in issuing tax bills and staffing shortages due to Lok Sabha elections hindered collections. Controversy over a proposed 17.5% tax hike and subsequent bill revisions further impacted efforts. K/East ward led with INR 463 crore, while B ward collected the least at INR 33 crore. The BMC has not raised property taxes since 2015, balancing revenue generation and public sentiment remains critical.Read more

05 Jun 2024

Housing prices in India's major cities rose by an average of 10% in Q1 2024, with Bengaluru leading at 19%. A report by CREDAI National, Colliers, and Liases Foras highlights this growth across eight key cities: Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai, and Pune. Strong housing demand, especially in areas with significant infrastructure development, is driving this trend. While unsold inventory in these cities totals around 1 million units, Mumbai holds nearly 40%. Pune, Delhi-NCR, and Ahmedabad saw a decrease in unsold inventory by 10%, 8%, and 8% respectively, indicating a healthier market balance.Read more

05 Jun 2024

State-owned construction firm NBCC Ltd. reported a 26% increase in consolidated net profit for the quarter ending March 2024, reaching INR 136.08 crore compared to INR 108.4 crore in the same period last year. The company's income from operations for the 2023-24 fiscal year rose to INR 10,432.63 crore, marking a 17% year-on-year growth. NBCC operates in project management consultancy (PMC) and real estate, benefiting from India's focus on infrastructure development. With government-backed projects exceeding INR 10,000 crore, NBCC's strong financial performance suggests a promising future in the booming infrastructure sector.Read more

04 Jun 2024

A new report by Anarock Group, a leading real estate consultancy, shows a 57% decline in unsold housing inventory in Delhi-NCR over the past five years. The number of unsold units dropped from around 2 lakh in Q1 2018 to approximately 86,420 by Q1 2024, indicating a significant market recovery. Comparatively, South Indian cities like Bengaluru, Hyderabad, and Chennai saw only an 11% decrease in unsold inventory during the same period. Key areas like Greater Noida and Ghaziabad saw reductions of 70%, reflecting strong demand and improving market conditions in the Delhi-NCR region.Read more

04 Jun 2024

DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF Ltd and Singapore's GIC wealth fund, saw its rental income from office buildings increase 7% annually to INR 3,460 crore in the last fiscal year. DCCDL has an operational rental portfolio of 41.9 million square feet, comprising 37.9 million square feet of office space and 4 million square feet of retail real estate. Rental income from retail assets (malls and shopping centres) increased 18% to INR 865 crore last fiscal year from INR 735 crore in 2022-23. Service and other operating income grew 14% last fiscal to INR 1,489 crore from INR 1,311 crore the year before.Read more