19 Feb 2024

India Shelter Finance Corp Ltd. demonstrates robust performance in Q3 FY24, with a 42% year-over-year increase in Asset Under Management (AUM) and a notable 55% surge in Profit After Tax (PAT) to INR 62 Crores. As of December 31, 2023, Gross and Net Stage 3 NPAs improved to 1.2% and 0.9%, respectively, from 2.3% and 1.8% in December 2022. The company's Net Worth reached INR 2,209 crore with a liquidity reserve of INR 1,488 crore. Despite market challenges, the company maintains a stable cost of funds and enhances Return on Assets (RoA) and Return on Equity (RoE). Significant reductions in Non-Performing Assets (NPAs) underscore resilience and growth potential in the housing finance sector.Read more

16 Feb 2024

Adani Realty and L&T Realty lead the race for a 24-acre development in Mumbai's Bandra Reclamation, following a stringent tender process by Maharashtra State Road Development Corporation (MSRDC). Originally attracting interest from major players like Godrej Properties and Mahindra Lifespaces, strict eligibility standards narrowed submissions to three contenders: L&T Realty, Adani Realty, and Mayfair Housing. Positioned near the Bandra-Worli Sea Link toll booth, the project holds significant commercial value, estimated at over INR 30,000 crore, with plans for a 45 lakh sq. ft. mini-township and an INR 8,000 crore payment obligation to MSRDC over the next decade-plus. Supervised by JLL, the tender imposed strict criteria, triggering opposition from locals citing environmental concerns and past agreements, potentially leading to legal challenges from groups like BRAVO.Read more

16 Feb 2024

Amber, a prominent student accommodation platform, has secured USD 21 million in its debut institutional funding round, led by Mumbai-based private equity firm Gaja Capital. Of this, USD 18.5 million is fresh equity, while the remainder comes as venture debt from Lighthouse Canton and Stride Ventures. Operating in seven countries and 250+ cities, Amber aims to add 100-200 more cities in the next two years, leveraging its Indian base for efficient resource utilization. This funding milestone positions Amber for further expansion and innovation in the competitive student housing market.Read more

16 Feb 2024

The Telangana High Court's ruling dismissing a real estate developer's challenge against GST imposition on development rights transfers within joint development agreements is set to reshape property markets nationwide. The 18% GST levy on development rights value, upheld by the court, particularly affects major markets like Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata, potentially rendering projects financially unviable. The dispute, originating from a 2019 GST notification, raises concerns about the taxability of joint development agreements and the timing of tax payments. With unresolved issues likely to escalate to the Supreme Court, stakeholders await clarity on the contentious taxation of development rights transfers, crucial for the feasibility of redevelopment projects nationwide.Read more

15 Feb 2024

DevX, Gujarat's premier managed office space provider, has secured USD 7 million in funding, split evenly between equity and debt. Notable investors include Urmin, Gala, Bidiwala family offices, and individuals like Ajay Patel, Mitesh Patel, and Soham Mehta. Founded in 2017, DevX operates as a co-working space and accelerator, supporting start-ups with strategic partnerships. DevX plans to add inventory, improve governance, and develop a Proptech solution. With a focus on hackathons and events, DevX aims for nationwide growth by 2024, solidifying its status in the managed office space sector.Read more

15 Feb 2024

Actis, a UK-based infrastructure investor, has acquired a portfolio of operational and under-construction road assets from Patel Infrastructure in India's Hybrid Annuity Model (HAM). Valued at approximately USD 180 million, the deal includes two operational assets and two under-construction projects, adding stability to Actis' investment strategy. These assets, awarded by NHAI, offer stable revenues tied to interest rates, appealing to investors. Actis views India's road sector as promising and plans further transactions. The recent acquisition follows Actis' successful purchase of six road assets from Welspun Enterprises in 2022. With this move, Actis aims to consolidate its position in India's infrastructure market, contributing to the country's development agenda.Read more

15 Feb 2024

The Ahmedabad Municipal Corporation's tax department sealed 2,950 properties, including commercial establishments, for failing to pay property tax. The West Zone had the most sealed properties, totaling 1,686. During the drive, officials managed to recover pending taxes amounting to INR 5.81 crore. This action underscores the municipality's efforts to enforce tax compliance and ensure revenue collection. The move sends a strong message to property owners regarding the importance of fulfilling their tax obligations promptly.Read more

14 Feb 2024

GMR Airports (GAL), managing aviation hubs in Delhi, Hyderabad, and North Goa, has secured INR 2,250 crore from finance firms and private credit investors at a 13 percent interest rate. Notable investors include JP Morgan, Tata Capital, Navi Finserv, HSBC, Aditya Birla Capital and Varde Partners GAL aims to address its high-cost debt and finance equity investments. The borrowed amount is part of a larger INR 5,000 crore borrowing plan. GAL plans to use the funds to refinance debt and invest in subsidiaries. Despite high debt, GAL's interest expenses are expected to decrease gradually, reflecting a positive outlook for its airport assets, including those under development.Read more

14 Feb 2024

The Abu Dhabi Investment Authority (ADIA) is launching a USD 4-5 billion fund to invest in India through Gujarat's GIFT City. ADIA has received in-principle approval from the regulatory authorities. This move, announced in a joint statement by India and the UAE, positions ADIA as the first sovereign wealth fund to invest in India via GIFT City. The approval comes ahead of Prime Minister Modi's visit to Abu Dhabi. GIFT City, offering a 10-year tax holiday and proximity to Indian markets, aims to become a global financial gateway. The fund is expected to start investing by mid-2024, marking a significant development in India-UAE economic relations.Read more

14 Feb 2024

The Nagpur Municipal Corporation's amnesty scheme yielded INR 18.63 crore as 25,879 property owners availed of the initiative, effective until March 31. The Urban Development Department revised the rebate scheme, reducing multiple penal interests for defaulters. Deputy Chief Minister Devendra Fadnavis announced the revamped scheme after a District Planning Committee meeting. With an 80% penalty waiver for tax defaulters paying dues in full, the NMC pardoned INR 4.63 crore for 25,879 defaulters. The initiative covers outstanding property taxes, water charges, and shop rents, allowing citizens to pay at NMC headquarters, zonal offices, or online platforms.Read more