09 Feb 2024

LIC Housing Finance reports exceptional third-quarter financial performance, with net profit more than doubling from INR 480 crore to INR 1,163 crore year-on-year. Total revenues surged to INR 6,792 crore, mainly driven by increased interest income. Despite the strong showing, the company prudently provisioned INR 50.32 crore for investments in Alternate Investment Funds (AIFs) in compliance with RBI guidelines. Notably, the Capital Adequacy Ratio improved to 19.77%, indicating strengthened financial resilience. LIC Housing Finance's strategic decisions and adaptability underscore its resilience and promise a positive outlook. These results cement its stature as a key player in the mortgage lending sector, fostering investor trust and ensuring steady growth.Read more

08 Feb 2024

Bain Capital, a major global investment firm, has announced plans to significantly increase its investments in India, committing USD 7 billion over the next three to five years. This strategic move is influenced by India's political stability and economic growth, making it an attractive destination for international investors. The firm also aims to expand its team by up to 20% to support this growth. Bain's focus will include a variety of sectors such as IT, financial services, and consumer retail, aligning with India's booming demand and infrastructure development initiatives under Prime Minister Narendra Modi's administration.Read more

08 Feb 2024

MMRDA is seeking a INR 4,000 crore loan for the redevelopment of Ramabai Ambedkar Nagar, a 75-acre slum in Ghatkopar. With an "expression of interest" published, the authority aims to address every aspect of rehabilitation. Terms will be disclosed this week, with a 15-year repayment plan expected. The project targets 16,575 slum-dwellers and acquisition of 5,000 tenements, overseen by the Slum Rehabilitation Authority (SRA). This marks MMRDA's inaugural venture into slum redevelopment, aiming to generate revenues of INR 1,073 crore if managed internally, or INR 2,918 crore if outsourced. Amid financial constraints, MMRDA seeks assistance from the Union Government and BMC, affirming its commitment to broader infrastructure projects.Read more

07 Feb 2024

The Lucknow Development Authority (LDA) achieved a significant milestone in real estate with a highly successful e-auction, garnering over INR 675 crore for commercial plots. Various plots, including those for group housing, schools, health centres/nursing homes, and mixed-use purposes, attracted enthusiastic buyers. Noteworthy transactions included the sale of a Central Business District Scheme plot for INR 180 crore and a health-centric space in Gomti Nagar Extension Scheme for over INR 50 crore. The LDA's proactive embrace of e-auctions, with another round valued at INR 2,500 crore, underscores its commitment to a dynamic and thriving real estate market in Lucknow.Read more

07 Feb 2024

In a meticulously executed three-day online auction series from January 29 to 31, the Ahmedabad Municipal Corporation (AMC) achieved a remarkable revenue of INR 298.65 crore by selling prime plots across the city, surpassing the previous record set in May 2021. The highlight was the Bodakdev plot opposite the Rajpath Club, fetching a record-breaking INR 148 crore and setting a new per-square-meter rate record at INR 3.20 lakh. The success continued with prime plots in Vatva and Makarba on the first day, followed by commercial plots in Makarba Town Planning Scheme 26 and Saipur Bogha Town Planning Scheme 48 on the second day. The AMC's adaptive strategy positions it favorably for future developments in Ahmedabad.Read more

07 Feb 2024

Tata Capital Housing Finance plans to raise INR 8,000 crore through debt, focusing on subordinated debentures, to fortify its position in the evolving housing finance market. The average home loan size has surged by 22% as the industry shifts from affordable to larger residences. The Tata Group eyes financial services growth, intending to list Tata Capital Financial Services by 2025. Agratas Energy Storage Solutions, another Tata entity, contemplates a $500 million green loan. Tata Group entities have successfully raised $660 million in international debt, aligning with increased product demand. The group's strategic financial moves anticipate market opportunities.Read more

06 Feb 2024

Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.Read more

06 Feb 2024

The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.Read more

05 Feb 2024

The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.Read more

05 Feb 2024

Backed by Blackstone, Aadhar Housing Finance is actively pursuing a USD 600-650 million IPO in India. This marks Aadhar's second attempt, with a USD 1 billion plan in 2022 which was shelved due to market volatility. The filing is anticipated within two weeks, aligning with private equity trends amidst India's booming stock markets. Aadhar's USD 2 billion loan portfolio, expanding branches, and robust financial performance enhance its market presence. Blackstone seeks to capitalize on market conditions, gradually divesting its stake in the entity.Read more