16 Nov 2023

IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.Read more

16 Nov 2023

Peak XV Partners, previously known as Sequoia Capital India & SEA, divested a 1.5 percent stake in Aptus Value Housing Finance India for Rs 213 crore through open market transactions. This strategic move on the National Stock Exchange involved selling 74,35,937 shares at a median price of Rs 287, reducing Peak XV Partners' shareholding from 2.61 percent to 1.11 percent. Concurrently, SBI Mutual Fund and Blue Diamond Properties acquired shares, contributing to a 1.2 percent and 0.3 percent stake, respectively. The shares' identical purchase price led to a 5.98 percent surge in Aptus Value Housing Finance India's stock, closing at Rs 303.20 per share.Read more

16 Nov 2023

CapitaLand India Trust (CLINT) secures a significant INR 13 billion loan from J.P. Morgan for its Navi Mumbai data centre project, signalling a turning point in India's digital evolution. The move reflects CLINT's commitment to astute capital management and diversification. With a robust real estate portfolio and proactive entry into the data centre sector, CLINT emerges as a key player shaping India's digital and real estate future. Stakeholders anticipate how these strategic moves will contribute to the evolving narrative of India's transformation.Read more

16 Nov 2023

The recent disclosure that over 60% of Thane's total property tax collections come from just three affluent wards—Majiwada, Vartak Nagar, and Naupada-Kopri—raises concerns about the city's economic disparities. The underdeveloped suburbs like Mumbra, Diva, and Wagle Estate contribute the least, with experts attributing delayed payments to municipal neglect in these areas. Residents in both affluent and neglected zones face various challenges, from traffic congestion to poor infrastructure. The situation calls for a re-evaluation of municipal priorities to ensure equitable development across all parts of the city.Read more

16 Nov 2023

The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.Read more

15 Nov 2023

The Karnataka government is deliberating the development of the Knowledge, Healthcare, Innovation, and Research (KHIR) City near Bengaluru, seeking a substantial Rs 40,000 crore investment. Aimed at fostering healthcare, innovation, and knowledge sectors, the project envisions creating 80,000 jobs across 2,000 acres. Phased development within a 60-kilometer radius of Bengaluru signifies a transformative urban expansion. Shri M. B. Patil, Minister for Large and Medium Industries, highlighted the diverse gathering's potential to create a hub of excellence. The initiative engages key figures from the government, research centres, private enterprises, medical institutions, academia, and Karnataka's Strategic Investment Committee.Read more

15 Nov 2023

The Knight Frank-NAREDCO Real Estate Sentiment Index for Q3 2023 reports a decrease in the Current Sentiment Score from 63 to 59, attributed to Middle East conflicts and regional tensions. Despite concerns about a global economic slowdown, the overall sentiment remains optimistic (above 50). The Future Sentiment Index slightly increased to 65, driven by optimism about India's ongoing economic growth. The residential market outlook is strong, with confidence in higher sales and pricing. The office market also shows optimism in leasing, supply, and rental rates. The Developer Future Sentiment score increased to 66, while non-developers achieved their highest score in six quarters at 64.Read more

15 Nov 2023

Star Housing Finance Limited (Star HFL) announced a significant Rs 60 crore capital injection, pending shareholder approval, to accelerate growth and expansion. The company reported a 110% year-on-year increase in Assets Under Management, reaching Rs 319.43 crore. This fiscal strength, marked by a 49% hike in disbursements during H1 FY24, underlines its robust performance. The funds, raised through convertible warrants, will enhance market presence, diversify loan portfolios, and invest in technology. The appointment of Chinnathambi Ilango as a non-executive independent director further strengthens Star HFL's governance.Read more

15 Nov 2023

The Municipal Corporation of Delhi (MCD) has issued new guidelines to address low property tax returns. In cases where tax arrears exceed Rs 25 lakh, punitive actions, including prosecution under the Delhi Municipal Corporation (DMC) Act, will be taken against defaulters. Despite previous measures, such as attaching bank accounts and properties, proving insufficient, the MCD will now initiate prosecution under sections 152A and 467 of the DMC Act for tax amounts exceeding Rs 25 lakh. Assessing officers are mandated to file complaints and commence prosecution proceedings against individuals who have wilfully defaulted on payment or attempted to evade tax.Read more

14 Nov 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has allocated two out of five data centre plots in Delhi's Sector 28, generating revenue of Rs 59 crore. These two plots, promising a proposed investment of Rs 1,757 crore, are set to create around 775 jobs. The allocation process was based on thorough evaluations and interviews, with Sify Infinite Spaces Limited and Jackson Limited emerging as the deserving recipients of data centre plots D10 and D9, respectively. These strategic steps align with YEIDA's vision of fostering data centre industry growth, marking a pivotal move in the region's digital transformation and economic development.Read more