02 Nov 2023

Sundaram Home Finance has demonstrated strong financial performance in the second quarter with an 18% increase in its net profit, at Rs 59.33 crore, for the second quarter. This success is attributed to its strategic expansion in Tier II and III towns and a customer-centric approach. With a significant increase in disbursements, the company has strengthened its lending portfolio and ventured into the affordable housing segment. Its focus on smaller towns aligns with India's urbanisation trend. The company's commitment to fulfilling housing aspirations not only reflects market demand but also contributes to the government's 'Housing for All' initiative, positioning Sundaram Home Finance as a key player in the housing finance sector.Read more

01 Nov 2023

Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.Read more

01 Nov 2023

The Indian real estate sector saw a substantial boost in institutional investments, reaching $679.9 million in the third quarter of 2023, marking 82 percent growth compared to the same period last year. Residential assets dominated the investments, accounting for $298.3 million, a 71 percent increase year-on-year. Domestic investors led the way with 71 percent of the institutional investments, while foreign investors' share dropped from 55 percent in Q3 2022 to 27 percent in Q3 2023. Commercial assets' share decreased from 40 percent to 24 percent. Despite a slowdown attributed to foreign investors' limited interest, prospects for increased office space investments are expected as companies recall employees to offices.Read more

01 Nov 2023

The Nashik Municipal Corporation (NMC) has issued notices to a staggering 2.4 lakh property tax defaulters with accumulated dues of almost Rs 470 crore. These defaulters have been given a 15-day ultimatum to clear their outstanding dues, failing which, the NMC will proceed to issue warrants. With a property tax collection target of Rs 210 crore for the current fiscal year, the NMC is cracking down on non-compliance. Panchavati division has the highest number of defaulters, with 59,961 individuals and businesses owing a total of Rs 124.11 crore. The NMC aims to secure government grants by meeting its collection target.Read more

01 Nov 2023

" The Pune Metropolitan Region Development Authority (PMRDA) has proposed changes in development charges associated with the third Metro line, aiming to fund urban transport projects. These changes include a 100% increase in development charges for areas near the Metro, while interior areas may see a 75% or 50% increase based on their growth potential. The PMRDA is implementing the third Metro line, and the proposal is under consideration. However, there are concerns about the need for region-specific charges and potential amendments to the Maharashtra Regional Town Planning Act. Balancing infrastructure funding and affordability for homebuyers is crucial as the proposal progresses."Read more

31 Oct 2023

Embassy Office Parks REIT reported notable achievements in Q2 FY2024, leasing 2 million square feet of office space across 25 deals, resulting in a 4 percent revenue growth to Rs 889 crore. The diverse nature of these deals, with 1.2 million square feet from new leases and seven large deals over 1 lakh square feet, highlights the REIT's strong market position. Bengaluru and Mumbai drove 90 percent of leasing activity, while Embassy 247 in Mumbai achieved full occupancy. Infrastructure development included a 1 million square feet office tower in Bengaluru. The hospitality segment thrived with a 52 percent occupancy rate, 24 percent ADR growth, and an EBITDA of Rs 37 crores. The leasing pipeline for the full year is promising, leading to a revised FY2024 leasing guidance of 6.5 million square feet.Read more

31 Oct 2023

The Bank of New York Mellon Corporation (BNY Mellon), a prominent American investment banking services company, has expanded its presence in Pune, India, by leasing over 162,000 square feet of flexible workspace in Raheja Woods through a partnership with leading co-working provider 315Work Avenue. Situated in Pune's bustling Kalyani Nagar commercial hub, BNY Mellon now occupies five entire floors in this strategic location. This expansion is part of BNY Mellon's ongoing efforts to grow its presence in India, including a recent lease for a million square feet in Pune's Kharadi locality. With roots dating back to 1983 in Mumbai, BNY Mellon continues to enhance its operations across multiple Indian cities, serving its expanding client base.Read more

31 Oct 2023

Bengaluru's luxury real estate market is experiencing unprecedented demand, driven by high-net-worth individuals and start-up founders seeking opulent residences for tax-saving benefits. Exclusive properties like Adarsh Palm Retreat and Radical Rhapsody are highly sought after, resulting in surging property prices. The resale luxury home market is also flourishing, fuelled by employees cashing in their ESOPs. With the introduction of a capital gains deduction limit, HNIs are investing in luxury properties, and the future looks bright as India's population of wealthy individuals is predicted to grow significantly.Read more

31 Oct 2023

In order to reduce total debt while taking on new projects, Macrotech Developers has obtained Rs 650 crore from Standard Chartered Bank and Deutsche Bank to refinance expensive debt. The money was given out as non-convertible debentures (NCDs) with different interest rates and terms. The corporation wants to lower its net debt after making significant cuts since 2021. The company's rating was raised by Crisil, a sign that a plan to lower gross debt in fiscal 2024 is in place. This action demonstrates Macrotech Developers' deliberate attempt to streamline its debt and improve its financial structure in the midst of continuous operational growth.Read more

31 Oct 2023

Indian Bank has announced the winding up of its subsidiary, Ind Bank Housing Ltd, after the Reserve Bank of India (RBI) cancelled the certificate of registration (CoR) for the Housing Finance Company (HFC). The subsidiary, which had been non-operational for the past two decades, faced ongoing challenges, including mounting non-performing assets (NPAs). Indian Bank's Managing Director and CEO, S L Jain, emphasized that the decision to wind up the subsidiary is final, as the bank has entered the housing loan market itself, rendering the subsidiary redundant. Despite challenges, Indian Bank has reported strong financial results, including substantial growth in net profit and advances, and effective NPA management through recoveries from corporate clients.Read more