27 Oct 2023

PNB Housing Finance has released impressive financial results, with a striking 45.83% increase in consolidated net profit during Q2 FY24, reaching Rs 383 crore compared to the previous year. Their total income also saw robust growth, surging by 5.70%. The credit for this achievement goes to successful efforts in resolving a major corporate account, which significantly reduced their non-performing assets. With a solid financial position, boasting a strong CRAR of 30.38%, PNB Housing Finance demonstrates robust performance and a commitment to affordable housing, reflecting its unwavering dedication to financial excellence and growth.Read more

27 Oct 2023

Greater Noida is leading the charge in India's residential real estate market, with a remarkable 38.9% increase in property searches during Q3 2023, positioning it as the top city out of 13 major Indian cities. This surge is attributed to rising demand and a 6.7% decrease in supply, potentially signalling a supply-demand gap. Notably, 3BHK units are in high demand, making up over 47% of all property searches, in line with the growing preference for luxury residential properties. Other cities, like Delhi and Gurugram, also saw an increase in searches and property prices. These findings reflect significant transformations in India's real estate landscape, attracting attention from industry stakeholders.Read more

26 Oct 2023

Property developers in India are underutilizing available credit lines for construction finance due to their strong residential sales and substantial collections. Despite having access to low-interest construction finance, developers typically utilize only 70-80% of sanctioned limits. Robust residential sales in major Indian cities have created cash surpluses, reducing the need for external funding. The strong cash flow allows developers to sell properties at current prices without higher borrowing costs, while selectively using credit lines to pay off expensive debt and boost credit ratings. This shift in the property market reflects the current economic cycle, with developers relying less on external construction finance.Read more

26 Oct 2023

The Department of Town and Country Planning (DTCP) in Gurugram has conducted sealing drives against unauthorized construction and illegal commercial activities in licensed colonies, recovering a total of Rs 1 crore in penalties and bank guarantees from violators. Around Rs 50 lakh was collected through penalties and bank guarantees for de-sealing buildings closed citing various violations. Additionally, approximately Rs 50 lakh was collected by granting permissions to property owners for running non-nuisance commercial activities. The DTCP has issued permits for various non-nuisance activities, including those by lawyers, doctors, tax consultants, and architects, and collected revenue of around Rs 59 lakh from these permits.Read more

25 Oct 2023

The ASK Group, which is supported by Blackstone, has unveiled a new property fund worth Rs 1,500 crore, building on the success of their earlier real estate fund. The group intends to complete fundraising by March and make approximately 8 to 10 investments across India's top five cities. The fund manager, ASK Property Investment Advisors, has a track record of raising over Rs 6,100 crore from a diverse set of investors, including family offices, high-net-worth individuals, and institutions. They are significantly contributing to the growth of India's real estate sector, with PE investments in the sector projected to reach $5.6 billion in 2023.Read more

25 Oct 2023

Under the visionary leadership of Deputy Chief Minister and State Finance Minister Ajit Pawar, the state government is launching an award scheme to celebrate and incentivize conscientious property taxpayers. This initiative recognizes the remarkable dedication of 660,785 property owners who have diligently fulfilled their tax obligations, resulting in collections exceeding 300 crores. A total of 45 rewards amounting to Rs 1 crore will be distributed to lottery winners, fostering a culture of on-time tax payments. Pune Municipal Corporation (PMC) initiated this commendable endeavour, setting a property tax collection target of Rs 2,318.1 crore for 2023–24, with innovation and vision at its core.Read more

25 Oct 2023

Can Fin Homes report an 11.54 percent growth in net profit to Rs 158.07 crore for Q2 FY24. Total income from operations surged by 32.47 percent to reach Rs 871.03 crore, and net interest income increased by 26.1 percent to Rs 316.8 crore. An internal fraud incident in the Ambala branch resulted in a fund defalcation of Rs. 39.67 crore, prompting Can Fin Homes to file an FIR and fully provide for the amount, with a post-tax impact of Rs. 29.69 crore. As of September 30, 2023, the company showcased a strong financial position with a net worth of Rs 3,961.32 crore, a debt-equity ratio of 7.73, and NPAs.Read more

24 Oct 2023

Faering Capital has infused $30 million into Vastu Housing Finance Corporation (Vastu), a significant boost for the housing finance sector. This investment involves a secondary sale with funds managed by Multiples Alternate Asset Management and other shareholders. Vastu, a digital retail affordable housing finance company, manages around $900 million in assets across 15 Indian states and over 200 markets. It boasts advanced technology, including the PULSE platform, and an expansion into vehicle and MSME finance through Vastu Finserve. Vastu focuses on lending to the low-middle-income segment, holding top-tier ratings and strong relationships with over 40 banks. Faering Capital anticipates substantial progress in affordable housing finance.Read more

24 Oct 2023

Supreet Sachdev, a partner at BSR & Co LLP, has been hit with a significant penalty of Rs 5 lakh by the National Financial Reporting Authority (NFRA) for professional misconduct and errors in the audit of Sobha Ltd for the fiscal years 2017–18 and 2018–19. In May 2021, the Securities and Exchange Board of India (SEBI) expressed concerns, which led to this action. Sachdev was hit with this hefty fine because he neglected to disclose doubts about unsecured land advances and to adhere to auditing norms. The steps taken by the NFRA highlight how crucial it is to keep India's financial transparency and auditing standards at the highest level.Read more

24 Oct 2023

MLC Satyajeet Tambe led a delegation of Nashik's industrial leaders in discussions with Municipal Commissioner Ashok Karanjkar to address local industry concerns. Karanjkar agreed to enforce government guidelines for property tax collection within the industrial category. Industrial property tax rates are set to commence on April 1, 2024, primarily impacting industries in the Ambad and Satpur industrial estates under MIDC. The delegation also highlighted issues concerning poor road conditions and drainage infrastructure, receiving assurances of forthcoming road repairs, and the inclusion of drainage projects in Kumbh Mela preparations. The President of AIMA, Nikhil Panchal, was also part of the delegation.Read more