13 Oct 2023

The Bank of Baroda's board has granted approval for the issuance of long-term bonds to raise Rs 10,000 crore, which will be used to finance infrastructure and affordable housing projects. However, the RBI has temporarily halted the bank from onboarding new customers through its 'Bob World' mobile app due to supervisory concerns. This has led to a 3 percent drop in the bank's stock price. While the bank has taken corrective measures and plans to work closely with the RBI, it remains confident that the regulatory action will not significantly impact its overall business and growth plans.Read more

13 Oct 2023

The UT estate office has successfully recovered over Rs 527 crore in lease and rental dues, with Rs 427 crore collected in the past one and a half years, starting on April 1, 2022. In the current fiscal year, up to September 30, approximately Rs 150 crore has been collected, with another Rs 150 crore anticipated by March 31. This financial recovery initiative, led by UT Finance Secretary Vijay Namdeorao Zade, involved the issuance of more than 4,000 notices to defaulters, primarily from leasehold properties. The recovery effort highlights the importance of timely financial compliance within the organization.Read more

13 Oct 2023

Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.Read more

12 Oct 2023

NSDL has purchased a 68,000-square-foot office space in Mumbai's BKC Complex from IDFC First Bank for approximately Rs 198 crore. The property, located in Naman Chambers, will serve as NSDL's new headquarters starting in early 2024. This acquisition allows NSDL to expand its operational infrastructure in the competitive BKC micro-market. The BFSI sector has seen significant growth in office space demand, with major firms, both domestic and global, increasing their presence. In the first half of 2023, BFSI occupiers leased approximately 3.6 million square feet, indicating a positive outlook for the sector.Read more

12 Oct 2023

The third quarter of 2023 revealed a significant shift in India's Tier 1 city housing market. According to PropEquity, unsold housing units decreased by 11%, dropping from 5,26,497 units in Q3 2022 to 5,08,464 units in Q3 2023. This reduction marked a positive trend, reflecting increased property sales and a more balanced supply-demand equation. However, the story varied across cities. Hyderabad saw a 6% increase in unsold housing stock, while the Delhi-NCR region witnessed a 7% decline. New property launches increased by 2%, totalling 97,871 units, but rising property prices and mortgage rates led to an 11% decline in new launches. As market dynamics evolve, experts anticipate housing demand growth if interest rates remain stable or decrease in the coming months. The festive season is expected to boost new property launches and culminate in a resilient real estate market by the year-end.Read more

12 Oct 2023

The recent adjustment of property guidance values in Mysuru is poised to impact the pricing of corner and intermediate sites available for auction through the MUDA. While authorities believe the quantity of auctioned sites would not change significantly, they acknowledge a potential slight price increase. In a recent auction, approximately 100 sites were listed for sale, with real estate experts noting that market prices in the same locality are notably higher than MUDA's base prices. The revision in guidance values may subtly influence the pricing landscape, emphasizing the need for buyers and investors to stay informed during MUDA's auctions.Read more

12 Oct 2023

Centrum Capital is actively exploring the sale of its 74 percent stake in Centrum Housing Finance. RBI's directives after Centrum's acquisition of PMC Bank in 2021 are influencing this decision. The potential valuation of the housing finance business is around Rs 1,500 crore. Private equity investor Morgan Stanley PE Asia holds about 25 percent of the venture. While the deal is in its early stages, the possibility of merging the housing finance business with Unity Small Finance Bank is being considered. As of March 2023, Centrum Housing Finance's loan portfolio stood at Rs 1,140 crore, indicating robust growth.Read more

11 Oct 2023

Experion Developers, a prominent real estate developer, has acquired a six-acre land parcel in Gurgaon's Sector 53 through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. The acquisition is valued at approximately Rs 400 crore. This acquisition follows another significant HSVP auction where a two-acre plot in Sector 56 was sold for Rs 120 crore to TREVOC (The Real Estate Venture of Chawlas), a key promoter in the Spaze Group. Several leading real estate companies have actively participated in auctions by Haryana's urban development authorities, including Godrej Properties, Eldeco Group, and Ashiana Housing, highlighting the attractiveness of Gurgaon's real estate market.Read more

11 Oct 2023

HDFC Bank has made significant strides in the Indian banking sector, with a substantial increase in its home loan disbursals, marking a 14% sequential growth and a 10.5% year-over-year increase. This surge in lending follows its merger with mortgage heavyweight HDFC Ltd. HDFC Bank's retail loan book has also seen remarkable growth, with an 85% increase over the previous quarter. While non-individual loans witnessed a slight decline, the bank's total gross advances grew to 23.5 trillion rupees in the second quarter. However, there has been a shift in customer behaviour as Casa deposits have declined, with customers moving towards term deposits for higher interest rates. This change poses a challenge to banks in maintaining profitability while catering to customer preferences.Read more

11 Oct 2023

The Reserve Bank of India (RBI) has decided to keep the policy rate unchanged for the fourth consecutive time, with the repo rate remaining at 6.5 percent. This decision, made by the Monetary Policy Committee (MPC), underscores the RBI's commitment to closely monitoring inflation. The central bank has maintained its growth projection for the current fiscal year at 6.5 percent, with balanced risks. This decision reflects the RBI's cautious optimism amid ongoing economic challenges. The central bank's previous series of rate hikes was aimed at curbing inflation, and this pause indicates their belief that these measures have had an impact on inflation.Read more