06 Oct 2023

JSW Infrastructure Limited's Rs. 2800 crore Initial Public Offering (IPO) has set industry records, drawing over 20 lakh bids from diverse investors. The IPO, guided by eight Merchant Bankers, notably listed on the 2nd working day of the month, a distinctive feature. KFintech, serving as the registrar, played a crucial role in this success. The historic IPO, marked by its exceptional response and innovative approach, underscores KFintech's adaptability to market changes and commitment to streamlined processes, reducing allotment timelines to T+3. This marks a transformative moment for JSW Infrastructure Limited and the financial industry at large.Read more

06 Oct 2023

The Expenditure Finance Committee (EFC) has approved a new Rs 60,000 crore interest subsidy scheme proposed by the Ministry of Housing and Urban Affairs. The scheme, spanning five years, aims to provide interest subvention of 3-6% per annum on home loans up to Rs 50,00,000 for the urban poor and middle class. The proposed scheme is expected to replace the existing Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), potentially boosting the construction sector. The approval aligns with the government's push for affordable housing, with potential positive impacts on economic growth and the real estate industry.Read more

06 Oct 2023

Salem Municipal Corporation (SMC) in India has introduced a 5% incentive or a Rs 5,000 discount for property taxpayers who pay their dues on or before October 31, as announced by Commissioner S Balachander. The deduction applies differently based on the property tax amount: those exceeding Rs 1 lakh receive a flat Rs 5,000 deduction, while those below Rs 1 lakh enjoy a 5% reduction. This move aligns with the state government's initiative to encourage timely tax payments, promoting financial compliance and municipal revenue collection for the latter half of the 2023-24 fiscal year.Read more

05 Oct 2023

The Mumbai Metropolitan Region (MMR) has witnessed property transactions surpassing $1.5 billion in 2023, marking the highest in the country. Mumbai dominated the transactions with deals valued at Rs 7,956 crore, while Thane district, although having over three times the number of deals, had a lower transacted value at Rs 2,778 crore. The trend is driven by significant land transactions, including Sumitomo's subsidiary acquiring a 22-acre parcel for Rs 4,674 crore and Prestige Estates Projects purchasing a central Mumbai property for Rs 704 crore. Redevelopment projects, land monetization, and increased construction activity contribute to the robust real estate market in MMR.Read more

05 Oct 2023

Leading commercial real estate firm, RMZ Corp, reports a surge in demand for premium office spaces in India, attributing it to the rise of Global Capabilities Centres (GCC). Major global players have recently leased 5 million sq ft for their GCCs in the country. RMZ Corp, eyeing expansion in Gurgaon, has plans for a vast development project, underscoring India's appeal as a preferred destination for businesses. The company's strategic growth is evident through partnerships and a robust project pipeline, forecasting a bright future for India's commercial real estate landscape.Read more

05 Oct 2023

India's luxury housing segment has recorded a significant 130% increase in sales during the first half of 2023, driven largely by Non-Resident Indian (NRI) investments. Major cities, including Delhi-NCR, Mumbai, and Hyderabad, accounted for nearly 90% of the sales. Developers attribute this boom to urbanization, enhanced lifestyles, and rising disposable incomes, particularly in urban centres. The trend reflects a shift in consumer preferences towards properties that offer a superior living experience post-pandemic.Read more

05 Oct 2023

To counter a slowdown in property tax collection, the civic administration in Pune plans to auction sealed properties owned by non-compliant taxpayers, aiming to generate approximately Rs 245 crore in revenue. The administration set a target of Rs 2,300 crore for property tax collection in the current fiscal year, but collections lagged in August and September. Critics argue that an amnesty scheme for tax defaulters sends the wrong message, disadvantaging diligent taxpayers. Additionally, PMC aims to impose property taxes on Metro rail properties, potentially yielding around Rs 20 crore annually. The civic administration faces the challenge of recovering Rs 8,000 crore from tax defaulters, including mobile towers and major businesses.Read more

05 Oct 2023

Sources have revealed that Chandigarh officials are gearing up to dispatch notices to 750 property tax defaulters in the coming week. Following the issuance of these notices, property owners will be granted a defined window to settle their overdue tax bills. Failure to comply within the specified timeframe may result in punitive measures being taken against them, according to the same sources. This move is part of the city's efforts to address property tax evasion and ensure that all residents contribute their fair share to municipal finances.Read more

04 Oct 2023

Schneider Electric India, a branch of the French multinational, has leased a vast 4.8 lakh square feet of office space in Bengaluru's Outer Ring Road. The new facility, located in the Bagmane Solarium business park, will accommodate over 4,800 employees. This move is part of Schneider's expansion strategy, with the lease spanning 10 years. The deal underscores a growing trend in 2023 of major corporations securing large office spaces in key commercial areas, reflecting renewed confidence in India's commercial real estate market.Read more

04 Oct 2023

Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.Read more