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

04 Oct 2023

Karnataka's property market is set for a significant shift as the state government raises guidance values by 15–30 percent, effective October 1st. These values determine property transaction costs, including stamp duty and registration fees. Buyers will face a 5.6 percent stamp duty and a 1 percent fixed registration fee. This change, after a five-year hiatus due to COVID-19 and assembly polls, aims to boost government revenue and property market values. Over the past few weeks, a rush of property transactions has prompted extended working hours at sub-registrar offices. The impact will vary by locality, with some areas potentially experiencing up to a 50 percent increase in guidance values.Read more

04 Oct 2023

The West Bengal government has extended its stamp duty concessions until June 30, 2024, in a bid to boost the real estate sector. This extension includes a 2% reduction in stamp duty and a 10% decrease in circle rates for property transactions. Initially introduced in response to the challenges posed by the COVID-19 pandemic, these concessions were set to expire in phases. However, the government has decided to continue these benefits to provide relief to prospective homeowners. Despite pandemic-related hurdles and rising construction costs, the real estate industry has persevered, and this move aims to rejuvenate the sector, benefiting both buyers and state revenue.Read more

04 Oct 2023

The NFRA has penalized and debarred 18 auditors for lapses in auditing branches of DHFL, a housing finance company. Fines totalling Rs 18 lakh, with Rs 1 lakh imposed on each auditor, have been levied for professional misconduct. The auditors are also barred from roles as auditors, internal auditors, or conducting relevant audits for periods ranging from six months to one year. This action follows reports of alleged financial improprieties involving DHFL. The SEBI simultaneously imposed Rs 6 crore in penalties on 15 entities, including former DHFL promoters, for disclosure norm violations.Read more

03 Oct 2023

The Karnataka Stamps and Registration Department achieved a historic milestone by recording a remarkable revenue of Rs 311 crore in a single day through the registration of 26,058 documents. This accomplishment follows significant revenue collections on other days, highlighting the department's efficiency. The surge in registrations and revenue is partly attributed to the introduction of the Kaveri2 software, which has streamlined property registration processes. Additionally, the impending increase in property guidance values from October 1 has likely spurred higher demand for registrations. This achievement underscores the department's dedication to service and the positive impact of technological advancements on administrative processes and state revenue.Read more

03 Oct 2023

The Nagpur Municipal Corporation (NMC) has identified 1,664 properties, including private hospitals, clubs, lawns, and theatres, with overdue property tax totalling Rs66.38 crore. Private hospitals lead the list with 722 of them owing Rs27.29 crore. Seven clubs owe Rs 28.68 lakh, 322 marriage halls and lawns owe Rs18.83 crore, and 19 theatres owe Rs2.95 crore. NMC plans coercive actions, including property attachment and auction, against these defaulters. Hanuman Nagar zone tops the list with 159 properties, including hospitals and hotels, owing Rs21.12 crore, followed by Dhantoli and Laxmi Nagar zones. NMC aims to ensure regular tax payments from commercial properties.Read more

03 Oct 2023

Godrej Properties (GPL) has acquired a 49% equity stake in Godrei Skyline Developers (GSDPL) for Rs 37.64 crore from an existing shareholder. With this acquisition, along with its subsidiary Godrej Projects Development (GPDL), GPL now holds a commanding 93% equity share capital of GSDPL. Additionally, GPL has acquired approximately 109 acres of land near Samrudhhi Mahamarg, Nagpur, where it plans to develop primarily plotted residential units, offering an estimated saleable area of 2.2 million sq ft. GSDPL reported a turnover of Rs 230.72 crore in FY23, as disclosed in regulatory filings.Read more

03 Oct 2023

IndoSpace, a leading developer of industrial real estate and logistics parks in India, is embarking on a major expansion plan to meet the rising demand in the e-commerce and manufacturing sectors. The company plans to invest approximately $3 billion in assets across key Indian markets, including Delhi/NCR, Mumbai, Pune, Bengaluru, and others. Over the next three years, IndoSpace aims to add 22 million square feet of industrial and warehousing space, with around $1 billion allocated for acquiring new properties. This expansion aligns with IndoSpace's goal to nearly double its operational space from 30 million to 58 million square feet in the coming years, supported by the recent fundraising efforts and the IndoSpace Logistics Parks IV (ILP IV) fund.Read more

30 Sep 2023

Knight Frank's recent report on the impact of the stamp duty rebate in the Kolkata Metropolitan Area (KMA) highlights that since its introduction in 2021, a total of 102,743 apartments have been registered, indicating the incentive's success in stimulating real estate transactions. The report notes that while there were three consecutive months of increased registration volumes from May to July, August 2023 witnessed an 11% month-on-month decline in registrations, along with a substantial 42% year-on-year drop compared to August 2022. Smaller unit sizes and the South Zone emerged as dominant factors in these transactions, reflecting evolving buyer preferences influenced by the ongoing pandemic.Read more

30 Sep 2023

Godrej Properties Ltd. has acquired a 109-acre land parcel in Nagpur, India, signalling its commitment to expanding its presence in the region. The strategically located land, near major transportation routes and MIHAN SEZ, will be developed primarily for residential plots, with an estimated saleable area of 2.2 million square feet. GPL has been actively acquiring land parcels in response to increased housing demand following the COVID-19 pandemic. In addition to its Nagpur expansion, the company targets significant sales growth and has reported strong financial performance. It recently sold around 670 flats worth over Rs 2,000 crore in Noida.Read more