21 Sep 2023

The local bodies department has reintroduced a one-time settlement scheme for property tax defaulters, granting them the opportunity to settle dues without incurring penalties and interest if they pay by December 31. This move presents possible revenue challenges for the MC. The scheme targets individuals who missed payments by March 31, 2023, granting a complete waiver for prompt payments and a 50 percent waiver for payments until March 31, 2024. The move has left MC officials concerned about reduced tax revenue and potential repercussions for diligent taxpayers. Despite this, the scheme aims to strike a balance between leniency and fiscal prudence.Read more

21 Sep 2023

A record-breaking land deal has taken place in Ahmedabad, with a plot of approximately 4,000 square yards situated between Iskcon Circle and Prahladnagar selling for a remarkable Rs 3.25 lakh per square yard. An investor acquired the plot and is currently in discussions with a prominent developer for a joint venture project on the land. This transaction is considered the highest in the city to date and is notable as the first major land deal following the jantri revision in mid-April. While such high land prices are impacting project viability, positive sentiments about Ahmedabad's infrastructure development and economic growth persist.Read more

21 Sep 2023

Real estate developer Signature Global has secured Rs 318.5 crore from anchor investors, including Nomura, ahead of its IPO. The company's offering, which runs until September 22, seeks to raise Rs 730 crore. The IPO's price range is set at Rs 366 to Rs 385 per share. Proceeds will be primarily used to reduce debt. Signature Global, which focuses on affordable and mid-income housing, has seen a 32 percent growth in sales bookings, reaching Rs 3,430.58 crore in the last fiscal year due to strong housing demand. It will offer 112 residential units in its upcoming phase two.Read more

20 Sep 2023

Last week tax authorities expanded their investigation into potential tax evasion by Orris Group, conducting searches at multiple locations, including Noida, Greater Noida, and Gurugram. The Income Tax Department officials intensified their efforts to uncover any irregularities, suspecting that the real estate firm may have engaged in activities that contravene tax regulations. These raids mark a significant development in the ongoing probe into Orris Group's financial practices, shedding light on the authorities' determination to ensure tax compliance across various regions. The company's financial transactions and records are under scrutiny as the investigation continues to unfold.Read more

20 Sep 2023

Amber Student, a Pune-based global student housing solutions provider, is in advanced talks to secure its first institutional funding round of $15–20 million from a venture capital firm. The start-up, founded by Saurabh Goel and Madhur Gujar, has experienced substantial growth in recent years, serving over 340 student housing operators in seven countries. Its platform simplifies the student housing process, helping students discover, compare, and book accommodations near universities. In 2022, Amber Student achieved a gross booking value of $600 million, with a positive financial outlook for 2023. The student housing market is projected to exceed $25 billion by 2025.Read more

19 Sep 2023

Monin, the renowned French syrup manufacturer, is investing Rs 300 crore in a new facility in Telangana, India, to expand production and cater to the local market. This move, first announced in 2018, is a strategic effort to localize production and reduce dependence on imports from Malaysia. The initial two-year phase of investment will focus on local sourcing of materials, with a broader plan to establish India as a production hub for exports to Southeast Asia by 2027. Monin sees India's vast potential and aims to become a local brand, aligning with the nation's diverse, innovative, and youthful demographic.Read more

19 Sep 2023

India's first Real Estate Portfolio Management Services (PMS), known as the CREAM Portfolio, was introduced by WiseX and Integrow Asset Management. This real estate-focused sector-specific PMS seeks to offer investors alpha and risk-adjusted returns through a multi-cap portfolio. It uses WiseX technology to actively manage assets and covers a variety of real estate market categories. With the potential for growth in the Indian real estate sector, our partnership aims to present enticing investment prospects. By selecting top-notch investment opportunities and taking advantage of synergies within the Aurum PropTech ecosystem, WiseX hopes to establish itself as a major Neo-Realty platform.Read more

19 Sep 2023

Post-pandemic interest in luxury holiday homes has soared, with fractional ownership becoming a favoured investment choice. Rental yields have jumped from pre-pandemic levels of 6-7% to a notable 9-10%. Industry experts attribute this to increased domestic travel and demand for premium accommodations. The market, currently valued between $1.5-2 billion, is projected to reach up to $10 billion in the coming years. Start-ups like YOURS and ALYF are poised for significant expansion, tapping into this lucrative trend. The shift emphasizes the evolving investment preferences away from traditional avenues.Read more

19 Sep 2023

The DFC has approved a $20 million long-term loan for Ummeed Housing Finance in Gurgaon, India. This funding aims to support affordable housing for economically disadvantaged and middle-income groups. The DFC will provide the loan at a fixed interest rate of 4.25 percent over 15 years. Ummeed plans to utilize the loan to offer extended-term credit for home purchases, construction, and extensions, diversifying its liability portfolio. The cost of borrowing, including hedging expenses over five years, is estimated at 8–9 percent. The company intends to finance around 2,000 low-value mortgages with this funding, promoting affordable housing access in India.Read more

19 Sep 2023

The Maharashtra government has approved the leasing of an 8,000-square-foot office space in a Nariman Point high-rise for Mitra, a state think tank, at a monthly rent of Rs 21 lakh. This decision comes after Mitra officials expressed the need for more spacious accommodations than their initial 1,200 square feet in the New Administrative Building. The move aims to facilitate the organization's comprehensive data analysis and informed decision-making. Meanwhile, controversy surrounds the allocation of a Malabar Hill bungalow to Mitra's CEO, Praveen Pardeshi, amid rising debt concerns for the state.Read more