04 Sep 2023

The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.Read more

02 Sep 2023

In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.Read more

02 Sep 2023

Shriram Housing Finance Limited (SHFL) and the International Finance Corporation (IFC) have announced a collaboration to introduce a green housing finance solution for self-built homes. Harnessing IFC's Excellence in Design for Greater Efficiency (EDGE) certification, the partnership aims to promote eco-friendly construction in the affordable housing sector. The initiative, funded by the European Union, anticipates a potential $1.4 trillion green housing market by 2030, emphasizing India's commitment to sustainable urbanization.Read more

01 Sep 2023

Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.Read more

01 Sep 2023

Eqaro Guarantees has joined forces with Maxemo Capital, an NBFC-ND firm specializing in customized MSME loans and working capital financing, marking a transformative moment in India's co-living sector. This partnership enables small co-living operators to access short-term liquidity through advanced capital against rent receivables backed by guarantees. Collateral-free loans are also extended, boosting operators' expansion efforts. The innovative alliance aims to bridge the credit gap in the co-living landscape, redefining growth prospects and financial stability while empowering underserved segments. This strategic synergy propels the co-living industry into a new era of agility and success.Read more

01 Sep 2023

Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.Read more

31 Aug 2023

The Margao Municipal Council (MMC) has chosen caution over immediacy in deciding on revised plinth area rates, which are crucial in calculating construction license fees for buildings. The MMC deferred discussions on the proposed rates, which were met with resistance due to significant fee increases. The Shadow Council for Margao and real estate developers expressed opposition to the surge in fees ranging from 38% to 45%. The cautious approach indicates responsiveness to public sentiment and stakeholder concerns. While this deferral may be temporary, it offers an opportunity for deeper deliberation on potential implications before reaching a conclusive resolution.Read more

31 Aug 2023

Embassy Office Parks REIT, managed by Embassy Office Parks Management Services, plans to raise Rs 500 crore through debentures for debt refinancing. The debenture committee approved the allocation of 50,000 Series VIII NCDs on a private placement basis. These NCDs will have a 60-month tenure with an 8.10 percent coupon rate per year. Embassy REIT aims to list them in BSE's Wholesale Debt Market Segment. The company received Rs 500.15 crore against the principal amount. In Q1 of the current fiscal year, Embassy REIT reported a 9 percent increase in net operating income to Rs 737.6 crore and distributed Rs 510 crore to unitholders.Read more

30 Aug 2023

IndoStar Capital Finance has successfully sold distressed loans worth Rs 790 crore from Puranik Builders and Kanakia Spaces Realty to Phoenix ARC, achieving an impressive 86 percent recovery from the outstanding loan of Rs 915 crore. This recovery rate is notable as the loans were 60 days overdue. Phoenix ARC, in collaboration with IndoStar and backed by Kotak Mahindra Bank, will oversee the real estate projects of Puranik Builders and Kanakia Spaces Realty, partially funding their completion. The transaction enhances IndoStar's retail loan portfolio from 85 percent to around 95 percent, reflecting its strategic focus on asset quality improvement.Read more

30 Aug 2023

Indiabulls Housing Finance has successfully repaid ?2,232 crore of external commercial borrowings (ECBs) raised in 2018 from various international banks, effectively clearing all its $3 billion foreign currency borrowings. The repayment marks the culmination of a deleveraging process initiated after the IL&FS crisis in 2018. CEO Gagan Banga noted that the company would now focus on growing its assets under management (AUM), with debt repayments of ?400 crore to ?700 crore per month, comfortably covered by loan portfolio repayments. The company aims for steady AUM growth and mid-teen return on equity by FY26, while pursuing an asset-light approach through co-lending partnerships.Read more