28 Aug 2023

Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.Read more

28 Aug 2023

The Municipal Corporation of Gurugram (MCG) is modernizing property tax management by collaborating with a private agency to distribute tax assessment bills to 6.4 lakh property owners. This innovative approach enables residents to review and update property tax details without visiting MCG's office. A dedicated team delivers bills door-to-door, promoting engagement and accuracy. Property owners can communicate changes to agency representatives, ensuring up-to-date records. This effort covers both residential and commercial properties, integrating with digital platforms and offering a 15% tax rebate incentive. MCG's initiative emphasizes efficiency, transparency, and resident involvement for improved property tax administration.Read more

28 Aug 2023

Global alternative investment firm Varde Partners has reportedly provided around Rs 750 crore in mezzanine debt to Hyderabad's Phoenix Group for construction purposes. The funds are intended for a project where the developer is converting a special economic zone (SEZ) project into a non-SEZ venture. Due to changes in project scope, traditional bank lending was not possible, leading Phoenix Group to seek private lending from Varde Partners. Despite the relatively high interest rates associated with Varde Partners' loans, the move is seen as strategic given the current market conditions. Varde Partners has shown consistent interest in India's real estate market and has invested over $3 billion across 20 transactions in the country over the last four years.Read more

28 Aug 2023

The Bankers Institute of Rural Development (BIRD) convened in Lucknow, has discussed the potential of Svamitva cards—documents certifying rural property ownership—as eligible collateral for loans. Attended by representatives from major national and regional banks, as well as state commissioners, the meeting examined the card's validity as a conclusive property title and its implications for rural financial stability. This initiative could transform rural lending dynamics, providing villagers with enhanced financial avenues.Read more

26 Aug 2023

Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.Read more

26 Aug 2023

Omkara ARC has secured a significant loan of Rs 784 crore from PNB Housing Finance through an all-cash deal facilitated by Joyous Housing Limited. This move aids PNB Housing Finance in addressing a substantial non-performing asset on its balance sheet. Joyous Housing, who defaulted on a secured construction finance of Rs 800 crore from PNB Housing, played a role in this transaction. The loan resolution was accomplished through the 'Swiss Challenge' method, marking a strategic step for both parties. PNB Housing Finance had recently raised capital through a successful rights issue involving key stakeholders like PNB, Carlyle, Ares SSG, and General Atlantic. The company has been working on improving its asset quality and reducing its stressed portfolio through various means.Read more

26 Aug 2023

The majority of commercial banks align home loan rates with the RBI's repo rate, factoring in eligibility criteria such as age, income, and property value. Bank choice affects the interest rate, with a margin and risk premium added to the external benchmark rate as per RBI guidelines. The top 10 banks offering competitive home loan rates in August 2023 include HDFC, Indian Bank, and Punjab National Bank, ranging from 8.5% to 10.1%. Floating rates linked to market changes determine EMI fluctuations. Additional charges for loan processing, verification, inspection, legal opinion, and more may apply, varying by bank. Early loan repayment may incur penalties based on the source of funds.Read more

26 Aug 2023

Star Housing Finance has secured a Rs 50 crore loan from State Bank of India (SBI), as per an official filing with the Bombay Stock Exchange. The company has also received loans from other institutions like Tata Capital Financial Services (Rs 6 crore), IDBI Bank (Rs 10 crore), and ICICI Bank (Rs 2.92 crore). Notably, shareholders have approved the reappointment of Ashish Jain as the chairman and managing director. Star Housing Finance's financial performance has been impressive, with Q1 FY24 witnessing a 99.51% YoY growth in total income to Rs 12.29 crore and a significant rise in net profit to Rs 1.55 crore. The company plans to raise funds through unsecured/secured redeemable NCDs or bonds for growth.Read more

26 Aug 2023

Prominent real estate developer Vaishnavi Group has secured significant office space leases at Vaishnavi Silicon Terraces, strengthening its status as a preferred developer for occupiers in Bengaluru. Aon and Mensa have leased half of the premium office space, joining prestigious occupants like Navi Technologies and Smartworks. Spanning 1.10 million square feet in Koramangala, Bengaluru, the strategically located Silicon Terraces offer efficient space utilization, connectivity, and amenities. As India's office market thrives, Vaishnavi Group's 25 years of experience and commitment to quality real estate make it a trusted partner for companies expanding in Bengaluru's dynamic commercial landscape.Read more

25 Aug 2023

The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.Read more