12 Aug 2023

Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.Read more

12 Aug 2023

Property tax defaulters in Ernakulam district owe a collective sum of Rs 392 crore to local bodies as of August 5, 2023, with building owners under Kochi Corporation limits leading the list at Rs 252 crore. Kalamassery and Thrikkakara have the highest pending property tax amounts among municipalities. In contrast, property tax payment compliance is higher in panchayat limits. Corporation data indicates that only 20% of arrears were recovered in the last fiscal year, mainly due to the non-deduction of dues from building owners facing revenue recovery proceedings. The challenge lies in balancing revenue generation and providing relief through exemptions.Read more

12 Aug 2023

Repco Home Finance reports 43.53% YoY Q1 FY24 net profit growth to Rs 89.09 crore. Total consolidated income stands at Rs 366.50 crore, a 19.38% increase from last year. Loan sanction is at Rs 726 crore, and disbursement is at Rs 684 crore. The loan spread remains at 3.3%, yielding a 15.8% return on equity. Gross NPAs at Rs 695 crore and net NPAs at Rs 338 crore, with a gross NPA ratio of 5.5%. Operational revenue grows 21% YoY to Rs 364.5 crore. Repco has a network of 159 branches and 34 satellite centres in India. Shares show strong YTD and 1-year returns.Read more

12 Aug 2023

UK based Malhotra Group PLC has successfully acquired a stalled 300-acre project in Ludhiana, Punjab, for about Rs 150 crore. The resolution plan by Malhotra Group received approval from the National Company Law Tribunal (NCLT) after the committee of creditors' favourable votes. The company aims to inject around Rs 1,200-1,500 crore through FDI to develop the township, including a hotel, health farm, school, golf course, villas, and apartments. This venture marks its expansion into India's real estate sector, benefiting long-awaiting homebuyers and driving development in the region.Read more

11 Aug 2023

Several global funds, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Canadian giants CPP Investments and OMERS, are in discussions to acquire a 50% stake in India's Panchshil Realty and Salarpuria Sattva Group, currently held by the Blackstone Group. This significant acquisition spans a vast 26 million sq ft of commercial real estate in India, with an estimated deal value between $4.5 to $5.0 billion. The move signals the growing global interest in India's burgeoning real estate sector.Read more

11 Aug 2023

Private equity (PE) investments in India's real estate sector surged by 51% year-on-year to reach Rs 24,680 crore ($2.99 billion) in the first half of 2023, according to Cushman & Wakefield. The second quarter alone saw a 63% increase in PE investments, reaching Rs 15,850 crore ($1.92 billion), driven by a shift towards office spaces and diversification into areas like logistics, industrial zones, and data centres. Equity investments comprised 87% of total inflows, with stable office occupancy rates and strong rental growth in retail assets.Read more

11 Aug 2023

Thiruvananthapuram Corporation has finalized new property tax rates for the upcoming fiscal year. Government office buildings will see a substantial 72.5% reduction in basic tax rates, while larger residential, commercial, and hospitality properties will face increased tax burdens. The proposed revisions, based on existing slabs, await approval in an upcoming civic body council meeting. Additionally, property tax calculations will include a 5% annual increment over five years, following state government directives based on finance commission recommendations.Read more

11 Aug 2023

Kotak Mahindra Asset Management has introduced the Kotak S&P BSE Housing Index Fund, an open-ended scheme tracking the S&P BSE Housing Index to tap into India's housing sector. The fund's transparent approach and alignment with diverse risk profiles underscore Kotak's commitment to empowering investors with opportunities in the real estate domain. As the subscription window opens from August 7th to August 21st, 2023, investors can seize the potential benefits of this innovative thematic index fund.Read more

11 Aug 2023

The state government has chosen not to grant a full property tax waiver to owners of houses under 500 square feet in the Pune Municipal Corporation (PMC) limits, in contrast to exemptions in Mumbai. The decision, made during the state assembly session, aims to avoid significant revenue loss for the civic administration, already providing a 40% tax discount. This move, affecting around 12 lakh properties, comes after a history of fluctuating property tax policies, including a 40% reduction following floods in the 1970s and subsequent discontinuation in 2019.Read more

11 Aug 2023

Chandigarh's building plan approval process is set to become more expensive due to the enforcement of charges under the Construction and Demolition Management Policy 2022, effective from February 1. The UT estate office is collaborating with Chandigarh Smart City Ltd to implement the charges on new and revised building plans via the online system, while also planning a special audit to assess financial impact and recovery from applicants. The policy emphasizes responsible waste management, requiring waste generators to dispose of debris at designated locations.Read more