10 Aug 2023

CapitaLand Investment India plans to invest SGD 7-8 billion in India over 3–4 years, aiming to expand to 50 million square feet in IT Parks and industrial and logistics. CEO Sanjeev Dasgupta sees India as a hub for IT services and data consumption, with data centre growth spurred by hyperscalers. The manufacturing shift to India, cost competitiveness, and the government's PLI scheme drive demand in logistics. The company ventures into renewable energy with a 29-MW solar power plant in Tamil Nadu. CapitaLand's growth targets include real estate lending and touching SGD 7-8 billion in assets.Read more

10 Aug 2023

LIC Housing Finance reported a 42.31% growth in Q1 FY24 net profit at Rs 1,319.04 crore, up from Rs 926.89 crore in the same period last fiscal. The company's consolidated total income grew by 27.47% to Rs 6,759.13 crore. T. Adhikari was appointed as the managing director and CEO. The firm aimed to expand its branch network and observed growth in all segments. As of June 30, 2023, the company's net worth was Rs 25,901.43 crore, with a debt-equity ratio of 9.54. Housing demand is resilient amid higher rates. The RBI has hiked rates by 250 basis points since May 2022, coinciding with a 4.81% inflation rate in June.Read more

10 Aug 2023

Amid delayed bill issuance, Pune's municipal body garnered over Rs 1,300 crore in property tax payments. PMC's Ajit Deshmukh highlighted diverse online and offline contributions, resulting in revenue surpassing Rs 1,300 crore in two months. A bill delay led to a 40% rebate announcement, extending discounted tax rates until July 31. Technical glitches prompted a two-day extension. Civic activists' appeals led to a lottery for compliant taxpayers, while critics urged a focus on defaulters. PMC, with 5.5 lakh properties paid by August 2, targets Rs 2,618.15 crore from property tax, incorporating water tax revenue.Read more

10 Aug 2023

HDFC Bank, a leading private sector bank in India, has secured a significant lease of 1 lakh sq. ft. office space in Mumbai's competitive commercial real estate sector from Blackstone. The five-year agreement at $165 per sq. ft. monthly rent showcases the bank's commitment to expanding its presence in the city's financial hub. With world-class amenities and a strategic location, this collaboration positions HDFC Bank to leverage Mumbai's flourishing financial landscape, cater to growing customer demands, and foster innovation among its workforce. The deal is expected to spur further growth in Mumbai's commercial real estate sector.Read more

08 Aug 2023

The Neopolis project in Kokapet, Hyderabad, conducted land auctions for seven land parcels of 45 acres in Phase 2. The auction witnessed a high bid of Rs. 100.75 crore per acre for a 3.6-acre plot (No.10), making it the highest bid in the history of Hyderabad's real estate. The bid was placed by Rajapushpa Properties Pvt Ltd, and the overall collection in the auctions reached an impressive Rs. 3,319 crore, surpassing the state government's expectations of Rs. 2,000 crore.Read more

08 Aug 2023

A recent report by ANAROCK reveals a concerning decline in the share of affordable housing in overall sales and housing supply in H1 2023. The share of affordable homes has reduced by 11 percent compared to H1 2022, with the top 7 cities experiencing a significant drop from 23 percent to 18 percent. Additionally, affordable home buyers are burdened with almost 20 percent higher EMIs due to surging floating interest rates. Many buyers now face a scenario where the interest component surpasses the total principal amount, delaying homeownership and reducing potential gains from property appreciation.Read more

08 Aug 2023

Integrow, a tech-driven real estate investment platform, has partnered with Pranami Group, a well-established name in the real estate sector with over 23 years of experience. The collaboration involves a significant investment of INR 225 crore in diverse residential and commercial projects. Pranami Group's reputation for innovative and high-quality real estate spaces complements Integrow's mission of providing access to institutional-grade real estate assets. The partnership aims to create transformative spaces and set new standards in the real estate industry, offering unmatched living experiences and state-of-the-art commercial spaces..Read more

07 Aug 2023

Sify Technologies leases 1.5 lakh sq. ft of office space in Hyderabad's financial district through its subsidiary, Sify Infinit Spaces. The lease spans 60 months, bolstering their presence. Rent will escalate by 3 percent annually. Sify's focus on expanding data centre capacity aligns with India Inc.'s digitization and AI trends. A strategic partnership with Kotak Data Centre Fund for Rs 600 crore enhances growth prospects. Sify aims to add 350 MW of capacity in four years. Their dynamic approach and unwavering vision position them as trailblazers in India's ICT landscape, championing innovation and transforming the digital future.Read more

07 Aug 2023

The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.Read more

05 Aug 2023

Tesla, the American electric vehicle giant, makes significant strides in India, securing a 5,850-square-foot office space in Pune's Viman Nagar. Tesla India Motor & Energy's strategic move aligns with its ambition to establish a manufacturing base in the country. The lease spans five years, with an option to extend for ten years. Tesla is keen on introducing its electric cars to the Indian market and has engaged in discussions with the government. India considers allowing Tesla's foreign vendors to manufacture critical components within its borders. This dynamic development marks a transformative shift in India's automotive landscape.Read more