29 Jul 2023

Geographic Information System (GIS) mapping in 14 important cities of Uttar Pradesh is expected to almost double the number of establishments liable to pay property taxes, soaring from 27.16 lakh to 45.88 lakh. This initiative will likely generate an additional annual revenue of Rs 500 crore for the urban development department. Mathura, Agra, Firozabad, and Ghaziabad are set to benefit the most, with property counts rising significantly. The GIS mapping accurately identifies properties that were previously missed due to rapid urbanization. With streamlined tax assessment, this project is set to enhance property tax revenue in the state.Read more

28 Jul 2023

Marubeni Corporation, a pioneering Japanese conglomerate, plans to invest Rs 10,800 crore in a high-tech industrial park on 720 acres in the Kolar district. The project aims to boost Karnataka's economy by $2 billion and create 40,000 jobs. The company presented its visionary blueprint to the State's Industries Minister, and discussions are underway to move the project forward. Marubeni already operates similar industrial parks in other countries and is exploring investments in Indonesia, Myanmar, and Vietnam. With diverse exposure across industries, Marubeni continues to inspire innovation and redefine progress on a global scale.Read more

27 Jul 2023

Aditya Birla Finance, a subsidiary of Aditya Birla Capital, extends Rs 40 crore debt to Agami Realty's premium residential project near Mumbai's BKC. The project covers a quarter-acre of land with a development potential of 1 lakh sq. ft and a free-sale component of 45,000 sq. ft. The revenue potential is estimated at over Rs 225 crore. Prashant Khandelwal, CEO of Agami Realty, expresses confidence in the funding. Aditya Birla Capital recently raised Rs 3,000 crore through QIP with a robust investor response. Designed by Reza Kabul, the project offers 2.5 and 3-bed residences with sky-decks, priced from Rs 4 crore onwards.Read more

26 Jul 2023

Billionaire Ravi Ruia's family office acquired the prestigious Hanover Lodge mansion overlooking Regent's Park for £113 million (around Rs 1,200 crore). The opulent property, linked to Russian investor Andrey Goncharenko, stands as one of London's most significant residential deals. The purchase underscores the allure and secrecy of the city's ultra-prime property market. Despite efforts for transparency, London's luxury homes continue to change hands discreetly. The acquisition exemplifies the capital's timeless appeal as a haven for the wealthy. Ravi Ruia's successful deal reflects the astute navigation of London's captivating world of high-end real estate.Read more

25 Jul 2023

Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.Read more

25 Jul 2023

RLDA invites bids for residential development on a 90,304 sqm railway land in Belanganj, Agra. The 99-year lease awaits visionary developers to shape the city's skyline. The pre-bid meeting saw participation from local and national developers, sparking creativity. The prime location near iconic landmarks enhances the land's allure. With a reserved price of Rs 213 crore, the canvas awaits transformative innovation. The last date for e-Bid submissions is August 3, 2023.Read more

25 Jul 2023

Bandhan Bank invites bids from ARCs to sell its Rs 500-crore distressed retail mortgage portfolio, aiming to reduce bad loans. The portfolio comprises around 5,800 home loan accounts with an aggregate principal loan book of Rs 500 crore. The bank prefers upfront cash offers and targets to conclude the sale by August. Bandhan Bank's shares declined 13 percent in a month, closing at Rs 211.7 on BSE. It holds a mortgage loan book of Rs 26,950 crore with a gross non-performing asset of Rs 1,090 crore. The bank previously acquired Gruh Finance and regularly sold distressed loan books to ARCs to strengthen its financial position.Read more

24 Jul 2023

The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.Read more

24 Jul 2023

Wells Fargo International Solutions boldly renews its lease for 3.7 lakh sq. ft of office space in Hyderabad, making it one of India's largest office lease transactions in 2023. The agreement with Divyasree NSL Infrastructure ensures stability for the next 60 months at Rs 57.48 per sq. ft, with no escalation. Wells Fargo's strategic moves continue, with a previous lease extension for 8.47 lakh sq. ft in Bengaluru's Embassy Tech Village until June 2032. Despite global challenges, India's office sector shows resilience, witnessing a rebound in Q2 2023. Top firms reaffirm commitment with lease renewals, reflecting India's allure for corporations.Read more

22 Jul 2023

The top 8 large and listed developers in India have experienced a remarkable reduction in net debt by 43 percent, dropping from Rs 405 billion in fiscal year 20 to over Rs 230 billion in fiscal year 23. Despite periodic interest rate hikes, their execution capabilities remain unaffected. The market confidence in these developers has grown, as indicated by the increasing market share of both listed and unlisted players. The last fiscal year witnessed the highest sales volume in five years, with approximately 3.65 lakh units sold across the top 7 cities. This positive trend reflects a thriving real estate market poised for continued growth.Read more