30 Jun 2023

Major banking institutions are set to relinquish their first rights over assets and cash flows to new financiers, aiming to jumpstart stalled housing projects nationwide. The shift, discussed by bank CEOs and industry insiders last week, reflects a growing realisation that clinging to first rights impedes project progress. This move could bring relief to millions of potential homeowners affected by these stalled projects, predominantly concentrated in the Mumbai Metropolitan Region and National Capital Region. This transformative strategy follows the Supreme Court's judgement on the Amrapali case and the subsequent launch of the SWAMIH Fund.Read more

29 Jun 2023

Intel, the renowned tech giant, plans to sell its expansive office space in Bangalore, aiming to unlock the value of its real estate assets. The deal, expected to exceed Rs 450 crore, follows a three-year lease-sell model with a one-year lock-up period. Builders have shown keen interest in the property, and the transaction is set to be finalized soon. This move aligns with the industry trend of optimizing space utilization and reducing costs through hybrid working models. By consolidating offices in Bangalore, Intel strives for efficiency and collaboration. Amidst the economic slowdown, Intel takes strategic steps to thrive in the dynamic tech landscape.Read more

29 Jun 2023

California-based tech provider KLA Tencor has leased a substantial 320,000-square-foot office space in Chennai's DLF Downtown Taramani. The deal, one of the city's largest, highlights the company's expansion plans. The financial details weren't disclosed, but sources say the move will happen within three months. CBRE served as the transaction advisor. DLF's rental arm, DCCDL, reported a 19 percent YoY revenue increase. Chennai's office space absorption rose by 63 percent in 2022, and leasing activity surged by 19 percent in Q1 2023. DLF is confident in leasing the remaining space before project completion.Read more

29 Jun 2023

The state government of Maharashtra has announced a one-time 50 percent concession on stamp duty for developers of integrated township projects, excluding Mumbai City, Lonavla, and eco-sensitive areas. This progressive initiative aims to encourage new proposals and urge developers to avail themselves of the concession for their upcoming projects. The concession can be utilized during land purchases or unit sales, but not both. It applies retrospectively from 2018 to authorized projects.Read more

28 Jun 2023

India's integrated serviced office and co-working space operator, EFC (I) Limited, plans to triple its seat capacity from 23,000 to 60,000 by March 2024. With 65 percent of seats catering to institutions, the company is expanding to meet strong demand. Listed on the Bombay Stock Exchange, it emphasizes India's economic potential and its own client relationships, expertise, and balance sheet. EFC (I) Limited reported a revenue of Rs 144.58 crore and a net profit of Rs 24.05 crore in the last fiscal year. The company provides customized workspaces and end-to-end solutions, capitalizing on India's booming co-working market.Read more

27 Jun 2023

TMC collected Rs 200 crore in property tax, exceeding 25 percent of the FY 2023–24 target in just 66 days. Majiwada Manpada ward took the lead with 33 percent of the total tax, while Vartak Nagar and Naupada-Kopri followed closely behind. Commissioner Abhijit Bangar credited timely billing, rebates, and convenient payment methods. With a recovery target of Rs 900 crore, they aim to reach Rs 1,000 crore. The deadline was extended to June 30. Timely tax bills, SMS alerts, and online payment facilities improve accessibility. Concerns were raised about Majiwada-Manpada's needs. The corporation remains dedicated to serving the community with innovation and support.Read more

27 Jun 2023

The Nashik Municipal Corporation (NMC) plans to impose a 2 percent penalty on property owners who fail to settle their biannual property tax obligations for the 2023-24 fiscal year by June 30. The NMC provides discounts to those who promptly pay their taxes, but penalties will be applied to those who do not take advantage of the discount scheme. The NMC encourages property owners to check their outstanding dues and make online payments through their official websites. Additionally, the NMC sends reminders and payment links via SMS and WhatsApp to property tax owners.Read more

27 Jun 2023

Kotak Mahindra-backed Phoenix ARC, Cerberus Capital, and Ares SSG with ACRE are competing for Piramal Group's distressed loan portfolio valued at ?2.6 billion. The portfolio includes debts from renowned real estate projects such as Advantage Raheja, JW Marriott, and Crowne Plaza. Piramal Group will negotiate with the highest bidder, establishing a reserve price for the auction. These loans are sourced from Piramal Capital Housing, separate from the Dewan Housing Finance acquisition.Read more

27 Jun 2023

The civic body in Pune, India, has sealed over 400 buildings as citizens fail to pay property tax. The Pune Municipal Corporation (PMC) sent notices to property owners and occupants, but non-payment resulted in the sealing of properties. The PMC aims to recover approximately Rs 8,000 crore from defaulters, including industries, commercial complexes, IT parks, and hospitals. Many defaulters have resorted to legal action, causing delays. Concerns have also been raised about exaggerated tax amounts and alleged bias in targeting defaulters. PMC's unique approach of using musical bands to shame defaulters has shown success. The PMC targets a recovery of Rs 2,318 crore for the next fiscal year.Read more

27 Jun 2023

Afcons, a unit of the Shapoorji Pallonji group, is in talks with banks for an IPO to monetize assets and fulfil loan commitments, sources said. The company is also considering a strategic sale to Middle Eastern-based firms. These initiatives aim to raise funds and alleviate debt pressure on operating companies within the group. SP Group plans to raise Rs 5,000–6,000 crore through Afcons' monetization. The flagship company, SPCPL, has restructured around $3 billion of debt under a Covid relief scheme. Afcons has executed notable projects like the Ahmedabad Metro and Atal Tunnel. The Mistry family has raised significant debt using Tata Sons shares as collateral.Read more