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

27 Jun 2023

Paranjape Schemes, a leading real estate developer, has secured funding of over Rs 230 crore from private equity funds such as ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These investments will be utilized for residential projects in Mumbai and Pune. Notably, Paranjape Athena in Mumbai's Bandra, Forest Trails in Pune's Bhugaon, Trident in Wakad, and Paranjape Aspire in Andheri are among the projects. The company aims to complete construction by 2027, with a projected revenue of Rs 1,100 crore. Paranjape Schemes is also recognized for its senior living developments and plans to create a residential project for families with autistic children.Read more

27 Jun 2023

Suhana Khan, soon-to-debut actress and daughter of Shah Rukh Khan has bought a 1.5-acre property in Alibaug's Thal village for INR 12.91 crore. The purchase includes three traditional cottages previously owned by descendants of actor Durga Khote. Amid Alibaug's growing urbanization and associated challenges, like water shortage and waste management, Khan's acquisition spotlights the need for sustainable planning. Notably, many Mumbai-based celebrities are turning to Alibaug for real estate investments.Read more

26 Jun 2023

In a move that could further impact the cost of living in Ahmedabad, the Ahmedabad Urban Development Authority (AUDA) has recently announced its decision to raise development charges by a significant margin. The proposed increase would see development charges surge by 15-20 times the current rates, potentially burdening property owners and developers alike. With development charges being a crucial factor in the overall cost of construction projects, this move is expected to have far-reaching implications for the real estate sector and urban development in Ahmedabad.Read more

26 Jun 2023

Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.Read more