PNT Reporter

24 May 2023

Mumbai Metropolitan Regional Development Authority (MMRDA) is set to lease two prime plots in Bandra-Kurla Complex (BKC) aiming to generate around Rs 2,900 crore. The plots, C-13 and C-19, have areas of 7,071.90 sqm and 6,096.67 sqm respectively with considerable development potential. This follows MMRDA's successful lease to Goisu Realty in 2022 which earned Rs 2,067 crore. As MMRDA cannot generate revenue through tax, they plan to raise funds through land leases and asset monetisation to finance numerous infrastructural projects. The approved Rs 60,000 crore loan serves as a financial safety net for possible project delays.Read more

PNT Reporter

24 May 2023

LIC Housing Finance (LIC HF) is planning to expand its branch network and consolidate its position as the largest housing finance company following the merger of its competitor. The company will concentrate on providing high-yielding loans against property (LAP) and intensify efforts to recover outstanding debts. LIC HF aims to boost loan disbursements and improve net interest margins by establishing new branches in smaller towns with low home loan penetration, primarily in Maharashtra and Madhya Pradesh.Read more

PNT Reporter

24 May 2023

In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.Read more

PNT Reporter

23 May 2023

Residents of housing societies situated on collector's or leasehold land are requesting a reduction in the premium fees imposed for converting the land to freehold status. They seek a decrease from the current rate of 15 percent of the ready reckoner (RR) rate to a more reasonable 5 percent. The request was put forward at the recent gathering of the State Sahakar Parishad held last week. The chief minister, deputy CM, and revenue minister were all present at the meeting.Read more

PNT Reporter

23 May 2023

The Madurai Corporation has successfully collected a significant portion of its property tax dues thanks to a government incentive. The corporation managed to retrieve approximately 35 percent of the outstanding amount in the first half of the annual tax cycle, with a large influx of payments occurring just before the April 30 deadline. The incentive, previously exclusive to Greater Chennai Corporation, was extended to other municipal corporations as well. The collected funds will be deposited in a bank to generate interest and compensate for the cost of the incentive.Read more

PNT Reporter

23 May 2023

The Gujarat government experienced a substantial surge of over 30 percent in its revenue from construction cess, marking it as the most significant yearly growth to date, during the financial year 2022-23. The earnings generated from the cess increased significantly from Rs 572 crore in 2021-22 to Rs 748 crore in the following year. The rise in numbers was attributed to improved supervision and expanded scope. This fiscal year, the state government aims to allocate 900 crore rupees towards supporting welfare initiatives for construction labourers.Read more

PNT Reporter

23 May 2023

Synopsis: DLF, India's top real estate company, has impressively slashed its net debt by 73 percent, bringing it down to Rs 721 crore in the fiscal year 2022-23. The net debt of Rs 18,772 crore for DLF Cyber City Developers, a joint venture firm, declined by 1 percent. DLF's debt load has been reduced following a boost in sales, driven by significant demand for housing. DLF aims to reach net debt-zero status for its development business by fiscal year 2024. DLF is set to unveil developments valued at Rs 19,710 crore during this fiscal year. It expects to register sales of approximately Rs 12,000 crore this fiscal year due to robust housing demand.Read more

PNT Reporter

23 May 2023

The SWAMIH I, managed by SBICAP Ventures and supported by the government, has contributed a sum of Rs 158.50 crore into a mixed-use real estate project located on Ghodbunder Road in the Thane. With a hefty 1,076 units under its belt, the project stands to offer much-needed solace to more than 500 homeowners who have been patiently waiting to receive their residences. The SWAMIH-I fund was first introduced in 2019 as a category II alternative investment fund that would provide last-mile funding for stressed real estate projects. The State Bank of India, and the Life Insurance Corporation of India (LIC), are some of its anchor investors.Read more

PNT Reporter

23 May 2023

Shriram Housing Finance, a subsidiary of Shriram Finance, is considering postponing its planned $100 million share offering to ensure higher valuations. The company is exploring various options to raise funds, including approaching investors directly or selling a portion of their holdings besides launching an IPO. Valuation discrepancies have hindered potential deals with new investors. Shriram Housing Finance has witnessed significant growth in its assets under management (AUM) and plans to expand its branch network and increase its sales and service staff to support its growth strategy.Read more

PNT Reporter

23 May 2023

The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC had signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. The entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.Read more