PNT Reporter

22 May 2023

The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.Read more

PNT Reporter

22 May 2023

The Thane Municipal Corporation (TMC) in Maharashtra has achieved an impressive feat by collecting Rs 100 crore in property tax within the first 40 days of the fiscal year, far exceeding the previous year's collection. The corporation's success in generating revenue has been attributed to the early issuance of bills and the introduction of online tax payment options. While celebrating the financial achievement, citizens urge the government to address pressing issues such as water scarcity and poor road conditions, emphasizing the importance of optimizing taxpayer funds for community improvement.Read more

PNT Reporter

22 May 2023

Oberoi Realty recorded a significant increase in net consolidated profit for the quarter ended March 31, 2023, with a growth of 106.71%. The company's profit after tax rose to Rs. 480.29 crore compared to Rs. 232.35 crore in the same period of the previous fiscal year. Net consolidated total income also witnessed a notable increase of 18.05% to Rs. 995.11 crore. The company's board of directors has proposed a dividend of Rs. 4 per share for the fiscal year 2022- 2023. Additionally, the board approved the issuance of non-convertible debentures for a maximum total of Rs. 1,500 crores.Read more

PNT Reporter

22 May 2023

Eldeco Housing & Industries reported a marginal 2.62% growth in net consolidated profit for Q4 FY23. The company's profit after tax increased to Rs 14.90 crore, and its total income rose by 23.72% to Rs 41.99 crore. Sales were impacted due to a lack of new launches, but the company expects to resolve these issues in the coming quarters. A final dividend of 400% was recommended, and the acquisition of Surya Season Foods was approved.Read more

PNT Reporter

22 May 2023

Home First Finance, an affordable housing finance company, saw shares worth Rs 330 crore sold by True North Fund V LLP, Aether Mauritius Ltd., and Orange Clove Investments BV. The transaction resulted in a decrease in the promoters stake and Orange Clove's equity in the company. Norges Bank and Society Generate acquired shares from Home First Finance. The company focuses on providing mortgages to low- and middle-income individuals in various regions of India.Read more

PNT Reporter

19 May 2023

Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.Read more

PNT Reporter

19 May 2023

Ganesh Housing Corporation (GHCL), a renowned real estate development company, has acquired a minority stake in its subsidiary, Gatil Properties. This acquisition, valued at approximately Rs 321 crores, has made Gatil Properties a wholly owned subsidiary of GHCL. The project entails the development of a future township in Godhavi, Ahmedabad, spread over 450 acres, with a potential development area of 15.3 million square feet and a saleable potential of over Rs 5,000 crore. The township will be introduced in five phases, with the first phase scheduled to start in the second half of FY24 and the subsequent phases targeted for completion by the second half of FY29.Read more

PNT Reporter

19 May 2023

Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.Read more

PNT Reporter

19 May 2023

DLF, a prominent residential company, witnessed a remarkable increase in net consolidated profit, with a 40.45% growth in the quarter ending on March 31, 2023. The profit after tax rose to Rs. 569.60 crore compared to Rs. 405.54 crore in the corresponding period of the previous year. Despite a 4.63% decrease in net consolidated total income, amounting to Rs 1,575.70 crore in Q4 FY23, DLF recorded significant new sales bookings of Rs 8,458 crore, marking a substantial 210% YoY increase. For the fiscal year, the company achieved a total of Rs 15,058 crore in new sales.Read more

PNT Reporter

19 May 2023

The National Housing Bank (NHB) has instructed all housing finance companies (HFCs) with an asset size over Rs 1,000 crore to integrate an Early Warning Signals (EWS) framework to curtail financial fraud and prevent accounts from becoming non-performing assets. This directive comes after an analysis of reported frauds revealed seller impersonation, submission of fraudulent documents, and builder-borrower collusion. The EWS framework aims to alert HFCs to potential risks, encouraging proactive risk management. The new mechanism is expected to be operational by April 1, 2024.Read more