08 Feb 2023

Earlier this week, the Additional District Consumer Disputed Redressal Commission in Thane ordered SBI General Insurance Ltd to pay the claim amount of Rs 30 lacs within 45 days to a complainant for damages to his flat due to a slab collapse. The insurer has initially denied the claim. However, the commission rejected the insurer’s reasoning, stating that before issuing a policy, it is the responsibility of the insurance company to carefully verify all documents and assess the life of the structure. The commission also ordered the insurer to pay a sum of Rs 50,000 to the complainant for expenses incurred for litigation proceedings.Read more

07 Feb 2023

According to its BSE filling, the net consolidated profit of Ajmera Realty and Infra India increased by 9.58% during the three months ending December 31, 2022. Its profit after tax (PAT) increased to Rs 10.64 crore in Q3 FY23 from Rs 9.71 crore in the equivalent period of the previous fiscal. The company's total consolidated income increased by 14.87% to Rs 80.57 crore in Q3 FY23 from Rs 70.14 crore which it reported in the same quarter the previous year. The company claims to have deleveraged their debt by Rs 38 crore during the quarter.Read more

07 Feb 2023

Credent Global Finance is looking to tap into the growth potential of second-tier cities in India through the launch of its new real estate fund, Credent Estate Multiplier Fund. This fund will invest in mid-income residential projects through equity, and will be divided into two AIFs, one focused on second-tier cities and the other on independent housing. The company is looking at cities such as Indore, Chandigarh, Lucknow, and Baroda to make their investments.Read more

03 Feb 2023

Mindspace Business Parks Real Estate Investment Trust (REIT) reported strong financial results for the quarter ending December. The company's net operating income increased by 22% to INR 455 crore ($62 million) compared to INR 373.7 crore ($50 million) in the same period last year. Mindspace REIT also announced a distribution of INR 284.6 crore ($38 million) to unitholders, demonstrating the company's commitment to returning value to its investors.Read more

03 Feb 2023

The real estate market in Kolkata Metropolitan Area has shown growth over the past 18 months since the introduction of the stamp duty rebate, with a 61% increase in the number of residential properties registered compared to the previous 18 months. Despite a 17% decrease in the number of registrations in December 2022 compared to the previous year, the overall trend is positive, and the recent extension of the stamp duty incentive is expected to provide further encouragement for potential buyers.Read more

02 Feb 2023

Macrotech Developers Limited, that sell their real estate projects under the brand name Lodha has announced it hopes to reduce its net debt by over 40% to roughly Rs 5,000 crore by the end of current calendar year. They hope to do so with the aid of extra cash flow from robust home sales experienced in 2022. For the company, the fiscal year of 2022-23 started off with voluminous sales bookings and cash flows which led to a reduction in debt of Rs 753 crore in the December quarter to Rs 8,042 crore.Read more

31 Jan 2023

Greater Chennai Corporation has urged locals to pay their property taxes by the end of March to avoid a 2% penalty. More than 7 lakh persons have paid their property taxes since the general revision took effect in 2022 while almost 6 lakhs are yet to pay according to a statement from the civic body which asked the remaining taxpayers to do so. Even though a sizable portion of residents pays their property taxes online, the civic body's tax collectors continue to visit homes to collect roughly 50% of the levy.Read more

30 Jan 2023

Blackstone Group is reportedly in talks to sell around half of its stake in India's largest real estate investment trust, Embassy Office Parks, to private equity firm Bain Capital. The deal, which is still in the preliminary stage, could be worth up to $480 million, based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai. The transaction is expected to be executed through block deals on Indian stock exchanges in the coming weeks, though a timeline and pricing have not been finalized.Read more

27 Jan 2023

A new high-street commercial project called SKA Arcadia has just been unveiled at Wave City in Ghaziabad by the NCR-based real estate developer SKA Group. The project will span across 7860 square meters, and have over 2.5 lakh square feet of retail space with establishments such as high-street stores, society stores, food courts, restaurants, and a banquet hall. The company is set to invest Rs 125 crores in the project. It is anticipated to be finished by December 2025. It received RERA approval December 2022.Read more

26 Jan 2023

CapitaLand India Trust (CLINT) has agreed to pay Rs 1,226 crore to purchase a 1 million square foot IT park situated in Bengaluru’s outer ring road. In order to purchase the IT park, CLINT has engaged into a forward purchase agreement. The project consists of two buildings with a combined net leasable area of about 1.5 million square feet. To handle the project's design, development and leasing the landowners have appointed CapitaLand Services (India) Pvt Ltd. CLINT will invest in the project's construction using internal resources and debt during the building phase.Read more