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hBits, a fractional ownership platform specializing in commercial real estate, has received approval from the Securities and Exchange Board of India (SEBI) to launch its Small & Medium Real Estate Investment Trust (SM REIT). The company plans to initiate its maiden SM REIT initial public offering (IPO) by June 2025 and aims to migrate its existing portfolio into this structure. hBits targets assets under management (AUM) of INR 2,000 crore by March 2026, providing retail investors access to premium-grade commercial properties with the potential for consistent income and long-term wealth creation.Read more
The Greater Chennai Corporation has set an ambitious target of INR 500 crore in property tax collections for the current fiscal year. The civic body aims to achieve this through rigorous enforcement, digitised records, and improved taxpayer compliance. Officials are also focusing on revising property assessments and following up on defaulters. The collected funds are expected to support ongoing infrastructure and development initiatives in the city, including road repairs, waste management, and public amenities. This goal reflects Chennai's push toward financial self-reliance in civic operations.
The Prayagraj Municipal Corporation has announced a 12% annual interest penalty on house tax defaulters starting this financial year. The decision is aimed at improving tax compliance and ensuring timely payments by residents. Officials hope this move will discourage delays and strengthen the civic body's financial base, which is critical for urban development and essential services. Defaulters will now face additional charges on their outstanding dues, and the Corporation has also initiated awareness drives to inform taxpayers about the new enforcement policy.
The Lucknow Municipal Corporation witnessed a strong start to the financial year 2025-26 by collecting INR 2 crore in house tax within the first few hours of April 1. The quick inflow is being credited to early bird discounts and improved digital payment systems. Officials believe this reflects increased awareness and cooperation among residents regarding civic responsibilities. The collected funds will support critical infrastructure projects, sanitation, and other urban services. The civic body has also launched campaigns to encourage more timely payments throughout the year.
The Visakhapatnam Urban Development Authority (VUDA) conducted an e-lottery for plot allocations under the Middle-Income Group (MIG) housing scheme. The process, held for layouts in Rushikonda and Kommadi, ensured transparency and fairness in plot distribution. Thousands of applicants participated online, and winners were selected through a digital draw. This initiative aligns with VUDA's goal to promote housing accessibility while avoiding manual interference in allocation. The success of this e-lottery marks another step toward tech-enabled urban planning and citizen engagement in Andhra Pradesh's housing sector.
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The Reserve Bank of India (RBI) has lowered the repo rate by 25 basis points to 6%, marking its second consecutive rate cut aimed at reviving economic momentum. The move signals a shift in the central bank's monetary policy stance from neutral to accommodative in response to mounting global trade tensions and subdued domestic growth. Alongside the repo rate revision, the RBI also reduced the Standing Deposit Facility (SDF) to 5.75% and the Marginal Standing Facility (MSF) to 6.25% while maintaining the Cash Reserve Ratio (CRR) at 4%. The central bank revised India's GDP growth projection down to 6.5% for the current fiscal year.Read more
India's building materials sector has recorded a 30% rise in recruitment between January 2023 and January 2025, fuelled by rapid urbanisation, infrastructure growth, and industrial expansion, according to Ciel HR. The industry, employing over 5.5 lakh professionals, is seeing high demand for roles in sustainability, R&D, and advanced manufacturing. Metro cities account for 81% of job postings, with Hyderabad, Bengaluru, and Delhi/NCR leading. While technology is reshaping operations, the sector continues to face a notable gender gap, with women comprising just 12% of the workforce.Read more
The Department for Promotion of Industry and Internal Trade (DPIIT) has clarified that Indian companies operating in sectors where FDI is prohibited may issue bonus shares to pre-existing foreign shareholders, provided the shareholding pattern remains unchanged. This regulatory update, now part of the FDI policy, removes the earlier ambiguity that required RBI approval, streamlining corporate actions in sectors like tobacco and real estate. Legal experts noted the move would simplify procedures, enhance parity in shareholder rights, and reassure foreign investors with grandfathered stakes in restricted sectors, while ensuring full compliance with applicable laws and regulations.Read more
Piramal Finance Limited has entered into a co-lending agreement with ICICI Bank to expand access to credit for borrowers in semi-urban and rural parts of India. This strategic partnership focuses on home loans and loans against property, aiming to provide affordable and tailored financial solutions to underserved segments. With Piramal's widespread branch network and customer base, combined with ICICI Bank's banking expertise, the alliance is set to deepen financial inclusion. The initiative also targets MSMEs and Tier 2 and 3 city borrowers, contributing to the broader goal of strengthening India's credit ecosystem.Read more
Indian exporters have welcomed the United States' decision to defer reciprocal tariffs for 90 days, calling it a significant reprieve that opens the door for meaningful progress in bilateral trade negotiations. Industry representatives view the move as a strategic pause that could help avoid immediate economic strain and potentially lead to a favourable resolution. The commerce ministry has reassured exporters that the agreement is being prioritised. Exporters believe that the temporary relief could even be extended, enabling India to tap into opportunities arising from elevated tariffs on Chinese goods.Read more
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