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The Bhopal Municipal Corporation (BMC) has seized multiple properties, including a marriage garden, a hotel, and several shops, as part of its revenue recovery drive targeting unpaid taxes and charges. Out of eight properties initially marked for action, three owners cleared their dues during the operation. Notable defaulters included Hills View Marriage Garden near Kaliyasot Dam, which owed INR 14,06,555, and several units in Jyoti Shopping Centre, such as Shop No. 204 (INR 1,11,392), Shop No. 301 (INR 4,85,466), and Shop No. 301-A (INR 2,28,699). Office No. 405, linked to Bina Nikarbar, had dues of INR 3,27,653. BMC also took action in Zone 21, seizing property owned by Savita Jain. The crackdown extends to the recovery of property tax, water charges, and solid waste management fees.
The Ahmedabad Municipal Corporation (AMC) sealed 1,970 properties in the West Zone, 388 in the North West Zone, and 308 in the South West Zone as part of a crackdown on property tax defaulters. This enforcement drive led to the recovery of INR 3.06 crore in a single day, with INR 1.78 crore collected from the West Zone and INR 1.28 crore from the North West Zone. The AMC has warned that unpaid residential property tax dues must be settled by March 31, or water and sewer connections will be disconnected.
SEBI has put WeWork India's IPO in abeyance while returning the draft offer documents of Star Agriwarehousing. WeWork India had planned to offer 4.3 crore shares via the OFS route, with Embassy Buildcon selling up to 3.3 crore shares and Ariel Way Tenant offering about 1 crore shares. The company reported a 26% rise in FY24 operating income to INR 1,661.6 crore and achieved a revenue-to-rent multiple of 2.7. Meanwhile, Star Agriwarehousing's IPO proposal included a fresh equity issue worth INR 450 crore and an OFS of 2.69 crore shares by promoters and investors.
Mumbai-based real estate investment platform Mt. K Kapital is preparing to launch its second fund with a target corpus of INR 2,500 crore, significantly larger than its first fund of INR 790 crore. The new fund will focus on financing housing projects in major cities like Delhi-NCR, Bengaluru, Pune, and Mumbai, collaborating with leading developers to drive sector growth. The firm's first fund, which raised capital from institutions such as SBI, SBI Life, and ICICI Bank, has already deployed 50% of its corpus into projects by Keystone Realtors under the 'Rustomjee' brand in the Mumbai Metropolitan Region. The second fund is expected to be launched by the end of the year.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has launched a two-day e-Khata issuance process, allowing property owners to obtain the crucial ownership document quickly through the e-Aasthi portal. This digital initiative eliminates the need for physical visits, enhancing transparency and reducing delays in Bengaluru's real estate sector. With 2.7 lakh e-Khatas already issued out of 2.9 lakh applications, BBMP officials are conducting daily virtual reviews to ensure smooth processing. However, the mandatory shift to e-Khata in October 2024 initially led to a 60% drop in property registrations, delaying INR 8,000 crore in transactions.Read more
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Atmosphere Realty Pvt Ltd has successfully cleared its INR 218-crore debt owed to Japan's Marubeni Corporation through the early redemption of debentures. The company, a joint venture involving The Wadhwa Group, Man Infra Construction Ltd, and Chandak Realtors Pvt Ltd, completed the process well before the scheduled maturity date. Originally set to mature in 2030, the Non-Convertible Debentures (NCDs) were fully redeemed. The early settlement was facilitated by robust sales and internal accruals, particularly from the 'Atmosphere O2' project in Mumbai. Marubeni Corporation has reaffirmed its trust in partnerships with reputed developers and aims to explore further collaborations with Atmosphere Realty.Read more
The state government has decided to transfer INR 112 crore from the Layout Regularisation Scheme (LRS) and Building Regularisation Scheme (BRS) to 40 municipalities to strengthen urban local bodies. This move restores their financial autonomy, allowing them to manage funds without requiring approvals from the finance department. The government will continue paying salaries and pensions, while municipalities can use their revenues for water supply, street lighting, drainage, parks, and road construction. Municipal Administration Principal Secretary S Suresh Kumar has urged civic bodies to use the funds efficiently.
The Prayagraj Municipal Corporation (PMC) has urged homeowners to clear their house and water taxes by March 31, 2025, to avoid penalties. Payments after the deadline will attract 12% interest on property tax and a 10% surcharge on water tax. So far, the PMC has collected INR 95.50 crore from 146,210 properties, aiming for INR 130 crore by year-end. To improve convenience, a unified online portal with QR code-enabled tax bills has been launched for easy payments. Similar efforts in cities like Delhi show a national push toward digital tax collection, boosting transparency and civic revenue for essential services.Read more
SEBI plans to implement more stringent post-listing obligations and disclosure requirements for SMEs through amendments to the Listing Obligations and Disclosure Requirements (LODR) Regulations by early April, following the strengthening of SME IPO eligibility standards. The move follows frequent instances of non-compliance and manipulation within the SME ecosystem. Proposed changes include enhanced transparency on related-party transactions (RPTs), board composition, committee meetings, and a shift from half-yearly to quarterly filings, bringing SME governance closer to mainboard standards. SEBI recently doubled the minimum IPO application size to INR 2 lakh and curbed misuse of IPO proceeds, reinforcing efforts to protect investors and improve corporate governance.
US-based investment firm Bain Capital has signed definitive agreements to acquire joint control in Kerala-headquartered Manappuram Finance, India's second-largest gold loan company. According to multiple sources, Bain Capital is investing approximately INR 4,385 crore for an 18% stake via preferential allotment of equity shares and warrants, priced at INR 236 per share-representing a 30% premium over the six-month average trading price. The deal, regarded as the largest private equity transaction in the NBFC sector, will trigger a mandatory open offer to acquire an additional 26% stake. Depending on the response to the open offer, Bain Capital's holding could increase to 41.7%.
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