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The Ranchi Municipal Commission (RMC) has initiated a targeted campaign to boost property tax collection and enforce trade license compliance among city businesses. The drive, led by RMC Commissioner Sandeep Singh, focuses on properties with significant tax arrears and regulatory breaches, with the revenue intended to fund urban development projects. Deputy Municipal Commissioner Chandradeep Kumar inspected major establishments, issuing notices and warnings to defaulters. Prominent defaulters, including Cambrian School, Nucleus Mall 2, and several hotels, have been directed to settle their dues promptly. Non-compliant businesses face strict penalties, including legal action and potential closure, under the Jharkhand Municipal Act, 2011.Read more
Airbus has secured over 650,000 sq ft of office space in Bengaluru's Whitefield area through a 10-year lease agreement to establish its global capability centre (GCC). The space, located in Titanium Tech Park, will support Airbus's worldwide innovation and technology initiatives. The deal includes an option to expand by an additional 150,000 sq ft after a year, potentially increasing the total leased space to 800,000 sq ft. This move is part of Airbus's growing presence in India, which also extends to aviation, defence, and manufacturing sectors.Read more
The Nashik Municipal Corporation (NMC) has extended its amnesty scheme, offering a 95% penalty concession on property tax dues for an additional month. This decision follows a positive response from defaulters over the last two months, during which NMC collected INR 57 crore from approximately 32,000 defaulters. For payments made in January, the penalty concession will be reduced to 85%. The civic body had earlier implemented a similar scheme in 2021, but it received limited success. This year, the NMC aims to achieve its property tax collection target of INR 250 crore, having already collected INR 185 crore so far.Read more
The Centre is expected to maintain its financial support for the National Highways Authority of India (NHAI) for the next decade to aid the construction and maintenance of the country's highway network. This support will remain until NHAI can generate sufficient revenue from tolls to cover its expenses. Due to high debt, NHAI's borrowing was halted for the fiscal years 2023, 2024, and 2025, causing a significant rise in budgetary allocations. However, toll revenues have shown substantial growth and are anticipated to reach INR 1,30,000 crore by 2030. NHAI's ambitious infrastructure projects include the National Highways Development Project and the Bharatmala Yojana.Read more
The Rishabh Family Trust has acquired a prime 1.15-acre property in Pune's upscale Koregaon Park for INR 72 crore. The parcel, including a bungalow and outhouse with a built-up area of 16,080 sq ft, incurred a stamp duty of INR 5.04 crore. Executed under the trust with Deepa Bajaj as signatory, the purchase underscores Koregaon Park's reputation for luxury real estate, known for its bungalows, cafes, and connectivity.Read more
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Agarwal Holdings has acquired a 19,589.22 sq ft land parcel in Juhu, Mumbai, from Shapoorji Pallonji Gwalior, part of the Shapoorji Pallonji Group, for INR 455 crore. The transaction was completed and registered earlier last week, with a stamp duty of INR 27.30 crore and registration charges of INR 30,000. This follows Agarwal Holdings' previous land acquisition in Juhu in September 2022, where it purchased parcels covering 42,721.92 sq ft and 32,496.21 sq ft, valued at INR 332.8 crore. Agarwal Holdings also provides services like loan management, credit analysis, investment advice, insurance brokerage, and financial transaction handling.Read more
The Competition Commission of India (CCI) recently approved Blackstone's arm, BREP Asia III India Holding Co VIII, for acquiring stakes in Bagmane Developers and Bagmane Rio, which are involved in commercial real estate development, leasing, and renewable power generation. CCI also gave its approval for the acquisition of thyssenkrupp Electrical Steel India by Jsquare Electrical Steel Nashik, and for VVDN Technologies Pvt Ltd's acquisition of an equity stake in India Business Excellence Fund-IV. The regulatory body has ensured the acquisitions comply with competition laws and do not pose a risk to market dynamics.Read more
Aadhar Housing Finance expects its AUM to surpass INR 25,000 crore by FY24, up from INR 22,817 crore as of September 2023, marking a 23-24% growth rate. Focused on low-income housing, the company reports an average loan size of INR 10 lakh and a gross NPA ratio of 1.29%. In H1 FY24, profits rose 24% to INR 428 crore. To support expansion, Aadhar plans to raise INR 500 crore via non-convertible debentures and open 50 new branches within four months, adding to its existing 545 branches across 21 states. Strong collection efficiency of 99% underscores its robust financial performance and growth outlook.Read more
Eleganz Interiors Limited has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge for an IPO of 6,005,000 equity shares of INR 10 each. The INR 60 crore issue allocates INR 25 crore for debt repayment and INR 30 crore for working capital. Based in Mumbai, Eleganz offers interior fit-out solutions for corporate and commercial spaces, providing Design & Build (D&B) and General Contracting (GC) services. With branches in Bangalore, Pune, Hyderabad, and Chennai, the company aims to expand operations and strengthen its foothold in India's growing fit-out market.Read more
Innov8, a leading flex space startup, reported a PAT of INR 62 crore for FY24, up from INR 2.5 crore in FY23, driven by asset-light expansion and efficient operations. Operating 45 centres with 17,000 seats across 10 cities, Innov8 plans to double its centres in 2025, increasing capacity to 50,000 seats. The company will raise INR 100 crore to support acquisitions and tech upgrades. Innov8 also plans to add 4 million sq. ft. in managed office spaces over three years, focusing on Grade-A buildings to meet India's surging demand for coworking spaces.Read more
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