The World Bank has revised India's economic growth forecast for the fiscal year ending in March 2025 to 7%, up from 6.6%, driven by recovering agricultural output and rising private consumption. The Reserve Bank of India (RBI) has retained its GDP growth forecast at 7.2%, adjusting quarterly estimates slightly. Despite inflation concerns, the RBI remains optimistic, focusing on domestic drivers of growth. The IMF also raised its growth forecast to 7%, reflecting improved consumption prospects, especially in rural areas. Both institutions see positive trends supporting India's economic resilience amidst external challenges.Read more

Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.Read more

Garuda Construction and Engineering's IPO has received overwhelming demand, being oversubscribed by 7.55 times by the close of the share sale. A total of 15.03 crore bids were placed against the 1.99 crore shares on offer, with Retail Individual Investors (RIIs) and non-institutional investors showing strong interest. The company raised INR 75 crore from anchor investors earlier this week, with a price band of INR 92-95 per share. The IPO size is estimated at INR 264 crore, with INR 100 crore earmarked for working capital. The Mumbai-based construction firm, with an order book of INR 1,408.27 crore, has seen consistent financial growth.Read more

The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced a significant e-auction for 43 industrial and commercial plots across the state. Set to facilitate bidding in regions like Bareilly, Jalaun, and Prayagraj, these plots are intended for various business uses, including warehousing and hotels. Additionally, industrial plots in Amethi and other areas will be available, contributing to industrial growth in Uttar Pradesh. The application process began on Friday, with reserve prices established for the plots. Interested bidders must pay fees by October 17, and the e-auction is scheduled for October 25.Read more

JLL's latest report underscores Chennai's dramatic transformation in the real estate sector over the past 25 years, highlighting a remarkable 75-fold increase in office space primarily fuelled by the IT sector and the rise of Global Capability Centres (GCCs). Currently, the state commands a 12% share of India's GCC market, with a notable 15% presence in the Banking, Financial Services, and Insurance (BFSI) sector. Siva Krishnan of JLL India remarked on the city's evolution from a manufacturing hub to a diversified economic powerhouse, emphasizing that ongoing infrastructure advancements and strategic policies position Chennai to leverage emerging trends in technology and urban living.Read more

The Karnataka government's initiative to digitise property transactions through mandatory e-khata registration has hit significant roadblocks, causing a 95% drop in registrations in key cities like Bengaluru, Mangaluru, and Mysuru. This decline coincides with efforts by the stamps and registration department to boost revenues by keeping sub-registrar offices open on weekends. Although property registrations had seen a 5% increase earlier this fiscal year, technical glitches and low public awareness hinder the e-khata rollout, prompting Revenue Minister Krishna Byre Gowda to meet with officials to address these challenges and reassure property owners of a flexible timeline for obtaining e-khatas.Read more

Real estate firm NeoLiv has made a significant move in the Mumbai Metropolitan Region (MMR) by acquiring a prime 12-acre plot in Alibaug, a coastal town near Mumbai, for the development of a luxury housing project. The project is estimated to have a sales potential of approximately INR 400 crore. However, the company has not disclosed the exact value of the land deal or the identity of the seller.Read more

As Maharashtra gears up for upcoming assembly elections, real estate developers have proposed a significant reduction in stamp duty, urging the state government to lower the current 5% rate to 3%. The move, according to industry experts, aims to stimulate the real estate sector and boost property transactions across the state, offering a potential boost to government revenue while making homeownership more accessible, especially for first-time buyers. Developer associations, including CREDAI (Confederation of Real Estate Developers Associations of India), have formally written to Housing Minister Atul Save and Chief Minister Eknath Shinde, outlining their proposal.Read more

DevX has filed a draft with SEBI to launch an Initial Public Offering (IPO) aimed at raising INR 125 crore through a fresh issue of 2.47 crore equity shares with a face value of INR 2. The IPO will be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). A significant portion of the funds, INR 68.95 crore, will be allocated for fit-outs in new centres and security deposits. Additionally, INR 30 crore will go towards repaying borrowings, while the remaining amount will support general corporate purposes, facilitating expansion into key cities.Read more

India's banking sector is set for major growth, driven by higher return on equity (RoE), better asset quality, and large opportunities in infrastructure financing under projects like the National Infrastructure Pipeline (NIP) and Gati Shakti. The housing finance market, which grew by 25% annually between FY22 and FY24, is expected to increase at a compound annual growth rate (CAGR) of 15-20% by 2030. With decreasing non-performing assets (NPAs) and greater use of digital tools, Indian banks are well-positioned for further growth, supported by strong credit demand from India's expanding middle class and rising consumption.Read more