Brookfield India Real Estate Trust (Brookfield India REIT) reported a net profit after tax of INR 37.35 crore for Q1 FY25, reversing last year's loss. The total income rose to INR 590.19 crore, up 84.01% from last year. Adjusted net operating income grew 94%, and operating lease rentals increased by 99%. The trust declared a distribution of INR 2,160 million (INR 4.50 per unit). Brookfield India REIT acquired a 50% stake in a Delhi-NCR commercial portfolio for INR 12,280 million. It achieved gross leasing of 242,000 square feet, targeting 87%-89% occupancy by FY 2025.Read more

Five companies, including Bajaj Housing Finance, Manba Finance, Baazar Style Retail, Diffusion Engineers, and Deepak Builders & Engineers India, received SEBI's approval for IPOs. Bajaj Housing Finance's INR 7,000 crore IPO includes a fresh issue and an OFS by Bajaj Finance. Manba Finance's IPO is a fresh issue of 1.26 crore shares. Baazar Style Retail's IPO includes a INR 148 crore fresh issue and an OFS. Diffusion Engineers' IPO is a fresh issuance, while Deepak Builders' IPO combines fresh and OFS shares. Proceeds will be used for capital base enhancement, debt repayment, and expansion projects.Read more

Ajmera Realty & Infra India Ltd (ARIIL) has announced a strategic demerger, resulting in a marginal gain for its shareholders. The demerger, approved by the National Company Law Tribunal (NCLT), involves the transfer of a 6.5-acre land parcel to a 100% subsidiary, Radha Raman Dev Ventures Pvt Ltd. As part of the Scheme of Arrangement, ARIIL has allotted 1 equity share for every 50 shares held by its shareholders, a 2% monetary gain. The move aims to leverage the growth potential of the mixed-use project planned on the land and bolster ARIIL's overall growth momentum in the thriving real estate sector.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) reported a 24.79% increase in property tax collection for the first four months of the current fiscal year, reaching INR 3,065.82 crore. However, the collection still falls short of the target by 60.1%. Key factors include payments from long-term defaulters under the One Time Settlement scheme and property owners revising self-assessments. Despite the deadline, many made last-minute payments, causing server issues. The BBMP plans strict actions against defaulters, including potential property auctions. Significant tax collection increases were noted in areas like Bommanahalli, Mahadevapura, and Yelahanka.Read more

Bengaluru's rapid growth and economic significance have not led to its designation as a 'Metro' city, unlike Mumbai, Delhi, Kolkata, and Chennai, which benefit from a 50% House Rent Allowance (HRA) tax exemption. Union Minister of State for Finance, Pankaj Chaudhary, highlighted that Bengaluru, classified as a non-metro, only receives a 40% exemption. This disparity has sparked calls for reclassification to alleviate financial pressure on residents and attract talent. The government's stance, aimed at rationalising tax rates and limiting exemptions, continues to stir debate on urban growth and national fiscal policies.Read more

India's markets regulator, SEBI, has updated regulations to simplify the nomination process for unitholders in REITs and InVITs, promoting fair board representation. These changes allow unitholders surpassing specific ownership thresholds to nominate directors more easily, even in cases involving defaults or security creation. By enhancing governance and participation, SEBI aims to attract more investments in real estate and infrastructure sectors. This move supports investor confidence and aligns with India's infrastructure development goals, offering unitholders improved involvement in managing their investments and reinforcing their rights.Read more

The Delhi-NCR real estate market has seen a surge in luxury home demand, with 45% of the 32,200 housing units sold in H1 2024 being luxury properties, up from just 3% in 2019, according to ANAROCK. Gurugram leads this trend, with 10,365 luxury units sold, constituting 59% of its total sales. Noida and Greater Noida follow, with 42% of their 8,425 units being luxury homes. This shift is driven by the increasing number of ultra-high-net-worth individuals and a preference for investment in high-end properties, indicating a sustained trend towards luxury living in the region.Read more

In the first half of 2024, India attracted approximately USD 3 billion in cross-border real estate investments, capturing 9% of the Asia-Pacific (APAC) region's total investment volume of USD 11.5 billion. The office sector led with 36% of foreign investments, followed by industrial properties at 30%. Residential and retail sectors received 15% and 10%, respectively. India's appeal is bolstered by a supportive regulatory environment and increasing urbanisation. Despite strong competition from markets like Australia, Japan, and Singapore, India's diverse real estate opportunities position it as a growing hub for global investors.Read more

Mumbai's real estate market experienced a notable boost in July 2024, with 12,160 properties registered, generating INR 1,055 crore in revenue. This represents a 19% increase in registrations and a 27% rise in revenue year-on-year. The city has enjoyed eleven months of growth, marking July as the highest registration month in over a decade. Residential properties comprised 80% of the transactions, with a preference for larger living spaces. From January to July 2024, Mumbai recorded 84,653 registrations, up 16% from last year, highlighting a strong recovery and sustained demand in the property market.Read more

Aptus Value Housing Finance Limited reported a 21% increase in consolidated profit after tax (PAT) for Q1 FY25, reaching INR 171.74 crore, up from INR 142.25 crore last year. Total income surged to INR 404.62 crore, compared to INR 315.37 crore previously. This growth reflects strong demand for housing finance, driven by rising middle-class incomes and government housing initiatives. The company's Assets Under Management (AUM) grew by 27% year-on-year, supported by the addition of 36 new branches. Aptus aims for a 30% AUM increase in the coming quarters and maintains a robust liquidity position of INR 907 crore.Read more