Anarock Group, a leading real estate consultancy in India, achieved remarkable financial success in FY24, with revenue soaring by 36% to INR 566 crore, compared to INR 416 crore in the previous fiscal year. This growth, attributed to a booming residential market driven by increased demand from first-time buyers, underscores Anarock's strategic positioning and advanced technology platform. Diversification across key business verticals contributed to overall growth, with plans for further expansion through private equity funding and workforce augmentation. With ambitious revenue targets set for FY27, aiming to reach INR 1,500 crore, Anarock remains optimistic, leveraging technology and expertise to capitalize on India's evolving real estate landscape and propel future growth.Read more

Over the past six months, slum redevelopment TDR (Transfer of Development Rights) rates in Mumbai have spiked sharply, impacting builders' profit margins and construction project timelines. TDR rates have doubled in some areas like Mulund and Borivali, with developers now paying 120% of the ready reckoner rate compared to 50-55% earlier. The recent release of 30,000 square meters of additional TDR has failed to ease market pressures, with the limited supply being quickly absorbed. Most developers are reluctant to purchase at current inflated prices due to the significant hit on their estimated profit. While some have no alternative but to buy to meet delivery commitments, others are deferring TDR purchases or exploring non-TDR redevelopment options.Read more

In Noida, 20 out of 57 real estate developers involved in stalled housing projects have paid 25% of their dues to complete homebuyers' registration, yielding approximately INR 450 crore for the Noida Authority. Four builders have already deposited INR 83.47 crore, with a total of INR 224.45 crore received by May 9, 2024. Pending registries and delayed possession remain critical issues. 18 builders have agreed to pay, with assurances from some in sectors 76, 78, and 168. 1,604 registries await completion. CREDAI representatives attended meetings with Noida and Greater Noida Authorities to address these challenges, following UP government directives.Read more

In April, the Patna Municipal Corporation (PMC) earned INR 11.76 crore in property taxes and waste collection costs, representing an 88.16% increase over the previous year. The increase in revenue can be ascribed to PMC's 5% rebate incentive for timely filers and the use of online payment platforms. Municipal Commissioner Animesh Kumar Parashar emphasised the tremendous increase in online tax payments, with 58% of taxpayers using digital transactions. PMC's creative initiatives, such as QR code-enabled demand notifications and door-to-door visits, demonstrate its dedication to increasing tax compliance and revenue collection.Read more

The Indian residential real estate market demonstrates strong performance in Q1 2024, with a notable 10% year-on-year price appreciation nationally across major cities. Bengaluru, Delhi NCR, Ahmedabad, and Pune lead with price hikes exceeding 10%. Despite a marginal 3% year-on-year increase in unsold inventory nationally, Pune sees a significant 10% decline, signaling strong demand. Mumbai Metropolitan Region (MMR) holds nearly 40% of unsold inventory. Average apartment prices per square foot showcase variations, with Bengaluru leading at ?10,377. Bengaluru records the highest annual price surge at 19%, driven by demand in IT hubs. Delhi NCR sees a 16% annual increase, notably along Dwarka Expressway. Pune registers a 10% drop in unsold inventory, coinciding with a 13% annual price rise. Luxury demand and infrastructure projects drive price growth. Going forward, areas like Baner and Chinchwad are poised for high residential activity.Read more

HDFC Capital exited a Total Environment project in Bangalore, yielding nearly INR 300 crore. Initially, it invested INR 229 crore in a residential project in Whitefield, Bangalore, aiming to develop 1 million square feet under "Pursuit of a Radical Rhapsody." Founded in 1996, Total Environment has delivered 5.5 million square feet of residential and commercial space, with 14 million square feet currently under construction. The Bangalore-based developer generated INR 527 crore returns, providing an exit to HDFC Capital while also returning INR 250 crore against other investments in FY 2023-24. HDFC Capital manages four SEBI-registered Category II Alternative Investment Funds, forming a USD 3 billion platform.Read more

The Brihanmumbai Municipal Corporation (BMC) is dealing with a substantial shortfall in property tax collection for FY24, despite revising its target down to INR 4,500 crore from the initial INR 6,000 crore. To bridge this gap, Municipal Commissioner Bhushan Gagrani has devised a multifaceted strategy. This includes expediting the auctioning of assets seized from large defaulters, conducting comprehensive property inspections to reassess tax assessments, and imposing stricter penalties for late payments. The success of these measures is critical for maintaining essential civic services in Mumbai, underlining the urgency of addressing the shortfall in property tax revenue.Read more

The board of directors of Piramal Enterprises, a diversified non-bank finance company, has approved the merger of its wholly-owned subsidiary Piramal Capital & Housing Finance (PCHFL) with the parent company Piramal Enterprises (PEL). The new entity will be named Piramal Finance Limited (PFL) post-merger. The primary objectives of the consolidation are to simplify the group structure, create a more flexible entity and give shareholders direct access to the entire lending business. It is applying to RBI to convert its HFC license to an NBFC-ICC (non-banking financial company-investment and credit company) license. Piramal Enterprises reported a net profit of INR 137 crore for Q4 FY24.Read more

A recent ANAROCK report analysed housing trends across the top 7 cities in India from Q1 2019 to Q1 2024. A key finding was the rising prominence of luxury housing segments compared to affordable housing. In Q1 2024, luxury homes accounted for 21% of unit sales versus just 4% in Q1 2019. New luxury housing supply also increased from 9% of total launches in Q1 2019 to 25% in Q1 2024. Meanwhile, affordable housing sales declined from 37% to 20%. Non-luxury segments gained greater share in cities like Bengaluru, Chennai, Hyderabad and Pune. The data indicates developers are aligning new project launches more towards prevailing demand for higher-priced luxury properties.Read more

Bajaj Housing Finance and Bajaj Finance, two entities within the Bajaj Group, collectively raised INR 12,095 crore through bond issuances, capitalizing on favorable debt market conditions driven by recent central bank actions. Bajaj Housing Finance secured INR 4,500 crore through two non-convertible debenture issuances, with ICICI Securities Primary Dealership facilitating the transactions. Bajaj Finance raised INR 7,595 crore through bonds maturing in 2034, with HDFC Bank as the sole arranger. The surge in borrowing activity coincides with a notable decline in government bond yields, spurred by the Reserve Bank of India's announcement of a sovereign bond buyback, injecting liquidity into the banking system.Read more