The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to implement an Integrated Voice Response System (IVRS) to remind its six lakh property tax defaulters of their dues. Munish Moudgil, Special Commissioner (Revenue), confirmed the initiative, likening it to reminders sent by banks. The BBMP aims to streamline revenue collection and reduce the burden on officials by outsourcing IVRS services. The system targets 20 lakh properties registered for property tax, with over 6 lakh in default. IVRS will handle reminders, feedback collection, and citizen queries through Sahaya 2.0, with an AI-based system expected to manage up to 70,000 calls daily.Read more

Anarock, a leading real estate consultant, secures a INR 200 crore investment from 360 ONE Asset Management, aimed at accelerating business expansion and enhancing Proptech platforms. Anarock, with a solid presence in 19 locations, is well-positioned to benefit from the momentum in the industry. By introducing novel ideas and strengthening technology infrastructure, the investment will solidify its position as the industry leader. The collaboration demonstrates investor faith in the future of the real estate industry. Anarock is set to revolutionise the business because to its distinct strategy and emphasis on innovation. Stakeholders should anticipate unmatched value from Anarock as it maintains its current growth trajectory in the dynamic real estate market.Read more

SEBI has greenlit initial public offerings (IPOs) for Arkade Developers, Juniper Hotels, and CJ Darcl Logistics, marking a significant milestone for these firms to raise capital from the capital markets. Juniper Hotels intends to raise INR 1,800 crore primarily for debt repayment, underscoring financial stability. Arkade Developers, with an IPO valued at INR 430 crore, aims to fuel real estate projects and bolster its portfolio. CJ Darcl Logistics plans to utilize funds from its IPO, including a new equity issue and Offer For Sale (OFS), to finance capital expenditure for electric vehicles (EVs), debt repayment, and general business needs.Read more

The Maharashtra cabinet's decision not to raise property tax in Mumbai offers relief to residents amid upcoming civic polls. Led by Chief Minister Eknath Shinde, the cabinet also approved job fairs across the state, aiming to generate 2 lakh jobs. Additionally, the 'Chief Minister Vayoshri Scheme' for senior citizens was cleared, focusing on mental well-being and yoga therapy. Despite property tax being a significant revenue source for BMC, collections have declined, raising concerns over the delayed distribution of revised tax bills. This decision underscores the importance of stable revenue streams for sustaining civic amenities amidst evolving urban landscapes.Read more

In January, Mumbai's property market witnessed a 21% surge in registrations compared to the previous year, driven by heightened housing demand. Despite a slight dip from December 2023, this marked the highest January tally in 12 years. Residential units constituted 80% of registrations, contributing to a revenue collection of INR 746 crore in stamp duty, up 8% year-on-year. Rising income levels and a positive sentiment towards homeownership fueled this growth, with properties priced above INR 1 crore showing resilience against market headwinds. While smaller properties saw a shift in demand, central and western suburbs remained hotspot areas, reflecting the market's enduring appeal.Read more

CapitaLand India Trust (CLINT) plans to acquire three industrial facilities at OneHub Chennai, India, in a deal valued at approximately INR 268 crore (USD 43.2 million). The forward purchase agreement with Casa Grande Group includes funding for project land lease and development. CLINT will fund in three phases, acquiring upon completion, with Phase 1 expected by the first half of 2025. This expands CLINT's industrial presence in Chennai amid growing demand. The move aligns with CLINT's strategy to diversify and capitalize on India's industrial growth. Notably, CLINT's portfolio includes two business parks, three industrial facilities, and a data center in Chennai.Read more

Afcons Infrastructure, the construction arm of the Shapoorji Pallonji Group, plans to launch a INR 1,000-1,500 crore IPO to boost visibility and growth. The IPO's focus is on expansion rather than capital needs. Investment bankers include Axis Capital Markets, IIFL Securities, and SBI Capital Markets. The move aligns with government emphasis on infrastructure and favourable market conditions. Afcons' order book exceeds INR 30,000 crore, with domestic and international projects. Its FY23 net profit was INR 411 crore, and it anticipates 13-15% revenue growth in FY24. Notable projects include the Chenab Bridge and tunnelling for the Mumbai-Ahmedabad high-speed rail link. Vision 2027 outlines growth plans.Read more

LIC Housing Finance reports exceptional third-quarter financial performance, with net profit more than doubling from INR 480 crore to INR 1,163 crore year-on-year. Total revenues surged to INR 6,792 crore, mainly driven by increased interest income. Despite the strong showing, the company prudently provisioned INR 50.32 crore for investments in Alternate Investment Funds (AIFs) in compliance with RBI guidelines. Notably, the Capital Adequacy Ratio improved to 19.77%, indicating strengthened financial resilience. LIC Housing Finance's strategic decisions and adaptability underscore its resilience and promise a positive outlook. These results cement its stature as a key player in the mortgage lending sector, fostering investor trust and ensuring steady growth.Read more

Bain Capital, a major global investment firm, has announced plans to significantly increase its investments in India, committing USD 7 billion over the next three to five years. This strategic move is influenced by India's political stability and economic growth, making it an attractive destination for international investors. The firm also aims to expand its team by up to 20% to support this growth. Bain's focus will include a variety of sectors such as IT, financial services, and consumer retail, aligning with India's booming demand and infrastructure development initiatives under Prime Minister Narendra Modi's administration.Read more

MMRDA is seeking a INR 4,000 crore loan for the redevelopment of Ramabai Ambedkar Nagar, a 75-acre slum in Ghatkopar. With an "expression of interest" published, the authority aims to address every aspect of rehabilitation. Terms will be disclosed this week, with a 15-year repayment plan expected. The project targets 16,575 slum-dwellers and acquisition of 5,000 tenements, overseen by the Slum Rehabilitation Authority (SRA). This marks MMRDA's inaugural venture into slum redevelopment, aiming to generate revenues of INR 1,073 crore if managed internally, or INR 2,918 crore if outsourced. Amid financial constraints, MMRDA seeks assistance from the Union Government and BMC, affirming its commitment to broader infrastructure projects.Read more