Hanto Workspaces, a leading provider of managed commercial real estate solutions, has secured a significant infusion of Rs 15 crore in seed funding. Anurag Jain, founder of KredX, led the capital infusion, supplemented by other angel investors. The funds, a mix of equity and debt, aim to propel Hanto's ambitious expansion across major Indian cities. Focused on metropolises and Tier 2 cities like Hyderabad and Pune, Hanto targets a revenue exceeding Rs 700 crore by 2028. The funds will be allocated for team expansion, acquiring new spaces, and anticipating a doubling of revenue in the next fiscal year. Hanto employs a unique "pod"-based model, integrating various commercial real estate solutions with IoT technology.Read more

The Nagpur Municipal Corporation (NMC) is undertaking an extensive recovery drive to address financial challenges exacerbated by defaults in property tax payments. The corporation aims to earn Rs 300 crore in property taxes for the current financial year and has already added Rs 150 crore to its exchequer as of November 20. To boost collection efforts, the NMC has initiated property attachments and public auctions, utilizing legal provisions to recover outstanding arrears. The proactive approach underscores the municipality's commitment to achieving revenue targets and addressing financial constraints. Zone assistant commissioners have been directed to expedite proceedings for property tax recovery warrants issued to defaulters.Read more

Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.Read more

In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.Read more

The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.Read more

DLF Building and Services Private Ltd has acquired a 31,254-square-foot office property in Gurugram for Rs 81.04 crore, previously leased to WeWork India. Located at Two Horizon Centre, Sector 43, Gurugram, the office is among the city's premium office parks. DLF had constructed the Two Horizon Centre skyscraper. The seller, a non-resident Indian (NRI) with a Singaporean address, initially purchased the property in 2018 from DLF and leased it to WeWork for ten years. Despite global uncertainties, CRISIL projects stable net leasing in India's commercial office space in the mid-term.Read more

Crisil Ratings reports a stagnation in India's office space leasing at 32-34 million sq ft this fiscal due to global uncertainties. Despite this, the market's strength and a shift towards office work are expected to drive future growth. The slowdown faced by the IT/ITeS sector, a major occupant, is impacting demand. However, resilience in domestic sectors like BFSI, consulting, and e-commerce, is likely to maintain leasing levels. With companies increasingly advocating for physical office presence, a recovery in leasing activity is anticipated in the medium term.Read more

In response to its new hybrid work policy, Wipro, India's fourth-largest IT firm, is strategically selling parts of its office assets in Bengaluru and Hyderabad. This move aims to streamline operations and optimize real estate holdings. The sale includes significant portions of their campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru. The decision aligns with the company's shift to a minimum three-day office work week, reflecting broader changes in workspace utilization and operational efficiency in India's evolving IT and commercial real estate sectors.Read more

The Haryana Government is addressing an oversight, offering refunds to 1588 property owners who mistakenly paid development fees. Errors were identified across various categories, including HSVP, HSIIDC, licensed colonies, CLU acquired properties, Lal-Dora residential properties, and agricultural properties. The Urban Local Bodies Department notified affected owners via SMS, urging them to claim refunds through the NDC portal. A dedicated fund of Rs 5.19 crore has been allocated. While 51 applications are processed efficiently, 1537 property holders are urged to expedite their claims, demonstrating the government's commitment to a prompt resolution.Read more