The Indian finance ministry has instructed state-owned banks to accelerate the development of an advanced property auction platform and mobile app. This move aims to enhance transparency in the sale of approximately 500,000 properties seized due to loan defaults. Prospective bidders will have access to property details, ownership type, photos, and videos. The new platform, an upgrade to the existing Indian Banks Auctions Mortgaged Properties Information (IBAPD) portal, is expected to go live by the end of the year. PSB Alliance Ltd. will oversee the upgrade of the IBAPD portal, further promoting transparency in property auctions.Read more

Qualcomm is set to bolster its presence in the technology hub of Bengaluru with a significant expansion. The company has secured 600,000 square feet of office space at Bagmane Capital-Angkor, an established location for tech enterprises. This expansion will be executed in two phases, ultimately spanning the ground floor and 12 additional levels within the forthcoming facility. According to official documents, Qualcomm is committed to a lease term of 108 months, pointing to the company's commitment to the region and its mission to be part of the flourishing tech ecosystem in Bengaluru.Read more

The state has generated a significant revenue of Rs 3,597 crore through the Metro cess, a 1 percent stamp duty imposed on property registrations in major cities. Initially introduced in 2019 to fund crucial public infrastructure projects, the cess was briefly suspended in 2020 due to the pandemic and reintroduced in 2022. Revenue is collected through stamp duty on property transactions. Mumbai's stamp duty increased from 5 percent to 6 percent, while other cities went from 6 percent to 7 percent, adding around Rs 50,000 to property costs. Despite concerns, experts believe the cess will persist as long as property sales remain robust.Read more

PNB Housing Finance has released impressive financial results, with a striking 45.83% increase in consolidated net profit during Q2 FY24, reaching Rs 383 crore compared to the previous year. Their total income also saw robust growth, surging by 5.70%. The credit for this achievement goes to successful efforts in resolving a major corporate account, which significantly reduced their non-performing assets. With a solid financial position, boasting a strong CRAR of 30.38%, PNB Housing Finance demonstrates robust performance and a commitment to affordable housing, reflecting its unwavering dedication to financial excellence and growth.Read more

Greater Noida is leading the charge in India's residential real estate market, with a remarkable 38.9% increase in property searches during Q3 2023, positioning it as the top city out of 13 major Indian cities. This surge is attributed to rising demand and a 6.7% decrease in supply, potentially signalling a supply-demand gap. Notably, 3BHK units are in high demand, making up over 47% of all property searches, in line with the growing preference for luxury residential properties. Other cities, like Delhi and Gurugram, also saw an increase in searches and property prices. These findings reflect significant transformations in India's real estate landscape, attracting attention from industry stakeholders.Read more

Property developers in India are underutilizing available credit lines for construction finance due to their strong residential sales and substantial collections. Despite having access to low-interest construction finance, developers typically utilize only 70-80% of sanctioned limits. Robust residential sales in major Indian cities have created cash surpluses, reducing the need for external funding. The strong cash flow allows developers to sell properties at current prices without higher borrowing costs, while selectively using credit lines to pay off expensive debt and boost credit ratings. This shift in the property market reflects the current economic cycle, with developers relying less on external construction finance.Read more

The Department of Town and Country Planning (DTCP) in Gurugram has conducted sealing drives against unauthorized construction and illegal commercial activities in licensed colonies, recovering a total of Rs 1 crore in penalties and bank guarantees from violators. Around Rs 50 lakh was collected through penalties and bank guarantees for de-sealing buildings closed citing various violations. Additionally, approximately Rs 50 lakh was collected by granting permissions to property owners for running non-nuisance commercial activities. The DTCP has issued permits for various non-nuisance activities, including those by lawyers, doctors, tax consultants, and architects, and collected revenue of around Rs 59 lakh from these permits.Read more

The ASK Group, which is supported by Blackstone, has unveiled a new property fund worth Rs 1,500 crore, building on the success of their earlier real estate fund. The group intends to complete fundraising by March and make approximately 8 to 10 investments across India's top five cities. The fund manager, ASK Property Investment Advisors, has a track record of raising over Rs 6,100 crore from a diverse set of investors, including family offices, high-net-worth individuals, and institutions. They are significantly contributing to the growth of India's real estate sector, with PE investments in the sector projected to reach $5.6 billion in 2023.Read more

Under the visionary leadership of Deputy Chief Minister and State Finance Minister Ajit Pawar, the state government is launching an award scheme to celebrate and incentivize conscientious property taxpayers. This initiative recognizes the remarkable dedication of 660,785 property owners who have diligently fulfilled their tax obligations, resulting in collections exceeding 300 crores. A total of 45 rewards amounting to Rs 1 crore will be distributed to lottery winners, fostering a culture of on-time tax payments. Pune Municipal Corporation (PMC) initiated this commendable endeavour, setting a property tax collection target of Rs 2,318.1 crore for 2023–24, with innovation and vision at its core.Read more

Can Fin Homes report an 11.54 percent growth in net profit to Rs 158.07 crore for Q2 FY24. Total income from operations surged by 32.47 percent to reach Rs 871.03 crore, and net interest income increased by 26.1 percent to Rs 316.8 crore. An internal fraud incident in the Ambala branch resulted in a fund defalcation of Rs. 39.67 crore, prompting Can Fin Homes to file an FIR and fully provide for the amount, with a post-tax impact of Rs. 29.69 crore. As of September 30, 2023, the company showcased a strong financial position with a net worth of Rs 3,961.32 crore, a debt-equity ratio of 7.73, and NPAs.Read more