Arkade Developers Ltd., a burgeoning real estate player, seeks to raise Rs 430 crore through an IPO, as per its preliminary filing with SEBI. The IPO consists solely of fresh equity shares, as detailed in its Draft Red Herring Prospectus. Funds will fuel ongoing projects, future acquisitions, and corporate needs. With a stronghold in Mumbai, the company has developed 1.8 million sq. ft. of residential property and launched 1,040 residential units from 2017 to June 2023. Notable projects include Arkade Nest, Arkade Crown, and others. The firm's revenue grew at a CAGR of 26.69% from 2021 to 2023. Unistone Capital leads the IPO, set to list on both the BSE and NSE, with Bigshare Services as registrar.Read more

The Indian government is set to launch an interest subsidy scheme for the urban poor and the middle class, with a focus on aiding homebuyers. Similar to the credit-linked subsidy scheme (CLSS) of the PM Awas Yojna, this initiative follows Prime Minister Narendra Modi's announcement of support for those living in rented accommodations, slums, or chawls and intending to build their own homes. The new scheme extends PM Awas Yojna's framework and broadens eligibility for interest subsidies. In addition, the government aims to deploy 10,000 electric buses in 100 cities within six months to improve urban transportation, following recent Cabinet approval.Read more

The NMC is launching inspections of all commercial properties within its jurisdiction to ensure property tax compliance. Some commercial property owners have been avoiding tax payments by operating without civic body registration. This move aims to identify unregistered properties and increase revenue. The NMC also plans citywide property surveys to uncover underutilized properties and unauthorized construction. Currently, property tax collection begins after property owners obtain building completion certificates, but many properties operate without them. The NMC intends to extend taxation to these cases. This proactive approach enhances revenue and promotes equitable property tax compliance.Read more

Lenders in India have urged the RBI to double the threshold for housing loans to qualify as priority sector lending. Presently, a housing loan of Rs 35 lakh in metropolitan areas qualifies for this status, obliging banks to fulfil priority sector targets. However, bankers argue that this figure does not reflect current real estate prices. They propose raising the threshold to Rs 75 lakh for metropolitan areas and Rs 45 lakh for non-metropolitan areas. If approved, this change could significantly stimulate housing sector lending and provide a broader boost to the economy by aligning regulations with market realities.Read more

Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.Read more

The Mangaluru Urban Development Authority (Muda) has revealed that the draft of the revised master plan for Mangaluru city is expected to be completed within three months. This update was shared during a council meeting held by the Mangaluru City Corporation (MCC). The MCC Commissioner stressed the importance of transparency and collaboration, urging Muda officials to engage with corporators to ensure diverse perspectives are considered in the master plan. The meeting also addressed issues related to water scarcity and property assessments. It marked the conclusion of the current mayor's term and set the stage for upcoming mayoral elections.Read more

Table Space Technologies, a pioneering managed workspace provider, plans to invest Rs 1,000 crore in FY23–24 for a 4.5 million-square-foot expansion. CEO Amit Banerji reveals the company's strong growth, having added 3.2 million square feet in 2022–23 with an investment of Rs 800 crore. The innovative 'TS Suites' will offer premium pre-built offices on short-term contracts, backed by cutting-edge technology. A recent capital infusion of over $325 million aids expansion in key Indian office markets. Table Space aims to exceed 8 million square feet by 2023's end. Its robust portfolio includes clients like Google, Apple, AMD, and Mastercard.Read more

The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.Read more

In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.Read more

Shriram Housing Finance Limited (SHFL) and the International Finance Corporation (IFC) have announced a collaboration to introduce a green housing finance solution for self-built homes. Harnessing IFC's Excellence in Design for Greater Efficiency (EDGE) certification, the partnership aims to promote eco-friendly construction in the affordable housing sector. The initiative, funded by the European Union, anticipates a potential $1.4 trillion green housing market by 2030, emphasizing India's commitment to sustainable urbanization.Read more