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In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.Read more
Residents of housing societies situated on collector's or leasehold land are requesting a reduction in the premium fees imposed for converting the land to freehold status. They seek a decrease from the current rate of 15 percent of the ready reckoner (RR) rate to a more reasonable 5 percent. The request was put forward at the recent gathering of the State Sahakar Parishad held last week. The chief minister, deputy CM, and revenue minister were all present at the meeting.Read more
The Madurai Corporation has successfully collected a significant portion of its property tax dues thanks to a government incentive. The corporation managed to retrieve approximately 35 percent of the outstanding amount in the first half of the annual tax cycle, with a large influx of payments occurring just before the April 30 deadline. The incentive, previously exclusive to Greater Chennai Corporation, was extended to other municipal corporations as well. The collected funds will be deposited in a bank to generate interest and compensate for the cost of the incentive.Read more
The Gujarat government experienced a substantial surge of over 30 percent in its revenue from construction cess, marking it as the most significant yearly growth to date, during the financial year 2022-23. The earnings generated from the cess increased significantly from Rs 572 crore in 2021-22 to Rs 748 crore in the following year. The rise in numbers was attributed to improved supervision and expanded scope. This fiscal year, the state government aims to allocate 900 crore rupees towards supporting welfare initiatives for construction labourers.Read more
Synopsis: DLF, India's top real estate company, has impressively slashed its net debt by 73 percent, bringing it down to Rs 721 crore in the fiscal year 2022-23. The net debt of Rs 18,772 crore for DLF Cyber City Developers, a joint venture firm, declined by 1 percent. DLF's debt load has been reduced following a boost in sales, driven by significant demand for housing. DLF aims to reach net debt-zero status for its development business by fiscal year 2024. DLF is set to unveil developments valued at Rs 19,710 crore during this fiscal year. It expects to register sales of approximately Rs 12,000 crore this fiscal year due to robust housing demand.Read more
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The SWAMIH I, managed by SBICAP Ventures and supported by the government, has contributed a sum of Rs 158.50 crore into a mixed-use real estate project located on Ghodbunder Road in the Thane. With a hefty 1,076 units under its belt, the project stands to offer much-needed solace to more than 500 homeowners who have been patiently waiting to receive their residences. The SWAMIH-I fund was first introduced in 2019 as a category II alternative investment fund that would provide last-mile funding for stressed real estate projects. The State Bank of India, and the Life Insurance Corporation of India (LIC), are some of its anchor investors.Read more
Shriram Housing Finance, a subsidiary of Shriram Finance, is considering postponing its planned $100 million share offering to ensure higher valuations. The company is exploring various options to raise funds, including approaching investors directly or selling a portion of their holdings besides launching an IPO. Valuation discrepancies have hindered potential deals with new investors. Shriram Housing Finance has witnessed significant growth in its assets under management (AUM) and plans to expand its branch network and increase its sales and service staff to support its growth strategy.Read more
The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC had signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. The entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.Read more
Bollywood actress Neetu Kapoor has recently purchased a Rs 17.4 crore luxury apartment in the prestigious Bandra Kurla Complex, Mumbai. This acquisition in the upscale Signia Isle project by Sunteck Group expands her real estate portfolio. The trend of Bollywood celebrities investing in premium properties continues, with recent high-value purchases by Alia Bhatt and Sajid Nadiadwala, reinforcing the allure of prime Mumbai real estate.Read more
The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.Read more
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