Awfis Space Solutions Ltd, a prominent co-working space provider, reported a significant increase in its consolidated net profit for the March quarter, soaring to INR 11.23 crore from INR 1.37 crore during the same period a year earlier. Its total income for the quarter rose to INR 359.45 crore compared to INR 241.10 crore previously. Over the 2024-25 financial year, the company swung to a net profit of INR 67.87 crore, a stark turnaround from the net loss of INR 17.56 crore recorded in the preceding year. Total income during the fiscal climbed to INR 1,260.7 crore from INR 874.8 crore. In a major leadership change, Sumit Lakhani was elevated as the Chief Executive Officer.Read more

According to real estate consultancy Anarock, office rents have increased significantly over the last two and a half years in major Indian metropolises, especially the Mumbai Metropolitan Region (MMR). Despite global economic uncertainties, companies, especially US-based firms, are driving demand for premium Grade A workspaces. MMR led the growth with a 28% surge in rents, followed by Hyderabad, Delhi-NCR, and Bengaluru. Industry leaders noted that the rebound in rentals reflects India's improving infrastructure, abundant talent pool, and a clear push for a return to physical offices by global corporations.Read more

In a significant move within India's luxury real estate market, ASK Property Fund, backed by ASK Asset & Wealth Management Group and India Sotheby's International Realty, announced the initial close of its newly launched Alternative Investment Fund-ASK Curated Luxury Assets Fund-I. The fund, which aims to channel investments into upscale residential projects in key metropolitan areas, secured INR 500 crore in just three months from a blend of Ultra-High-Net-Worth Individuals and family offices. The fund has plans to raise a total of INR 1,500 crore, including a green shoe option, and is poised to deploy capital immediately.Read more

Brookfield Asset Management is targeting a threefold rise in its assets under management (AUM) in India, aiming to reach USD 100 billion within the next five years. The global asset manager, which currently oversees USD 30 billion in India across infrastructure, real estate, renewables, and private equity, sees emerging markets like India playing a pivotal role in its projected global AUM growth to USD 2 trillion. The firm emphasised that even a GDP growth rate of 5.5% would remain attractive due to India's economic scale. Much of the future growth is expected to stem from strategic mergers and acquisitions alongside organic expansion.Read more

Star Housing Finance Ltd. and Vastu Housing Finance Corporation Ltd. have announced a strategic co-lending partnership. The collaboration targets supporting over 5,000 first-time home buyers, primarily in semi-urban and rural regions. By leveraging Star HFL's loan origination capabilities and Vastu HFC's capital, technology, and risk-sharing framework, the alliance aims to deepen financial inclusion for economically weaker and low-income groups, traditionally underserved by formal credit systems. This move aligns with the booming affordable housing sector in India, where demand is high due to significant urban and rural housing deficits. With the affordable housing market projected to grow substantially, this partnership is set to accelerate homeownership access and scale impact in Tier 2, Tier 3, and rural markets.Read more

Temasek Holdings and Abu Dhabi Investment Authority (ADIA) are planning to invest approximately USD 300 million in Micro Life Sciences, a Warburg Pincus-backed healthtech firm, ahead of its initial public offering. The investment will be made through a combination of primary and secondary share sales, valuing the company at over USD 1.8 billion. Micro Life Sciences, a part of the Gujarat-based Bialkha Group, operates in diverse segments of the medical devices and consumables market, with a strong presence in India and overseas.Read more

Prayagraj Municipal Corporation launched QR code stickers to streamline and accelerate house and water tax collection throughout Sangam City. Starting with commercial properties and expanding zone-wise to residential areas, the initiative enables tax collectors to facilitate both online and offline payments through door-to-door visits. This digital advancement addresses previous inefficiencies caused by delayed payments and excuses related to online transfers. The system enables homeowners to pay house, water, and sewer taxes together. With over 177,000 properties identified, the corporation targets immediate recovery from 55,000 buildings, enhancing transparency, convenience, and revenue efficiency in municipal tax collection.Read more

Arvind SmartSpaces Ltd, a leading real estate developer headquartered in Ahmedabad, has reported a 24% increase in consolidated net profit for the fourth quarter of the financial year 2024-25, reaching INR 19.14 crore compared to INR 15.49 crore in the same quarter last year. This growth was supported by a substantial rise in total income. For the entire fiscal year, net profit more than doubled to INR 110.49 crore, while total income more than doubled as well. The board has proposed a final dividend, reflecting the company's strong financial health. Strategic expansions into Mumbai and Ahmedabad mark the company's efforts to diversify and strengthen its market presence.Read more

The Municipal Corporation of Gurugram (MCG) has escalated its efforts to recover property tax dues by issuing notices to 22 major defaulters, each owing more than INR 50 lakh. This action forms part of a larger crackdown, with lists of defaulters prepared for every municipal zone. The MCG has also warned residents against engaging middlemen for property tax corrections and urged direct reporting of such incidents. Following years of minimal enforcement that saw revenue dip drastically, the corporation is now enforcing stricter penalties, including property sealing and auctioning, to ensure timely tax compliance and secure funds for city development.Read more

Ahmedabad Municipal Corporation is set to launch a self-assessment software that allows property owners to estimate future property tax liabilities for new constructions and property modifications. This step aims to simplify the property tax process by enabling taxpayers to receive preliminary tax calculations online before official validation. Alongside this, the AMC has witnessed considerable success with its advance property tax payment scheme, which has generated significant revenue and engaged over half a million citizens. The new software tool promises to bring transparency and ease to Ahmedabad's property tax system.Read more