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PNB Housing Finance net profit rises 42 percent in Q3 FY25

PNB Housing Finances has reported a growth of 42.79 percent in its net consolidated profit during the quarter ended December 31, 2025. Its profit after tax stood at Rs 483.27 crore in Q3 FY25 as against Rs 338.44 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at Rs 1,943.11 crore in Q3 FY25, a growth of 10.66 per cent from Rs 1,756 crore it recorded in the similar quarter last year. Girish Kousgi, managing director & CEO of the company said, "Our affordable segment is performing well and has delivered robust disbursement growth of 127% year-on-year to Rs 920 crore during the quarter. The portfolio asset quality continues to improve with Gross NPA at 1.19% as on December 31, 2024. The company received NHB refinance sanction of Rs 5,000 crore and another ECB sanction of USD 100 million in Q3 FY25." Retail disbursement grew by 31% year-on-year to Rs 5,380 crore during Q3 FY25. Affordable and emerging market segment contributed 38% to the retail disbursement. Gross NPA declined by 54 bps to 1.19% as on December 31, 2024 as compared to 1.73% as on December 31, 2023. Cost of borrowing was at 7.83%, spread on loans was at 2.29% and yield was at 10.12% in Q3FY25. The disbursements grew by 29.9% year-on-year to Rs 5,380 crore, loan asset grew by 15.4% year-on-year and asset under management (AUM) grew by 12.1% year-on-year during Q3 FY25.
 

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Max Estates M3M group among top bidder in Noida authority commercial land auction

Max Estates and M3M group are among the developers who have emerged as the highest bidder for commercial land parcel auction by the Noida authority, fectching then over rs 1500 crore. According to Noida authority, Max estates has emerged as the highest bidder for the biggest plot of 41,835 sq metre plot for over rs 700 crore which has 40% residential area as well. M3M India has won the bid for 23,570 sq metre plot for over rs 400 crore. Another 24,000 sq metre plot has been auctioned for rs 400 crore to Mangalam group and a small plot of 812 sq metre has received  the winning bid from Vertex constuction. All the land parcels are for commercial development and might have retail and office complex. 
 

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Nuvama and Cushman & Wakefield Joint venture raises rs 1700 crore

Nuvama Asset Management, the alternatives focused asset management arm of Nuvama Wealth Management, and global real esate services firm Cushman & Wakefield joint venture has raised about rs 1700 crore through the first close of its maiden real estate fund. The fund has raised the money from domestic investors including high net worth individuals and family offices and will make investments in the Indian commercial real estate sector, a market historically dominated by global institutional investors. The Prime Offices Fund will focus on Grade A offices across India’s top six markets including Mumbai, Bengaluru, the National Capital Region, Pune, Chennai and Hyderabad. These markets account for more than 70% of the leasing activity in the country. This category-II alternative investment fund (AIF) with a tenure of six years is expected to help the joint entity invest in office assets worth over Rs 6,000 crore with the help of project-specific leveraging. The complete fund corpus is expected to be deployed over the next two years and the overall portfolio size target is 5-7 million square feet across India, The appetite for Indian real estate assets among institutional investors continues to be robust, led by office space demand on the back of steady growth in the economy. In addition to large and established domestic investors, global funds such as the Blackstone Group, Brookfield Asset Management, GIC, Xander,CPP Investments, Warburg Pincus and Goldman Sachs have been making investments in the sector. 
 

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Eco Box Industrial Parks acquires 50 areas of land in Chennai

Eco Box Industrial Park a newly formed of Logicap Advisors, backed by Alta Capital, has acquired 50 acres of land for greenfield logistic asset development in Chennais Mannur locality on the first land deal this year. The Company is planning to undertake industrial and logistics development spread over 1.2 million sq ft with an investment of over rs 400 crore. The project located three kms state highway 50 will cater to the increasing demand for modren industrial and logistics facilities. Eco Box Industrial Parks has also assumed management of the recent acquistions by Logicap of 3.36 million sq ft of industrial Parks has also assumed management of the recent acquisitions assets from IndoSpace in Ranjangaon near Pune and Sri City near Chennai. With the addition of the Mannur site, EcoBox’s portfolio now totals 4.8 million sq ft of managed space since its formation in 2024. Founded by Siddhartha Gupta in 2021, former MD of Blackstone India, Alta Capital is the sole operating partner of Rava Partners in India. Rava Partners is the real estate division of Singapore’s Hillhouse Investments. Logicap Advisors, the logistics arm of Alta Capital, is among the fastest growing logistics infrastructure companies with a total portfolio of 13 million sq ft, fifth largest in India. EcoBox Industrial Parks, a newly formed operating platform of Logicap Advisors, backed by Alta Capital, has acquired 50 acres of land for greenfield logistic asset development in Chennai’s Mannur locality in the first land deal this year. Logicap Advisors, the logistics arm of Alta Capital, is among the fastest growing logistics infrastructure companies with a total portfolio of 13 million sq ft, fifth largest in India. Strategically located in Tamil Nadu’s growing industrial ecosystem, the Mannur site acquired by EcoBox Industrial Parks has connectivity to key industrial corridors and Chennai’s manufacturing base. The project will be designed to support industries such as e-commerce, third-party logistics, and light manufacturing, strengthening the region’s supply chain infrastructure.
 

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Apple leases office at Rs 738 per sqft in Mumbai BKC

Mumbai’s office property market set a new record in terms of highest- ever lease rentals anywhere in the country. Apple Inc has picked up an office spread over 6,526 sq ft in the business district Bandra Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft surpassing the earlier benchmark of Rs 700 per sq ft. The American multinational technology company’s India arm has leased the space in one of the towers of the commercial complex Maker Maxity for a long-term tenure of five years. The office space on the 10th floor of the tower also has an open terrace area of 2,126 sq ft and even after factoring that space at usual practice of one-third of the cost, the rate amounts to Rs 666 per sq ft, making it one of the most expensive office lease deals ever. The lease was registered in December and as per the agreement, the lease started on January 1, documents accessed through Propstack, realty data analytics platform, showed. In 2024, India’s top office markets recorded a 23% growth in total gross leasing, reaching 77.22 million sq ft, while total net absorption increased by 18% to 49.56 million sq ft. India's office market has emerged as a crucial destination for global companies scaling their workforce and real estate presence, highlighted by a record high in net absorption in the year 2024. Apple Inc has significantly increased its focus on the Indian market, recognizing its immense potential as one of the fastest-growing economies and a key consumer base for premium electronics. India has become a strategic growth hub for Apple, with the company investing in local manufacturing through partners to assemble iPhones locally. This move not only aligns with the Indian government’s ‘Make in India’ campaign, but also helps Apple reduce import duties and make its products more competitive.
 

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Allahabad HC asks Noida authority to start registry of Meghdutam housing project

The Allahabad high court has asked Noida Authority to proceed with flat registrations at Meghdutam housing project in Sector 50, offering relief to many residents who have waited years for property documents despite making full payments. A division bench of Justices Manoj Kumar Gupta and Anish Kumar Gupta issued the interim order on Jan 15, responding to a petition filed by 19 residents. The court instructed the Authority to execute the registries based on an occupancy certificate issued a decade ago. It also asked the Authority to simultaneously pursue the recovery of dues from TGB Infra Developer the builders. The bench criticised the Authority's lack of concrete action in recovering the outstanding amount from the company. It noted that Anil Kumar Saha — one of the directors at TGB Infra — held the post in 39 other active real estate companies, which provided the Authority with ample avenues for the recovery of dues. It then scheduled the next hearing for Feb 6. The Meghdutam project, comprising 173 units across 12,750sqm, was allotted to TGB Infra in 2008. According to Authority's records, its outstanding dues stood at Rs 55.3 crore initially, but were reduced to Rs 43.7 crore after the two-year zero waiver under the state govt's rehabilitation package. But the developer did not opt for the policy.The Authority had previously issued multiple notices to TGB Infra between May and Aug last year, threatening to cancel allotment of land. In May 2024, it displayed a notice regarding unpaid dues at the project's entrance. In Oct, it warned the developer about referring its case to the Economic Offences Wing if the dues remained unpaid.
 

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Maharashtra government to revise ready reckoner rates in next fiscal 

The state govt is likely to revise and raise the ready reckoner rate (RRR) the state's benchmark for property valuation — in the financial year 2025-26. Sources hinted at a possible upward revision following discussions between the finance and revenue departments earlier this week, senior revenue officials told TOI on Friday. The proposed revision comes after rates remained unchanged for three years and it aimed to bolster the state exchequer following the launch of several welfare schemes — including the Ladki Bahin Yojana and its proposed subsidy increase to be implemented in April. Officials attending recent departmental meetings suggested implementing GIS mapping for more accurate valuations and also taking a cue from similar exercises in Karnataka, Madhya Pradesh and Tamil Nadu. The revenue target has also been revised from Rs55,000 crore in the current fiscal to Rs66,000 crore in fiscal 2025-26, sources said, adding, "The revenue target of Rs55,000 cr for the current fiscal may undergo revision to Rs60,000 cr. Developers have opposed the increase in RRR and said it would affect market buoyancy by making property more expensive. Associations have been requesting that RRR not be hiked since it would come at a time when the realty sector is buoyant. Already a 1% metro cess on stamp duty is being collected. 

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Prime minister to distribute 65 Lakh SVAMITVA property card on January 18

Prime Minister Narendra Modi will on Saturday distribute more than 65 lakh property cards under the SVAMITVA Scheme, the Panchayati Raj Ministry said. According to senior officials of the ministry, beneficiaries from more than 50,000 villages in 10 states -- Chhattisgarh, Gujarat, Himachal PradeshMadhya Pradesh, Maharashtra, Mizoram, Odisha, Punjab, Rajasthan, and Uttar Pradesh and two Union Territories -- Jammu and Kashmir and Ladakh -- will receive the cards. SVAMITVA, a scheme of the Ministry of Panchayati Raj, provides a 'Record of Rights' to village household owners with the issuance of legal ownership cards to the property owners by mapping land parcels using drone technology. The prime minister will preside over the event through videoconferencing, where he will interact with selected beneficiaries and also deliver a nationwide address, the ministry said in a statement. The scheme aims to provide an integrated property validation solution for rural India. The demarcation of inhabited land in rural areas would be done by the use of drone technology with the collaborative efforts of the Ministry of Panchayati Raj, State Revenue Department, State Panchayati Raj Department, and Survey of India. 
The outcome would include creating and updating the 'Record of Rights' in the revenue registers and issuance of property cards to the owners. So far, 31 states and Union Territories have joined the scheme. Of these, Sikkim, Telangana and Tamil Nadu had participated only in the pilot phase. West Bengal, Bihar, Nagaland, and Meghalaya have not joined the scheme.
 

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Madras HC forms SIT to probe illegal sand mining in Kovai

Madras high court has constituted a special investigation team (SIT) comprising two IPS officers to probe the illegal sand mining by brick kilns operating near the reserve forests of Coimbatore. A special division bench appointed G Nagajothi, superintendent of police, State Crime Records Bureau, Chennai, and F Shashank Sai, SP, Organised Crime Intelligence Unit as members of SIT. The court directed the team to begin its investigation into the cases already registered by police and to register fresh cases if it came across a larger conspiracy that resulted in the creation of massive trenches near the forest areas, putting wild animals in danger. The court further directed the district authorities to obliterate illegal bridges and roads put up by the illegal miners and restore all water bodies in the area to their original form.
 

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Government should lower GST on cement at 18 percent Arun Shukla President JK Lakshmi Cement 

The government should reduce GST on cement to 18 per cent from 28 per cent and take some policy measures in the upcoming Budget to boost consumption of this key building material, a senior official of JK Lakshmi Cement. In an interview with PTI, Arun Shukla, President and Director of JK Lakshmi Cement, said there is a case to increase cement manufacturing capacity in India to meet the rising demand, which is expected to grow at an average annual rate of 7-8 per cent. One of the long-cherished dream, or the wish for us, has been reducing GST on cement," Shukla told PTI on the sidelines of 'Bihar Business Connect 2024' meet held here recently. In India, cement is taxed at the highest rate of 28 per cent and this needs to be reduced to 18 per cent, he said while replying to a query on the Budget wishlist from the industry. He also emphasised on the need to enhance the consumption of cement in India. Cement is one of the major drivers of growth, so how we can really increase consumption of cement? Shukla said the cement concrete roads have more longevity and in the long run and it is more cost-effective than bitumen roads. The prices go along with the demand and if the demand improves, prices will improve, he quipped. JK Organisation has overseas manufacturing operations in Mexico, Indonesia, Romania, Belgium, Portugal, and the UAE. It owns companies such as JK Tyre, JK Paper, JK Fenner, and Umang Dairies besides JK Lakshmi Cement. 
 

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