Balaji housing finance shares drop 4percent as one month lock in period expires on October 14

Shares of the recently-listed Bajaj Housing Finance dropped 4% to their day’s low of Rs 144.90 on the BSE as the 1-month share lock-in period of the stock expired today. This means that approximately 12.6 crore (126 million) shares of the company, which were previously locked in and prohibited from sale, will now be eligible to be sold. These 12.6 crore shares represent 2% of the total outstanding shares of the company, according to a report by domestic research firm Nuvama Alternative & Quantitative Research. A 1-month share lock-in period refers to a time frame of a month, during which certain shareholders are restricted from selling or transferring their shares in the market. Typically set at six months but sometimes extending up to a year, this period ensures major investors, like promoters and anchor investors, hold their shares, supporting the company’s long-term growth. During the lock-in period, shareholders such as company insiders, employees, or early investors are not allowed to sell or trade their shares in the open market, which helps stabilize the stock price by preventing a large influx of shares hitting the market immediately after such events, which could cause volatility. The shares of Bajaj Housing Finance have declined 9.3% in the last 2 weeks while gaining 8.65% in the last 1 week.
 

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Trichy Tidel Park launches rs 315.2 crore in tender for new IT Park

Tidel Park Limited, a joint venture between Tamil Nadu Industrial Development Corporation (TIDCO) and Electronics Corporation of Tamil Nadu (ELCOT) has floated a ?315.2 crore tender to begin construction of a new Tidel Park in Trichy. This project will add 5.5 lakh square feet of IT and ITES office space, tripling the city's existing infrastructure. Private developers are also planning to contribute another 6 lakh square feet of office space in response to growing demand from investors drawn to Trichy's low operational costs and access to the talent pool. Tidel Park will be located next to the upcoming Integrated Bus Terminus (IBT) in Panjapur on the Trichy-Madurai National Highway. Trichy's IT/ITES infrastructure includes two government-owned facilities at the Trichy ELCOT IT Park in Navalpattu, totalling 1.8 lakh square feet. With the new Tidel Park, the city's government office space will expand to 7.3 lakh square feet within two years. We are planning a fair to promote office and commercial space, as the focus has been mainly on residential projects so far. Need for malls, luxury hotels, and other entertainment will be analysed," said Chella Ramaswamy, chairman of CII Trichy.
 

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Maharashtra RERA warns homebuyers aganist 314 housing projects undergoing insolvency

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against buying any properties in a total 314 projects registered with the authority that are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016. Various banks, financial institutions, and other entities extending line of credit to the real estate sector have initiated the Corporate Insolvency  Insolvency Resolution Process (CIRP) against these companies. In these 314 projects, significant investment has already been made. Of them, 56 are ongoing projects with an average registration of apartments at over 34%. Some of the projects of realty developers including Wadhwa Buildcon LLP, Housing Development & Infrastructure Ltd (HDIL), Man Infraprojects, RNA Corp, Radius & Deserve LLP, Karrm Infrastructure, Man Realty, Lavasa Corp, Richa India Infra Development, Rashmi Housing, Nirmal Lifestyle, and Sheltrex Karjat. In Solapur, all the 5 projects have 87% investment. In Nagpur, both the projects have 60% investment and the sole lapsed project in Chhatrapati Sambhajinagar is 55% invested. Of the 56 ongoing projects, 21 are from Mumbai suburbs with 38% bookings, 20 in Thane 28% sales, 6 in Mumbai City with 31% bookings, and 5 in Pune with 41% sales.
 

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MHADA reduces additional area chargers to 110percent of ready reckoner rate in Mumbai

Maharashtra housing area development authority (MHADA) has reduced the charge applied to additional areas beyond the original or permissible area of old residental tenements foreligible tenants/residents on the master list of the Mumbai repair and reconstruction board. The revised charge will now be 110% of the ready reckoner rate, down from the previous 125%. Besides, developers often fail to provide the 300 square feet tenement that these tenants are entitled to. As a result, beneficiaries are often given larger units, and under the previous system, they were required to pay 125% of the Ready Reckoner Rate for the additional area. However, many beneficiaries are unable to afford this additional cost, which has delayed their permanent rehabilitation. Jaiswal noted that these payment challenges have caused a large backlog of unresolved cases with the Board, making it difficult to complete the rehabilitation process. To accelerate the rehabilitation of tenants in old cessed buildings, the decision was made to reduce the charge for the additional area to 110% of the ready reckoner rate, making it more affordable for eligible beneficiaries. 
 

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Paint wars: Dulux shade card may be part of a merged palette 

ET Intelligence Group: The war among paint makers in India may well end up in mergers. And Akzo Nobel India - the fourth largest player in India's decorative paints segment - may have a role to play in it. Akzo Nobel India has informed that its Dutch parent Akzo Nobel NV is conducting a strategic review of its portfolio to redeploy capital towards growing its core coatings businesses. The initial focus will be on its decorative paints business in South Asia and various strategic options will be explored ranging from partnerships or joint ventures through to mergers or divestments. Akzo Nobel India, which retails under the Dulux brand, has a 5-6% market share of the ?75,000 crore decorative paints industry in the country. According to the company, Akzo Nobel has a premium and highly profitable position in India with a strong track record of growth. Given this unique market position, the company is well-placed to participate in the further development of the highly dynamic South Asian decorative paints market, which is ripe for consolidation. Incidentally, several business houses have entered the decorative paints business, which was until recently oligopolistic in nature with Asian Paints being the market leader followed by Berger Paints, Kansai Nerolac and Akzo Nobel. Currently, players such as JSW Group, Aditya Birla Group, Pidilite and JK Cement are vying for a share in the decorative paints market at a time when consumer demand is subdued and input cost inflation poses a constant threat. There is also discounting and local competition from unorganised players to contend with. In such a scenario, small or non-serious players could find it difficult to grow.
The MNC may well command a premium for its India business amidst the current competitive landscape. The Dutch paint manufacturer is restructuring its operations to cut costs, improve efficiency and become more agile in volatile markets.

 

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Residental prices in Gurugram increase by 76 percent in two years Magicbricks

Average property prices in Gurugram have increased 76% in the last two years and 15.5% quarter-on-quarter to reach Rs 14,650 per sq ft in Q2 FY25, according to Magicbricks report. The report further stated that the prices have increased significantly, despite residential demand increasing a moderate 9.9% quarter-on-quarter and supply grew by 18.3% quarter-on-quarter, with an influx of new listing driven by increased market activity and new project launches. With increasing demand, prices of ready-to-move apartments have increased 12.9% quarter-on-quarter to touch Rs 13,729 per sq ft while vprices of under-construction apartments have increased 17.3% quarter- on-quarter to touch Rs 16,180 per sq ft. The report stated that 3-BHK units dominated with 66% of the demand, based on buyers' searches. Average prices of 3-BHK apartments have increased 21.6% quarter-on-quarter to reach Rs 14,600 per sq ft. Further, builder-floors command an average rate of Rs 12,700 per sq ft, multistorey apartments stand at Rs 13,200 per sq ft, residential houses at Rs 16,100 per sq ft, and luxurious villas are available at Rs 25,600 per sq ft The report also elaborated that Dwarka Expressway, New Gurgaon and Golf Course Extension are the most searched areas. 
 

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Union cabinet approves Chennai metro rail project phase II

 The Union cabinet has approved the proposal of Chennai Metro rail project phase II comprising three corridors. The total length of the metro lines is 118.9 km having 128 stations. The project completion cost is Rs 63,246 crore and is planned to be completed by 2027. The phase-II consists of three corridors. The first corridor, Madhavaram to Sipcot, has a length of  48.8km with 50 stations. Lighthouse to Poonamalle bypass is the second corridor which has a length of 26.1 km with 30 stations. Madhavaram to Sholinganallur, the third corridor will cover 47 km with 48 stations. Chennai will have a total metro rail network of 173 km once phase II is fully operational. The phase-II corridors will connect areas like Madhavaram, Perambur, Thirumayilai, Adyar, Sholinganallur, Sipcot, Kodambakkam, Vadapalani,Porur, Villivakkam, Anna Nagar and St. Thomas Mount.
 

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Madras HC fines sub register rs 25000 for refusing to register sale deed

Madras high court imposed a cost of Rs25,000 on a sub-registrar of Tuticorin district for refusing to register a sale deed despite an earlier order to regsiter it. Thje court also directed the sub-registrar to register the deed within 15 days. Justice N Sathish Kumar observed that the issue of refusal made casually by citing the pendency of the suit is elaborately dealt with by the division bench of this court, which held that merely citing the pendency of the suit, the document cannot be refused to be registered. Considering the seriousness of the issue, the judge imposed the cost to Considering the seriousness of the issue, the judge imposed the cost to be paid immediately to the women advocate association creche attached to the Madurai bench of Madras high court. The sub-registrar paid the cost imposed on him and also filed an affidavit of undertaking not to commit such a mistake hereafter. Hence, the judge set aside the refusal order.
 

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Resident Welfare associations in Chennai protest aganist 6 percent tax hike

The alliance of residents' welfare associations (AoRWA), a federation of 425 RWAs, has urged the state govt to rescind the recent 6% property tax hike passed by GCC. They demanded that taxes not be collected from residents who don't have basic water and sewer connections. In its second annual general body meeting over the weekend, AoRWA passed ten resolutions, emphasizing the need for improved civic infrastructure before implementing tax hikes. "Civic infrastructure a amenities must be provided by the govt on priority, and the tax hike proposal should be put on hold," said AoRWA general secretary J M S Nagarjunan. Many residents' associations had earlier challenged the 2022 tax revision in the high court, arguing the hike of 50% to 150% was unjustified due to inadequate facilities. The new tax increase was implemented before their petitions were addressed. Members voiced concerns over poor roads, inefficient stormwater drains and lack of water and sewer connections. Concerned about the impact on the Ramsar-tagged Pallikaranai marshland, AoRWA also passed a resolution against the proposed eco-park in the reclaimed Perungudi dump yard. Lastly, they voted to designate separate areas for dogs and cattle, away from densely populated spaces, and to ensure their regular feeding. 
 

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Chennai civic body empanels trucks for cleaning construction debris

Starting Nov, Chennai residents must hire trucks empanelled by the Greater Chennai Corporation (GCC) to clear construction debris. Violators dumping debris in public places or water bodies would face fines up to 5,000.  The city generates about 850 tonnes of construction waste daily, with illegal dumping rampant. On Saturday, the corporation fined multiple households and trucks of 2.05 lakh for dumping waste in areas — Kodungaiyur, Captain Cotton, and Vyasarpadi canals. To address this, the GCC will register and issue ID cards to around 1,000 construction and debris waste lorries. "The lorry association members have assured us they will dump debris in designated spots since we started penalising some of them during our night-time inspections, GCC Commissioner J Kumaragurubaran. Registration applications are open, and the list of empanelled lorries will be released within a month. GCC guidelines allow dumping at the corporation's 15 sites only during working hours under supervision, while night-time dumping is prohibited. No fees will be charged for dumping during designated hours. Residents and commercial establishments can contact these lorries to transport debris to designated spots in each of the 15 zones. The corporation's contractor agency, Premier Precision, along with local workers, will collect the waste for processing at units in Kodungaiyur and Perungudi for crushing and reuse in concrete. 
 

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Chennai: Tambaram and Avadi corporations to expand from January 2025

The Tambaram and Avadi corportaions, near Chennai, are set to annex 37 villages, panchayats, expanding their boundaries. The Tambaram Corporation will incorporate 18 villages, including Agamthen , Medavakkam, Kovilambakkam, Cowl Bazaar, Mudichur, Perumbakkam, Nanmangalam, Pozhichalur, Tirusulam,Ottiyambakkam, Thiruvanchery, Vengaivasal, Madurapakkam,Moovarasampattu, and Sithalapakkam. Established in 2021, Tambaram Corporation will grow from 84.7 sq km to 172.34 sq km, nearly one-fourth the size of Greater Chennai Corporation. Its population will increase from 7,23,017 to 10,08,473 with the merger. Deputy mayor G Kamaraj stated that the govt approved the Chengalpet district administration's proposal to include the panchayats that were initially excluded during the corporation's formation due to the 2019 rural local body elections. For the Avadi Corporation, three municipalities—Tiruverkadu, Poonamallee, and Tirunindravur—will merge along with 19 village panchayats: Vanagaram, Ayapakkam, Nemilichery, Adayalampattu, Nadukuthagai, Kattupakkam, Senneerkuppam, Varadharajapuram, Nazarethpet, Agaram Mel, Panaveetu Thottam, Parivakkam, Kannapalayam, Sorancheri, Morai, Vellanur, Palavedu, and Meppur. This merger will expand Avadi Corporation from 65 sq km to 188 sq km, increasing its population from 3,45,996 to 6,95,212. Municipal administration and water supply department secretary D Karthikeyan mentioned that the village panchayat presidents have tenure until the end of 2024, after which the panchayats will be merged into the Tambaram and Avadi Corporations. The upgrade is expected by December 2024 or January 2025.
 

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HDFC sells $17 million of home loan to reduce credit book

Indian lender HDFC Bank Ltd. has sold a housing loan portfolio of about Rs 60 billion ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry. The portfolio was sold to about half a dozen state-controlled banks through private deals, according to people familiar with the matter, who asked not to be identified as the information is not yet public. The Mumbai-based bank also unloaded another pool of car loans worth about Rs 90.6 billion, securitized in a fixed income product called pass-through certificates, the people said. The lender had been engaged in talks — reported in late August by Bloomberg — to offload the pool to about a dozen local asset management companies. In June, HDFC also sold a 50 billion rupee loan portfolio. Its credit-deposit ratio stood at 104% at the end of March, higher than the 85% to 88% rate in the previous three fiscal years, according to ICRA Ltd., an affiliate of Moody’s Ratings. The fact that deposit growth is lagging that of credit “may potentially expose the banking system to structural liquidity issues,” the central bank said in August. For its upcoming earnings report for the quarter ended September, HDFC Bank is expected to show deposit growth of 13% on-year, compared with an 8% increase in loans, according to Suresh Ganapathy, head of financial services research at Macquarie Capital.
 

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