A leading cement manufacturer reported an 83.5 per cent decline in net profit to ?5.19 crore for the third quarter ended December 2024, citing lower volume and prices. The company had posted a net profit of ?31.47 crore in the same quarter last year, according to a regulatory filing.

Its revenue from operations fell 10.6 per cent to ?542.82 crore during the quarter, compared with ?607.13 crore a year earlier. The company stated that EBITDA per tonne dropped to ?291 — a decline of 46.3 per cent — due to reduced volume and pricing pressure.

Overall revenue was affected by a 5.3 per cent fall in volume and a 5.6 per cent drop in prices, as per its earnings statement. Total expenses for the quarter stood at ?544.63 crore, down 5.7 per cent year-on-year.

The firm is a subsidiary of a major multinational building materials group. Its shares were trading at ?220.55 on the stock exchange on Thursday, up 0.78 per cent from the previous close.

A development firm has partnered with multiple domestic and international real estate groups to build a 10-acre mixed-use project on the site of a former industrial mill in Delhi’s Kamla Nagar. The collaborators will jointly develop around 30 lakh square feet of residential and retail space on this long-held land parcel.

Details regarding the total investment and revenue potential of the project have not been disclosed.

According to the chairperson of the land-owning firm, the site carries a legacy spanning more than a century and needed the right partners to unlock its full potential. The collaborating entities bring a blend of global expertise and strong local market understanding, forming an ideal partnership aimed at delivering a world-class development that respects the heritage of the city.

A senior representative from one of the international development partners highlighted that this collaboration marks the company’s entry into the residential market of the national capital. The project is also expected to help address the significant shortage of high-quality retail space in the area.

The parent group of the land-owning firm operates across several sectors including fertilizers, engineering, infrastructure, real estate, and consumer products, and has multiple large manufacturing facilities across the country. It has executed numerous projects in several Indian cities.

Another participating development firm, headquartered in the region, has delivered more than 12,000 homes across multiple cities including parts of the Delhi-NCR region, Dehradun, and Goa.

The central banking authority on Monday superseded the board of a housing finance company due to governance concerns and failures to meet several payment obligations. An experienced former senior banking official has been appointed as the Administrator of the organisation.

This action follows a recommendation from the sector’s regulatory body overseeing housing finance institutions.

The central banking authority has indicated that it will soon begin the process of resolving the company under the applicable insolvency and liquidation rules for financial service providers. It will also approach the designated tribunal to have the appointed Administrator recognised as the Insolvency Resolution Professional for the case.

A major financial institution has taken up more than 4.50 lakh sq ft of office space across seven floors in a commercial tower located in Mumbai’s Andheri East through a long-term lease of over 10 years.

The large lease agreement involves a total rental outflow of more than ?1,020 crore over the full term, including additional charges, payable to the project’s developer. The agreement also includes a clause for a 15% rental escalation every 36 months.

The lease officially began on January 21, with a fit-out period of 180 days provided. The transaction was executed through three separate agreements, which together drew stamp duty of over ?116 crore. Registration was completed on January 27.

The institution has decided to retain its former headquarters building and exclude it from its current monetisation plans.

Queries sent to the parties involved in the transaction did not receive a response.

India’s office real estate market has shown strong growth in recent years, supported by economic expansion and rising demand from both domestic and global businesses. This momentum is driven by increasing business activity, the entry and expansion of multinational companies, the growth of startups, and the country’s expanding role as a global outsourcing destination. The availability of a large talent pool has further increased the need for high-quality office spaces in major cities and emerging business hubs.

Odisha government launches survey to select beneficiaries under PMAY Gramin

Setting a target to provide 'pucca' houses to all in the state, the Odisha government on Friday launched a survey for selecting the beneficiaries under the Pradhan Mantri Awas Yojana- Gramin (PMAY-G). Accompanied by Puri MP Sambit Patra, Panchayati Raj and Drinking Water Minister Rabi Narayan Naik formally launched the survey work from Arjunsinghpur village in Puri district's Pipili block. The survey will continue for about two months. It will include all the eligible families as per the promises made by Prime Minister Narendra Modi to provide 'pucca' houses to all, the minister said. The Odisha government today began a survey under the PMAY-G from the land of Lord Jagannath. All the eligible persons will get their desired It is painful to see that the poorest of the poor families were denied a PMAY house unit during the previous BJD government," the minister said. People can apply for a housing unit under the scheme through both online and offline modes, the minister. Families with two-wheelers, refrigerators, and landline phones can also be included in the survey. The family income limit has been increased to Rs 15,000 per month, Naik said, adding that the eligibility criteria for availing the benefits under the scheme have been relaxed. This apart, individuals who are separated from their families, like father and son or husband and wife, can also be accommodated in the survey. The people who had applied earlier and are still waiting for allotment of houses, can also apply again. He then that 28.25 lakh households have been approved under the scheme, while around 23 lakh homes have been constructed. If any eligible household is left out during the survey for PMAY-G, it will be included in the Antyodaya Gruha Yojana The Union cabinet, in August 2024, approved the construction of two crore houses under PMAY-Gramin over the next five years, till 2029. Under the scheme, the assistance is shared between the Centre and the state.
 

A major housing finance lender reported a 42.79% rise in its net consolidated profit for the quarter ended December 31, 2025. The profit after tax stood at ?483.27 crore in Q3 FY25, compared to ?338.44 crore in the same quarter of the previous fiscal, according to its regulatory filing.

The lender’s net consolidated total income rose to ?1,943.11 crore in Q3 FY25, marking a 10.66% increase from ?1,756 crore recorded in the corresponding period last year.

According to the company, the affordable housing segment performed strongly, delivering a robust 127% year-on-year growth in disbursements to ?920 crore during the quarter. Asset quality also continued to improve, with Gross NPA declining to 1.19% as of December 31, 2024.

The lender received a refinance sanction of ?5,000 crore and an external commercial borrowing (ECB) sanction of USD 100 million during the quarter.

Retail disbursements grew 31% year-on-year to ?5,380 crore in Q3 FY25, with the affordable and emerging market segments contributing 38% of total retail disbursements.

Gross NPA dropped by 54 bps to 1.19% as of December 31, 2024, compared to 1.73% a year earlier. The cost of borrowing stood at 7.83%, spread on loans at 2.29%, and yield at 10.12% in Q3 FY25.

Overall disbursements increased 29.9% year-on-year to ?5,380 crore, while loan assets grew 15.4% and assets under management (AUM) rose 12.1% during the quarter.

Several prominent developers have emerged as the highest bidders in a major commercial land auction conducted by the Noida authority, with the combined value of the winning bids exceeding ?1,500 crore.

According to the Noida authority, the largest plot measuring 41,835 sq. metres was awarded for over ?700 crore. This parcel also includes a provision for 40% residential development.

Another developer secured a 23,570 sq. metre plot for over ?400 crore.
A separate 24,000 sq. metre land parcel was auctioned for ?400 crore to another bidder.
Additionally, a smaller 812 sq. metre plot received a successful bid from another participant.

All the land parcels are designated for commercial development and are expected to accommodate upcoming retail and office complexes.

An alternatives-focused asset management venture, in collaboration with a global real estate services provider, has raised about ?1,700 crore in the first close of its maiden real estate fund. The capital has been secured from domestic investors, including high–net-worth individuals and family offices, and will be deployed in India’s commercial real estate sector—a space traditionally dominated by international institutional investors.

The new office-focused fund will target Grade A commercial properties across India’s six major markets: Mumbai, Bengaluru, the National Capital Region, Pune, Chennai, and Hyderabad. These cities collectively contribute more than 70% of the country’s annual office leasing activity.

Classified as a Category-II Alternative Investment Fund (AIF) with a six-year tenure, the fund is expected to facilitate investments in office assets worth over ?6,000 crore through project-specific leverage. The entire corpus is planned to be deployed within the next two years, with an overall portfolio target of 5–7 million sq. ft. across multiple cities.

Investor appetite for Indian commercial real estate remains strong, supported by sustained demand for office space and the country’s steady economic growth.

In addition to prominent domestic investors, several global institutions have historically shown interest in this segment, further strengthening India’s commercial property market.

A newly formed industrial and logistics platform has acquired 50 acres of land in Chennai’s Mannur locality, marking one of the first major land deals of the year. The platform plans to develop a greenfield industrial and logistics project spread across 1.2 million sq. ft., backed by an investment of over ?400 crore. Located three kilometres from State Highway 50, the project aims to meet the rising demand for modern industrial and logistics infrastructure in the region.

The platform has also taken over the management of recently acquired industrial assets totalling 3.36 million sq. ft. in Ranjangaon near Pune and Sri City near Chennai. With the addition of the Mannur site, the total managed portfolio now stands at 4.8 million sq. ft. since its establishment in 2024.

The investment group backing the platform operates in partnership with a global real estate investor and has been active in industrial and logistics development across India. Its logistics arm is among the fastest-growing players in the country, managing a nationwide portfolio of around 13 million sq. ft., making it one of the largest in the sector.

Strategically located within Tamil Nadu’s expanding industrial ecosystem, the newly acquired Mannur site offers connectivity to major industrial corridors and manufacturing hubs. The project is designed to support sectors such as e-commerce, third-party logistics, and light manufacturing, contributing to the strengthening of the region’s supply chain network.

Mumbai’s office property market has recorded the highest-ever lease rental in the country. A major multinational technology firm has leased 6,526 sq. ft. of office space in the Bandra Kurla Complex (BKC) at a monthly rate of ?738 per sq. ft., surpassing the previous benchmark of ?700 per sq. ft.

The leased space, located on the 10th floor of a premium commercial tower, also includes an open terrace of 2,126 sq. ft. When the terrace is factored at one-third of the usual rate, the effective rental works out to ?666 per sq. ft., making it one of the most expensive office lease deals in India. The lease was registered in December, with the agreement starting on January 1.

In 2024, India’s top office markets saw 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. The Indian office sector has become an important destination for global companies expanding their workforce and real estate footprint, highlighted by record net absorption during the year.

The multinational firm has increased its focus on India, recognizing its potential as one of the fastest-growing economies and a key consumer market. The company is also investing in local manufacturing and assembly, aligning with national initiatives to promote domestic production while reducing import costs and enhancing competitiveness.