NSE and BSE approves merger of three subsidiaries into JK  Lakshmi Cement

Leading bourses NSE and BSE have given consent to the merger of three subsidiaries into JK Lakshmi Cement. As per the scheme of amalgamation, three subsidiaries namely Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries are getting merged into JK Lakshmi Cement. We would like to inform you that BSE and NSE vide their letters dated 1st January 2025, have issued their Observation Letters as required under Regulation 37 of the Listing Regulations with 'No adverse observation'/ No objection', to the proposed scheme," JK Lakshmi Cement said in a BSE filing. On July 31, 2024, the board of JK Lakshmi Cement had approved the amalgamation scheme, which will simplify the group structure and make it more commercially meaningful to have one combined entity focused in the business of cement and cement products. For Udaipur Cement Works Ltd (UCWL), its shareholders will receive four shares of JK Lakshmi Cement for every 100 shares they hold in the company. Giving the go-ahead, bourses have directed the parties to disclose all details about the companies before the Jaipur Bench of the National Company Law Tribunal. To achieve this, it has ongoing strategic expansion projects totalling 10.80 MTPA, scheduled for completion by FY27.
 

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Tamil Nadu standardizes fee for self certification of residential buildings

 Tamil Nadu has introduced a standardised fee structure for self-certification of residential buildings, addressing long-standing concerns about inconsistent charges across administrative zones. This follows introduction of a self-certification plan for smaller residential projects by the govt. In July, the govt unveiled a self-certification-based building plan approval system aimed at reducing procedural hurdles for constructing smaller residential buildings. This applies to single or double-story residential buildings with a built-up area of up to 3,500 sq ft on plots not exceeding 2,500 sq ft. Department issued a Govt Order (GO) rationalising building plan approval fees under a single category for various types of developments. The new framework classifies buildings in village panchayats into four groups based on their location and proximity to urban areas. For residential buildings in the self-certification category, peri-urban villages within CMDA limits, numbering 78, are charged 27 per sq ft. Peri-urban village panchayats, comprising 612 villages, have a rate of 25 per sq ft. Village panchayats within CMDA limits, which total 44, are charged 22 per sq ft. The remaining 11,791 village panchayats, forming the largest group, have a rate of 15 per sq ft. For commercial buildings, it's 32, 30, 26 and 18 per sq ft for the respective categories and for industrial buildings it's 43, 40, 35 and 24 per sq ft. Employment and Conditions of Work) Act, 1982, and the Tamil Nadu Manual Workers Constrction Workers Welfare Scheme. The govt has also asked executive authority of village panchayats to fix layout approval fees through resolutions passed, aimed at bringing clarity and uniformity to the building permit process. For residential buildings in the self-certification category, peri-urban villages within CMDA limits, numbering 78, are charged 27 per sq ft. Peri-urban village panchayats, comprising 612 villages,  have a rate of 25 per sq ft. Village panchayats within CMDA limits, which total 44, are charged 22 per sq ft. The remaining 11,791 village panchayats, forming the largest group, have a rate of 15 per sq ft. Now this fee under single head can help residents apply for building permission and get instant approval," S Ramprabhu, chairman, DTCP committee, Builders Association of India.
 

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Shriram Properties sell 3 acre land in Chennai for rs 93 crore

Shriram Properties (SPL) has sold 3.9 acre land parcel in Chennai to a healthcare and educational group for Rs 93 crore. Murali M, chairman and managing director of the company said, "This transaction marks a significant step in the company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs." The company, through its wholly-owned subsidiary – SPL Shelters owned the land, currently approved for the development of a retail space. Given its focus on residential real estate development activities, SPL has decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary. 
 

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ADB commits $70 million to Vastu Housing Finance for affordable housing

Manila-based multilateral funding agency Asian Development Bank (ADB) has committed USD 70 million (about Rs 595 crore) to Vastu Housing Finance to bolster affordable home loans. The loan will enhance access to affordable and sustainable housing loans for underserved borrowers, with 15 per cent of the funds allocated specifically to first-time borrowers, Vastu Housing Finance said in a statement. The partnership aims to bridge the credit gap for economically weaker sections and low-income groups, with a strong focus on promoting borrowers in Tier II to IV towns across India. Vastu started in 2015 with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi.
 

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Ultra Tech to acquire minority stake un Star Cement

Leading cement producer Ultra Tech Cement on Friday announced the acqusition of a minority 8.69 per cent stake in Meghalaya-based Star Cement from the promoters in a deal worth Rs 851 crore, intensifying the competition with Adani Group entity Ambuja Cements for cement assets. The development comes three days after the Aditya Birla group firm completed the acquisition of a controlling stake in India Cements Ltd, turning the south-based company into its subsidiary. UltraTech Cement is expanding its capacity through acquisitions and capacity enhancement as it faces competition from billionaire Gautam Adani-led Adani Group's Ambuja Cements, which is the second-largest player and is also scaling its capacity. Both players are snapping up small cement players to consolidate their positions and achieve their targeted growth ahead of time. This is the third acquisition of the Aditya Birla group flagship in the last two years, including India Cements, Kesoram Industries' cement business and the UAE-based RAKWCT. Ambuja Cements has completed the acquisition of Saurashtra-based Sanghi Industries, and Penna Industries and recently announced the acquisition of CK Birla group firm Orient Cement as part of its inorganic growth strategy. Besides, it has snapped small players' facilities such as My Home, and its subsidiary ACC has also acquired Asian Concretes and Cements. The promoters and the promoter groups own 66.47 per cent shareholding in Star Cement, which was incorporated in November 2001. Star Cement had a turnover of Rs 2,910.66 crore in FY24 and its profit after tax was at Rs 295 crore. It has seven plants and a total workforce of 4,000. The company aims to achieve a manufacturing capacity of 25 MTPA capacity by 2030, according to information available on its portal. It has cement manufacturing units at Lumshnong town in Meghalaya, Sonapur near Guwahati and at Mohitnagar near Jalpaiguri, West Bengal. Moreover, it has three grinding units. In 2024, it acquired India Cements Ltd and is in the process of acquiring Kesoram Industries' cement business. 
 

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Chennai development body to e-auction plots along Outer Ring Road in January

Chennai Metropolitan Development Authority has announced e-auctioning of plots along Chennai Outer Ring Road in Jan, marking a step forward in transforming the 62-km corridor into a thriving eeconomic zone. Nearly 80% of work on the Master Plan for CORP is complete, say CMDA officials. CMDA aims to develop CORP into a vibrant economic corridor featuring premium housing, industries, warehousing, hotels and urban forests, with areas such as Minjur, Red Hills, Poonamallee, and Vandalur integrated with the third master plan. CORR, connecting Minjur in the north with Vandalur in the south, was part of the first master plan but areas along it remain largely underdeveloped. Now, CMDA plans to unlock its economic potential by concentrating on key infrastructure nodes such as Parandur airport, port near Minjur, Meenambakkam Airport and Kilambakkam terminus. Select parcels along CORR will be e-auctioned, said a CMDA official. The land parcels, located between Poonamallee and Vandalur, cover 20km. CMDA is also working on a comprehensive flood drainage plan While there are distinct plans for Poonamallee, Vandalur, Minjur, and Red Hills, the first is positioned to become a business district and multi-modal connectivity hub, thanks to its location near Bengaluru highway, metro connectivity and proximity to the planned Thirumazhisai New Town. Vandalur is set to evolve into a cosmopolitan hub, Minjur an industrial and multi-model hub with portal based development, while Red Hills is palnned as an eco-sensitive zone with urban forests. 

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Deep Financial Consultants director buys apartments for rs106cr in Mumbai Worli

Jagdish Naresh Master, prominent stock market investor and director of finanical services firm Deep Financial Consultants, has acquired a luxury sea view apartment in super premium residential tower in Mumbai plush Woril locality for over rs 106 crore. Interestingly his wife Urjita Jagdish Master also a stock market investor and director of Deep Financial Consultants too acquired a luxury apartment on the 59th floor of the same tower for over Rs 105 crore just last month. The newly purchased apartment is spread over a total of over 7,139 sq ft area in one of the wings of the tower Oberoi Three Sixty West on Dr Annie Besant Road and is on the 60th floor and 44th habitable floor. The transaction values the apartment at nearly Rs 1.50 lakh per sq ft ranking it among the most expensive deals for a residence anywhere in the country. The buyer has now paid over Rs 3.97 crore in stamp duty charges alone for the registration of the deal. As the same apartment has been transacted within three years of earlier registration that attracted stamp duty of Rs 2.86 crore, the new buyer has paid the differential stamp duty, showed the document accessed through Zapkey.com. This rule is aimed at aligning stamp duty payments with current property valuation and preventing revenue loss for the state government exchequer. Residential property sales in the top eight cities have soared to an unprecedented high in 2024, fuelled by strong demand across mid-income, premium and luxury segments. The year is also expected to conclude with an all-time high sales activity. Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals. South and central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years. 
 

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Assam CM announces 300cr residental colony in AMCH

Construction of a residential colony at the prestigious Assam Medical College and Hospital (AMCH) in Dibrugarh was announced by chief minister Himanta Biswa Sarma on Tuesday. With an estimated investment of Rs 300 crore, the project aims to provide a significant boost to medical infrastructure in upper Assam. The announcement came during a comprehensive review meeting at AMCH, where CM assessed the existing facilities and infrastructure of the medical institution. AMCH principal and chief superintendent Dr Sanjeeb Kakati presented a detailed overview of the medical college's operations. The new residential colony at AMCH represents our commitment to improving healthcare infrastructure in Assam. This project will significantly enhance the living conditions for our medical staff and contribute to better healthcare delivery. The CM's visit to Dibrugarh was marked by multiple high-level meetings over various civic and safety concerns. Earlier in the day, he chaired a crucial road safety meeting at the CM's Secretariat, attended by top police officials, including DGP GP Singh, special DGP Harmeet Singh, commissioner and SPs from nine upper Assam districts. Emphasising the importance of road safety during the festive season, Sarma issued strict directives to law enforcement agencies. "We must maintain heightened vigilance until Jan 15 to prevent road accidents during the new year celebrations. There will be zero tolerance for drink driving and rash driving. We are looking at comprehensive solutions to address the waterlogging problem in Dibrugarh. Our govt is committed to improving the urban infrastructure and quality of life for residents. The CM concluded his three-day visit to Dibrugarh before departing for Guwahati.
 

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Noida Homebuyers of Jaypee Infratech approches NCLT over construction

Homebuyers of Jaypee Infratech Ltd (JIL) have approached the National Company Law Tribunal (NCLT), alleging lack of headway in construction of flats by Suraksha Group despite its resolution plan being approved in March 2023 and upheld by the appellate tribunal this May. In their petition, members of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha — which took over JIL through insolvency proceedings — had failed to mobilise the promised Rs 3,000 crore required for construction, deploy workers, or even establish escrow accounts as stipulated in the resolution plan. According to the approved resolution plan — passed by NCLAT in May this year — Suraksha was supposed to resume construction of flats within 90 days. The tribunal heard the appeal by buyers on Dec 10 and issued notices to Suraksha, JIL, the Insolvency and Bankruptcy Board of India (IBBI), and Anuj Jain, the former interim resolution professional (IRP). The next hearing is scheduled for Jan 8. The buyers — who have been waiting for their flats for over a decade — said construction activities had ceased entirely, despite promises By Suraksha to improve pace from the fourth month since the plan's approval. The limited work undertaken during the IRP regime stopped after the previous contractor's removal. Of 97 towers across nine projects, tenders were floated for only 41 towers by Aug 2024, with no progress on the remaining 56 as yet. The homebuyers alleged that Suraksha had unilaterally increased administrative and transfer charges, demanding more than Rs 8,000 per sqft for unsold units, which was significantly higher than the resolution plan's estimate of Rs 4,575. Sources in the company admitted that construction had taken a hit because of various stages of GRAP imposed since Nov. For the buyers, patience is waning. "We have waited long enough. Our dreams of owning a home are fading because of such unwarranted delays. We need action on the ground now. 
 

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Government plans zero collateral housing laons for low annd middle  income groups

The government is firming up a zero-collateral housing loan scheme for low- and middle-income groups which will offer up to Rs 20 lakh with minimal documentation or third-party guarantee, said people familiar with the matter. Amendments to the Credit Risk Guarantee Fund Scheme for Low-Income Housing (CRGFTLIH) are being examined to pave the way for the scheme, they said, adding that the loan could have a tenure of 30 years. Under the existing provisions, housing loans up to Rs 8 lakh are eligible for guaranteed cover. "The idea is to make credit available for those homebuyers who do not have any documented income or minimal supporting documents. Talks are on between the ministries of finance and housing & urban affairs, National Housing Bank and other commercial banks to firm up the parameters such as eligible income and equated monthly instalment and net monthly income ratio. A bank executive said up to 70% of the loan amount in default will be guaranteed under CRGFTLIH. Changes to its operational guidelines dealing with the extent of the guarantee and coverage period are being examined. In August, the government increased the corpus fund of Credit Risk Guarantee Fund Trust (CRGFT) to Rs 3,000 crore from Rs 1,000 crore to provide benefit of credit risk guarantee on affordable housing loans to EWS and LIG households. Under Pradhan Mantri Awas Yojana-Urban 2.0, government assistance of Rs 2.30 lakh crore will be provided to 10 million urban poor and middle-class families through states or union territories to construct, purchase or rent a house at an affordable cost in urban areas in five years.
 

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Noida YEIDA completes 1400 registries for industrial plots

The Yamuna Expressway Industrial Development Authority (YEIDA) has executed 1,400 registries out of the 3,040 industrial plots allotted so far. The increasing interest in completing registries has been driven by the development of the upcoming Noida International Airport, which has significantly boosted the region's appeal. Officials said that over 1,200 of these registries were executed in the past one-and-a-half years alone. With these formalities now finalised, the allottees are expected to begin construction and make their industries operational within the next three to four years. Major industrialisation will be visible in the next three to four years when Apparel Park, Toy Park and Medical Devices Park become functional. YEIDA plans to issue fresh notices to remaining allottees, urging them to complete the registry process for plots where checklists have already been issued. According to the authority, the registry process, which was sluggish until 2022, has accelerated in recent years. Previously, only about 30 to 35 registries were completed annually. The industrial plots span key sectors such as 24, 28, 29, 32 and 33. In Sector 29's Apparel Park, 149 plots have been allotted, with 75 lease deeds executed so far.
 

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Gross Leasing of Office space set to rise 14 percent to record 85 million sqft in 2024 Cushman and Wakefield

 Gross leasing of office space across eight major cities is likely to rise 14 per cent to touch a record 85 million square feet this calendar year, according to Cushman & Wakefield. The gross leasing of office space stood at 74.6 million square feet in 2023 across eight cities -- Bengaluru, Hyderabad, Mumbai, Delhi-NCR, Chennai, Pune, Kolkata and Ahmedabad. India's office real estate has consistently been witnessing more than 70 million square feet of gross leasing volume (GLV) since 2022 across the top 8 cities. The current year 2024 is likely to register a historic high  volume of 83-85 million square feet of GLV," the consultant said in its round-up for the calendar year. Already, during the January-September period of 2024, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.6 million square feet in 2023.The growth is driven by healthy volumes seen in the IT-BPM, BFSI, Engineering & Manufacturing and flex operator spaces, as these were the top-performing sectors, the consultant said. The GCCs are likely to contribute nearly 30 per cent of the total gross office space leasing, he added. The consultant said that the expected surge in leasing across top-grade assets in 2024 and 2025 has been putting upward pressure on rents across prime micro-markets. Bulk of the new supply that is coming in 2025 is concentrated around prime micro-markets, suggesting that overall rents could witness a rise. However, the rise is anticipated to be moderate owing to the consistent influx of supply, thereby helping a tenant-favourable market sentiment to persist for some time," Cushman & Wakefield said.
 

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