In this week's edition of Open House, I share my thoughts on the interim budget's impact on real estate. To read the full editions in your inbox every Wednesday, subscribe for free?on my website (https://ashwinderrsingh.com/).
As roadblock conversations transition from the living room to national media, real estate firms in India continue to quietly deliver performance. Here are my top 5 reads from the last week:
- Realty ranks: DLF, Macrotech, and Godrej Properties led the group of 15 real estate firms that found themselves on India’s most valuable companies list. Reliance Industries retained its top spot at ?15.65 lakh crore, followed by TCS and HDFC bank. In terms of wealth increase, Prestige Estate Projects led the list with a 70% increase indicating a thriving sector. Read more
- Brookfield’s dividends: Brookfield India Real Estate Trust surged with an 89% increase in net operating income to ?453.4 crore. Unveiling a ?208.56 crore distribution for Q3, the trust has allocated funds for various debt repayments and interest payments. Despite a dip in net profit, the company witnessed a significant rise in total income with operational achievements like substantial leasing and SEZ conversion endeavours across its vast portfolio. Read more
- CMD scam: A prominent real estate firm in Pune was swindled of ?4 crore by cyber frauds who posed as the company’s Chairperson and Managing Director (CMD) and tricked the senior accounts officer into making 18 big transactions to fraudulent bank accounts. Since July last year, half a dozen cases of ‘whale phishing attacks’ have been registered with the Pune City police, including one in which Serum Institute of India was cheated of ?1 crore. Read more
- FMCG’s MSME troubles: Apparel retailers are reeling as new tax rules have tightened payment deadlines for MSMEs to 45 days. Losses are mounting, orders are being cancelled, and the industry is appealing for relief from the Finance Ministry. The FMCG and pharma sectors are also feeling the squeeze, fearing disruption to their credit cycles and concerns of supplier de-registration. Read more
- 1000-year-old statue: In Tamil Nadu's Manavarayanendal, a 1000-year-old Thirthangara Mahavir statue, intricately carved from granite, has been discovered. Uncovered during a field visit, the find hints at the region's ancient Jain presence. The granite statue is adorned with a triple umbrella and is flanked by yaksha sculptures. With traces found across Virudhunagar district, this discovery sheds light on the area's rich historical tapestry and offers a glimpse into the diverse cultural past of the region. Read more
