Rapido vs Ola-Uber: How a Bike Taxi Startup Disrupted India’s Ride-Hailing Market

business update, Economy, Real Estate - September 11, 2025

HUDCO Commits ₹11,300 Crore to Transform Nagpur into a Global Business Hub

HUDCO Commits ₹11,300 Crore to Transform Nagpur into a Global Business Hub

Strategic MoU with NMRDA to Boost Housing, Infrastructure, and Economic Growth. Over the next five years, HUDCO will provide crucial funding, consultancy, and expertise to accelerate Nagpur’s transformation under the “Naveen Nagpur” vision.

HUDCO-NMRDA Agreement: A Step Toward Urban Transformation
The Housing and Urban Development Corporation (HUDCO) has signed a non-binding Memorandum of Understanding (MoU) with the Nagpur Metropolitan Region Development Authority (NMRDA) to extend up to ₹11,300 crore in financial support over the next five years. This landmark agreement was formalized in Mumbai in the presence of Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, and senior officials from both HUDCO and NMRDA.
The funding package will focus on land acquisition, housing, and large-scale infrastructure projects aimed at reshaping the urban landscape of Nagpur. Beyond financial assistance, HUDCO will also provide consultancy services and capacity-building support to strengthen NMRDA’s project execution capabilities.

Key Projects and Scope of Development
The ₹11,300 crore commitment is expected to transform Nagpur into a modern, globally competitive city by investing in several critical sectors.
1. Metro and Transportation Infrastructure
A significant portion of the funds will be directed toward metro development and connectivity enhancements. These investments will improve intra-city mobility and reduce congestion, laying the foundation for a more efficient transport ecosystem.
2. Outer Ring Road and Land Acquisition
HUDCO’s financial backing will help in land acquisition for the ambitious outer ring road project. Once completed, this project will decongest city traffic and enhance connectivity with industrial hubs, fostering regional trade and logistics growth.
3. Housing and Commercial Development
Affordable housing projects, along with modern commercial complexes, will be developed to cater to Nagpur’s expanding population and business community. These projects will not only improve living standards but also attract fresh investments from domestic and global players.
4. Integrated Urban Amenities
The plan envisions futuristic urban infrastructure such as:
• Underground utility tunnels
• District cooling systems
• Automated waste management
• Dedicated startup, MSME, and IT zones
Such facilities will provide plug-and-play infrastructure for industries and businesses, creating a strong base for Nagpur’s ambition to emerge as an International Business and Financial Center (IBFC).

The “Naveen Nagpur” Vision
The development blueprint aligns with the state government’s “Naveen Nagpur” vision, which seeks to position the city as a global business destination. By investing in modern infrastructure, Nagpur is expected to become a hub for technology, finance, and entrepreneurship, attracting investments across multiple sectors.
The transformation will also generate employment opportunities, boost economic growth, and improve the overall quality of life for residents. Importantly, it sets a model for sustainable urban planning in tier-2 cities.

NBCC’s Role in Execution
The National Buildings Construction Corporation (NBCC) has been appointed as the project management and consulting agency. With a proven track record in handling large-scale urban projects, NBCC will ensure timely execution, quality control, and effective integration of modern technologies into Nagpur’s development plan.

Strategic Significance for HUDCO
This project marks one of HUDCO’s largest regional commitments in recent years, reinforcing its role as a key player in financing urban development in Maharashtra and beyond. The partnership with NMRDA follows HUDCO’s earlier commitment of ₹1.5 lakh crore to the Mumbai Metropolitan Region Development Authority (MMRDA), expanding its presence across the state’s urban transformation initiatives.
By diversifying its portfolio with long-term infrastructure financing, HUDCO not only strengthens its market position but also contributes to sustainable urbanization in India. The involvement of private partners through Public-Private Partnership (PPP) models further ensures that projects remain commercially viable while delivering social value.

Economic Impact and Future Outlook
The financial infusion of ₹11,300 crore will catalyze multiple benefits:
• Job Creation: Thousands of direct and indirect jobs in construction, technology, transport, and services.
• Business Growth: Dedicated industrial zones will attract startups, MSMEs, and multinational corporations.
• Improved Living Standards: Modern amenities and sustainable infrastructure will elevate Nagpur’s global standing.
• Regional Development: Enhanced connectivity will benefit neighboring districts and boost overall economic integration.
Nagpur’s strategic location at the heart of India makes it an ideal candidate for this transformation. With HUDCO’s backing, the city is poised to become a gateway for investments in central India.

Conclusion
HUDCO’s ₹11,300 crore commitment to Nagpur’s infrastructure development marks a turning point in the city’s journey toward becoming an International Business and Financial Center. With a focus on modern amenities, sustainable infrastructure, and integrated urban planning, the initiative is set to transform Nagpur into a thriving hub of commerce, innovation, and opportunity.
As HUDCO and NMRDA join hands, Nagpur’s vision of “Naveen Nagpur” edges closer to reality—offering economic prosperity, global relevance, and an improved quality of life for its citizens.

The image added is for representation purposes only

India’s External Debt Rises 10% in FY25: Structure, Trends, and Key Highlights

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Business, Editorials, Real Estate, Research, Research Reports - July 18, 2025

Arkade Developers: High-Margin, Debt-Free Growth in Mumbai Realty

Arkade Developers: High-Margin, Debt-Free Growth in Mumbai Realty

Arkade Developers Ltd. is a well-established Mumbai-based real estate developer with a strong legacy of over 39 years. The company has successfully delivered 31 projects, completing more than 5.5 million sq. ft. of development and housing over 5,500 families. Known for its timely project execution and customer-centric approach, Arkade focuses on premium and society redevelopment projects across Mumbai’s western and eastern suburbs. As of March 31, 2025, the promoter and promoter group, led by Mr. Amit Mangilal Jain, hold a 71.09% stake in the company. It is listed on both NSE (Symbol: ARKADE) and BSE (Code: 544261). The company follows an asset-light model and maintains zero net debt, which enhances its financial resilience. In FY25, Arkade reported ₹695 crore in revenue, ₹206 crore EBITDA, and ₹157 crore in net profit, driven by strong pre-sales, robust cash flows, and a well-diversified project pipeline supporting future growth.

Stock Data
NIFTY	: 25,212
52 Week H/L (INR)	: ₹ 210 / 128
Market Cap (INR Cr)	: ₹ 3,818 Cr.
Book Value	: ₹ 47.6
Outstanding Shares (Cr.)	: 18.6
NSE Code	: ARKADE
BSE Code	: 544261
CMP	: ₹ 206

Future Business Outlook
Arkade Developers is positioning itself as a prominent player in Mumbai’s real estate landscape with a strategic focus on luxury and premium redevelopment. The company has adopted an asset-light and zero-net-debt model that supports capital efficiency and faster project execution, making it well-suited for scalable growth. Its presence is expanding across both eastern and western suburbs, targeting high-demand micro-markets through a mix of greenfield and redevelopment projects. Consistent pre-sales performance, coupled with timely project delivery, has ensured robust cash flows, enabling reinvestment into new high-GDV opportunities.
Key Growth Drivers
Demand for premium residential housing in Mumbai continues to be a structural trend, benefiting players like Arkade. The company has acquired land parcels with strong monetization potential in locations such as Goregaon, Andheri, Mulund, and Santacruz. Its execution capability is demonstrated by projects being delivered well before RERA deadlines, reinforcing customer trust and brand value. A healthy mix of ongoing and upcoming projects with visibility across multiple micro-markets positions Arkade to sustain volume and revenue growth in the medium to long term.
Project Pipeline
Arkade currently has 9 ongoing projects (~2 Mn sq. ft.) with an estimated turnover of ₹3,317 Cr, including key developments like Arkade Crown (Borivali), Aspire (Goregaon), and Aura (Santacruz).
The company also has 10 upcoming projects (~2.22 Mn sq. ft.) with a turnover potential of ₹7,579 Cr, including Filmistan (₹2,000 Cr), Anand Nagar (₹1,700 Cr), and Satya Shripal (₹865 Cr), further strengthening growth visibility.
Financial Projections (FY25–FY27)
We project revenue to grow at a CAGR of ~8% from ₹683 Cr in FY25 to ₹795 Cr by FY27, driven by improved project mix and expansion. Operating profit is expected to expand from ₹206 Cr to ₹358 Cr, with operating margin rising from 30% to 33.7%, supported by cost controls and scale benefits. PAT is projected to grow from ₹157 Cr to ₹237 Cr during the same period, implying a CAGR of ~22%, with PAT margin expanding to 30%.
Valuation and Recommendation
We assign a BUY rating on the stock with a projected target price of ₹497.73, based on 39x FY27E EPS of ₹12.76. The stock currently trades at a significant discount to larger listed peers despite delivering superior profitability metrics and maintaining a debt-free balance sheet. Given its strong pipeline, asset-light strategy, and consistent execution, we believe Arkade is well-positioned to emerge as a mid-cap re-rating candidate in the real estate sector.

Absolute Returns (%)
3 Months	: 22.3%
6 Months	: 27.1 %

VALUATION OUTLOOK

Undervalued vs Peers:
Arkade trades at EV/EBITDA of 17.4x and P/E of 24.3x, both below the peer average of 45.6x EV/EBITDA and 82.7x P/E, indicating strong rerating potential. Discounted EV/Sales Multiple:
Arkade’s EV/Sales of 5.6x is modest compared to peers, with some companies trading over 10x, suggesting room for valuation catch-up.

Implied Upside in Market Cap:
Based on peer averages, Arkade’s implied market cap is ₹5,040 Cr, vs current value of ₹3,798 Cr — indicating 33% upside potential.

Implied Share Price Suggests Re-rating:
The implied share price is ₹271.4, compared to the current ₹205.56, suggesting the stock is undervalued at present levels.

Strong Financials Support Valuation:
With ₹683 Cr in revenue, ₹206 Cr EBITDA, and ₹157 Cr PAT, Arkade demonstrates solid earnings power that can support a higher multiple.

Low Debt and Asset-Light Model:
Arkade’s relatively low leverage (Debt/Equity of 0.13) and zero net debt status improve valuation appeal compared to more leveraged peers.

Metric	FY24 Cr.	FY25 Cr.	YoY Growth (%)
Revenue from Operations	636	695	9.27%
Gross Profit	206	264	28.2%
Gross Profit Margin	32.40%	38.6%	+620 bps
EBITDA	167	206	23.4%
EBITDA Margin	26.3%	29.6%	+330 bps
Profit Before Tax (PBT)	211.4	266.8	26.18%
Profit After Tax (PAT)	123	157	27.6%
PAT Margin	19.3%	22.9%
ROCE%	45%	31%
ROE	38.08%	17.76%
Debt to Equity	0.22	0.13

1. Business Model & Key Differentiators

Arkade Developers Ltd. operates with a unique combination of financial discipline, operational agility, and strategic vision. The company’s asset-light model, emphasis on premium society redevelopment, and debt-free operations have enabled it to outperform many peers despite being a relatively recent entrant to the listed space.

1. Asset-Light Strategy & Zero Net Debt

Arkade follows an asset-light approach by focusing on society redevelopment projects, where upfront land cost is minimal. This enhances return on capital and keeps the balance sheet flexible.

Metric	FY24	FY25
Gross Debt (₹ Cr)	71	115
Cash & Equivalents (₹ Cr)	143	134
Net Debt (₹ Cr)	-72	-19
Net Debt/Equity	0.00	0.13
Model Type	Redevelopment-focused	Redevelopment + Greenfield

Result: The company operates with negative net debt, providing it flexibility to fund growth internally or raise capital on favorable terms when needed.

2. In-House Project Management = Faster Turnaround

Arkade’s execution strategy relies on integrated in-house teams for design, legal, engineering, and approvals. This reduces dependency on external vendors and cuts down project delays.

Execution Efficiency	Benchmark	Arkade
Project Completion Timeline	36–48 months	24–30 months
Approval to Launch Duration	6–9 months	4–6 months
Avg. Cost Overrun	Industry: ~10%	<5%

Result: Higher efficiency, faster cash flow conversion, and better internal rate of return (IRR).

3. Early RERA Completion Record

Arkade consistently completes projects 9–10 months before RERA deadlines, improving delivery trust, freeing up capital faster, and enhancing customer satisfaction.

Project	RERA Deadline	Planned Delivery	Expected Early Completion
Arkade Crown	Jun 2024	Jun 2024	9 months early
Arkade Aspire	Aug 2024	Aug 2024	10 months early
Arkade Pearl	Dec 2026	Feb 2026	10 months early

Result: Improves brand reliability and cash flow turnaround, supports faster pre-sales cycles.

4. High-IRR Development Model

Arkade strategically focuses on high-IRR, premium segment redevelopment, reducing upfront capital needs while achieving high margins.

IRR Benchmarks	Industry Avg.	Arkade Projects
Greenfield IRR	14% – 16%	18%
Redevelopment IRR	20% – 25%	25% – 28%
Cost of Project Financing	11% – 13%	~8% or self-funded

Result: Maximizes return per rupee invested and enhances EPS over time.

5. Strong CSR & ESG Integration

Arkade aligns its brand with responsible urban development, supporting healthcare, education, and environmental sustainability.

Initiative	Impact
Sajjan Jain Trust	Education & healthcare to underprivileged
Care per Sq. Ft. (Tata Hospital)	Cancer treatment donations for every sq. ft. sold
Bal Asha Trust, Apna Ghar	Child care and rehabilitation
In-house Green Compliance	IGBC alignment, energy-efficient buildings

Result: Builds long-term brand trust and aligns with institutional ESG mandates.

2. Detailed Analysis: Ongoing Projects of Arkade Developers Ltd.

Arkade has 9 ongoing projects across key micro-markets in Mumbai’s western and eastern suburbs, focusing on premium and aspirational housing, through a mix of greenfield developments and society redevelopments. These projects reflect a strategic push into high-demand zones with faster sales cycles and better margins.

Project Name	Location	Category	Development Type	Plot Size (Sq. M)	Saleable Area (Sq. Ft.)	Completion (RERA)	Projected Turnover (₹ Cr)
Arkade Crown	Borivali (W)	Aspirational	Society Redevelopment	5,711	113,805	Jun’24 **	₹325 Cr
Arkade Aspire	Goregaon (E)	Aspirational	Greenfield	5,933	168,643	Aug’24 **	₹490 Cr
Arkade Aura	Santacruz (W)	Premium	Society Redevelopment	3,791	59,279	Dec’24 **	₹276 Cr
Arkade Prime	Andheri (E)	Aspirational	Greenfield	2,091	65,566	Jan’25 **	₹165 Cr
Arkade Nest	Mulund (W)	Aspirational	Greenfield	8,327	249,163	Jun’27	₹619 Cr
Arkade Pearl	Vile Parle (E)	Premium	Society Redevelopment	4,153	75,145	Dec’26	₹300 Cr
Arkade Eden	Malad (W)	Premium	Society Redevelopment	3,101	49,981	Dec’26	₹150 Cr
Arkade Views/Vistas	Goregaon (E)	Aspirational	Society Redevelopment	4,487	81,960	Dec’27	₹242 Cr
Arkade Rare	Bhandup (W)	Aspirational	Greenfield	11,967	313,070	Dec’28	₹750 Cr

Strategic Importance

These ongoing projects form the operational backbone of Arkade’s near-term earnings visibility.
The early execution combined with healthy pre-sales will likely translate to strong free cash flows in FY26 and FY27.
These projects also pave the way for leveraging upcoming projects (₹7,579 Cr pipeline) without excessive borrowing.

3. Detailed Analysis: Upcoming Projects of Arkade Developers

Arkade Developers has 10 upcoming projects primarily focused on premium society redevelopment and high-value greenfield development. These projects are located across Mumbai’s most in-demand western suburbs including Santacruz, Andheri, Malad, Goregaon, Borivali, and Dahisar. The combined saleable area exceeds 2.22 million sq. ft., with an impressive projected turnover of ₹7,579 crore, offering a solid pipeline for revenue over the next 3–5 years.

Project Name	Location	Category	Development Type	Plot Size (Sq. M)	Saleable Area (Sq. Ft.)	Projected Turnover (₹ Cr)
Nutan Ayojan	Malad (W)	Premium	Society Redevelopment	6,860	2,33,000	₹740 Cr
Laxmi Ramana	Goregaon (W)	Premium	Society Redevelopment	4,619	59,793	₹213 Cr
Maheshwari Niwas	Santacruz (W)	Premium	Society Redevelopment	2,290	38,700	₹200 Cr
Apna Ghar	Andheri (W)	Premium	Society Redevelopment	7,381	83,212	₹388 Cr
Bussa CHS	Santacruz (W)	Premium	Society Redevelopment	2,902	45,000	₹190 Cr
Rani Sati	Malad (W)	Premium	Society Redevelopment	6,337	2,11,940	₹757 Cr
Satya Shripal	Borivali (W)	Premium	Society Redevelopment	7,084	2,44,000	₹865 Cr
Jumbo Darshan	Andheri (E)	Premium	Society Redevelopment	6,811	1,29,300	₹526 Cr
Filmistan	Goregaon (W)	Premium	Greenfield Development	16,200	5,00,000	₹2,000 Cr
Anand Nagar	Dahisar (E)	Premium	Society Redevelopment	26,286	6,76,000	₹1,700 Cr

4. Quarterly Performance (Q4 FY25)

Metric	Q4 FY24	Q4 FY25	YoY Growth (%)
Revenue from Operations	₹123.0	₹134.0	+8.9%
Gross Profit	₹41	₹60	+46.30%
EBITDA	₹27	₹45.0	+66.7%
EBITDA Margin (%)	22.00%	33.6%
Net Profit (PAT)	₹20	₹33.0	+65%
PAT Margin (%)	16.30%	24.6%
Pre-Sales Value	₹196.0	₹217.0	+10.71%
Collections	₹176.0	₹238.0	+35.23%
Carpet Area Sold (sq. ft. in ’000)	64	70	+9.38%

Q4 FY25 Performance Summary (YoY Comparison)

Revenue from Operations rose 8.9% YoY to ₹134 Cr, reflecting sustained sales momentum across ongoing projects.
Gross Profit increased by 46.3% YoY to ₹60 Cr, driven by improved cost efficiencies and a richer project mix.
EBITDA witnessed robust growth of 66.7% YoY, reaching ₹45 Cr, underscoring strong operational leverage.
EBITDA Margin expanded sharply by 1,160 bps, improving from 22.0% to 33.6%, indicating enhanced project-level profitability.
Net Profit (PAT) grew 65% YoY to ₹33 Cr, with PAT margin improving from 16.3% to 24.6%, aided by higher margins and stable overheads.
Pre-sales Value stood at ₹217 Cr, up 10.71% YoY, backed by healthy booking traction.
Collections rose significantly by 35.23% YoY to ₹238 Cr, reflecting strong customer cash inflows and project execution.
Carpet Area Sold increased 9.38% YoY to 70,000 sq. ft., indicating continued demand and sales conversion strength.

5. Financial Highlights (P&L Statement)

Particulars	2021	2022	2023	2024	2025	YoY Growth (Mar-24 to Mar-25)
Revenue (₹ Cr)	106	225	220	635	683	7.56%
Expenses (₹ Cr)	80	170	160	467	477	2.14%
Operating Profit	26	54	60	168	206	22.61%
OPM %	24%	24%	27%	26%	30%
Other Income	5	15	8	2	12
Interest (₹ Cr)	1	4	1	3	2	-33.33%
Depreciation (₹ Cr)	0	0	0	1	5
Profit Before Tax	29	66	67	165	211	27.88%
Tax %	25%	22%	24%	26%	26%
Net Profit (₹ Cr)	22	51	51	123	157	27.64%

Key Financial Highlights – FY25 (YoY Comparison)

Revenue grew steadily from ₹106 Cr in FY21 to ₹683 Cr in FY25, with a YoY growth of 7.56%, reflecting consistent business expansion.
Operating Expenses remained tightly managed, increasing by just 2.14% YoY in FY25, despite a higher scale of project execution.
Operating Profit rose by 22.61% YoY to ₹206 Cr, supported by improved operating leverage and execution efficiency.
Operating Margin improved from 26% to 30%, highlighting better cost controls and stronger pricing power.
Other Income increased significantly from ₹2 Cr to ₹12 Cr, marking a 500% jump, contributing meaningfully to bottom-line growth.
Interest Expense declined by 33.33% YoY, reinforcing the benefits of the company’s zero-net-debt capital structure.
Depreciation increased from ₹1 Cr to ₹5 Cr, indicating new asset additions or capitalization of completed projects.
Profit Before Tax (PBT) stood at ₹211 Cr, up 27.88% YoY, showcasing strong operational profitability.
Net Profit (PAT) grew by 27.64% YoY to ₹157 Cr, reflecting solid financial execution and bottom-line efficiency.
Tax Rate remained stable at 26%, in line with prior periods.

6. Financial Highlights
Balance Sheet Statement

Particulars	2021	2022	2023	2024	2025	YoY Growth (Mar-24 to Mar-25)
Equity Capital (₹ Cr)	2	2	2	152	186	22.37%
Reserves (₹ Cr)	97	148	198	171	698	308.77%
Borrowings (₹ Cr)	14	64	149	71	115	61.97%
Other Liabilities (₹ Cr)	237	156	206	180	252	40.00%
Total Liabilities (₹ Cr)	350	370	555	575	1,251	117.57%
Fixed Assets (₹ Cr)	0	2	2	14	19	35.71%
CWIP (₹ Cr)	0	0	0	0	0	No Change
Investments (₹ Cr)	114	40	17	18	138	666.67%
Other Assets (₹ Cr)	236	329	536	543	1,093	101.22%
Total Assets (₹ Cr)	350	370	555	575	1,251	117.57%

Key Balance Sheet Highlights – FY25

Equity Capitalincreased by 37%, reflecting capital infusion during the year to support growth initiatives.
Reservessurged by 77%, driven by higher retained earnings from strong profitability in FY25.
Borrowingsrose by 97%, though the company continues to operate with low leverage, maintaining a robust balance sheet profile.
Other Liabilitiesgrew by 40%, likely reflecting higher project-related payables and deferred obligations.
Total Liabilitiesmore than doubled, increasing by 57%, indicating scale-up in business operations and project pipeline.
Fixed Assetsincreased by 71%, due to investments in office infrastructure and project-related assets.
Investmentswitnessed a significant rise of 67%, suggesting strategic deployment of surplus capital into financial or operational assets.
Other Assets(inventories, receivables, advances) grew by 22%, in line with an expanding project portfolio.
Total Assetsrose by 57%, mirroring liability growth and signaling the company’s ongoing expansion phase.
Capital Work in Progress (CWIP)remained stable, implying that key projects were either completed or capitalized during the year.

7. Financial Highlights (Cash Flow Summary)

Particulars	Mar-21	Mar-22	Mar-23	Mar-24	Mar-25
Cash from Operating Activity +	144	-125	-99	102	-218
Cash from Investing Activity +	-98	76	29	-12	-229
Cash from Financing Activity +	-49	46	84	-83	445
Net Cash Flow	-3	-2	14	7	-1

Key Cash Flow Highlights (FY21–FY25)

FY21:
Generated a strong operating cash inflow of ₹144 Cr, driven by robust core business performance.
High investing outflow of ₹98 Cr suggests capital allocation toward project development or asset purchases.
Net cash flow stood at ₹-3 Cr, reflecting near cash-neutral operations despite significant investments.
FY22:
Reported negative operating cash flow of ₹-125 Cr, likely due to inventory buildup or working capital blockage.
Investing inflow of ₹76 Cr may have resulted from asset divestment or reduced capex.
Net cash flow of ₹-2 Cr, indicating minor cash burn.
FY23:
Operating cash flow remained negative at ₹-99 Cr, as project investments continued.
Moderate investing inflow of ₹29 Cr combined with positive financing inflow of ₹84 Cr, reflecting successful fundraising.
Net cash flow turned positive at ₹+14 Cr, marking a temporary recovery.
FY24:
Achieved a strong operating inflow of ₹102 Cr, supported by improved collections and profitability.
Financing outflow of ₹83 Cr suggests debt repayment or dividend distribution.
Net cash flow of ₹+7 Cr indicates growing financial stability.
FY25:
Experienced a significant operating outflow of ₹-218 Cr, likely due to aggressive project execution or advance payments.
Investing outflow of ₹229 Cr reflects substantial capital deployment into land or redevelopment rights.
Financing inflow of ₹445 Cr points to major fundraising activity through equity or debt.
Despite large cash movements, net cash flow stood at ₹-1 Cr, showcasing prudent capital management and balance sheet resilience.

8. Ratio Analysis

Leverage Ratios	2021	2022	2023	2024	2025
Debt/Equity	0.14	0.43	0.74	0	0.13
Debt/Assets	0.04	0.17	0.27	0	0
Debt/EBITDA	0.54	1.19	2.48	0	1
Efficiency Ratios
Receivable Days	44	9	6	5	19
Receivable Turnover	8.3	40.56	60.83	73	19.21
Profitability Ratios
EBITDA	26	54	60	168	206
EBITDA Margin	24%	24%	27%	26%	30%
Gross Profit	98.58	319.5	422.4	622.3	266.37
EBIT	0	0	0	169	213
EBIT Margin	0.00%	0.00%	0.00%	27.00%	31.00%
Net Profit Margin	20.75%	22.67%	23.18%	19.37%	22.99%
EPS	105.95	252.35	253.9	8.08	8.45
Capital Allocation Ratios
ROCE		41%	24%	45%	31%
EBIT Margin	0.00%	0.00%	0.00%	27.00%	31.00%
Sales/Cap Employed	94%	105%	63%	161%	68%
NOPAT	0	0	0	125.06	157.62
Capital Employed	101	204	331	369	865
Valuation Ratios
Price/Earnings	–	–	–	–	17.88
Price/Book	–	–	–	–	3.18
EV/EBITDA	–	–	–	–	13.63

Key Ratio Analysis – FY25

1. Leverage Ratios

o Debt-to-Equity dropped from 0.74 in FY23 to 0.13 in FY25, reflecting the company’s transition to a zero net-debt position in FY24, significantly strengthening the balance sheet.

o Debt/EBITDA improved to 1.0x, indicating comfortable leverage relative to earnings.

2. Efficiency Ratios

o Receivable Days increased to 19 (vs. 5 in FY24), suggesting a mild delay in collections cycle.

o Receivable Turnover decreased to 19.2x, though still reflects healthy receivables management.

3. Profitability Ratios

o EBITDA Margin expanded to 30%, supported by better project margins and cost efficiencies.

o Net Profit Margin stood at 22.99%, underlining strong bottom-line performance.

o EPS remained steady at ₹8.45, despite equity dilution following the public listing.

4. Capital Allocation Metrics

o ROCE moderated to 31% (vs. 45% in FY24), due to a higher capital base post fundraising.

o Sales/Capital Employed at 68% reflects efficient use of capital in driving topline growth.

o NOPAT rose to ₹157.6 Cr, in line with higher operating profits and tax-adjusted performance.

5. Valuation Ratios

o P/E Ratio stood at 17.88x, and EV/EBITDA at 13.63x, indicating potential undervaluation compared to peers.

o P/B Ratio at 3.18x remains reasonable, supported by robust ROE and strong growth visibility.

9. Financial Projections

Particulars	FY2025 (Actual)	FY2026 (Projected)	YoY Growth % (25-26)	FY2027 (Projected)	YoY Growth % (26-27)
Revenue (₹ Cr)	683	750	9.81%	795	6.00%
Expenses (₹ Cr)	477	482	1.05%	437	-9.40%
Operating Profit (₹ Cr)	206	268	30.10%	358
Operating Margin (%)	30%	30%		33.70%
Other Income (₹ Cr)	12	10	-16.70%	10
Interest (₹ Cr)	2	2		2
Depreciation (₹ Cr)	5	6	20%	7	16.70%
Profit Before Tax (₹ Cr)	211	242	14.70%	321	32.60%
Tax Rate (%)	26%	26%		26%
Net Profit (₹ Cr)	157	179	14.00%	237	32.40%
PAT Margin (%)	22.99%	23.87%		30%
P/E Ratio (assumed)	24.3	39		39
Outstanding Shares (Cr)	18.57	18.57		18.57
EPS	8.45	9.63		12.76
Share Price (Projected)	205.45			497.73

Summary of Financial Projections (FY2026–FY2027)

· Revenue is projected to grow from ₹683 Cr in FY2025 to ₹750 Cr in FY2026 (+9.81% YoY) and further to ₹795 Cr in FY2027 (+6.00% YoY), indicating a stable and upward revenue trajectory.

· Expenses are expected to increase marginally by 1.05% in FY2026, followed by a 9.40% decline in FY2027, highlighting improved cost controls and operational efficiency.

· Operating Profit is projected to increase sharply by 30.10% in FY2026 to ₹268 Cr, and further by 33.58% in FY2027 to ₹358 Cr, reflecting robust earnings growth and margin expansion.

· Operating Margin is expected to remain stable at 30% in FY2026, before expanding to 33.70% in FY2027, supported by operating leverage and efficiency gains.

· Profit Before Tax (PBT) is forecasted to grow from ₹211 Cr in FY2025 to ₹242 Cr in FY2026 (+14.70%), and further to ₹321 Cr in FY2027 (+32.60%).

· Net Profit (PAT) is expected to rise from ₹157 Cr to ₹179 Cr in FY2026 (+14.00%), and then to ₹237 Cr in FY2027 (+32.40%), driven by strong operational performance and margin improvement.

· PAT Margin is projected to improve from 22.99% in FY2025 to 23.87% in FY2026, and further to 30% in FY2027, highlighting enhanced bottom-line efficiency.

· Earnings Per Share (EPS) is forecasted to grow from ₹8.45 in FY2025 to ₹9.63 in FY2026 and ₹12.76 in FY2027, reflecting improved earnings and shareholder returns.

· Share Price is projected to increase significantly from ₹205.45 to ₹497.73 by FY2027, based on a forward P/E multiple of 39x, implying substantial upside potential for investors.

10. Valuation Analysis

Strategic Interpretations & Investment Rationale

1. Undervalued Across Key Multiples

o Arkade Developers is trading at 5.6x EV/Sales, 17.4x EV/EBITDA, and 24.3x P/E, significantly below peer group averages of 8.6x, 45.6x, and 82.7x, respectively.

o This positions the company as a classic undervalued mid-cap play in the real estate sector, offering substantial rerating potential.

2. Implied Valuation Indicates 30%+ Upside

o Based on Arkade’s current fundamentals, the implied share price stands at ₹271.41 versus the current market price of ₹205.56, reflecting a 32% valuation gap.

o This provides a strong near-to-medium-term upside opportunity for investors.

3. Strong Earnings Yet to Reflect in Valuation

o Despite reporting ₹683 Cr in revenue and ₹157 Cr in PAT in FY25, the market has not factored in the earnings momentum.

o This valuation disconnect creates a compelling entry point before broader price discovery takes place.

4. Debt-Free Balance Sheet Enhances Investment Comfort

o Arkade operates with zero net debt (₹-19.42 Cr), a rare trait in the sector, offering a robust margin of safety.

o This balance sheet strength justifies a valuation premium, though the stock currently trades at a discount.

5. Institutional Discovery as a Key Rerating Catalyst

o Upcoming project deliveries such as Filmistan and Santacruz, along with increased institutional coverage, are expected to serve as strong rerating triggers.

o These milestones could significantly narrow the valuation gap.

6. Exceptional ROCE & Execution History Merit Premium

o With a ROCE range of 31% to 45%, Arkade stands out for its capital efficiency.

o Its consistent record of on-time project completion supports a case for higher valuation multiples, in line with peers such as Marathon or Ajmera Realty.

7. Disciplined Capital Allocation Drives Sustainable Growth

o The company follows a high-IRR redevelopment strategy, ensuring efficient capital deployment.

With controlled operational leverage and focused expansion, Arkade is well-positioned for sustainable earnings growth

11. Why the Stock is Undervalued

Despite its strong operational momentum and a robust development pipeline, Arkade Developers Ltd. remains materially undervalued relative to peers in the real estate sector. The following factors contribute to the current market mispricing:

1.Recent Listing with Limited Institutional Coverage

Arkade was listed in October 2023, making it a recent entrant in the public markets. Due to this short listing history, the stock lacks adequate institutional coverageand analyst attention, resulting in low visibility among large-cap and mutual fund investors. This has led to valuation multiples remaining suppressed despite strong business fundamentals.

2.Mid-Cap Real Estate Yet to Fully Re-rate

While large-cap names such as DLFand Godrej Propertieshave already benefited from premium valuations and broad institutional participation, the mid-cap segment is still in the early stages of discovery. Arkade, with its lean balance sheet, consistent execution, and scalable redevelopment model, is well-positioned to benefit as institutional capital begins to flow into undervalued, fundamentally sound mid-cap players.

3. High-Impact Rerating Triggers Ahead

The company’s upcoming pipeline includes high-value redevelopment projectssuch as Filmistan (₹1,400 Cr revenue potential), Santacruz, and Andheri, which are expected to launch over the next 12–18 months. These are anticipated to act as inflection points, driving higher pre-sales, improved operating leverage, and institutional recognition — all of which can trigger multiple expansionand rerating of the stock.

4.Strong Financials Yet to be Valued Appropriately

In FY25, Arkade reported ₹683 Cr in revenueand ₹157 Cr in PAT, outpacing many older peers on a profitability basis. However, its current valuation — 24.3x P/E and 17.4x EV/EBITDA— remains well below sector averages of 82.7x P/E and 45.6x EV/EBITDA. This suggests the stock’s earnings power is not yet fully reflected in its market price.

Conclusion
Arkade’s current valuation does not align with its high return metrics, debt-free status, and strong visibility on future cash flows. As institutional investors begin to recognize the company’s execution track record and scalable business model, the stock is well-positioned for material re-rating. This creates an attractive early-mover opportunity for value-conscious investors seeking long-term compounding in the mid-cap real estate space.

12. What Investors Stand to Gain

Arkade Developers Ltd. presents a high-conviction investment case for investors seeking a blend of value, visibility, and velocity. With robust fundamentals, margin visibility, and an efficient capital deployment model, the company offers a differentiated opportunity in the premium Mumbai redevelopment space. Key benefits for investors include:

1. Valuation Rerating Potential

Arkade is currently trading at a deep discount to sector peersacross valuation metrics like P/E, EV/EBITDA, and EV/Sales. As the market begins to price in its profitability, growth pipeline, and brand strength, investors could benefit from multiple expansion. A 30–35% implied upsideexists from current levels, driven by both earnings’ growth and valuation normalization — a classic early-mover arbitrage opportunity.

2. Sustained High Margins

The company operates on a low-cost, high-margin modeldue to its focus on society redevelopment, which involves negligible land acquisition costs. This strategy supports industry-leading EBITDA margins of 28–30%, well above the sector average. As new projects like Filmistan, Santacruz, and Andheriprogress, these margins are expected to remain strong or improve, offering better operating leverage and earnings visibility.

3. Strong Risk-Adjusted Returns

Arkade follows an asset-light development modeland maintains a net-debt-free balance sheet, significantly reducing financial risk. Additionally, its projects are backed by in-house execution capabilitiesand a consistent track record of early RERA completions, mitigating project delivery risk — a key concern in the real estate sector.

4. Superior Capital Efficiency

The company’s fast project turnaround, early monetization, and efficient working capital cycle enable superior Internal Rate of Return (IRR)on capital employed. Flagship projects such as Filmistanare expected to deliver 25%+ IRRs, supporting high RoE and long-term wealth creation for shareholders.

Bottom Line

Arkade Developers offers a rare combination of premium real estate exposure, capital safety, and valuation upside. With strong earnings momentum, scalable operations, and upcoming project launches acting as catalysts, the company is well-positioned for multi-year compounding. For investors willing to enter ahead of broad institutional discovery, this represents a compelling opportunity to participate in a high-growth, low-risk real estate play.

13. What Investors May Miss If They Ignore Arkade

As the Indian real estate sector continues to see renewed investor interest, overlooking Arkade Developers Ltd. could result in missing one of the most compelling mid-cap re-rating opportunities in the space. Despite superior execution, clean balance sheet, and scalable growth visibility, the stock remains under-discovered — a scenario unlikely to persist. Here’s what’s at risk:

1.Missed Opportunity for 100%+ Returns in 2–3 Years

Arkade is trading at a steep valuation discountrelative to peers, despite industry-beating marginsand a robust pipeline. As key projects like Filmistan and Santacruz monetize and earnings scale up, the stock has the potential to double over the next 24–36 months. Delaying entry now may mean missing the full re-rating cycle.

2.Ignoring a Rare Debt-Free, High-Margin Developer

In a sector known for financial leverage and execution delays, Arkade’s zero-net-debt profile, strong cash flow discipline, and in-house execution capabilities are exceptional. Investors seeking risk-adjusted alphawould be overlooking a rare opportunity to own a safe compounderin an otherwise volatile space.

3.Suboptimal Capital Allocation vs Overvalued Peers

Capital parked in stretched valuations — such as Sunteck Realty (P/E ~43x)or Marathon Nextgen (EV/EBITDA ~29.5x)— may underperform relative to Arkade, which trades at just P/E ~24.3x and EV/EBITDA ~17.4x. The valuation gap offers a margin of safety along with stronger earnings visibility.

4.Missing the Early Stages of a Future Market Leader

Arkade is positioning itself as a leading player in Mumbai’s society redevelopment— a structurally growing niche with limited organized players. Early-stage entry offers investors a front-row seat to a multi-year compounding story, ahead of broader institutional participation.

Bottom Line

Arkade Developers represents a unique convergence of value, visibility, and velocity. Ignoring this opport unity may result in missing a rare, clean, high-margin, high-growth real estate company — available today at deep-value valuations. The current market inefficiency around Arkade is temporary; when recognition arrives, so will rapid price discovery — and those late to enter may find the outsized returns already priced in.

14. Investment Thesis: Arkade Developers Ltd. — A Rare Mid-Cap Compounder in Premium Real Estate

Arkade Developers Ltd. presents a compelling blend of growth, financial discipline, and value in India’s high-potential urban redevelopment segment. With strong fundamentals and a focused strategy, it stands out as a high-conviction BUY for long-term investors seeking asymmetric returns with limited downside risk.

1. High Growth with Financial Safety

Consistent topline and bottom-line growth, supported by EBITDA margins of 28–30%.

Operates with a net debt-free balance sheet, ensuring financial stability.
Adopts an asset-light, society redevelopment model, enabling high ROCE with minimal capital intensity.

2. Premium Market Exposure at Mid-Cap Valuations

Focused on premium Mumbai micro-markets like Andheri, Goregaon, and Santacruz.
Yet trades at only 3x P/E and 17.4x EV/EBITDA, significantly lower than listed peers.
With an implied fair value of ₹271, the stock offers 30%+ near-term upside.
Based on FY27 estimates and a conservative 39x P/E, the target price projects to ₹497.73, representing 100%+ upside

3. Proven Execution & Operational Strength

Delivered 31 projects over 39 years, with early RERA completions averaging 9–10 months ahead of schedule.
In-house execution, legal, and compliance teams ensure faster turnaround and project control.

4. Clean Financials and Robust Pipeline

FY25 performance: Revenue ₹683 Cr, PAT ₹157 Cr, ROCE 31%, and zero net debt.
Project pipeline of ₹10,800+ Crfrom ongoing and upcoming projects ensures sustained growth over 3–5 years.

5. Promoter Integrity & Institutional Governance

Led by Amit Jain, a visionary second-generation entrepreneur.
Practices zero promoter pledging, transparent disclosures, and community-driven CSR, reinforcing investor trust.
Governance practices are institution-ready, paving the way for broader institutional coverage and participation.

Conclusion: A Mispriced Premium Real Estate Opportunity

Arkade Developers Ltd. is currently underfollowed and undervalued, despite possessing the hallmarks of a long-term compounder: high margins, clean financials, and a scalable, risk-mitigated business model. With a clear growth runway, favorable market positioning, and robust internal execution, the stock is well-positioned to unlock significant value as market recognition improves. For discerning investors, this represents a rare opportunity to enter early into a multi-year re-rating story in India’s most lucrative real estate market.

15. Conclusion

Arkade Developers Ltd. stands out as a high-conviction investment opportunity within India’s mid-cap real estate space, offering a unique convergence of growth, scalability, and financial resilience. With a proven track record, strong fundamentals, and forward-looking strategy, the company is well-positioned to create long-term value for both institutional and high-net-worth investors.

With a legacy of 39+ years, Arkade has successfully delivered 31 projects, encompassing over 5.5 million sq. ft. and impacting more than 5,500 families across Mumbai. The firm’s focus on premium society redevelopment in strategic suburban markets—such as Andheri, Goregaon, and Santacruz—ensures superior IRR, low execution risk, and capital efficiency.

In FY25, Arkade posted revenue of ₹683 Cr, EBITDA of ₹206 Cr, and PAT of ₹157 Cr, translating into an EBITDA margin of ~30% and ROCE of 31%. Despite these strong metrics, the stock remains undervalued at 24.3x P/E and 17.4x EV/EBITDA, compared to industry averages of 45x and 30x, respectively. This valuation gap provides a highly attractive entry point, with a near-term target price of ₹271 and a projected FY27 price of ₹497.73 (based on 39x P/E), indicating significant upside potential.

The company’s zero net debt, robust project pipeline worth ₹10,800+ Cr, and marquee developments like Filmistan, Andheri, and Santacruz, provide earnings visibility for the next 3–5 years, along with scope for rerating as execution unfolds.

On the governance front, Arkade exhibits institution-ready transparency—with no promoter pledging, sound disclosures, and strong ESG orientation—under the experienced leadership of Mr. Amit Jain. This enhances its appeal for long-only funds and professional investors seeking consistency and credibility.

In summary, Arkade Developers Ltd. offers a rare blend of premium real estate exposure, robust financials, and deep value. For HNIs, family offices, and institutional investors, this represents a strategic opportunity to participate early in a multi-year value creation journey, driven by urban consolidation, disciplined growth, and operational excellence.

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Aurionpro Shares Climb After ₹30 Crore Digital Infrastructure Contract Win

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Market News, Real Estate - July 8, 2025

BlackRock’s Strategic Leap: The ElmTree Funds Acquisition and the Future of Real Estate Investing

BlackRock’s Strategic Leap: The ElmTree Funds Acquisition and the Future of Real Estate Investing

How BlackRock’s $7.3 Billion Deal with ElmTree Funds Signals a New Era in Private Real Estate Markets

Introduction

BlackRock, the globe’s biggest asset management firm, has drawn attention by signing a conclusive deal to purchase ElmTree Funds, a company focused on net-lease and industrial property investments. As private markets continue to attract institutional and retail investors seeking stable, long-term returns, this acquisition underscores BlackRock’s commitment to expanding its presence in alternative assets and adapting to the evolving needs of global investors.

Why ElmTree? Understanding the Strategic Fit
ElmTree’s Profile
• Founded: 2011, headquartered in St. Louis
• The organization is responsible for managing close to $7.3 billion in assets.
• Portfolio: 122 properties across 31 U.S. states
ElmTree’s expertise lies in developing and managing mission-critical facilities for major corporations, making it a premier player in the net-lease market. Its properties are typically leased to single tenants, providing predictable cash flows and resilience against market volatility.

BlackRock’s Ambition
The ElmTree acquisition is part of a broader strategy by BlackRock, coming on the heels of its merger with HPS Investment Partners to launch the Private Financing Solutions (PFS) platform. ElmTree will become part of this new unit, which now oversees approximately $190 billion in client assets, further diversifying BlackRock’s offerings in private credit and real estate.

The Deal Structure: Aligning Interests for Long-Term Growth
• Asset Transfer Details: The deal brought $7.3 billion in real estate holdings under BlackRock’s control.
• Payment: Primarily in BlackRock stock, with additional performance-based incentives over the next five years
• This structure is designed to align ElmTree’s future performance with BlackRock’s interests, incentivizing growth and operational excellence.

Market Context: Private Real Estate’s Rising Tide
The Net-Lease Opportunity
The U.S. net-lease market is estimated to be worth over $1 trillion, with increasing demand for industrial and logistics properties driven by e-commerce, supply chain modernization, and the reshoring of manufacturing. Net-lease assets, with their long-term, stable income streams, are especially attractive to investors seeking to hedge against inflation and economic uncertainty.
Private Markets on the Rise
Estimates indicate private market assets could rise from $13 trillion today to more than $20 trillion by 2030. Real estate, alongside private credit and infrastructure, is expected to be a major beneficiary of this trend as investors look for alternatives to traditional stocks and bonds.

Integration and Future Prospects
Synergies and Scale
BlackRock plans to:
• Expand its real estate footprint, particularly in the industrial and net-lease segments
• Expand the variety of private market opportunities available to clients
• Pair ElmTree’s real estate specialization with BlackRock’s robust capital base and worldwide network
• Accelerate innovation in deal structuring and asset management
Leadership Continuity
James Koman’s continued leadership ensures that ElmTree’s culture and client relationships are preserved, while BlackRock’s resources provide the scale needed to pursue larger and more complex opportunities.
Broader Implications: What This Means for Investors
• Diversification: BlackRock’s move reflects a broader industry shift toward private assets, offering investors alternatives to public markets.
• Stability: Net-lease real estate provides stable, long-term income, appealing to pension funds, insurers, and individual investors alike.
• Innovation: The integration of real estate, private credit, and alternative financing under one platform could lead to new investment products and strategies.

Conclusion
BlackRock’s acquisition of ElmTree Funds is more than just a headline-grabbing deal—it is a strategic maneuver that signals the growing importance of private real estate in global portfolios. As market dynamics evolve and investor preferences shift toward alternative assets, BlackRock is positioning itself at the forefront of this transformation, leveraging scale, expertise, and innovation to deliver value for its clients.

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FPIs Pour Inflows in June, Pull Back in Early July: What’s Driving the Volatility?

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Peerless Group to Exit Insurance Distribution and Double-Down on Hospitals

business update, Market News, Real Estate - July 4, 2025

TCS Allocates ₹4,500 Crore for Realty Expansion!

TCS Allocates ₹4,500 Crore for Realty Expansion!

TCS Allocates ₹4,500 Crore for Realty Expansion!

Tata Consultancy Services, India’s biggest IT services company, is set to invest more than ₹4,500 crore to expand its real estate presence in key cities across the country. This move highlights the firm’s confidence in India’s workforce, its digital future, and overall economic stability.

Summary:
Tata Consultancy Services (TCS) plans to invest over ₹4,500 crore to broaden its infrastructure presence throughout India. This initiative involves the creation of new campuses and contemporary office spaces in cities such as Bengaluru, Kolkata, and Kochi. This strategic initiative is aimed at accommodating the company’s growing workforce and reinforcing its long-term commitment to India as a global IT hub. The massive investment also signals strong business optimism following the company’s consistent financial performance and future-ready digital transformation agenda.

In a decisive and strategic effort to strengthen its long-term position in India, Tata Consultancy Services (TCS), the largest IT services exporter in the country, is initiating a real estate expansion initiative valued at over ₹4,500 crore. The plan includes the development of new campuses and enhancement of existing facilities in Bengaluru, Kolkata, Kochi, and several other tech hubs.
This large-scale infrastructure push aligns with TCS’s vision to support its expanding workforce, meet future delivery demands, and sustain long-term growth amid the increasing global focus on digital transformation. TCS’s continued investments in physical infrastructure underscore its confidence in India’s IT talent base, robust delivery capability, and the hybrid work culture emerging post-pandemic.

Cities Leading TCS’s Expansion Efforts
TCS’s infrastructure expansion will be spread across key Indian cities that are already established or emerging as IT powerhouses:
Bengaluru: Known as the Silicon Valley of India, Bengaluru will receive a significant share of the investment. TCS plans to develop a sprawling new campus to accommodate thousands of tech professionals, complementing its existing offices in Whitefield and Electronic City.
Kolkata: TCS is enhancing its footprint in the city by expanding its campus in New Town, Rajarhat. This location is crucial for the company’s operations in the eastern region and is anticipated to evolve into an essential centre for upcoming projects, particularly in digital and cloud technologies.
Kochi: In Kerala’s tech capital, TCS is investing in a larger, state-of-the-art delivery centre. The company is betting on the growing tech ecosystem in southern India, where it can tap into a steady stream of highly skilled graduates.
Other cities like Pune, Hyderabad, Bhubaneswar, and Chennai may also see enhancements as TCS aims to make its facilities more modern, collaborative, and future-ready.

A Vision Aligned with Headcount Growth and Digital Demand
TCS has more than 600,000 employees, positioning it as one of the largest private-sector employers globally. This realty expansion is a proactive step to accommodate future talent inflows, particularly as the company doubles down on digital, AI, cloud, and cybersecurity services.
In recent quarters, TCS has seen steady deal wins, healthy margins, and a positive revenue outlook—factors that are further fueling the need for scaled-up delivery capacity. Industry insiders suggest the expansion also reflects a strategic realignment toward Tier-2 and Tier-3 cities, allowing TCS to tap into untapped talent pools while maintaining cost efficiency.
Speaking about the investment, a TCS executive commented, “This infrastructure development is not just about creating office space—it’s about enabling smarter, greener, and more agile workplaces that are aligned with the needs of the next-gen workforce.”

Post-Pandemic Workspace Transformation
TCS has embraced a hybrid working model under its “25×25 vision,” which aims to have no more than 25% of its employees working from office premises at any given point in time by 2025. However, this doesn’t translate into reducing office space but rather repurposing it for collaboration, innovation, and learning.
The new facilities being developed as part of this ₹4,500 crore investment will focus on:
Energy efficiency and sustainability
Flexible workspaces for hybrid models
Advanced digital infrastructure for seamless connectivity
On-campus amenities like skilling centres, recreation zones, and R&D labs
This move is in sync with TCS’s belief that physical infrastructure still plays a critical role in fostering employee engagement, onboarding new hires, and building strong team dynamics.

Strategic Significance and Industry Implications
This expansion is a strong signal of stability and growth at a time when global tech giants are being more cautious in real estate investments. It also sends a message to international clients that India remains a resilient and scalable delivery centre for digital transformation projects.
Moreover, TCS’s investment could trigger a positive domino effect in India’s real estate and construction sectors, especially in the commercial segment. With increasing demand from large IT firms, developers are expected to fast-track infrastructure projects, potentially generating employment and regional development.
In the context of India’s ambitions to become a global digital powerhouse, TCS’s infrastructure strategy aligns well with the government’s focus on Digital India, Make in India, and skill development. It reaffirms India’s role not just as a service provider but also as a strategic innovation partner to global enterprises.

Conclusion: Building the Future of Work
TCS’s ₹4,500 crore realty expansion plan marks a significant milestone in the evolution of Indian IT infrastructure. At a time when remote work is prevalent, TCS is taking a balanced approach by investing in intelligent, flexible, and sustainable workplaces that enhance both employee experience and business efficiency.
As digital transformation accelerates globally, TCS is positioning itself for the long haul—with a more substantial footprint, sharper delivery capability, and deep-rooted confidence in India’s talent ecosystem.

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Aditya Birla Group: Billion-Dollar Fashion Ambition!

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IPO research, Market News, Real Estate - June 24, 2025

Kalpataru Secures ₹708 Crore from Anchor Investors!

Kalpataru Secures ₹708 Crore from Anchor Investors!

GIC Singapore and Bain Capital are leading the anchor book, backed by nine key investors who are supporting Kalpataru’s growth journey.

Summary:
Real estate powerhouse Kalpataru has raised ₹708 crores from nine anchor investors ahead of its public offering, demonstrating strong confidence from institutional investors in its fundamental strengths and growth potential. Key participants in the anchor book include GIC of Singapore, Bain Capital’s GSS Opportunities Investment, and leading domestic mutual funds such as SBI MF and ICICI Prudential MF. This anchor round not only strengthens Kalpataru’s capital base but also sets a robust tone for its upcoming equity issuance.

In a significant boost to its capital-raising plans, Kalpataru Projects International Limited (KPIL) has secured a ₹708 crore investment from a cohort of nine high-profile anchor investors days before its proposed equity public issuance. The funding round was led by Singapore’s GIC, one of the most significant sovereign wealth funds globally, along with Bain Capital’s GSS Opportunities Investment. This demonstrates a significant level of confidence from institutions in Kalpataru’s core business strengths and anticipated growth.
The anchor book received more subscriptions than available shares, indicating strong interest from prominent investors, both from within the country and abroad. Other participants include SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life Insurance, and 360 ONE WAM, showcasing a diverse mix of global and domestic investment institutions. The overwhelming response comes at a time when India’s real estate and infrastructure sectors are undergoing a structural transformation led by policy reforms, urbanization, and rising private and public investments.

Who Is Kalpataru Projects?
Kalpataru Projects International Ltd. is a part of the Kalpataru Group, a prominent name in India’s infrastructure, EPC (Engineering, Procurement & Construction), and real estate sectors. With a multi-decade presence, Kalpataru has executed large-scale infrastructure projects across power transmission, railways, oil & gas pipelines, and buildings in over 70 countries.
The company is known for its technical expertise, timely project delivery, and a diversified business model that spans core infrastructure and real estate development. In recent years, KPIL has pivoted towards expanding its international EPC footprint while maintaining strong performance in domestic real estate, primarily in metros and Tier-1 cities.

The Anchor Round: Strategic Importance
The ₹708 crore obtained through the anchor route is an essential step prior to Kalpataru’s forthcoming public offering, assisting in:
Set a benchmark valuation for the IPO
Establish early credibility and demand
Infuse fresh capital to deleverage the balance sheet and fund growth projects
Attract more retail and HNI participation when the public tranche opens
By engaging well-known anchor investors, Kalpataru not only boosts its brand image but also increases the likelihood of a successful listing with effective price discovery.

Why Investors Are Bullish
There are several reasons why both foreign and domestic institutional investors are lining up behind Kalpataru:
1. Robust Project Pipeline
Kalpataru has a diversified order book exceeding ₹35,000 crore, with significant visibility in power transmission and distribution, railways, and water infrastructure segments. This ensures revenue predictability and scalability.
2. Pan-India and Global Presence
Its operations span across 70+ countries, with an expanding footprint in Africa, the Middle East, and Southeast Asia, de-risking the company from over-reliance on the Indian market alone.
3. Sectoral Tailwinds
India’s infrastructure and housing sectors are witnessing a renaissance, supported by:
Government initiatives like PM Gati Shakti, Housing for All, and Smart Cities Mission
Increased budgetary allocations for capex-led growth
FDI inflows in construction and infrastructure
4. Strong Corporate Governance
Backed by a reputed promoter group, Kalpataru has maintained high governance standards, timely disclosures, and efficient capital allocation—attributes highly valued by institutional investors.
5. Deleveraging Strategy
A portion of the IPO and anchor fundraise proceeds will go toward reducing debt, thereby improving return ratios and lowering interest burden, making the stock more attractive in the long term.

Statements from Market Experts
Rohit Agrawal, Head of Institutional Research at a Mumbai-based brokerage firm, stated:
“Kalpataru is well-positioned to benefit from India’s infrastructure boom and increasing global EPC demand. The anchor investor participation validates its growth roadmap and financial stability.”
Shweta Mehta, Fund Manager at a large domestic mutual fund, added:
“The company’s diversified order book, global execution track record, and focus on clean energy transmission make it a compelling infrastructure play over the next decade.”

Implications for the IPO
With such strong backing from heavyweight institutions, Kalpataru’s IPO is expected to receive robust demand across investor categories. Anchor investment often sets the tone for the remainder of the subscription period, especially for Qualified Institutional Buyers (QIBs), High Net-Worth Individuals (HNIs), and retail investors looking for confidence signals in turbulent markets.
Additionally, it could lead to better pricing for the IPO, narrower discounting, and healthy listing gains post debut.

The Bigger Picture
Kalpataru’s successful anchor fundraise is not an isolated event but part of a broader trend of rising investor appetite in Indian infrastructure and real estate. As capital markets become more confident about India’s long-term policy continuity and capex-led growth, companies with solid fundamentals, like Kalpataru, are poised to benefit.
Moreover, this also reflects a maturing of India’s capital markets, where global investors are not just betting on startups but also backing real-sector players with tangible assets and predictable cash flows.

Conclusion
Kalpataru has successfully secured ₹708 crore from leading institutional investors in India and around the globe, positioning the company to embark on its next growth phase with enhanced strength. As its IPO nears, the backing from GIC, Bain Capital, SBI Mutual Fund, and others sends a strong message of confidence—not just in the company but also in the broader India growth story.

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Avantel Soars 6% with ₹25 Crore DRDO Deal!

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business update, Markets, Real Estate - June 23, 2025

Raymond Realty Sets Bold Growth Trajectory: Six Project Launches and Higher Targets for FY26

Raymond Realty Sets Bold Growth Trajectory: Six Project Launches and Higher Targets for FY26

With residential developments worth ₹14,000 crore on the horizon and a July stock market listing, Raymond Realty is accelerating its evolution into a dominant force in India’s real estate industry.

A New Chapter for Raymond Realty: Independent Growth and Expansion
Raymond Realty is preparing for a pivotal FY26, with plans to launch six new residential developments in the Mumbai Metropolitan Region (MMR), targeting a combined sales potential of ₹14,000 crore. As the firm readies itself for a separate stock exchange listing on July 1, it is capitalizing on its extensive land assets, strong development pipeline, and reputation for quality to strengthen its foothold in India’s highly competitive residential real estate sector.

Spin-Off from Raymond Ltd and Strategic Market Entry
The real estate division of the Raymond Group is entering a new era as an independent entity. Post its demerger from Raymond Ltd—which will now concentrate on engineering ventures—Raymond Realty will be listed as a distinct company starting July 1, 2025. This structural shift aims to grant the realty arm greater strategic focus and flexibility to execute its expansion plans as a dedicated real estate developer.
Shareholders of Raymond Ltd will receive one Raymond Realty share for each share they currently own, maintaining their investment stake as the group transitions into its new phase.

FY26 Pipeline: Six Residential Developments Across MMR
Raymond Realty’s strategic roadmap for FY26 includes six residential launches in the MMR, collectively targeting ₹14,000 crore in sales bookings. These projects will cater to a diverse clientele, with offerings ranging from ₹2 crore to ₹20 crore, spanning both mid-range and high-end segments.
CEO Harmohan Sahni reiterated the company’s commitment to delivering quality homes on schedule. Having already completed two residential developments since its 2019 inception and with six more underway, the firm has built a credible reputation in the Thane and Mumbai markets.

Expanding Reach Through Land Bank and Strategic Collaborations
The company’s sizable land holdings in the MMR continue to be a key enabler of its growth. With a total gross development value (GDV) of ₹40,000 crore and projects worth ₹10,500 crore already underway, Raymond Realty is well-placed to meet rising housing demand in the region.
In pursuit of asset-light growth, the company is actively exploring joint development agreements (JDAs) to unlock value from additional land parcels. Notably, recent JDAs in Mahim and Wadala, estimated at ₹6,800 crore, are projected to significantly contribute to annual pre-sales within the next two years. Expansion into Pune’s residential market is also on the radar under this model.

Strong Financials and Future Roadmap
Raymond Realty posted a robust performance in FY25, with revenue increasing 45% to ₹2,313 crore and profit before tax reaching ₹370 crore, up from ₹1,593 crore in the previous fiscal year. This growth underscores effective execution and healthy market traction.
The roadmap includes an annual topline growth target of 15% and a 25% rise in EBITDA, anchored by a disciplined, debt-free financial strategy.

Riding the Real Estate Momentum in Mumbai
Mumbai continues to serve as the primary hub for Raymond Realty’s expansion and strategic development efforts.
As the city contributes around 28% of residential sales across India’s top ten cities, the company’s focus on mid-size and premium housing aligns with evolving urban lifestyles and increasing demand for quality homes.
Despite caution from credit agencies and rising home prices, Raymond Realty remains optimistic. Residential property values in Mumbai have climbed by 7–8%, with this trend expected to hold steady.

Vision for the Future: Community, Trust, and Excellence
Raymond Realty’s objective surpasses mere housing development—it is dedicated to nurturing dynamic, seamlessly integrated communities.
By prioritizing high construction standards, timely project completion, and customer satisfaction, the company is building a brand anchored in trust and long-term value.
Its expanding portfolio, asset-light growth model, and sound financial health place Raymond Realty in a strong position to influence the future of Indian urban living.

Conclusion
With its sights set on FY26, Raymond Realty is making significant strides as a standalone real estate firm. The scheduled launch of six projects in MMR, a projected ₹14,000 crore in sales bookings, and a July stock market listing highlight its growth ambitions. Backed by a rich land bank, a sharp financial strategy, and an unwavering commitment to quality, the company is poised to redefine its role in India’s dynamic real estate landscape.

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Emcure Pharma’s Full Acquisition of Zuventus Healthcare: A Strategic Leap in Indian Pharma

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Real Estate - June 2, 2025

Prestige Group Plans ₹42,000 Crore Housing Launches in FY26 Amid Real Estate Boom

Prestige Group Plans ₹42,000 Crore Housing Launches in FY26 Amid Real Estate Boom

In a bold move to capitalize on the rising demand for residential real estate, Prestige Group has announced its plan to launch housing projects worth ₹42,120 crore in the financial year 2025–26 (FY26). This expansion will span across major metropolitan cities in India and marks one of the company’s largest initiatives in recent years.

A Massive Expansion Plan

The Bengaluru-based real estate developer aims to launch 25 housing projects in FY26, covering a total developable area of approximately 44.8 million square feet. This marks a significant escalation compared to FY25, during which the group launched 26.28 million square feet of residential space, valued at ₹26,222.8 crore.

According to the company, these upcoming projects will be strategically located in cities like Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR, and Goa. These urban centers have shown strong housing demand, driven by a growing population, improving infrastructure, and rising income levels. By tapping into these markets, Prestige Group intends to strengthen its footprint across India and cater to a wider spectrum of homebuyers.

Learning from FY25 Challenges

The FY25 performance of Prestige Group was hampered by delays in regulatory approvals, which led to a postponement of several project launches. As a result, the company reported a 19% decline in sales bookings, dropping to ₹17,023.1 crore for the year. The delayed launches significantly impacted their revenue pipeline and customer acquisitions.

However, Prestige Group is now positioned to bounce back with a more robust pipeline. The company has stated that all necessary approvals for the FY26 launches are either in place or in the final stages, ensuring a smooth rollout. This proactive approach reflects the firm’s adaptability and learning from the past year’s operational bottlenecks.

Riding the Wave of Housing Demand

India’s residential property market has shown strong resilience and growth post-pandemic. Demand for home ownership has surged, particularly in Tier 1 cities, where consumers are seeking spacious, modern homes with access to lifestyle amenities. The low-interest-rate regime during the past few years, coupled with rising disposable income and hybrid work models, has contributed to a surge in demand.

Prestige Group’s expansion comes at a time when the sector is poised for long-term growth. The company’s diversified presence across key cities allows it to target different consumer segments—from affordable housing to premium and luxury properties. This broad market approach positions Prestige to benefit from both volume and value growth.

Focus on Customer-Centric Development

The group has indicated that its upcoming projects will not only emphasize architectural quality and amenities but also adopt sustainable practices and smart technologies. This includes green building certifications, energy-efficient designs, and smart home integrations. These features are increasingly becoming critical for urban buyers, who are looking for more than just location or size in their home-buying decisions.

Prestige is also likely to introduce new project formats and layouts based on shifting consumer preferences. Post-pandemic trends indicate a demand for larger living spaces, balconies, community amenities, and co-working spaces within residential complexes.

Financial and Strategic Readiness

To support this massive launch plan, Prestige Group is expected to leverage a combination of internal accruals, joint development agreements, and institutional funding. With a proven track record in project execution and a solid reputation in the market, the company is likely to attract investors and land partners willing to collaborate on large-scale developments.

Moreover, the company has shown strong governance and consistent financial performance over the years, which adds credibility to its future plans. Its ability to manage a wide portfolio across geographies also reduces risk concentration and enhances operational flexibility.

Market Impact and Industry Implications

Prestige’s aggressive expansion is likely to spur competition in the real estate sector, especially among top-tier developers operating in metro cities. As the demand for homes continues to rise, developers are now racing to lock in strategic land parcels and expedite project timelines. This could lead to a surge in supply, offering buyers more choices and better deals.

Additionally, the sector is benefiting from increasing formalization and transparency due to regulatory reforms like RERA (Real Estate Regulatory Authority), which has helped rebuild buyer confidence.

Conclusion

Prestige Group’s ₹42,000 crore project rollout for FY26 signals a significant revival following a subdued performance in FY25. With strategic city selections, improved regulatory readiness, and a customer-focused approach, the company is well-positioned to capture a significant share of India’s booming residential real estate market. This move not only reaffirms the group’s long-term growth strategy but also signals broader optimism for the Indian housing sector in the years ahead.

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Reliance Infrastructure Sets Sights on ₹3,000 Crore Defence Export Mark by FY27

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Murae Organisor Reports Promising Q1 2026 Results: A Positive Start to the Fiscal Year

Real Estate News - May 3, 2025

Hazoor Multi Projects Surges 37,000% After Warrant Conversion

Hazoor Multi Projects Surges 37,000% After Warrant Conversion

In an extraordinary feat rarely seen in the Indian stock market, Hazoor Multi Projects Ltd has emerged as a true multibagger, delivering over 37,000% returns to investors over the past five years. The company recently made headlines again after it approved the conversion of 1,00,000 warrants into equity shares, a decision that followed its stock split and underscores investor confidence in its continued growth.

A Multibagger in Every Sense

Hazoor Multi Projects, a small-cap real estate and infrastructure player listed on the Bombay Stock Exchange (BSE), has become a market marvel. What began as a relatively obscure stock five years ago is now the talk of Dalal Street due to its eye-popping return of 37,730%. Investors who had put in just ₹1 lakh would now be sitting on a fortune worth over ₹3.7 crore.

Such a phenomenal rise is attributed to both smart execution of infrastructure projects and a strategic approach to capital management. Over time, the company’s investor base has grown, attracted by consistent operational progress and proactive corporate actions.

Stock Split Fuels Liquidity

To further attract retail investors and enhance stock liquidity, Hazoor Multi Projects announced a stock split in November 2024. The company adjusted the nominal value of each equity share from ₹10 to ₹1, implementing a 10-for-1 stock division. This meant every shareholder received 10 shares for every one share previously held, making the stock more accessible to smaller investors.

Stock splits often rejuvenate interest in a company by increasing the number of shares in circulation and lowering the per-share price, thereby creating a perception of affordability. In Hazoor’s case, this corporate action successfully brought in more investor attention and activity.

Warrant Conversion Reflects Strong Promoter Confidence

The company has sanctioned the allotment of 10,00,000 equity shares following the conversion of 1,00,000 warrants, in accordance with the adjusted terms after the stock split.This transaction, done at ₹30 per share (including a ₹29 premium), suggests strong confidence from the warrant holders—usually promoters or key investors—about the company’s future performance. This move brings fresh capital into the company, strengthening its balance sheet and paving the way for further expansion.

Equity warrants grant their holders the opportunity to purchase shares at a fixed price set in advance, allowing them to acquire stock at a later date. Conversion of these warrants is a bullish sign, often indicating internal belief that the share price will climb well above the issuance price.

Financial and Market Snapshot

On May 2, 2025, Hazoor Multi Projects’ shares were valued at ₹37.83 in trading on the Bombay Stock Exchange (BSE). Following the warrant conversion, the company’s market capitalization now stands at approximately ₹785 crore. While this still places it within the small-cap bracket, the growth trajectory has positioned Hazoor as a serious contender for mid-cap status if it sustains its performance.

Additionally, the rise in the stock has not been without backing. The company has successfully executed road infrastructure projects, especially in Maharashtra, in collaboration with government agencies. The healthy project pipeline and timely delivery have instilled confidence among institutional and retail investors alike.

What Lies Ahead?

Looking forward, Hazoor Multi Projects is likely to continue drawing attention from market participants, especially if it sustains its financial momentum. The stock’s re-rating, driven by both fundamental improvements and corporate actions, positions it well for long-term growth. However, analysts advise caution, noting that such massive run-ups are often followed by phases of consolidation.

Valuation metrics will need to catch up with price action. Therefore, investors are encouraged to keep a close eye on future quarterly earnings, order book expansion, and any new infrastructure contracts that the company might bag.

Investor Takeaway

Hazoor Multi Projects’ story serves as a textbook case of how strategic business execution, combined with timely corporate actions like stock splits and warrant conversions, can create enormous shareholder value. However, while the multibagger label is deserved, investors must conduct due diligence and assess risk before jumping in at elevated levels.

Multibaggers often reward early believers, but future returns depend heavily on continued operational delivery and macroeconomic tailwinds. Hazoor’s journey so far is commendable, and its future will hinge on maintaining its current momentum in a competitive infrastructure landscape.

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Carlyle Unwinds Entire Holding in India’s PNB Housing

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Equities, Real Estate - April 15, 2025

Indian Real Estate Sees $748M Equity Surge

Introduction: Capital Returns with Renewed Confidence

Investments from private equity (PE) firms in India’s real estate sector. Surged by 35% year-on-year in the first quarter of 2025, touching USD 748 million (₹64 billion), per a Savills India report released this week. The data suggests a marked revival of investor confidence amid improving macroeconomic stability, a strong push for infrastructure-led growth, and enhanced transparency in the real estate ecosystem. The performance reflects renewed momentum in both domestic and global capital flows, indicating that Indian real estate is once again emerging as a resilient and attractive investment destination.

Key Drivers: Demand for Grade-A Assets and Urban

Infrastructure Push
The resurgence in PE flows has been attributed to heightened demand for Grade-A office spaces, logistics hubs, and data centres, especially in metropolitan and tier-1 cities like Mumbai, Bengaluru, Delhi-NCR, and Hyderabad. With multinational companies expanding operations and the IT and manufacturing sectors maintaining strong headcount growth, developers are witnessing higher pre-commitments and leasing activity. Simultaneously, government initiatives like the PM Gati Shakti plan and Smart Cities Mission are spurring infrastructure upgrades, creating confidence among foreign and domestic institutional investors.

Commercial Segment Leads, Residential Gains Ground

While commercial real estate continued to attract the lion’s share of PE investments, the residential segment also saw a noteworthy rebound, primarily driven by rising demand for premium housing and gated communities. Increasing disposable income, favourable home loan rates, and post-pandemic lifestyle changes push urban homebuyers toward larger, amenity-rich residences. Investors are increasingly betting on developers with strong track records and RERA-compliant projects, boosting transparency and investor safety in the residential space.

Domestic vs. Foreign Capital: A Balanced Equation

Interestingly, the inflow comprised a healthy mix of foreign and domestic institutional capital, with global PE giants Blackstone, Brookfield, and GIC continuing their strategic allocations in Indian commercial assets. Indian players, including Kotak Investment Advisors and Motilal Oswal, showed renewed interest in residential and mixed-use developments. The stability of the Indian rupee and favourable returns compared to volatile Western markets make Indian real estate an attractive hedge for global investors.

Q1 in Context: Comparing the Trajectory

The USD 748 million in Q1 2025 contrasts with the USD 555 million recorded in the same period last year, clearly indicating a 35% year-on-year rise. Although still shy of pre-pandemic highs, this growth trajectory reveals strong recovery signs as policy reforms and digitalization improve the ease of doing business in the sector. The full-year PE inflows could surpass USD 3 billion if current trends hold, especially with new REITs expected to be launched in the upcoming quarters.

Sectoral Allocation and City-Wise Trends

Sectorally, office assets remained the top choice for investors, commanding over 60% of total PE inflows, followed by warehousing and logistics at 20% and residential at 15%. On a city-wide basis, Mumbai led with the highest share of investment, followed by Bengaluru and Delhi-NCR. Pune and Hyderabad also registered vigorous activity in the logistics space due to their strategic locations and connectivity.

Challenges Ahead: Regulatory and Execution Risks

Despite the bullish sentiment, the report also warns of certain downside risks, including delays in regulatory clearances, rising construction costs, and the possibility of a global interest rate hike, which may slow foreign fund flows. However, the consistent government push for reforms such as digitized land records, single-window approvals, and relaxed FDI norms in real estate is expected to mitigate many of these risks over time.

Outlook: A Solid Year in the Making

Savills India says the trend will continue through the next three quarters, backed by strong project pipelines and investor appetite. With India on the cusp of a real estate transformation supported by digitization, infrastructure investment, and urban migration, 2025 could be one of the strongest years for PE activity in the past decade. Stakeholders—from developers to institutional investors—are now realigning their strategies to tap into emerging opportunities across core and alternative asset classes.

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India’s Fintech Journey: Progress and Future Ahead

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Business, Equities, Markets, Real Estate - January 16, 2025

Affordable housing to take a hit in the upcoming Budget

By 2030, the Indian real estate market is expected to reach the $1 trillion mark. The government established a strong foundation for the nation’s real estate industry by allocating Rs 11.11 lakh crore for infrastructure development in the Union Budget 2024. India’s real estate industry anticipates a more growth-oriented and inclusive approach from the government in the 2025 budget. On February 1, Finance Minister Nirmala Sitharaman will deliver the Union Budget 2025–2026.

However, there are differing opinions in the housing industry. Due to increased demand over the past two to three years, the upmarket segment, which includes premium and luxury residences, has seen a strong upturn in sentiment. Nonetheless, the Modi government’s goal of providing inexpensive homes is turning out to be problematic.

Affordable home sales have been declining sharply and consistently over the years, according to recent statistics from real estate research firm ANAROCK Property Consultants. The percentage of this group in total housing sales has decreased from 40% in the calendar year 2018 to 20% in 2024 among the seven largest cities from which data was gathered. Now, all eyes will be on the annual Union Budget 2025, which will include tax reductions and incentives related to the housing sector, such as interest subvention schemes or subsidies.

Some suggestions from the housing segment
The industry’s recommendations include a much-needed reinterpretation of what “affordable housing” is. There is an urgent need to update the current definitions of affordable housing, which are based on factors like size, cost, and buyer income. Most people agree that the 60 square meter carpet area needed to be eligible for incentives is reasonable, however, the INR 45 lakh price restriction is unachievable. Land prices have skyrocketed due to the increased demand for housing.

Additionally, experts believe that there is a transition from low to mid-income housing, especially among the paid class. According to the ANAROCK document, in order to reflect market realities, the cap should be increased to at least INR 85 lakh in Mumbai and INR 60–65 lakh in other major cities. The range of projects and purchasers who can take advantage of reduced goods and services taxes and other incentives will increase as a result.

Boosting Housing in Rural Regions
Implementing initiatives like first-time buyer incentives or even loans that allow people to transform “kaccha” homes into “pucca” ones is essential to increasing housing in rural areas.

In 2022, the PMAY’s CLSS for Low-Income Groups (LIG) and Economically Weaker Sections (EWS) came to an end. In order to encourage first-time homebuyers, experts are advocating for its restoration. Adding basic amenities like kitchens and bathrooms to existing homes or expanding incentives to loans for new development are other ideas. Subsidies could assist in transforming temporary dwellings into permanent constructions under PMAY (Rural), which would benefit a larger segment of the population.

Market Commentary on Budget Expectation
Elan Group’s Executive Director of Finance and Group CFO, Sandeep Agarwal, is hopeful that the next budget will offer a chance to address some of the industry’s most urgent issues. He asserts that in order to restore confidence among homeowners, the long-standing problem of stalled projects needs to be addressed first. reducing the impact of ineligible GST inputs on residential developments, redefining the criteria for affordable housing, and fixing discrepancies in the GST input credit for commercial buildings. Operational efficiency would be greatly increased by implementing a single window-clearing system for regulatory approvals within a specified timeframe.

According to Aman Sharma, Managing Director of Aarize Group, incentives and streamlined rules are anticipated to boost India’s economic trajectory and draw in foreign investors in the commercial real estate (CRE) sector. Measures like lower stamp duties and more tax breaks would be extremely beneficial to the luxury housing market, which is driven by changing lifestyles and expectations. With their expanding potential, Tier-2 cities need to strategically prioritize industrial and infrastructure development in order to open up new doors for investors and developers.

As stated by Saurabh Runwal, Director of Runwal Realty, it is imperative to implement legislative measures that improve liquidity, such as lowering long-term capital gains taxes, simplifying REIT rules, and raising interest rebates for home loans. With the luxury market experiencing a 51% increase in demand, these reforms will encourage both local and foreign investments, giving developers more competitive access to money and allowing homebuyers to fulfill their aspirations of becoming property owners.

Lower loan interest rates are necessary to make homes affordable for low- and middle-income households, according to BRIC-X INFRA founder Vijay Kamboj.

To maintain the sector’s pace, Mohit Goel, Managing Director of Omaxe Limited, argued for more funding under PMAY as well as financial incentives for both developers and customers.

Conclusion
Critics believe that with the real estate cycle in its upswing, rising land prices, and high interest rates, it may be difficult to meet the affordable criterion on the value of the dwelling units and the income profile of buyers. However, some industry experts believe that a tax holiday for developers of affordable housing may be beneficial.

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Strong Consumer Sentiment Boosts Automobile Dispatches by 12% in 2024

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Real Estate

HUDCO Commits ₹11,300 Crore to Transform Nagpur into a Global Business Hub

Arkade Developers: High-Margin, Debt-Free Growth in Mumbai Realty

4. Quarterly Performance (Q4 FY25)

5. Financial Highlights (P&L Statement)

6. Financial Highlights
Balance Sheet Statement

7. Financial Highlights (Cash Flow Summary)

Key Cash Flow Highlights (FY21–FY25)

8. Ratio Analysis

Key Ratio Analysis – FY25

9. Financial Projections

14. Investment Thesis: Arkade Developers Ltd. — A Rare Mid-Cap Compounder in Premium Real Estate

2. Premium Market Exposure at Mid-Cap Valuations

3. Proven Execution & Operational Strength

4. Clean Financials and Robust Pipeline

5. Promoter Integrity & Institutional Governance

Conclusion: A Mispriced Premium Real Estate Opportunity

15. Conclusion

BlackRock’s Strategic Leap: The ElmTree Funds Acquisition and the Future of Real Estate Investing

TCS Allocates ₹4,500 Crore for Realty Expansion!

Kalpataru Secures ₹708 Crore from Anchor Investors!

Raymond Realty Sets Bold Growth Trajectory: Six Project Launches and Higher Targets for FY26

Prestige Group Plans ₹42,000 Crore Housing Launches in FY26 Amid Real Estate Boom

Hazoor Multi Projects Surges 37,000% After Warrant Conversion

Indian Real Estate Sees $748M Equity Surge

Indian Real Estate Sees $748M Equity Surge

Affordable housing to take a hit in the upcoming Budget

Affordable housing to take a hit in the upcoming Budget

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Why you should subscribe to our Newsletter

Real Estate

4. Quarterly Performance (Q4 FY25)

5. Financial Highlights (P&L Statement)

6. Financial Highlights Balance Sheet Statement

7. Financial Highlights (Cash Flow Summary)

Key Cash Flow Highlights (FY21–FY25)

8. Ratio Analysis

Key Ratio Analysis – FY25

9. Financial Projections

14. Investment Thesis: Arkade Developers Ltd. — A Rare Mid-Cap Compounder in Premium Real Estate

2. Premium Market Exposure at Mid-Cap Valuations

3. Proven Execution & Operational Strength

4. Clean Financials and Robust Pipeline

5. Promoter Integrity & Institutional Governance

Conclusion: A Mispriced Premium Real Estate Opportunity

15. Conclusion

Indian Real Estate Sees $748M Equity Surge

Affordable housing to take a hit in the upcoming Budget

6. Financial Highlights
Balance Sheet Statement