Tag: icici bank

IndustryLatest Stories

Prime Securities Group unveils ₹1,000 crore real estate AIF

Representative AI image NEW DELHI: Prime Litmus Investment Management, a subsidiary of Prime Securities, has unveiled the Prime Litmus Real Estate Opportunities Fund. This Category II Alternative Investment Fund aims to provide structured credit investments for under-construction real estate projects. The fund targets a corpus of ₹750 crore, with a green shoe option for an additional ₹250 crore, bringing the total potential corpus to ₹1,000 crore. Prime Litmus Investment Management is a collaboration between Prime Research and Advisory, a wing of Prime Securities, and Litmus Global Services LLP. The fund will focus on self-liquidating real estate ventures that offer cash-flow…

Latest StoriesRegulatory

NCLT Accepts Insolvency Plea for Supreme Housing & Hospitality

MUMBAI: The National Company Law Tribunal (NCLT) has accepted Canara Bank’s insolvency petition against Supreme Housing and Hospitality Private Limited, a Mumbai-based real estate firm, over outstanding dues exceeding ₹567 crore. This move follows several unsuccessful attempts at a one-time settlement and extended litigation. The Mumbai bench of the tribunal commenced the corporate insolvency resolution process (CIRP) against Supreme Housing on May 13 under Section 7 of the Insolvency and Bankruptcy Code (IBC). Canara Bank indicated a default amounting to ₹567.43 crore as of October 31, 2025, which includes a principal amount of ₹175.83 crore and interest dues of ₹391.60…

Latest StoriesRegulatory

CBI Charges Logix City Developers, Bank Officials in Fraud Case

NEW DELHI: The Central Bureau of Investigation (CBI) has submitted a chargesheet against a real estate company, along with its directors and officials from two private banks, for allegedly conspiring to defraud homebuyers and financial institutions in relation to a housing project in Noida, officials announced on Tuesday. The agency stated that charges have been filed against “Logix City Developers Pvt. Ltd. and its Directors, Bank Officers from ICICI Bank and HDFC Bank” for their purported roles in a criminal conspiracy that resulted in wrongful loss to financial institutions and homebuyers. The CBI alleges that the developers misled buyers and…

Latest StoriesRegulatory

NCLT OKs ₹730 Crore Revamp Plan for Rajesh Hotels

MUMBAI: The National Company Law Tribunal (NCLT) has approved Rajesh Business & Leisure Hotels’ resolution plan for the acquisition of a consortium involving Rare Asset Reconstruction Company (Rare ARC) and Check-Inn Hotels, a subsidiary of Shree Naman Group. The company reported liabilities exceeding ₹1,345 crore, while the consortium proposed a revival plan worth ₹730 crore. Prior to the tribunal’s endorsement, the plan received unanimous support from the creditors’ committee. In April 2022, the company entered the Corporate Insolvency Resolution Process after ICICI Bank filed a petition over a ₹311 crore default. The approved plan includes an upfront payment of approximately…

IndustryLatest Stories

Kirloskar Realty Secures ₹1,150 Cr Loan from ICICI Bank

Kirloskar Industries’ real estate division, Avante Spaces, has secured a ₹1,150 crore term loan from ICICI Bank to support a Grade A office project in Pune’s Kothrud area, showcasing lenders’ ongoing interest in well-established urban developments. The funding for this 1.9 million sq. ft office project is organized in two tranches: ₹1,050 crore and ₹100 crore, with a repayment schedule of 44 months at an annual interest rate of 8%. The company has placed a mortgage on its land and all current and future constructions, securing the loan with approximately 7.25 acres of land across Plots A, C, and D…

Housing FinanceLatest Stories

Ajai Kumar Shukla Appointed MD and CEO of PNB Housing Finance

India’s PNB Housing Finance has appointed Ajai Kumar Shukla as its managing director and CEO for a five-year term starting December 18, resulting in a 5% increase in the mortgage lender’s shares. Shukla brings over 30 years of experience in housing and mortgage lending and will take over from Girish Kousgi, who was instrumental in accelerating the company’s growth in the affordable housing sector, outperforming its competitors. The announcement comes as significant home financiers face growing challenges from banks in the luxury home lending market, while affordable housing has become more appealing due to higher yields and limited competition. Currently…

IndustryLatest Stories

Ekta World Pays Back ₹170 Crore to ICICI Bank

NEW DELHI: Ekta World has successfully repaid ₹170 crore to ICICI Bank through scheduled repayments, supported entirely by sales and collections from its Ekta Tripolis development. The project, which features three towers and over 600 units, is now complete, with possession already handed over to 503 families. This repayment has effectively reduced the group’s overall debt. In the past year, the company has successfully closed two residential and two commercial redevelopment projects in Bandra, Khar, and Santacruz, while continuing to focus on assets valued above $1 million. Published On Dec 11, 2025 at 03:30 PM IST Join a community of…

IndustryLatest Stories

Hiranandani Acquires Land in Andheri, Mumbai

Representative image Realty developer House of Hiranandani has secured an acre of land in Mumbai’s Andheri East as part of its strategy to enhance its commercial real estate presence in the city’s evolving office market. The company plans to invest over Rs 500 crore in developing a premium commercial tower on this site. The project is projected to offer around 400,000 sq ft of leasable space, with construction set to commence within three to six months, pending regulatory approvals. This development aims to meet the increasing demand for Grade A office spaces in Mumbai’s western suburbs, fueled by strong occupier…

Housing FinanceLatest Stories

Banks Boost Loans to Wealthy for Mortgage Growth

MUMBAI: To spark mortgage growth, banks are focusing on the luxury housing market, designing tailored loan products to cater to increasing demand for high-end properties in major cities and their affluent suburbs. “The premium segment continues to thrive, and that is where the growth lies,” stated Manu Singh, head of housing finance at Kotak Mahindra Bank. “Buyers are seeking larger, luxury homes, often looking for second or third residences in Alibaug or Gurgaon. We view home loans as relationship products; our goal is to be a trusted banking partner for the affluent throughout this journey.” In Mumbai and Delhi, luxury…

Housing FinanceLatest Stories

Banks Expand Home Loan Spreads to Protect Margins

MUMBAI: Banks are raising their spreads above home loan rates to safeguard their margins. SBI and Union Bank of India have increased their mortgage spreads as reference rates decrease. With the repo rate already reduced by 100 basis points this year, further cuts could be on the horizon. Unlike previously, when lower rates primarily benefited new borrowers while existing ones paid higher, the current environment sees new borrowers facing increased costs, despite banks being required by RBI regulations to pass on rate cuts to existing customers. This discrepancy arises from persistent funding costs. Reducing deposit rates remains challenging, particularly for…