28 May 2025

The Municipal Corporation of Gurugram (MCG) has escalated its efforts to recover property tax dues by issuing notices to 22 major defaulters, each owing more than INR 50 lakh. This action forms part of a larger crackdown, with lists of defaulters prepared for every municipal zone. The MCG has also warned residents against engaging middlemen for property tax corrections and urged direct reporting of such incidents. Following years of minimal enforcement that saw revenue dip drastically, the corporation is now enforcing stricter penalties, including property sealing and auctioning, to ensure timely tax compliance and secure funds for city development.Read more

28 May 2025

Ahmedabad Municipal Corporation is set to launch a self-assessment software that allows property owners to estimate future property tax liabilities for new constructions and property modifications. This step aims to simplify the property tax process by enabling taxpayers to receive preliminary tax calculations online before official validation. Alongside this, the AMC has witnessed considerable success with its advance property tax payment scheme, which has generated significant revenue and engaged over half a million citizens. The new software tool promises to bring transparency and ease to Ahmedabad's property tax system.Read more

28 May 2025

Interarch Building Solutions, a key player in the pre-engineered steel construction sector, registered a robust 30% rise in net profit to INR 38.68 crore during the final quarter of the previous financial year, driven by a significant increase in revenue. The company's total income surged to INR 470.58 crore in the January-March quarter, while annual figures reached INR 1,474.47 crore. Managing Director Arvind Nanda highlighted this as the company's best-ever financial performance and announced the proposal of its first-ever dividend. He expressed optimism about maintaining growth in the ongoing fiscal year, backed by a solid order pipeline.Read more

28 May 2025

CBRE recently released its Q1 2025 Asia Pacific Cap Rate Survey, offering insights into regional capital markets and investor sentiment. The report indicated an 11% year-on-year surge in commercial real estate investment to USD 33 billion, driven by lower interest rates and asset repricing. Despite concerns about newly introduced tariffs, particularly among investors in Mainland China, Hong Kong, and Singapore, the broader market has remained resilient. Notably, cap rate divergence emerged across the region, with compression in Australia and pressure in Greater China. Investor interest has intensified in sectors such as Australian retail, multifamily housing, and data centres, pointing to a promising outlook.Read more

27 May 2025

The Securities and Exchange Board of India (SEBI) has scheduled the auction of 30 properties belonging to the Rose Valley Group, with a total reserve price of INR 409.02 crore. This move is part of SEBI's ongoing efforts to recover funds raised through unauthorised investment schemes. The properties, including land with buildings, flats, resorts, hotels, and amusement parks, are located across West Bengal, Andaman and Nicobar Islands, Tripura, and Bihar. The e-auction is set to take place later this year. Interested bidders can participate online, either from within India or abroad. SEBI has appointed C1 India as the e-auction service provider and engaged Quikr Realty to assist in the sale process.Read more

27 May 2025

Embassy Developments Ltd has raised INR 1,060 crore through the conversion of unlisted warrants into equity shares by its promoter group and Blackstone-affiliated NCL SG Holdings. The promoter entity, Bellanza Developers, received INR 415 crore for 5 crore shares, while NCL SG Holdings invested INR 645 crore for 7.7 crore shares. This capital infusion strengthens Embassy's equity base and supports its operational expansion. The promoter group now holds a 42.96% stake, with Blackstone's entity at 10.93%. Formerly Indiabulls Real Estate, Embassy is known for its residential, commercial, and SEZ projects. The move signals strong investor confidence and positions the company for accelerated growth.Read more

27 May 2025

In a citizen-friendly move, Navi Mumbai Municipal Corporation (NMMC) initiated home delivery of property tax bills for the financial year 2025-26, appointing women from registered self-help groups as temporary municipal representatives. Starting earlier this week, these women began distributing bills and collecting updated contact details from property owners and tenants for digitisation purposes. The Corporation is pushing for seamless tax-related communication through digital channels. Residents are urged to treat the women with courtesy and provide accurate data such as names, mobile numbers, and email IDs. This step aligns with NMMC's broader digital governance agenda.Read more

27 May 2025

The Supreme Court of India dismissed the Finance Ministry's review petition against its October 2024 judgment, which had permitted real estate developers to claim input tax credit (ITC) on construction costs for commercial properties intended for rental purposes. The ruling emphasized that such properties could be classified as 'plant and machinery' under the Goods and Services Tax (GST) Act, thereby qualifying for ITC. This decision is expected to reduce operational costs for developers and tenants alike. However, the Finance Ministry had introduced a retrospective amendment in the Union Budget 2025 to reverse this judgment, leading to ongoing legal debates.Read more

27 May 2025

Max Estates Limited reported a net consolidated profit after tax of INR 13.99 crore for the fourth quarter of FY25, marking a significant turnaround from a loss in the same period last year. The company's total income doubled, driven by strong sales from key projects in Noida and Gurugram. Surpassing its full-year pre-sales guidance, Max Estates achieved over INR 5,300 crore in bookings and is targeting a 15-20% increase in pre-sales for FY26. With several large projects lined up, including a major joint development and the revival of the Delhi One project, Max Estates is set for robust growth supported by strategic investments and approvals.Read more

27 May 2025

Highways Infrastructure Trust (HIT), an Infrastructure Investment Trust supported by related investment funds and automobiles, has purchased PNC Infratech's interest in ten operational road assets. This move marks the first tranche of a larger divestment plan initiated earlier this year, targeting 12 road assets spread across multiple Indian states. The assets sold include major highway and toll projects in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan. This transaction is in line with PNC's strategic focus on monetising mature assets to reallocate capital into newer infrastructure ventures.Read more