01 May 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) has extended the 5% property tax rebate deadline for FY 2025-26 to May 31, 2025, offering relief to property owners facing technical issues and confusion over the new Solid Waste Management (SWM) fee. The rebate was originally available only until April 30, but the BBMP portal's delayed functionality and public requests prompted the extension. Approved by the Urban Development Department under Section 144(8) of the BBMP Act, 2020, the move allows taxpayers paying in full by the new deadline to still claim the rebate. The decision aims to ease taxpayer concerns and improve municipal responsiveness.Read more

30 Apr 2025

The government has launched the monetisation of BSNL's prime land assets, starting with 8.7 acres across Ernakulam, Mangaluru, Hyderabad, and Bengaluru, aiming to boost the telecom firm's revival. Valuation proposals from top consultants are due by May 7. Following BSNL's return to profit after 18 years, the DoT targets INR 35,558 crore from land sales by FY27. High-demand locations like Banjara Hills and Outer Ring Road are expected to attract strong investor interest. Proceeds will help reduce BSNL's debt and fund employee welfare. The move is also set to unlock urban land for new real estate and infrastructure development in key cities.Read more

30 Apr 2025

Macrotech Developers, parent of Lodha, posted a 38% year-on-year rise in Q4 FY25 net profit to INR 922 crore, with total income up at INR 4,083 crore. For the full year, net profit surged to INR 2,549 crore, driven by strong housing sales in Mumbai and Pune. The firm recorded INR 14,520 crore in pre-sales and reduced net debt to INR 3,010 crore. With new launches and a GDV addition of INR 17,250 crore, Macrotech targets INR 17,500 crore in pre-sales for FY26. The results mirror sector-wide growth, as players like Godrej Properties and DLF also reported record numbers, signaling continued real estate market strength.Read more

30 Apr 2025

The Chandigarh administration has decided to adjust excess property tax payments in the 2026-27 bills instead of issuing refunds, following public outcry over steep rate hikes. Earlier, residential taxes were tripled and commercial taxes doubled, leading to protests. Rates were later revised, reducing residential hikes to two times and commercial taxes to 5% of annual value. Over 9,000 taxpayers have already cleared dues, contributing around INR 5 crore. Revised bills reflecting lower rates will soon be issued. Managing about 1.42 lakh properties, the administration aims to balance revenue needs with citizen concerns, simplifying the process through adjustments rather than individual refunds.Read more

30 Apr 2025

India's office real estate market continued its growth in Q1 2025, driven by strong leasing demand and limited new supply, pushing the national vacancy rate down to 15.7%. Bengaluru, Mumbai, and Pune led both leasing activity and saw the lowest vacancy levels. Despite a 12.66% decline in new supply year-on-year, leasing remained robust at 20.3 MSF, with IT-BPM, BFSI, and GCCs driving demand. Mumbai recorded the sharpest drop in new supply and the steepest fall in vacancy. Pre-commitments surged, reflecting occupier confidence, while rising rents in tight markets signalled increasing demand amid persistent supply constraints across key office hubs.Read more

30 Apr 2025

The Greater Noida Authority has mandated that homebuyers must now pay stamp duty and register their flats at the time of booking, aligning with RERA guidelines that require a registered sale agreement once 10% of the property's value is paid. Previously, registration occurred at possession, but delays in project completions left many buyers without legal recourse. This policy aims to ensure transparency, formalize transactions early, and secure revenue. While similar rules exist in Noida and YEIDA areas, developers have raised concerns over the lack of a clear refund process in case of cancellations. Industry experts remain cautious about the policy's practical impact.Read more

29 Apr 2025

Prestige Hospitality Ventures, the hospitality arm of Prestige Group, has filed for a INR 2,700 crore IPO, comprising an INR 1,000 crore fresh issue and INR 1,700 crore offer for sale by Prestige Estates. Proceeds will fund debt repayment, business expansion, and upcoming hotel projects in Mumbai and Delhi NCR. The company operates premium hotels under brands like Marriott, Sheraton, and Conrad across Bengaluru, Chennai, Kochi, and Goa. With India's hotel industry rebounding strongly post-pandemic, Prestige's offering is expected to draw investor interest. JM Financial, CLSA, J.P. Morgan India, and Axis Capital are managing the IPO, targeting the booming luxury hospitality segment.Read more

29 Apr 2025

LIC Housing Finance Ltd (LIC HFL) reduced its Housing Prime Lending Rate (HPLR) by 25 basis points earlier this week, bringing it down to 8%. The move is set to lower the cost of borrowing for both existing and new home loan customers. This adjustment follows the Reserve Bank of India's decision to cut the repo rate by 25 basis points to 6%, prompting multiple lenders to pass on the benefits to customers. Several banks, including Canara Bank and Indian Bank, have also revised their home loan rates downward to below 8%, making home loans significantly more affordable.Read more

29 Apr 2025

The Haryana government has decided to freeze circle rates to help curb rising real estate prices, following a 10-30% hike implemented in December 2024. This move, welcomed by industry players, keeps rates unchanged in key markets like Gurugram, offering relief to homebuyers. Haryana usually revises circle rates twice a year but has paused adjustments to control inflation and restore market confidence. Earlier, revisions were delayed due to the 2024 Lok Sabha and assembly elections. As property prices continue to rise, such policy measures are seen as critical to maintaining affordability and stability in the state's evolving real estate market.Read more

28 Apr 2025

Earlier this week, the Chandigarh administration announced a reduction in the proposed property tax hike after facing significant public opposition. The initial proposal had suggested an increase of up to 30% in property tax rates. However, following widespread protests and concerns from residents and various stakeholders, the administration reconsidered the hike. The revised proposal now includes a more moderate increase, aiming to balance the city's revenue needs with the financial burden on property owners. This decision reflects the administration's responsiveness to public concerns and its commitment to equitable urban governance.Read more