23 Apr 2025

In a proactive move to enhance property tax collections, the Chandigarh Municipal Corporation has initiated direct outreach to its top 100 property taxpayers. This strategy aims to encourage timely payments and address outstanding dues. The initiative follows the conclusion of a rebate period, during which taxpayers could avail discounts on their dues. With significant arrears still pending, the civic body is intensifying efforts to recover dues, including issuing notices and considering stricter enforcement actions. This approach underscores the corporation's commitment to improving financial health and ensuring compliance among property owners.Read more

23 Apr 2025

A recent Nuvama report highlights that Real Estate Investment Trusts (REITs) are poised to significantly boost institutional investments in India's office sector. While private equity investments in office spaces slowed during 2022 and 2023 due to inflation and interest rate concerns, a shift towards ready assets in 2024 indicates renewed confidence. With 82% of investments directed towards completed properties in 2024, up from 14% in 2021, the trend suggests a robust demand for operational office spaces. The report anticipates that supply will align with demand in the near term, leading to a gradual decrease in vacancy rates and an acceleration in rent growth.Read more

23 Apr 2025

Alternative Investment Funds (AIFs) channelled close to INR 74,000 crore into Indian real estate by the end of 2024, securing the highest share of AIF inflows among all sectors, as per data compiled by Anarock from SEBI. Of the cumulative INR 5.06 lakh crore invested across sectors, real estate attracted 15%, surpassing IT/ITeS, financial services, and NBFCs. The growth of AIFs has provided crucial funding support for real estate development, especially as traditional financing sources tighten. The number of active AIFs has surged 36 times in the last decade, further highlighting their expanding footprint.Read more

23 Apr 2025

Toshiba Transmission & Distribution Systems (India) Pvt Ltd (TTDI), a subsidiary of Japan-based Toshiba Energy Systems & Solutions Corporation, signed a memorandum of understanding with the Telangana government earlier this week to invest INR 562 crore in expanding its manufacturing operations in Hyderabad. The agreement, signed in Tokyo in the presence of Telangana CM Anumula Revanth Reddy, marks a step forward in Toshiba's long-standing commitment to India. The expansion aims to create over 250 direct jobs within three years and will enhance the company's assembly, testing, and export capabilities, aligning with 'Make in India' and 'Export from India' missions.Read more

22 Apr 2025

The Town Planning Department of the Nagpur Municipal Corporation (NMC) reported its highest-ever revenue collection of INR 414.52 crore in the 2024-25 fiscal year. The majority of this income came through digital channels, with INR 376 crore received online. Key contributors to this milestone included premium charges for exclusions from FSI calculations, transit-oriented development premiums, and building development charges. The department's digital-first approach not only enhanced transparency and efficiency but also played a crucial role in boosting revenue. This development reflects the growing pace of urbanisation and structured development in Nagpur.Read more

21 Apr 2025

In a move aimed at standardizing property taxation, the Bruhat Bengaluru Mahanagara Palike (BBMP) introduced a revised parking tax structure for residential properties. The new system calculates tax based on a uniform rate per square foot, replacing the previous zonal classification method. While this change is intended to simplify the taxation process, it has elicited mixed reactions. Homeowners in premium zones may experience increased tax liabilities, whereas those in lower zones could see reductions. The BBMP has acknowledged public feedback and indicated that further revisions may be considered.Read more

21 Apr 2025

The Maharashtra cabinet has introduced the 'Abhay Yojana' to waive the 2% monthly penalty on property tax arrears in small towns, aiming to reduce the financial strain on property owners and encourage timely payments. Additionally, amendments to local governance laws will allow a two-thirds majority of elected members to propose the removal of their president, with a special session to be convened within ten days for a vote. These measures will be enacted through an ordinance due to the legislature's recess.Read more

21 Apr 2025

The Ahmedabad Municipal Corporation (AMC) has reopened registrations for nine high-value plots, including five residential and four commercial sites, with a collective base price of INR 920.48 crore. These plots, located in areas such as Bodakdev, Thaltej, Motera, Chandkheda, Shilaj, Vatva, and Nikol, were previously unsold due to limited bidder interest. AMC aims to attract more competitive bids this time, drawing optimism from a successful sale in June 2024, where LuLu International Shopping Malls Pvt Ltd acquired a plot in Chandkheda for INR 519.41 crore.Read more

21 Apr 2025

In a remarkable response to its early payment incentive, the Rajkot Municipal Corporation (RMC) amassed INR 23.19 crore in advance property tax and water charges from 44,404 taxpayers within five days of launching the scheme. Notably, INR 19 crore of this sum was collected through online transactions. The initiative, which offers a 10% discount for payments made before the end of May, aims to encourage prompt tax compliance. Additional rebates include a 5% discount for properties owned by women, a 1% incentive for online payments, and another 1% for consistent early payers over the past three years. Last fiscal year, RMC's property tax collection stood at INR 412 crore from 4.18 lakh taxpayers.Read more

21 Apr 2025

The Securities and Exchange Board of India (SEBI) has proposed increasing the investment limits for mutual funds in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). This move aims to offer more investment options and enhance diversification within mutual fund schemes. SEBI has suggested raising the single issuer limit to 10% of a fund's net asset value (NAV) and increasing the overall exposure limit for equity and hybrid schemes to 20%. However, for debt schemes, the overall limit would remain at 10%. The regulator is seeking public feedback on this proposal until May 11, 2025.Read more