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When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
08 Apr 2025
Between April 2024 and March 2025, the Brihanmumbai Municipal Corporation (BMC) levied a 200% property tax penalty on 3,343 properties for unauthorised constructions, totalling INR 392.28 crore. The highest number of violations were recorded in Mumbai's western suburbs, followed by the island city and eastern suburbs, with H West ward leading. The crackdown aims to curb illegal alterations across all 25 wards. While legal proceedings often stall demolition, penalties are being enforced under Section 152(A) of the Mumbai Municipal Corporation Act, 1888. So far, INR 12 crore has been collected.
08 Apr 2025
The recent hike in ready reckoner rates (RRR) has raised concerns in Mumbai's real estate sector, pushing the city's home affordability index to 51%, above the critical 50% mark. Higher RRR means increased property prices, stamp duties, and developer premiums, making affordable housing harder to build. While government schemes like PMAY support low-cost homes, developers now face tighter margins. However, projects under MHADA are less affected, as their pricing is based on actual development costs, not RRR. MHADA also offers fixed registration and low stamp duty fees, keeping homes accessible for low- and middle-income groups. Prices for already allotted MHADA homes will remain unchanged despite the rate hike.Read more
08 Apr 2025
The Noida Authority has recovered INR 533.91 crore by enabling the registry of 3,620 flats across 27 long-stalled housing projects under the Uttar Pradesh government's December 2023 policy aimed at resolving legacy real estate disputes. Of these, registries for 2,726 units have already been completed, granting legal ownership to homebuyers. The policy offers interest waivers for developers affected by the Covid-19 pandemic and National Green Tribunal (NGT) restrictions, incentivising them to clear dues and expedite registries. Promoters who pay at least 25% of their dues are granted permission for registration and qualify for further waivers.
08 Apr 2025
Bengaluru's municipal body, BBMP, has introduced a revised property tax calculation method for covered and stilt parking areas under the Unit Area Value (UAV) system. While the update is expected to benefit commercial entities like shopping malls, experts warn it may increase tax liabilities for homeowners. The new structure replaces zonal classifications with a standardised rate-INR 600 monthly for 150 sq ft residential parking. Critics argue that this could lead to double taxation, as parking areas are already included in super built-up calculations. Concerns have also been raised regarding BBMP's lack of regulation on roadside parking.
07 Apr 2025
Institutional investments in Indian real estate surged by 31% year-on-year in Q1 2025, reaching USD 1.3 billion, according to Colliers India. This growth was primarily fuelled by a significant rise in domestic investments, which accounted for 60% of the total inflows. The residential sector saw a nearly threefold increase in investments to USD 302.9 million, while industrial and warehousing inflows grew by 73% to USD 307.7 million. However, office investments declined by 23% to USD 434.2 million. Experts believe strong economic growth and favourable market conditions will sustain investment momentum throughout 2025.
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07 Apr 2025
The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled that the value of a new flat received in a redevelopment project cannot be taxed as 'Income from Other Sources' under Section 56(2)(x) of the Income Tax Act. The ruling, which provides relief to homeowners, clarifies that redevelopment is an 'extinguishment' of property rights rather than an income-generating transaction. The case involved a taxpayer whose new flat's value was deemed taxable, but ITAT ruled that it was a legitimate asset replacement, not a taxable income.
07 Apr 2025
The Ghaziabad Development Authority (GDA) has achieved a record revenue collection of INR 1,599 crore in FY 2024-25, exceeding its target of INR 1,294 crore by 23% and nearly doubling the INR 820 crore collected in the previous year. A major portion of the revenue came from the sale and auction of residential and commercial plots, alongside development charges and map approvals. GDA has repaid its loans, eliminating liabilities, and expects additional funds from stamp duty and state government schemes. Officials stated that this financial turnaround will accelerate key infrastructure projects, including the Northern Peripheral Road and a potential Noida-Sahibabad metro extension.
07 Apr 2025
The Navi Mumbai Municipal Corporation (NMMC) has successfully achieved its revenue collection target, owing to the cooperation of its well-informed citizens. The revenue was generated from various sources, including property tax, water tax, construction permit approvals, and license fees. The Property Tax Department collected INR 826.12 crore, with INR 20.97 crore collected under the Abhay scheme, which offered a 50% discount on penalty charges. The Water Supply Department gathered INR 105.93 crore, while the Urban Planning Department secured INR 381.90 crore from construction permits, primarily from redevelopment projects. Additional revenue was collected through the Licensing Department and local body tax. Future plans include integrating the Bharat Bill Payment System for enhanced convenience.Read more
04 Apr 2025
Aditya Birla Real Estate Ltd (ABREL) has announced the sale of its pulp and paper business located in Lalkuan, Uttarakhand, to ITC Limited for INR 3,498 crore. The sale, executed through a slump sale, aligns with ABREL's strategy to focus solely on its property business. The divestment will allow the company to unlock value and pursue growth opportunities in the real estate sector. ABREL's managing director, R K Dalmia, described this as a strategic move to enhance long-term value creation. ITC, a leading conglomerate, will continue the business's legacy of strong performance and sustainability.
04 Apr 2025
Nexus Select Trust, a retail REIT backed by Blackstone, is set to finalise its acquisition of a shopping mall and hotel in Ludhiana for INR 490 crore. The MBD Neopolis in Ludhiana includes a Grade A mall and Radisson Blu hotel. This acquisition, set to be completed within two months, will contribute an additional rental income of INR 40-45 crore annually and will expand its existing presence across Delhi, Chandigarh, Amritsar, and Udaipur. The company, which currently has a portfolio of 17 malls across India with a gross leasable area of about 10 million square feet, is aiming to double its retail real estate portfolio to 20 million square feet by 2030.
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