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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...
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.
04 Apr 2025
In the fiscal year 2024-25, Pune Municipal Corporation's property tax department earned INR 2,360 crore. However, it was the building permissions department that generated even more revenue, with INR 2,600 crore, surpassing its target for the second consecutive year. This boost is attributed to demand from redevelopment projects and transit-oriented development. Meanwhile, civic officials informed that at least INR 1,245 crore in property taxes still needs to be recovered from the 34 merged areas.
04 Apr 2025
The UT administration has approved a steep increase in property taxes, effective from April 1. Residential property tax will rise to 9% of the annual rateable value (ARV), tripling the previous rate, while commercial tax will increase to 6%. The hike, aimed at boosting revenue for the cash-strapped Municipal Corporation, is expected to generate an additional INR 54 crore annually. The move follows the recent rise in collector rates. The administration had notified an over four-fold increase (316%) in collector rates for residential areas in villages, a 128% hike for properties in Sectors 1 to 12, a 98% increase in Sectors 14 to 37, and an 82% rise in Sector 38 and beyond. The city is also facing hikes in water, garbage collection, and fire safety certificate fees.
04 Apr 2025
The City and Industrial Development Corporation (CIDCO) has raised property transfer fees across Navi Mumbai by 5 to 10%, with registered housing societies and commercial shops facing a 50% hike. The revised charges took effect from 2nd April. The increase aligns with market trends and infrastructure development, impacting transactions in key areas such as Vashi, Nerul, Panvel, and Kharghar. Residential property transfer fees now range from INR 27,000 to INR 2,31,000 per square metre, while commercial properties exceeding 200 square metres will attract fees as high as INR 5,84,600 per square metre. CIDCO defended the move as necessary for urban growth despite potential market slowdowns.
04 Apr 2025
In response to the recent rise in Ready Reckoner rates, the Brihanmumbai Municipal Corporation (BMC) has proposed a property tax increase of 10-12%. The proposal, submitted to Municipal Commissioner Bhushan Gagrani, requires state government approval. While property tax revisions are mandated every five years, the last adjustment occurred in 2015-16. Revenue shortfalls, worsened by exemptions for properties up to 500 sq ft and deferred tax hikes due to the pandemic, have prompted this move. Despite previous attempts to revise rates, strong opposition led to their withdrawal. If approved, the new rates will impact over 9 lakh properties in Mumbai.
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04 Apr 2025
The Ghaziabad Municipal Corporation is set to take action against 94,920 property owners who have defaulted on property tax payments for FY 2024-25, leading to a revenue shortfall of INR 40-45 crore. Defaulters will face a 12% interest charge on the outstanding amount from April 1, with potential consequences such as property sealing and disconnection of water and sewer services. Meanwhile, the civic body has approved its highest-ever budget of INR 3,722 crore for infrastructure development. Separately, the draft Master Plan 2031 has been delayed further as the Ghaziabad Development Authority (GDA) has invited public objections over 65 drafting errors. The plan, intended to replace the 2021 master plan, has been in development since 2018-19 and awaits final approval from the Uttar Pradesh government.
04 Apr 2025
The Stamps and Registration Department in Noida recorded an 18% year-on-year increase in revenue for FY 2024-25, collecting INR 4,230 crore compared to INR 3,575 crore the previous year. This marks the highest revenue collection in a decade, though it fell short of the INR 4,880 crore target, achieving 86% of it. The rise was attributed to increased property registrations, particularly of flats in stalled group housing projects, following a two-year zero-period waiver under the Uttar Pradesh government's rehabilitation package. To boost collections, offices remained open on weekends, registering 18,405 flats, including nearly 12,000 from stalled projects.
03 Apr 2025
The Municipal Corporation of Delhi (MCD) has attached 88 properties and 87 bank accounts of property tax defaulters across various zones, recovering approximately INR 25.75 crore in outstanding dues. The crackdown targeted several areas, including City SP, Civil Lines, and Rohini, with significant recoveries. MCD has warned property owners to clear their dues before the deadline to avoid further actions, with extended office hours to facilitate payments.
03 Apr 2025
The Ghaziabad district administration has approved compensation for farmers whose land will be acquired for the Harnandipuram township at four times the existing circle rates. The compensation varies across five villages, with rates ranging from INR 1,020 to INR 7,200 per square meter. The project is part of an INR 15,000 crore initiative backed by the government, with INR 400 crore already allocated. Additional benefits, including developed plots in exchange, will also be proposed to affected farmers.
03 Apr 2025
Kolhapur Municipal Corporation sealed 25 shops in the Kapiltirth vegetable market for unpaid rent, taxes, and utility dues dating back to 2015. The operation, carried out under police protection, recovered INR 15 lakh from rent defaulters. Additionally, INR 2.9 crore in water supply arrears was collected from the Central Railway, and a 50% discount scheme on outstanding bills helped recover INR 13.6 crore from citizens. The municipality continues its push to recover overdue payments and enforce regulations.
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