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31 Mar 2025
The Uttar Pradesh government plans to raise Noida's circle rates by 20% in the upcoming fiscal year, marking the first adjustment since 2016. Circle rates, which are the minimum property values set for registration and stamp duty calculations, have remained unchanged for nine years despite significant property price increases in Noida and Greater Noida. The proposed hike aims to align official valuations with current market rates. Additionally, properties in Jewar are expected to see a 70% increase in circle rates, influenced by the anticipated opening of the Noida International Airport in May. The district administration has released a draft valuation list and is accepting feedback until April 5. If implemented, these adjustments will impact various property categories, including residential, group housing, industrial, IT/ITES, and commercial plots.
31 Mar 2025
The Ahmedabad Municipal Corporation (AMC) has sealed 1,850 properties in the city's western region due to property tax defaults, collecting INR 2.3 crore during the enforcement drive. Additionally, 3,928 notices were issued to residential property owners with outstanding dues, warning of potential disconnection of water and sewerage services for continued non-payment. In the southwest zone, 232 properties were sealed, and the solid waste management division issued notices to 299 establishments for public littering, sealing two units.
28 Mar 2025
The Ghaziabad Development Authority (GDA) has increased the Floor Area Ratio (FAR) to 80% for industrial plots up to 500 square meters, allowing businesses to expand vertically. Previously, the FAR was capped at 1.5 with 60% ground coverage, limiting operational space. The new policy aims to benefit SMEs by maximizing land use, reducing costs, and improving productivity. Similar initiatives in West Bengal and Telangana highlight the trend of optimizing industrial land. This move is expected to stimulate industrial growth, generate employment, and support economic development in Ghaziabad's industrial sector.
28 Mar 2025
Mahadevapura, Bengaluru's tech corridor, has generated INR 928.50 crore in property tax, leading all BBMP zones. However, it also has the highest default amount at INR 32.17 crore or 3.46% of the total demand. Vacant properties contribute to the largest outstanding balance, indicating underutilization. Other zones, such as East, South, and West, also face significant defaults, with a total of INR 156.43 crore uncollected across all zones. The BBMP is facing a INR 390 crore shortfall, with chronic defaulters continuing to evade payments despite multiple enforcement efforts.
28 Mar 2025
The Ranchi Municipal Corporation (RMC) has stepped up its efforts for the 2024-25 financial year's holding tax collection, ensuring civic centers remain operational during holidays, including March 30 and 31 (Eid). Property owners can pay dues at designated centers or online at www.ranchimunicipal.com. Delayed payments will incur penalties, with a 1% charge in the first week, increasing progressively. The RMC has already collected INR 74 crore out of the INR 83 crore target for the year and issued notices to 1,200 property owners, focusing on major defaulters.
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28 Mar 2025
S&P Global has revised India's GDP growth forecast for the fiscal year ending March 2026, lowering it to 6.5% from its earlier projection of 6.7%. The ratings agency noted that while domestic demand is expected to remain strong, economies in the Asia-Pacific region could face challenges due to increasing US tariffs and a broader pushback on globalisation. Despite these external pressures, India's emerging market dynamics are likely to support overall economic momentum.
28 Mar 2025
The New Town Kolkata Development Authority (NKDA) has gathered approximately INR 83 lakh from property tax and mutation fees through outreach camps held across various housing complexes in the last three months. Conducted at locations such as Sukhobristi Housing, Rosedale, and Unitech, the initiative resulted in the collection of INR 39 lakh from property tax and INR 44 lakh from mutation fees. A total of 75 property tax assessments and 101 mutation applications were processed. Aimed at clearing tax arrears and streamlining the mutation process, the camps also sought to boost taxpayer participation through awareness campaigns. NKDA plans to expand this initiative in the coming months, including commercial units and business establishments in New Town.
28 Mar 2025
The Chandigarh administration's urban planning department has approved the layout and zoning plan for a housing society in Manimajra, allowing the Municipal Corporation (MC) to auction 7.7 acres of prime land. The project, which includes five residential pockets with a permissible Floor Area Ratio (FAR) of 2.0, could generate INR 250-300 crore in revenue. Additionally, the plan includes designated areas for a shopping complex, green spaces, and reserved land alongside existing structures like a school and Nirankari Bhawan. The MC commissioner stated that the auction would follow revised collector rates, with the entire process expected to conclude in three months.
27 Mar 2025
Nisus Finance has exited its Real Estate Special Opportunities Fund-1 (RESO-I) following the full redemption of its INR 105 crore investment in rated, listed Non-Convertible Debentures (NCDs) issued by Suvita Real Estate, a subsidiary of Shapoorji Pallonji Real Estate (SPRE). The investment, made earlier this year, yielded a strong internal rate of return (IRR) of 18.74%. SPRE redeemed the NCDs through internal accruals and capital infusion, using the funds for a 12.16-acre land parcel in Manjri Budruk, Pune. This marks Nisus Finance's first successful exit from RESO-I, highlighting growing investor confidence in India's affordable housing sector and well-structured real estate credit deals.
27 Mar 2025
The Bhopal Municipal Corporation (BMC) has seized multiple properties, including a marriage garden, a hotel, and several shops, as part of its revenue recovery drive targeting unpaid taxes and charges. Out of eight properties initially marked for action, three owners cleared their dues during the operation. Notable defaulters included Hills View Marriage Garden near Kaliyasot Dam, which owed INR 14,06,555, and several units in Jyoti Shopping Centre, such as Shop No. 204 (INR 1,11,392), Shop No. 301 (INR 4,85,466), and Shop No. 301-A (INR 2,28,699). Office No. 405, linked to Bina Nikarbar, had dues of INR 3,27,653. BMC also took action in Zone 21, seizing property owned by Savita Jain. The crackdown extends to the recovery of property tax, water charges, and solid waste management fees.
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