20 Mar 2025

In a bold move to enhance property tax recovery, the Pune Municipal Corporation (PMC) has deployed an all-woman task force, the Damini Squad. The newly-formed squads have already collected over INR 1 crore within just a few days. With property tax dues amounting to nearly INR 10,000 crore, PMC aims to recover a significant portion this financial year, including outstanding amounts from properties and mobile towers.Read more

20 Mar 2025

Life Insurance Corporation of India (LIC) is steering two major moves to bolster its market position: the proposed launch of ultra-long-term bonds and a planned acquisition within the health insurance sector. The insurer is in discussions with the Reserve Bank of India (RBI) to introduce 50-year and 100-year bonds, building on the recent introduction of 40-year sovereign bonds. Concurrently, LIC is nearing a strategic investment in a standalone health insurer, potentially ManipalCigna, signaling its foray into the fast-growing health insurance space. Both initiatives are part of LIC's broader strategy to diversify offerings and fortify its long-term investment portfolio.Read more

19 Mar 2025

Chandigarh property owners may face a significant tax hike from FY 2025-26 as the UT administration finalizes plans to align rates with major Indian cities. Currently taxed at 3% of annual ratable value (ARV), the proposed increase could push rates closer to Delhi and Mumbai. The Municipal Corporation had suggested raising residential tax to 12% and commercial to 15%, but the proposal was rejected by councilors. Despite opposition, the UT administration holds the final decision. If approved, the hike will follow an annual escalation model, affecting both residential and commercial property owners.Read more

19 Mar 2025

The Nashik Municipal Corporation (NMC) has appointed three private agencies for a three-year citywide property tax survey starting April 1. The agencies will identify unregistered properties, update tax records, and detect unauthorized commercial usage to ensure proper taxation. This initiative aims to increase revenue for civic infrastructure projects. Similar efforts in Chandigarh improved tax compliance, identifying over 1.19 lakh properties. NMC has also reinstated the industrial tax slab, reducing rates for nearly 1,000 businesses. Property owners are advised to verify compliance, as this survey strengthens Nashik's tax system for sustainable urban development.Read more

19 Mar 2025

The Ahmedabad Municipal Corporation (AMC) has launched its annual property tax rebate scheme, which includes interest waivers to encourage timely payments. Residential property owners who pay their dues between mid- and late March will receive a 100% interest waiver, while commercial property owners will receive a 75% waiver. This initiative is expected to generate over INR 250 crore in revenue.Read more

19 Mar 2025

Indore's stamps and registrations department has merged about 500 smaller property registration centers with larger ones to improve efficiency and streamline real estate transactions. This restructuring, achieved through polygon mapping, has reduced the number of registration locations from 5,124 to 4,613. Around 3,200 locations will see guideline rate hikes of 20% to 100%, and 150 new colonies will be added to the collector guidelines. The move aims to simplify property registration, boost revenue, and support Indore's growing real estate market. Final approval is expected soon, shaping property transactions in the city for the upcoming financial year.Read more

19 Mar 2025

The stamps and registration department of Karnataka faces a major challenge in meeting its INR 26,000 crore revenue target for 2024-25. So far, it has collected INR 20,186 crore, leaving a shortfall of INR 5,800 crore with only weeks remaining. Slow real estate activity, technical issues affecting encumbrance certificate (EC) generation, and the new mandatory e-khata rule have caused delays, especially in Bengaluru. While Bengaluru Urban leads collections with over INR 13,000 crore, and Bengaluru Rural remains a steady contributor, the slowdown post-October is evident. The department is making urgent efforts to boost collections before the fiscal year ends.Read more

19 Mar 2025

Tamil Nadu's latest budget for 2025-26, presented by Finance Minister Thangam Thennarasu, outlines a bold INR 4.39 lakh crore spending plan ahead of the 2026 Assembly elections. The budget combines aggressive welfare schemes, such as direct cash transfers for women and fare-free travel, with significant infrastructure investments. With allocations for roads, metro rail, and a proposed 'Global City' near Chennai, the state is positioning itself for both social upliftment and economic expansion. However, rising debt levels and the challenge of balancing fiscal prudence with social spending remain key concerns, even as revenue projections show optimistic growth.Read more

18 Mar 2025

Madhya Pradesh's Gross State Domestic Product (GSDP) demonstrated a substantial increase of 11.05% over the previous financial year, as reflected in the Economic Survey of Madhya Pradesh 2024-25, which was presented in the state assembly earlier this week. The GSDP at prevailing prices stood at INR 15,03,395 crore, up from INR 13,53,809 crore. Even at constant prices, it exhibited a growth of 6.05%. The state's per capita net income surged from INR 38,497 in 2011-12 to INR 1,52,615 in 2024-25, with inflation-adjusted figures also showing considerable improvement. Sector-wise contributions revealed a decline in the primary and secondary sectors, while the services sector witnessed a positive uptrend.Read more

18 Mar 2025

Piramal Capital & Housing Finance Limited (PCHFL) is currently seeking buyers for a loan portfolio valued at INR 1,625 crore. The loans were extended to Transcon Sheth Creators, Sheth Creators, and Homemakers. PCHFL has invited bids from asset reconstruction companies, non-banking financial companies (NBFCs), and financial institutions on an upfront cash payment basis. The company has been focusing on reducing its wholesale loan book while shifting towards expanding its retail lending operations. This strategy follows Piramal Enterprises Group's restructuring and its ongoing efforts to address substandard wholesale loans.Read more