13 Mar 2025

The Ulhasnagar Municipal Corporation (UMC) has significantly boosted property tax collections through its Abhay Yojana scheme, which offers a 100% interest waiver for defaulters. On the last day alone, INR 16 crore was collected, bringing the 11-day total to INR 42 crore. Major contributions came from companies like Amar Dye (INR 7.7 crore) and ESIS Hospital (INR 1.49 crore). With property tax arrears exceeding INR 900 crore, UMC hopes to collect more before the March 18 deadline. While effective, the scheme has faced criticism for favoring defaulters over regular taxpayers. Similar rebate schemes have been used in Mumbai, Pune, and Nagpur.Read more

13 Mar 2025

The Raipur Municipal Corporation (RMC) has intensified its crackdown on property tax defaulters, sealing Anand Restaurant in Zone 10 for failing to pay INR 5.92 lakh in dues since 2019-20. Despite multiple notices, the owner did not respond, prompting action under Commissioner Abinash Mishra's directive. The move serves as a warning to other defaulters, reinforcing the city's commitment to tax recovery. RMC has also conducted door-to-door tax collection and updated property tax assessments to improve compliance. The municipality vows continued enforcement to ensure timely payments, strengthen revenue collection, and maintain financial order.Read more

13 Mar 2025

India's real estate market in 2024 saw a major shift, with Tier 2 and 3 cities emerging as key players in land acquisitions (44% of 3,294 acres) and housing demand. According to a report published by Liases Foras, sales surged 23% YoY to 6,81,138 units, with the market valued at INR 7.5 trillion (43% growth). Luxury housing dominated (71% of sales value), with 1-2 crore units rising by 52% and ultra-luxury homes (above 2 crore) growing by 73%. Infrastructure projects like Gati Shakti are fueling growth, especially in affordable housing hubs like Ahmedabad, Pune, and Indore. With INR 22.5 trillion market value, Tier 2 and 3 cities are now central to India's real estate expansion.Read more

13 Mar 2025

Pune's residential real estate market continued its strong growth in 2025, driven by affordability, infrastructure development, and a thriving job market. In 2024, home prices rose 11% YoY to INR 6,590 per sq. ft., with 90,127 units sold. The demand for luxury housing (INR 3-4 crore+) surged, fueled by Pune's technology, finance, and manufacturing sectors. Luxury sales more than doubled to 825 units, but new supply lagged at 295 units. Premium housing is expanding beyond Koregaon Park and Baner to NIBM Road and Hinjewadi, boosted by Pune Metro and Ring Road developments.Read more

13 Mar 2025

Build Capital successfully exited its investment in a Slum Rehabilitation Authority (SRA) project near Bandra-Kurla Complex (BKC), Mumbai, marking another strong return in structured real estate financing. The firm's early-stage investment helped the developer overcome delays, align with DCPR 2034 guidelines, and improve project economics. With 2.25 lakh sq. ft. of carpet area, the project is expected to generate INR 725 crore in revenue. The exit delivered a 19.76% IRR, with timely interest payments to investors. Build Capital's CEO, Kuldeep Jain, emphasized their role in reviving projects and confirmed their ongoing focus on structured debt solutions for real estate development.Read more

13 Mar 2025

BNP Paribas has leased a 3,497 sq. ft. office at Maker Maxity, BKC, at INR 811 per sq. ft. per month, totaling INR 17 crore over five years. This deal reinforces BKC's status as India's most expensive commercial hub. The lease includes three parking spaces and a 5% annual rent escalation. Tesla recently secured a INR 881 per sq. ft. lease at Maker Maxity, marking another high-profile transaction. BKC, Mumbai's central business district (CBD), houses global giants like Apple, Netflix, Amazon, and Pfizer, along with key financial institutions and government offices, solidifying its status as India's premier corporate hub.Read more

12 Mar 2025

The Nashik Municipal Corporation (NMC) has intensified efforts to recover pending property tax dues by issuing notices to defaulters. Over 2,000 notices have already been sent, urging recipients to clear outstanding payments within 15 days. Despite the NMC collecting INR 237 crore so far, it still falls short of its INR 250 crore target. Earlier, the civic body introduced an amnesty scheme offering up to 95% penalty waivers, which led to the recovery of INR 60 crore. However, with over 1.5 lakh defaulters still owing INR 250 crore, the administration is now escalating recovery measures, warning of stricter actions, including property confiscation, for non-payment.Read more

12 Mar 2025

Chandigarh's real estate market is set for a major shift with proposed collector rate hikes, increasing by up to four times depending on property type and location. Residential sector rates may rise by 42%-128%, while rural residential plots could see a 316% hike. Commercial properties in rural areas face a 438% increase, and industrial land rates in Phases 1 and 2 may jump 32%. Agricultural land rates will now vary by location instead of uniform pricing. These steep hikes could reshape investments and land valuation, significantly impacting buyers, sellers, and developers in Chandigarh's real estate market.Read more

12 Mar 2025

Bollywood actor and producer Priyanka Chopra Jonas has sold four residential apartments in Andheri West's Lokhandwala Complex for INR 16.17 crore. Among these, a duplex spanning the 18th and 19th floors fetched INR 6.35 crore. The deals were executed by her mother, Madhu Chopra, and registered earlier this week, incurring a cumulative stamp duty of INR 84.47 lakh. This follows her previous real estate sales in the same area, including two apartments to filmmaker Abhishek Chaubey for INR 6 crore in late 2023 and a commercial property for INR 7 crore earlier that year.Read more

12 Mar 2025

Unlike previous years, Ahmedabad Municipal Corporation (AMC) has yet to announce its annual property tax interest waiver scheme, leading to uncertainty among taxpayers. Meanwhile, AMC's South West Zone sealed 477 properties, recovering INR 41 lakh in a single day, while illegal constructions at Gurukrupa Estate were demolished. The western zone saw a 5.95% drop in tax revenue, attributed to reassessment delays. Other cities like Nagpur and Ulhasnagar have introduced penalty waiver schemes to boost tax compliance. The delay in AMC's announcement could impact revenue collections as taxpayers wait for possible rebates.Read more