07 Mar 2025

The Kolhapur Municipal Corporation (KMC) recovered INR 19 crore in property taxes through an 80% fine concession scheme that benefited 12,000 residents. The initiative, aimed at clearing overdue payments, granted INR 11.83 crore in concessions and helped KMC move toward its INR 101 crore annual tax collection target. Similar schemes in Pune and Bengaluru have boosted municipal revenues, highlighting their effectiveness in improving tax compliance. With urbanization rising, municipalities are focusing on digital platforms to streamline payments, ensuring long-term revenue growth for essential civic projects.Read more

07 Mar 2025

The Ahmedabad Municipal Corporation (AMC) has sealed 2,338 properties across the city in a major property tax recovery drive, collecting INR 90.57 lakh in a single day. The southwest zone saw 466 properties sealed, recovering INR 32.70 lakh, while 1,872 properties in the eastern zone contributed INR 57.87 lakh. Property owners failing to pay taxes face water and sewer disconnections. However, complaints about wrongful sealing on Ashram Road have surfaced. Other cities like Bengaluru and Gurgaon have also strengthened tax collection efforts, with AMC planning a 5% annual tax hike and digitized payment systems for transparency.Read more

06 Mar 2025

Hrithik Roshan has extended the rental agreement for a 9,209 sq. ft. commercial office space located in Pune's World Trade Centre, EON Kharadi. As per property registration documents accessed by CRE Matrix, the renewed lease entails a monthly rent of INR 6.08 lakh, with a security deposit of INR 11.67 lakh. The lease has been assigned to Regus Ruby Business Centre Pvt Ltd, with a tenure of 36 months starting from late September 2024. The agreement includes a 5% annual rent escalation clause. A stamp duty of INR 58,500 and a registration fee of INR 1,000 were paid for the registration. The office, situated on the eighth floor, also provides parking for nine four-wheelers and 18 two-wheelers.Read more

06 Mar 2025

Mumbai-based real estate developer Pranav Constructions has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO comprises a fresh issuance of INR 392 crore and an offer for sale of up to 28,56,869 equity shares by promoter and investor selling shareholders. The company may also consider a pre-IPO placement of INR 78.40 crore. Pranav Constructions is a major player in the MCGM redevelopment sector in Mumbai and has a strong track record of timely project execution, following a capital-light business model. The company reported a consolidated revenue of INR 447.48 crore for Fiscal 2024, with a profit of INR 39.62 crore.Read more

06 Mar 2025

The Adani Group is reportedly reconsidering its investment plans in the United States following policy changes introduced by President Donald Trump. The conglomerate had previously halted its USD 10 billion commitment to US infrastructure projects due to legal troubles over an alleged USD 265 million bribery scheme. The suspension of the Foreign Corrupt Practices Act (FCPA) enforcement in the US has sparked renewed optimism within the group, prompting it to explore investment opportunities in sectors such as nuclear power, utilities, and port infrastructure. Legal proceedings against Adani and his associates continue, although the policy shift has created a more favourable environment for the group's expansion.Read more

06 Mar 2025

The Nashik Municipal Corporation (NMC) saw a 33% increase in property tax collection, reaching INR 234 crore by February, a record high. To meet its INR 250 crore goal, it needs INR 16 crore more. The rise is attributed to an 8% discount for early lump-sum payments, an extra 1% for online payments, and a successful amnesty scheme. NMC's push for digital transactions and actions against defaulters, like door-to-door collection, also contributed. With a steady revenue increase over recent years, NMC expects to exceed its target in March.Read more

06 Mar 2025

Mumbai Indians captain Rohit Sharma has rented out his 1,298 sq. ft. luxury apartment in Lodha Marquise, Lower Parel, for INR 2.6 lakh per month. The flat, co-owned with his father, was purchased in 2013 for INR 5.46 crore. A second unit in the same complex was leased in October 2024 for INR 2.65 lakh monthly. Rohit also owns a 6,000 sq. ft. apartment in Ahuja Towers, Worli, worth INR 30 crore. Lower Parel and Worli remain prime real estate markets due to their connectivity and high rental yields, making them attractive for luxury investors and tenants alike.Read more

06 Mar 2025

The Bidhannagar Municipal Corporation (BMC) plans to adopt the Bharat Bill Collection System (BBPS) as an additional option of property tax collection beginning with the 2019 fiscal year. This program intends to make it easier for taxpayers to make payments using mobile apps in addition to existing online and offline ways. The civic authority has already initiated the process of collaborating with a bank to adopt this system. BMC currently accepts property tax payments via debit or credit cards, internet banking, or in person with cash, checks, or demand drafts. The corporation is also focusing on implementing the Unit Area Assessment (UAA) system, which will standardize property tax collection throughout all 41 wards. With these approaches, BMC hopes to increase revenue, raising its collection target from INR 40 crore last year to INR 44 crore for the coming fiscal year.Read more

05 Mar 2025

With the financial year-end approaching, Trichy Corporation has intensified arrears recovery, targeting commercial properties with overdue taxes exceeding three years. As of March 2, tax collections reached INR 137.3 crore, with strict measures like shutting underground drainage (UGD) facilities boosting recoveries. Meerut and Hyderabad municipal bodies have adopted similar tactics, including sealing properties and issuing auction warrants. Meanwhile, Delhi introduced tax waivers to encourage payments. Trichy's survey of 5,400 properties added INR 10 crore in revenue, and UPI payments have simplified collections. These strategies aim to enhance tax efficiency and civic resource management across municipalities.Read more

05 Mar 2025

Jindal Power, backed by Indian billionaire Naveen Jindal, is set to acquire Gujarat-based thermal power company Bhadreshwar Vidyut Pvt Ltd for approximately INR 500 crore under the corporate insolvency process. Bhadreshwar Vidyut, previously known as OPGS Power Gujarat, operates two coal-based power plants in Kutch. The acquisition, approved by the Committee of Creditors (CoC), involves a resolution plan valued at nearly INR 470 crore. The transaction will be financed through internal accruals, with an additional investment of INR 25-50 crore allocated for capital expenditure. The acquisition is expected to be completed within the next six months, further strengthening Jindal Power's presence in the sector.Read more