26 Feb 2025

The Municipal Corporation of Delhi (MCD) has announced that property tax offices will remain open on Saturdays until March 31, 2025, operating from 10 a.m. to 5 p.m. This move aims to facilitate timely tax payments. MCD has also introduced an online payment system via its website and mobile app, with user manuals available for guidance. Starting April 1, 2025, taxpayers must file an online Property Tax Return (PTR) before making payments. A tax calculator on the MCD website helps determine tax amounts, and rebates are available for select categories.Read more

26 Feb 2025

Pune's real estate market, particularly in Pimpri-Chinchwad, is witnessing strong investment activity, with developers expanding into high-growth suburbs. UC Punawale Skyscrapers LLP recently acquired a land parcel in Punawale for INR 129 crore, reflecting confidence in the region's residential demand. Areas like Punawale, Ravet, and Tathawade are experiencing rising property values due to affordability, connectivity, and proximity to commercial hubs. Key transactions in Ravet and Tathawade reinforce their potential, while Mahalunge and Baner are emerging as premium destinations. With continued developer interest and infrastructure expansion, Pune's suburban real estate market is poised for sustained growth.Read more

25 Feb 2025

Awfis Space Solutions has disclosed in a BSE filing that its bank accounts with HDFC Bank and ICICI Bank were provisionally attached by the Joint Commissioner of State Tax in Mazgaon, Mumbai. The move refers to a purported excess input tax credit (ITC) violation of INR 4.42 crore that was availed in October 2024. The firm revealed that though this ITC was originally reversed in FY 2023-24, it was recovered in line with a Supreme Court order. But after changes in the CGST Act in 2025, the firm has now opted to reverse the ITC once again, with no financial implication on its operations. The board also separately approved the grant of 1,44,382 employee stock options under its ESOP scheme.Read more

25 Feb 2025

SEBI has proposed a new framework to enhance fundraising for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). The guidelines include lock-in provisions requiring 15% of units allotted to sponsors to remain locked for three years and the rest for one year. Additional measures for fast-track follow-on offers (FPOs) include mandatory in-principle stock exchange approvals, a minimum public unitholding of 25%, and stricter disclosure norms aligned with public issue standards. SEBI's continuous efforts to refine regulations reflect its commitment to fostering transparency, boosting investor confidence, and aligning with global practices.Read more

25 Feb 2025

Chandigarh is preparing for an increase in collector rates for various property categories, including agricultural and residential segments, with adjustments expected between 8% and 10%. A meeting chaired by Deputy Commissioner Nishant Kumar Yadav discussed the revisions in line with the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. A draft of the new rates will be released to the public by March 5, 2025, and feedback can be submitted until March 20. The final rates will be announced by March 25 and take effect on April 1, 2025. The revision, the first since 2021, reflects the fluctuating real estate market in the city, driven by ongoing urban development and infrastructure projects. These changes will have implications for property taxes, transaction costs, and overall market activity.Read more

25 Feb 2025

The Reserve Bank of India (RBI) reported a 42.8% rise in NRI remittances, reaching USD 13.33 billion between April and December 2024. This surge pushed outstanding NRI deposits to USD 161.8 billion, driven by strong inflows into FCNR(B), NRE, and NRO accounts. FCNR(B) deposits saw the highest growth, nearly doubling to USD 6.46 billion. The RBI's move to raise FCNR(B) interest rate caps has made these accounts more attractive, bolstering foreign exchange reserves and rupee stability. The trend highlights NRIs' growing confidence in India's banking system and their crucial role in economic growth and financial stability.Read more

25 Feb 2025

Approximately three weeks after the Reserve Bank of India (RBI) filed a plea for corporate insolvency resolution proceedings (CIRP) against Delhi NCR-based AVIOM India Housing Finance, the National Company Law Tribunal (NCLT) has admitted the petition. Earlier, the RBI had superseded AVIOM's board due to governance concerns and payment defaults, appointing Ram Kumar, former Chief General Manager of Punjab National Bank, as its Administrator. The decision was based on the National Housing Bank's recommendation. RBI also established a three-member advisory committee to assist the Administrator, which will continue overseeing AVIOM's operations.Read more

24 Feb 2025

Nisus Finance Services Co Limited has successfully exited its self-redevelopment housing project, Vishwasangam, in Mumbai with an IRR of approximately 21 per cent. The company initially invested INR 22 crore in the Pestom Sagar area of Ghatkopar, partnering with two housing societies and Trilogy Developers. As the first institutional investor in a society-led redevelopment, Nisus Finance provided both financial and strategic support over several years. The project combined commercial and residential elements to offer affordable redevelopment. This achievement highlights significant real estate investment in India, demonstrating confidence in navigating regulatory challenges and limited institutional funding within Mumbai's evolving redevelopment market.Read more

24 Feb 2025

Hyderabad's residential market is witnessing a shift towards premiumisation, as highlighted by Knight Frank India. While overall property registrations remained stable, the total value increased by 5% year-on-year. Homes priced above INR 1 crore saw a 12% rise in registrations, indicating strong demand for high-value properties. Medchal-Malkajgiri led with 45% of registrations, followed by Rangareddy at 41%. The weighted average price of homes rose by 3%, with Medchal-Malkajgiri experiencing an 11% increase. High-value transactions above INR 5.5 crore involved larger properties exceeding 3,000 sq ft, reinforcing the preference for premium housing driven by economic stability and evolving buyer aspirations.Read more

24 Feb 2025

The New Delhi Municipal Council (NDMC) has spotted around 3,200 property tax defaulters who have arrears of INR 200 crore in the last three years. In a bid to increase tax realisation for the ongoing financial year, NDMC had sent show-cause notices and reminders, threatening coercive measures like attachment of property or sealing if payments are not cleared. The council plans to mop up INR 1,150 crore during 2024-25, higher than last year's figure of INR 1,030 crore. Till mid-February, INR 735 crore has been recovered from 9,600 taxable properties. NDMC is also paying attention to government agency pending dues and is in active contact with taxpayers through meetings and on-field tax collection activities. The initiative reflects NDMC's focus on improving compliance post-Covid and addressing revenue shortfalls caused by the pandemic.Read more