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

24 Feb 2025

The Ulhasnagar Municipal Corporation (UMC) launched a 25-day amnesty scheme to increase property tax collections for FY 2024-25. The scheme, which was introduced earlier this week, provides phased waiver of penalties to taxpayers who pay their dues within the stipulated time periods. UMC Commissioner Manisha Awhale confirmed that this would be the final Abhay Yojana scheme, as per political leaders' requests, and stressed strict action against defaulters in the future. Past records indicate that such schemes have recovered substantial arrears, solving Ulhasnagar's chronic tax compliance problems. Payment of dues in full is a prerequisite to avail of the scheme.Read more

21 Feb 2025

Enzyme Office Spaces has rented out 14,000 square feet of office space to Sugar Cosmetics at its facility in Andheri East, Mumbai. Originally leased from House of Hiranandani, the space was intended for Enzyme's own coworking centre but will now be fully occupied by Sugar Cosmetics for its five-year expansion plan. The lease provides seating for about 300 employees. Enzyme's CEO, Ashish Agarwal, highlighted the growing demand for flexible office spaces, especially in major cities. This agreement reflects the increasing trend of businesses choosing managed office solutions to meet their evolving needs.Read more

21 Feb 2025

Pune-based developer Solitaire Group has acquired nearly 10 acres of land in Wagholi for over INR 129 crore through its entity, Westcon Spaces Pvt Ltd. The acquisition, completed in four transactions on February 6, includes a 5-acre plot for INR 50 crore and a 4-acre parcel for INR 40 crore, with additional smaller purchases. While the company has not disclosed development plans, Wagholi's rising demand, proximity to IT hubs, and infrastructure growth suggest potential residential projects. Pune's real estate market remains strong, with developers actively securing land, mirroring trends in cities like Mumbai and Bengaluru.Read more

21 Feb 2025

The Securities and Exchange Board of India (SEBI) and the Bharat InvIT Association (BIA) are collaborating to establish dedicated Data Benchmarking Institutes (DBIs) for Infrastructure Investment Trusts (InvITs), mirroring similar initiatives for Real Estate Investment Trusts (REITs). Financial service firms such as CAMS, CareEdge, and KFintech, in association with the InvIT body, are set to launch three platforms by the end of the month. These platforms aim to enhance transparency, improve data accessibility, and provide investors with comprehensive insights into listed InvITs. Initially, data for five publicly listed InvITs will be available, with details of 16 privately listed trusts being incorporated in a later phase. The initiative follows the introduction of similar platforms for REITs, with potential future linkages between the two.Read more

21 Feb 2025

The Andaman and Nicobar Administration has entered into a strategic partnership with the Delhi Development Authority (DDA) through a Memorandum of Understanding (MoU) to drive sustainable urban planning for future projects. This initiative aligns with the vision of 'Viksit Bharat' and aims to significantly enhance infrastructure in the islands. Signed by Lt. Governor Admiral DK Joshi and Delhi Lt. Governor Vinai Kumar Saxena, the MoU focuses on expertise sharing for redevelopment projects like the Swaraj Dweep Jetty, boosting connectivity and tourism. The collaboration also emphasizes eco-friendly urban development, sustainable growth, and minimal environmental disruption. The partnership is expected to set new benchmarks in coastal and island urban planning across India.Read more

21 Feb 2025

With liquidity constraints persisting, housing finance companies (HFCs) are eagerly anticipating the full-scale operations of RMBS Development Co Ltd (RDCL), which is expected to provide long-term liquidity at lower costs. Established in March 2024 and backed by the National Housing Bank (NHB), RDCL is supported by major lenders such as HDFC Bank, ICICI Bank, and Bajaj Finance. Its primary role is to strengthen the residential mortgage-backed securities (RMBS) market in India. Industry experts believe that RDCL will enhance market depth, improve investor confidence, and serve as a stabilising entity, similar to international models. The entity's structured approach is expected to address asset-liability mismatches and attract a broader investor base, ultimately benefiting the housing finance ecosystem.Read more

20 Feb 2025

Kalpataru Projects International (KPI) reported a Q3 FY24 net profit of INR 139.59 crore, a 3% decline year-on-year, despite a 17% revenue growth to INR 5,742.76 crore. The company secured INR 820 crore in new orders in Q4, pushing its total order book to INR 61,429 crore, up 19% YoY. KPI reappointed Manish Mohnot as MD & CEO for three years, pending shareholder approval. The company, active in 75 countries, faces a net debt of INR 2,694 crore but remains focused on infrastructure growth across power transmission, water supply, and urban mobility.Read more

20 Feb 2025

The Securities and Exchange Board of India (SEBI) has proposed revisions to financial disclosure norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These changes, aimed at enhancing transparency and investor protection, require REITs and InvITs to provide detailed financial statements in their offer documents, regardless of their operational tenure. Additionally, SEBI suggests removing the option of condensed financial statements and making quarterly reporting on fund utilisation mandatory. The net borrowing ratio must also be disclosed in financial reports. Public feedback on these proposals has been invited, with submissions open through an online platform till March 7.Read more

20 Feb 2025

BBMP is launching an initiative to deliver draft khatas to property owners in Bengaluru, aiming to make it easier for residents to obtain their e-khata certificates without needing to visit civic agency offices. The initiative, which is expected to launch soon, targets 23 lakh residents who have not yet accessed their property records due to technical challenges or lack of awareness. While the delivery of draft khatas will improve accessibility, challenges with the final issuance of e-khatas remain.Read more