20 Feb 2025

The Nashik Municipal Corporation's (NMC) budget for 2025-26 features an outlay of INR 3,053.31 crore, marking an increase from previous years. Property tax hikes for new residential, commercial, and industrial properties, along with tripled development charges, are designed to boost revenue. A revised tax system for rental properties will reduce the financial burden on owners, while mandatory licence fees for shops and industries will bring in additional income. The NMC has significantly reduced its liabilities, allocated funds for transport services and ward development, and plans to establish nine clinics to enhance healthcare access.Read more

19 Feb 2025

Bangalore-based real estate developer Prestige Group is in the final stages of securing INR 1,050 crore from multiple lenders, led by Kotak Mahindra Bank, at an interest rate of 10.81% to refinance expensive borrowing from Yes Bank. The funding will be raised at Bamboo Hotel and Global Centre (Delhi) (BHGCPL), a joint venture between Prestige Group and DB Realty, which is currently developing a large-scale mixed-use project in New Delhi's Aerocity. BHGCPL has been experiencing financial constraints, with only INR 51 crore in unencumbered cash against pending costs of INR 2,074 crore. The shortfall is expected to be covered through new debt, receivables, tenant security deposits, and promoter contributions.Read more

19 Feb 2025

Maharashtra's property registration department has achieved 85% of its INR 55,000 crore revenue target by mid-February, with 23.72 lakh documents registered and INR 46,493.75 crore generated. The strong performance, driven by high-value transactions, comes ahead of a proposed hike in ready reckoner (RR) rates, which determine stamp duty and registration costs. The rate hike, intended to fund welfare schemes, has raised concerns among buyers and developers about its potential impact on affordability and market dynamics. Historically, the department has consistently exceeded revenue targets, highlighting robust property market activity despite external challenges.Read more

19 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) has taken stringent action against tax defaulters by attaching 18 under-construction buildings of DBS Realty in Sangharsh Nagar, Chandivli, to recover outstanding property tax amounting to INR 179 crore. The civic body has issued notices under Section 203 of the Mumbai Municipal Corporation Act, warning that if the dues are not cleared within 21 days, an auction will be initiated. The BMC has set a property tax collection target of INR 6,200 crore for 2024-25 and has already collected INR 4,823 crore. The BMC has listed 500 defaulters, including leading real estate developers and government bodies, with total pending dues soaring to INR 5,397 crore.Read more

19 Feb 2025

Puravankara reported a consolidated net loss of INR 92.64 crore in Q3 FY25, a significant downturn from the INR 77.79 crore profit recorded in the same quarter last year. The company cited procedural delays, such as the e-khata policy, and expansion costs in the western region as key factors for the loss. Despite this, total revenue from projects in the first three quarters of FY25 rose by 16%, while customer collections increased by 19%. The company also invested heavily in land acquisitions and introduced new projects, adding a GDV of over INR 9,000 crore. However, net debt remained at INR 2,824 crore with an 11.73% weighted average cost.Read more

19 Feb 2025

The Ahmedabad Municipal Corporation (AMC) has increased rebates for advance property tax payments for FY 2025-26, offering up to 15% in incentives. The advance payment rebate has been raised from 10% to 12%, with an additional 1% for online payments and 2% for consistent digital taxpayers over three years. Last year, AMC collected INR 770 crore through early payments, and for FY 2025-26, it expects INR 800-900 crore in advance tax collections. The budget maintains existing tax rates, offering 70% relief for trust-run hospitals and full vehicle tax exemption for EVs.Read more

18 Feb 2025

A special court in Mumbai recently approved the auction of 13 properties belonging to Gitanjali Gems Limited, a company owned by fugitive diamond trader Mehul Choksi, the primary accused in the Punjab National Bank (PNB) loan fraud case. The court ruled that maintaining idle properties would result in depreciation. These properties include residential and commercial units in Mumbai and Surat. The Enforcement Directorate (ED) had no objection to the liquidator's plea, and the sale proceeds will be deposited as fixed deposits in favour of the court. Choksi has been residing in Antigua since 2018, while investigations into his financial misconduct continue.Read more

18 Feb 2025

The Nashik Municipal Corporation (NMC) has reinstated the industrial slab for property tax, reducing rates from INR 44 to INR 13.2 per sq. mt per month for industrial units established or expanded after April 2018. This decision reverses a 2018 policy that imposed commercial tax rates, providing relief to around 1,000 industries. The move is expected to lower operational costs, attract investment, and boost employment, making Nashik more competitive with other industrial hubs. Additionally, NMC has approved infrastructure projects worth INR 15 crore. These measures collectively support Nashik's industrial growth and broader economic development.Read more

18 Feb 2025

Tamil Nadu's real estate sector continues to be a major revenue driver, with the registration department recording its second-highest daily collection this fiscal year at INR 237.98 crore. The surge, driven by 23,421 document registrations, was led by Chennai (INR 89 crore), followed by North Chennai, which showed unexpected growth. Cultural factors also played a role, with increased registrations on an auspicious day. Infrastructure developments and investor interest are reshaping market trends. With strong contributions from Chengalpet and Coimbatore, Tamil Nadu's real estate market remains dynamic, poised for sustained growth through strategic planning and digital integration.Read more

17 Feb 2025

Awfis Space Solutions posted a net profit of INR 151.79 million in Q3 FY25, marking a turnaround from a INR 62.89 million loss in the same quarter last year. The company's consolidated income surged 46.81% to INR 3,314.66 million, fueled by rising demand for flexible workspaces. Since March 2024, Awfis has added 27,000 seats and opened 33 centers, bringing its total to 120,000 seats across 193 locations. With 73% of new additions under the Managed Office model, Awfis plans to expand to 135,000 seats by March 2025. Its asset-light strategy and focus on technological enhancements position the company for sustained growth in the evolving workspace sector.Read more