20 Jan 2025

Rajasthan's local self-governance department has announced a rebate program to boost urban development (UD) tax compliance. Residents paying their full UD tax for 2023-24 by March 31 will receive a complete waiver on interest charges. Additionally, a 50% discount on principal amounts and penalty waivers apply to pending UD and house tax dues before 2011-12. The tax targets residential properties over 300 square yards and commercial units over 900 square feet. Jaipur Municipal Corporation (JMC) Greater collected Rs 69 crore last year but aims to increase revenue through incentives and proactive measures like inspections and tax camps, ensuring funds for city development.Read more

20 Jan 2025

The Ranchi Municipal Corporation (RMC) is pursuing 85 property tax defaulters, including Saraswati Shishu Vidya Mandir in Dhurwa, which owes INR 17.03 lakh, to recover INR 23 crore in outstanding holding taxes for FY 2023-24 and 2024-25. With INR 60 crore collected so far against a INR 83 crore target, RMC has issued final warnings, urging payment within seven days to avoid property attachment and account freezes. Over 1,000 notices have been sent, and hoardings promote online payments while warning of legal actions under Section 184 of the Jharkhand Municipal Act. Funds will support civic services like road maintenance and waste management.Read more

20 Jan 2025

India's land transactions surged by 47% in 2024, with over 2,000 acres involved in 135 deals across major cities like Delhi-NCR, Bengaluru, Mumbai, Chennai, and Pune, according to CBRE. The residential sector drove growth, accounting for 60% of the land volume (1,190 acres) and experiencing a 70% increase from 2023. Delhi-NCR led the market with 40 transactions, primarily in Gurugram and Noida. Other segments, including data centers, office spaces, and mixed-use developments, contributed to the diversification of asset preferences. This growth reflects rising urbanization, supportive policies, and India's positioning as a hub for real estate and digital infrastructure investment.Read more

17 Jan 2025

India's luxury real estate market witnessed a 17% growth in sales value in 2024, with 59 high-end homes sold for INR 4,754 crore, up from INR 4,063 crore in 2023, according to Anarock. Mumbai dominated with 88% of sales, while Delhi-NCR, Hyderabad, and Bengaluru contributed modestly. Notably, 17 transactions surpassed INR 100 crore each, highlighting robust demand for ultra-premium properties despite rising construction costs. Driven by a growing affluent class and evolving post-pandemic lifestyle preferences, the trend underscores a shift towards spacious, modern homes. As urbanization accelerates, the luxury market is poised for sustained growth in the coming years.Read more

17 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) is preparing to intensify actions against major commercial property tax defaulters following the end of the One-Time Settlement (OTS) scheme. With an outstanding INR 300 crore due from nearly 2 lakh properties, BBMP has developed a comprehensive plan, targeting 240 properties across various zones, focusing primarily on commercial ones. Residential properties will not be seized unless unoccupied. However, the Bengaluru Coalition has criticized BBMP's approach, calling it insufficient and ineffective. They argue that sealing properties under existing laws has had little impact and doesn't address the issue at hand.Read more

17 Jan 2025

Strata, a commercial real estate investment platform, has been granted a license by the Securities and Exchange Board of India (SEBI) for its small and medium real estate investment trust (SM REIT), named Strata SM REIT. The platform plans to launch up to six SM REIT schemes in FY26 and aims to gradually expand to one scheme every month. Introduced by SEBI in March 2024, SM REITs allow for smaller investments in commercial real estate projects with a minimum asset value of INR 50 crore, as opposed to INR 500 crore for traditional REITs. Strata Capital will manage the investment, with Axis Trustee serving as the trustee. Strata currently manages assets worth over INR 2,000 crore and is backed by several institutional investors.Read more

17 Jan 2025

The Ahmedabad Municipal Corporation (AMC) sealed 949 properties in the east zone, recovering INR 53.44 lakh in unpaid property taxes. Targeting high-defaulter areas like Haridarshan Estate and Palm Arcade, the operation underscores AMC's aggressive stance on tax evasion. Officials warned defaulters of further penalties, including service disconnections and police complaints, if dues remain unpaid. This initiative is crucial for AMC's financial health, ensuring funds for infrastructure and services. Recent road expansion in Vastral, which saw the demolition of three commercial establishments, highlights AMC's dual focus on urban development and fiscal responsibility. Property owners are urged to comply to avoid severe repercussions.Read more

17 Jan 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) has sealed 830 non-residential properties across eight city zones for outstanding property tax dues, with the East Zone leading at 231 closures. Led by Special Commissioner (Revenue) Munish Moudgil, the initiative emphasizes swift enforcement, including property attachment and potential auctions. Over 180 properties were sealed in just 24 hours, signaling intensified efforts from January 1 to 9, 2025. BBMP aims to boost compliance through these actions and better communication with property owners, emphasizing the importance of timely tax payments to fund essential city services. This crackdown underscores a growing focus on sustainable urban governance.Read more

17 Jan 2025

JSW Cement, part of the diversified JSW Group led by Sajjan Jindal, has received approval from SEBI to raise INR 4,000 crore through an initial public offering (IPO). The offering includes a fresh issue of equity shares worth INR 2,000 crore and an Offer-for-Sale (OFS) of INR 2,000 crore. Several investors, including AP Asia Opportunistic Holdings and State Bank of India, will divest shares as part of the OFS. The company plans to use the IPO proceeds to finance its new cement unit in Rajasthan and pay down existing debt. It aims to increase its capacity significantly in the coming years.Read more

16 Jan 2025

Bengaluru's real estate market has witnessed a 5-20% rise in housing prices, with eastern areas leading the surge. Despite escalating costs in central neighborhoods like Indiranagar and Koramangala, affordable options under INR 1 crore are available in peripheral areas. North Bengaluru, fueled by developments like the airport and Manyata Tech Park, offers 3BHK apartments in Devanahalli and Hebbal priced between INR 4,600 and INR 13,000 per sq ft. Similarly, areas like Whitefield, Sarjapur Road, and Kanakapura Road provide budget-friendly units in smaller gated communities. Upcoming infrastructure projects, including the Namma Metro, are set to enhance connectivity, making these locations increasingly attractive for homebuyers.Read more