09 Jan 2025

Nagpur Municipal Corporation (NMC) launched a Property Tax Amnesty Scheme, offering an 80% waiver on penalties and interest from January 1 to March 31, 2025. With outstanding property taxes of INR 850.1 crore and INR 770.45 crore in fines, the scheme targets compliance among 286,399 defaulters. Led by commissioner Abhijeet Chaudhari, NMC aims to recover INR 200 crore during this period. Critics question its timing before civic elections, but supporters highlight the financial relief it offers. Payments made post-deadline won't qualify, urging defaulters to act promptly. The initiative is a pivotal step in balancing municipal revenue generation with public support.Read more

09 Jan 2025

Property registrations in Indore and Ujjain surged in 2024, driven by infrastructure projects and anticipation for the 2028 Simhastha Kumbh Mela. The Malwa-Nimar region saw 579,145 documents registered, generating INR 4,496.25 crore. Indore led with 175,737 registrations, contributing INR 2,439.10 crore, a 6.43% rise, while Ujjain followed with 79,229 registrations and INR 483.95 crore, a 10.52% increase. Key projects like the Indore-Ujjain road widening and metro expansion boosted demand. This trend reflects regional economic growth, positioning the area for further investments and urban development ahead of the major religious event.Read more

09 Jan 2025

Kolhapur Municipal Corporation (KMC) sealed 24 flats in Sankalpsiddhi Apartment, Krantisinh Nana Patil Nagar, over long-standing property tax arrears of INR 40,000-INR 50,000 per flat. This marks the first large-scale sealing of flats, primarily vacant investments, as owners failed to comply despite notices and a 50% penal interest concession. KMC's campaign targets chronic tax evasion to enhance municipal revenue and services, with officials warning of further legal actions for non-compliance. The initiative underscores the need for timely payments to support city development and ensure equitable contribution from all property owners.Read more

09 Jan 2025

The Pune Municipal Corporation (PMC) is inviting housing societies to apply for up to a 10% property tax rebate for 2025-26 by adopting green initiatives like vermiculture composting, rainwater harvesting, and solar energy systems. Applications are open until February 15, 2025, with operational projects qualifying for the rebate. In 2023-24, 128,000 properties applied for similar benefits, though inspections revealed maintenance lapses in some cases. The PMC is addressing this through community awareness programs and additional incentives. This initiative aligns with PMC's environmental goals, fostering a culture of sustainability while offering tax relief to compliant property owners.Read more

Vriti Gothi

08 Jan 2025

Property registrations in Mumbai's city municipal area showed a modest increase in December, reaching 12,415 units, compared to 12,285 in the same period the previous year. Residential properties accounted for 80% of the total registrations. The total number of property registrations in 2024 stood at over 141,000 units, marking a rise from the previous year's 126,937. Shishir Baijal, Chairman and MD of Knight Frank India, emphasized the resilience of Mumbai's property market, highlighting strong demand, particularly for premium homes, and its importance as a long-term investment and economic driver.Read more

08 Jan 2025

The Pune Municipal Corporation (PMC) has announced a new initiative to disconnect water supply from properties with unpaid property tax dues. The action will target both residential and commercial properties, with a particular focus on residential ones. The drive, which began on January 2, 2025, aims to recover significant revenue, with a target of INR 2,600 crore for the current fiscal year. To supplement their efforts, the PMC has also launched a music band initiative that has already raised INR 60 crore in a month. Legal advice is being sought to ensure that the measures taken comply with the law.Read more

08 Jan 2025

The promoter group of Metro Brands has expanded its luxury real estate investments, acquiring three sea-view apartments in Mumbai's iconic Palais Royale tower for over INR 243 crore. Located on the 61st and 62nd floors, the apartments span over 23,000 square feet and rank among India's most expensive, priced at INR 1.05-1.07 lakh per square foot. This follows a recent family purchase of two units in the same tower for INR 162 crore. Funded by their September sale of a stake in Metro Brands for INR 749.7 crore, the transactions underscore the enduring demand for Mumbai's ultra-luxury real estate among affluent buyers.Read more

08 Jan 2025

Private equity (PE) investments in Indian real estate surged to an impressive USD 4.2 billion in 2024, reflecting a 32% year-on-year growth. The warehousing sector led with 45% of total investments, surpassing the office sector for the first time since 2017, while residential investments doubled. Mumbai retained its position as the top investment destination. This growth was driven by strong investor confidence, robust demand in e-commerce and residential markets, and supportive government policies. The trends signal a promising outlook for Indian real estate, fueled by domestic and foreign capital inflows.Read more

Vriti Gothi

07 Jan 2025

Neelkanth Realtors Limited, a prominent Mumbai-based real estate firm under the Bhimjyani Group, is preparing for its Initial Public Offering (IPO). The company plans to issue up to 13.5 million equity shares, with proceeds earmarked for funding new projects, reducing debt, and bolstering financial health. With a strong market presence and leadership under Rashmi and Bhavik Bhimjyani, Neelkanth Realtors aims for sustainable growth. The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), and the IPO will follow a book-building process.Read more

07 Jan 2025

In an effort to generate revenue for developmental projects without burdening taxpayers, the Bruhat Bengaluru Mahanagara Palike (BBMP) is focusing on its immovable properties, such as buildings and open spaces it owns or manages. The civic body plans to sell or lease these properties through a public auction, linking the rental value to the government's guidance value. Recently, BBMP notified draft rules on property management, seeking public objections. These rules aim to streamline the leasing process, make BBMP more self-reliant, and address issues like low rental values and lengthy leases to religious or educational institutions.Read more