07 Jan 2025

The Guntur Municipal Corporation (GMC) is contemplating adopting the Bengaluru model for managing vacant land in the city. The plan includes imposing fines on landowners whose properties become dumping grounds, contributing to public health issues. Around 20,000 neglected sites in the city are breeding mosquitoes and creating unhygienic conditions. While GMC has issued notices to landowners, many have not responded, worsening the situation. GMC officials are preparing a report to seek approval for penalties, and local legislators have called for immediate attention to the city-owned vacant sites.Read more

07 Jan 2025

The Brihanmumbai Municipal Corporation (BMC) collected over INR 5,847 crore in property taxes by December 2024, achieving 62% of its INR 6,200 crore target for the fiscal year 2024-25. This marks a 21% increase compared to the previous year's collection of INR 4,800 crore by the same period. Improved digital payment systems, streamlined arrears management, and enhanced communication with property owners contributed to this success. With over INR 433 crore collected in just the last two days of 2024, the BMC's efficient strategies underscore its strong financial performance and its ability to exceed targets, boosting Mumbai's civic infrastructure funding.Read more

07 Jan 2025

The Pimpri Chinchwad Municipal Corporation (PCMC) has intensified its drive against property tax defaulters, sealing 202 properties in just three days. Over 10,000 properties with overdue payments exceeding INR 1 lakh each have been identified. The enforcement has spurred payments, with 398 defaulters clearing INR 9 crore in dues after the crackdown. PCMC, which oversees 6.3 lakh properties, has collected INR 569 crore in property tax revenue this year. Officials stress the importance of timely payments, noting that defaulters are notified before action. Even government offices with pending dues face penalties. This campaign aims to enhance municipal revenue for better services and infrastructure.Read more

06 Jan 2025

Interior designer and entrepreneur Sussanne Khan has leased a residential property in Mumbai's prime Jogeshwari West area for a monthly rent of INR 2.37 lakh. The property, located in Agarwal Ind Estate, is a 2,329 sq ft (216.37 sq metre) space in a ready-to-move-in industrial development. The deal was formalised with a stamp duty of INR 13,500 and registration charges of INR 1,000. Square Yards, the real estate consultant managing the transaction, has reviewed the official property registration documents. Khan, the founder of The Charcoal Project, is known for her luxury interior design services for a global clientele.Read more

06 Jan 2025

US technology giant Google has recently signed a lease agreement with managed workspace provider Table Space for 550,000 sq ft of office space at a commercial complex in Gurugram. This agreement is one of the largest managed workspace deals in India, with an additional option to lease 200,000 sq ft, potentially bringing the total to 750,000 sq ft. Google is also in talks to lease an entire tower at the complex. This expansion forms part of Google's wider strategy to enhance its office presence in India. Other major firms, including IBM and Ciena, have also secured space in the same complex, reflecting a strong demand for Grade A office space in the country. Experts predict India will lead office space leasing in 2024, surpassing markets like the US and China.Read more

06 Jan 2025

The Nashik Municipal Corporation (NMC) recently reported a property tax collection of INR 200 crore, marking a 33% increase compared to the same period last year. This growth is attributed to the success of the amnesty scheme introduced in October 2024, which helped collect INR 55 crore. The NMC had set a target of INR 250 crore for the 2024-25 financial year and needs to collect an additional INR 50 crore within the next three months to meet this goal. With an outstanding tax due of INR 600 crore, including penalties, the NMC is focused on recouping funds through schemes and penalties.Read more

03 Jan 2025

The Securities and Exchange Board of India (SEBI) has scheduled an online auction of 23 properties from nine firms, including Tower Infotech and Vibgyor Group, to recover funds collected from investors without regulatory compliance. The auction, slated for early February 2025, will feature properties located in West Bengal with a reserve price of INR 55 crore. Justice Sailendra Prasad Talukdar has been appointed to oversee the process, assisted by Adroit Technical Services. The properties, including those owned by GBC Industrial Corporation and others, were acquired using funds raised through non-compliant instruments like debentures.Read more

03 Jan 2025

Ventive Hospitality Ltd. made a strong market debut, listing at INR 718.15 on the BSE, an 11.68% premium to its IPO price of INR 643. The stock surged to INR 748.80, reflecting a 16.45% rise. The IPO, fully subscribed 9.82 times, raised INR 1,600 crore, primarily for debt repayment. A joint venture of Blackstone Group and Panchshil Realty, Ventive operates 11 luxury properties in India and the Maldives. Its premium market debut underscores investor confidence in the recovering hospitality sector, positioning the company for expansion in the luxury segment amid rising travel demand.Read more

02 Jan 2025

The Kerala government has exempted Kochi Metro Rail Limited (KMRL) from property taxes, addressing disputes over station and infrastructure levies and relieving financial strain. This decision follows a request by KMRL and aligns with the Indian Railways Act and a tripartite agreement mandating state support. Backed by the Ministry of Housing and Urban Affairs, the exemption aims to improve KMRL's operational efficiency, bolstering Kochi's eco-friendly urban transport. While supporting metro growth, the move highlights the need to balance local government funding challenges with infrastructure development for sustainable urban progress.Read more

01 Jan 2025

The Securities and Exchange Board of India (SEBI) has introduced stringent rules for SMEs aiming to launch IPOs, mandating a minimum operating profit of INR 1 crore in at least two of the last three fiscal years. These changes, outlined in the Draft Red Herring Prospectus (DRHP), aim to ensure financial stability and safeguard investors. SEBI has also limited existing shareholders to selling a maximum of 20% of IPO shares, restricted IPO proceeds for loan repayment, and implemented stricter lock-in periods for promoters. Enhanced transparency measures include randomized share allocation and caps on related party transactions exceeding INR 50 crore or 10% of annual revenue.Read more