PNT Reporter

02 Dec 2024

CREDAI, the apex body for real estate developers, has urged the government to implement a 100 per cent deduction on interest paid on home loans under the Income Tax Act to stimulate demand for affordable and mid-income housing. During a press conference, CREDAI President Boman Irani suggested revising the definition of affordable housing, increasing the price cap from INR 45 lakh to INR 75-80 lakh. He also proposed reducing GST on under-construction properties and removing price caps in the affordable housing definition. Additionally, CREDAI's leadership stressed the importance of tax cuts and improved ease of business for developers.Read more

PNT Reporter

02 Dec 2024

SEBI plans to auction 17 properties of KBCL India Ltd in Uttar Pradesh to recover funds illegally mobilised from investors. With a reserve price of INR 4.23 crore, the e-auction will be conducted online in the coming weeks. SEBI has tasked Quikr Realty and C1 India with managing the auction process. KBCL and its directors had collected INR 118.69 crore through unapproved Collective Investment Schemes, leading SEBI to bar the company from raising further funds in 2014. Prospective bidders must independently verify property liabilities, and successful bidders will bear transfer-related charges and taxes.Read more

PNT Reporter

02 Dec 2024

The Goa state government is set to introduce a new "circle rate" for land, which will specify the minimum land price for particular areas within villages, towns, or cities. This follows an increase in the minimum land price for five talukas, including Tiswadi, Mormugao, and Salcete, as well as the coastal talukas of Bardez and Pernem. The revised prices vary from INR 1,500 to INR 25,000 per sqm, with significant hikes in areas near the coast. Revenue Minister Atanasio 'Babush' Monserrate has stated that the circle rate will account for varying characteristics of land within a village, such as proximity to the beach.Read more

PNT Reporter

29 Nov 2024

Institutional investments in Indian real estate are set to surpass 2023 levels, with USD 4.7 billion invested in the first three quarters of 2024 alone, marking 87% of the previous year's total inflows. A report by Colliers attributes this growth to robust performance in office, industrial, warehousing, and residential sectors. The office sector is poised for record absorption, driven by global capability centres and domestic demand, while the residential market sees strong end-user sales. Increased domestic capital and investment from countries like Singapore, Canada, and the USA are boosting the sector. Redevelopment projects in the residential segment are particularly gaining traction.Read more

PNT Reporter

29 Nov 2024

The Brihanmumbai Municipal Corporation (BMC) has unveiled a list of major property tax defaulters, collectively owing INR 222 crore. The BMC warns that failure to pay within the specified timeframe could lead to property seizure and auction under the Mumbai Municipal Corporation Act. Property owners are given 90 days to settle their bills, with follow-up actions including demand letters and final notices. This is the second list of major defaulters released by BMC in a week. The top defaulters include HDIL Ltd and Kamala Mills Ltd, among others. The BMC is focusing on those who can pay but have not, threatening further legal action for noncompliance.Read more

PNT Reporter

29 Nov 2024

Chamarajanagar district, once considered underdeveloped, has seen a significant rise in land prices, with rates now ranging from INR 22 to INR 26 lakh per acre within a 25-km radius. This surge is attributed to investments from NRIs, Gulf returnees, and buyers from Kerala and Tamil Nadu, driven by improved agricultural conditions and state land reforms. Agricultural land prices have increased due to better groundwater levels and conservation initiatives. Additionally, industrial development and proximity to Mysuru and Nanjangud have boosted real estate prices. However, the rising costs have made it challenging for middle-class families to afford property.Read more

PNT Reporter

29 Nov 2024

The Nashik Municipal Corporation (NMC) reported that 60% of its property tax revenue, amounting to INR 140 crore so far in the ongoing financial year, was collected through online payments. This marks an increase from the previous year's 50%. The civic body introduced several tax rebates, including a 1% discount for online payments and additional incentives for early annual payments. These measures proved effective, enabling the NMC to collect INR 106 crore in the first quarter alone. With a target of INR 250 crore for the current financial year, NMC remains optimistic about meeting its goal.Read more

PNT Reporter

29 Nov 2024

The Gujarat government has proposed revised land rates for 2024, highlighting significant increases across the state. In Ahmedabad's Bodakdev area, rates for open plots in TP Scheme No. 50 have surged sixfold, rising from INR 10,700 per square meter in 2011 to INR 58,000-60,000 per square meter. Other areas like Thaltej, Gota, and Makarba have seen rates climb two to six times. These revisions aim to address disparities from the 2011 update, such as inconsistent pricing along Drive-In Road.Read more

28 Nov 2024

A recent report by Knight Frank India analyses the growth of six major cities in India, with Hyderabad ranking as the fastest-growing city, followed by Bengaluru. Hyderabad's rapid development is fuelled by a thriving real estate market, substantial infrastructure investments, and a growing population of high-net-worth individuals. Bengaluru stands out for its skilled workforce, low unemployment rate, and strong business environment, making it an attractive destination for talent and global investments. Delhi-NCR excels in physical infrastructure and governance. The report highlights how these cities are playing a pivotal role in India's economic and urban evolution.Read more

28 Nov 2024

India's real estate sector is set to achieve a historic milestone in 2024, with equity investments projected to surpass USD 10 billion for the first time, driven by robust deal activity in office and residential assets, according to a CBRE-CII report. Capital inflows reached USD 8.9 billion by September, marking a 46% year-on-year growth, with average deal sizes rising to USD 45 million.Domestic investors contributed USD 6 billion, while foreign investors, mainly from North America and Singapore, added USD 3.1 billion. Residential developments led investments, accounting for 64% of land and site inflows. Delhi-NCR, Mumbai, and Bengaluru attracted over 63% of total inflows, highlighting the sector's resilience and strong growth potential.Read more