30 Sep 2024

The Mumbai Income Tax Appellate Tribunal (ITAT) has sent a case back to the Income Tax (I-T) authorities for further investigation regarding a tax deduction claimed by P. Shah. Shah invested INR 9.5 crore from a share sale into two adjacent apartments in Navi Mumbai, claiming a tax exemption under Section 54-F, which allows for tax-free long-term capital gains if invested in a single residential unit. The I-T department rejected his claim, arguing the two apartments are separate properties, but Shah argued they should be considered one unit. The ITAT directed physical verification to confirm if the apartments were merged into one.Read more

30 Sep 2024

The residential rental market in Mumbai's western suburbs is booming, driven by strong demand and limited quality housing. Key areas like Andheri, Goregaon, Malad, and Borivali have seen rental prices surge, with premium gated societies experiencing a cooling growth rate of 5-9% in 2024, after a 50-60% spike from 2021 to 2023. Factors such as increased professional migration and enhanced infrastructure are reshaping the rental landscape, creating opportunities for developers and investors alike.Read more

30 Sep 2024

Knight Frank India's latest report reveals that Pune registered 13,397 property sales in September 2024, marking a 3% year-on-year increase. Stamp duty collections soared by 40%, reaching INR 592 crores. The residential sector in Pune continues its robust growth, with 127,108 properties registered in the first eight months of 2024, reflecting a 40% rise compared to 2023. Demand for mid-range and luxury homes, particularly in the INR 50 lakh to INR 1 crore segment, has driven this growth. Pune's real estate market remains strong, supported by rising incomes, positive buyer sentiment, and ongoing infrastructure developments.Read more

27 Sep 2024

Haryana's Department of Town and Country Planning (DTCP) has increased floor-area-ratio (FAR) rates for large plots by around 20%, the first hike since 2016. Plots between 250-350 sqm will now have an FAR rate of INR4,500/sqm (up 19%), while plots between 350-450 sqm will pay INR6,500/sqm (up 21%). For plots larger than 500sqm, the rate jumps 24% to INR10,000/sqm. The hike aims to address rising land demand in cities like Gurgaon, with revenues supporting municipal development. Developers warn the increase could raise construction costs, potentially slowing large projects and pushing prices onto homebuyers.Read more

27 Sep 2024

Nisus Finance Group manages two alternate investment funds, RECOF-I and RESO-1, with a total corpus of INR 12 billion. The firm has made significant investments across multiple deals and is in the process of exiting the RECOF-I fund while expanding its SME lending through its NBFC, Nisus Fincorp Pvt. Ltd. With plans to go public, the company has submitted a Draft Red Herring Prospectus (DRHP) and aims to enhance its fund management infrastructure in key financial hubs. By covering placement fees and raising additional capital, Nisus is set to strengthen its market position and pursue new opportunities.Read more

27 Sep 2024

The Greater Hyderabad Municipal Corporation (GHMC) is considering a system allowing property owners to pay taxes monthly instead of annually, aiming to ease financial pressure. The proposal would offer 12 equal instalments, particularly for properties with taxes over INR 3,000. GHMC expects to collect INR 150-170 crore monthly, ensuring a steady cash flow for city development projects. With 1.9 million property tax assessments, GHMC aims to reduce unpaid taxes by making payments more manageable. This initiative aligns with GHMC's goal to modernise revenue collection and improve tax compliance while supporting ongoing urban development.Read more

26 Sep 2024

Godrej Capital, the financial arm of Godrej Group, is set to enter the affordable housing loan market, aiming to increase its Assets Under Management (AUM) from INR 13,000 crores to INR 17,000 crores by year-end, with a target of INR 50,000 crores by 2028. The company plans to focus on small loans for homebuyers and SMEs, expanding into the MSME sector through partnerships like Creamline Dairy to provide financial support to farmers. With projected profits of INR 175 crores this fiscal year, Godrej Capital also plans to launch an IPO within 3.5 years as part of its growth strategy.Read more

26 Sep 2024

The Bangalore Development Authority (BDA) has implemented a development fee for existing residential and commercial buildings in the Shivarama Karanth Layout, calculated based on the difference between the 2018 and 2024 residential plot values. One-third of this difference will be levied as a fee, affecting 5,171 buildings regularized by the Justice Chandrashekhar Committee. Fees vary by village, with Kempapura at 1,149 per square foot as the highest and Kempanahalli at 43 the lowest. Development fees per square meter also differ across the 17 villages, while the distribution of plots remains delayed due to ongoing court cases.Read more

26 Sep 2024

Swedish private equity firm EQT announced it will acquire a 100% stake in Indostar Home Finance for USD 210 million. This acquisition will proceed after receiving regulatory approval, facilitated by the BPEA Mid-Market Growth Partnership. Founded in 2017, Indostar Home Finance specializes in providing affordable mortgages in India's tier 2 to tier 4 cities and has supported over 39,000 homeowners. With INR 2,400 crores in AUM and a 32% annual growth rate, the firm operates 130 branches across nine states. EQT plans to enhance Indostar's market reach and digital transformation with a Rs. 500 crores capital injection.Read more

25 Sep 2024

The Hubballi-Dharwad Municipal Corporation (HDMC) is set to conduct a comprehensive Geographic Information System (GIS) survey to bring all properties under the tax net. The survey, using drones and door-to-door visits, aims to identify over 40% of properties currently not taxed, potentially raising tax revenue to INR 350 crore from the current INR 141 crore. With 3,38,602 properties currently taxed, the survey will help integrate existing and new data. After a decade of delay due to high costs, the tender for the project is being finalised. The nine-month survey will involve zone-wise teams and is expected to boost property tax collection significantly.Read more