08 Mar 2024

Chhatrapati Sambhajinagar Municipal Corporation (CSMC) recently introduced an innovative seven-star rating policy to promote eco-friendly practices and women’s empowerment while easing residents' tax burden. Starting from the upcoming financial year, residents can enjoy up to a 10% concession in property tax by adhering to sustainable actions such as using e-vehicles, segregating garbage, planting trees, registering properties under female family members' names, using solar power, implementing rainwater harvesting, and paying taxes online. Beyond tax benefits, the initiative aims to foster environmental consciousness, technological advancement, and gender equality. This policy showcases the municipality's commitment to a greener, more equitable future, setting an example for urban centres worldwide.Read more

07 Mar 2024

NBCC saw a rise in stock value after executing an e-auction, selling 61,000 sqft of commercial space in New Delhi's Ayurvigyan Nagar for INR 272.68 crore. Grid Controller of India Ltd secured the deal. The proceeds will fund housing construction for AIIMS Delhi faculty/staff. The project, "Grande Rue," features three levels of basement parking for 150 cars and four storeys of commercial space. NBCC's subsidiary, HSCC (India), secured a INR 459.70 crore contract for a hospital project in Maharashtra. In December 2023, NBCC reported a 60% rise in net profit. They also obtained approval for developing unused FAR in Amrapali projects worth INR 10,000 crore and won three contracts worth INR 369.05 crore.Read more

07 Mar 2024

Bhubaneswar Municipal Corporation (BMC) faces a significant loss in tax revenue as around 5,000 residential properties are being used for commercial purposes in violation of tax norms. BMC conducted a recent survey that uncovered these violations, prompting the authorities to reassess taxes for such properties. Additionally, the state government has empowered BMC to collect holding taxes from establishments on Odisha Industrial Infrastructure Development Corporation (IDCO) land, with the aim of increasing tax collection to INR 115 crore by the end of the fiscal year.Read more

07 Mar 2024

HSVP conducted a e-auction earlier this week, offering 18 group housing plots across Haryana, valued at INR 1,700 crore. Gurugram dominated with plots exceeding INR 1,100 crore, boasting prime locations near metro services and expressways. Favorable FAR provisions and TOD Zones in key sectors enhanced their appeal. The auction attracted robust participation, reflecting the strategic approach aligned with urban development needs. With 11 plots spread across Panchkula, Pinjore, Hisar, and Rohtak, totalling INR 584.9 crore, HSVP's initiative promotes real estate growth, offering lucrative opportunities for developers and stakeholders while addressing the increasing demand for residential properties in the region.Read more

06 Mar 2024

Nagpur's real estate market is exceeding national trends with a rise in home sales, indicating a shift in housing preferences. The primary market has seen a significant uptick, with residential unit sales rising from 1,383 in 2019-20 to 2,211 in 2023-24. However, unsold inventory is also on the rise, expected to reach 14,300 units by January 2024, valued at Rs 6,605 crore. Factors like infrastructure development and an influx of young professionals are driving this growth, with larger units like 3 and 4 BHK apartments gaining popularity. Southern localities like Manish Nagar and MIHAN are top choices for homebuyers, signaling a promising future for Nagpur's real estate sector.Read more

06 Mar 2024

In a recent development, UP exempted DMRC and NCRTC from municipal taxes, resolving a dispute with Ghaziabad Municipal Corporation over INR 56 crore in accrued taxes. While GMC argued for service charges on government installations, DMRC cited a 2014 MoU with GDA for tax exemption. This decision contrasts with outstanding taxes owed by 19 central and 18 state government buildings, totaling over INR 135 crore. The exemption raises broader questions about tax equity and compliance among government institutions, highlighting the complexities of municipal finance and fiscal governance.Read more

06 Mar 2024

The Noida Authority has launched a scheme offering 25 commercial plots in 11 sectors of the city, with a cumulative reserve price of Rs 105.5 crore. The plots, ranging from 18 sqm to 316 sqm, will be allotted through e-auction, with registration closing on March 7. These plots are strategically located near markets, Metro stations, and office areas. The reserve prices vary from Rs 49.11 lakh to Rs 6.60 crore, with an earnest money deposit (EMD) of 10% of the plot cost. The scheme aims to attract buyers looking for prime investment opportunities in Noida's commercial real estate sector.Read more

05 Mar 2024

Property e-auctions, facilitated through online platforms, revolutionize real estate sales by allowing sellers, like banks or government agencies, to list properties for bidding. Buyers participate electronically, placing bids over a set timeframe, starting with a reserve price. UCO Bank's upcoming e-auction on March 15, 2024, features 30 properties across states like Bihar, Tamil Nadu, and Uttar Pradesh, aimed at recovering outstanding debts. Properties may involve symbolic or physical possession, following SARFAESI Act guidelines. Earnest Money Deposit, a percentage of the Reserve Price, is crucial, ranging from 5% to 10%. E-auctions provide convenience, transparency, and broad buyer outreach, albeit demanding thorough due diligence from potential bidders.Read more

05 Mar 2024

Struggling non-banking finance company IL&FS is selling commercial properties in GIFT City to address its debt crisis. With over 540,000 sq ft in GIFT TWO, the sale includes 58 offices, with four already leased to Tata Consultancy Services. IL&FS, facing a liquidity crisis since 2018, aims to resolve debts exceeding INR 56,000 crore. Recent updates show progress, including the sale of its Mumbai headquarters to Brookfield Asset Management. GIFT City's growth, buoyed by government initiatives and private interest, attracts over 500 entities, including fintech firms and banks, signalling its emergence as a prominent financial hub.Read more

04 Mar 2024

hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.Read more