26 Dec 2023

The Nashik Municipal Corporation (NMC) is intensifying efforts to recover property taxes, targeting defaulters with warrants to seize properties from January. Despite issuing notices to over 2 lakh defaulters in November, only Rs 30 crore has been collected out of Rs 150 crore dues. In addition to considering water connection disconnection for defaulters, NMC plans to identify untaxed properties even after receiving building completion certificates. The NMC chief has directed officials to engage with state and central government departments to ensure timely payment of property and water tax dues, emphasizing a comprehensive approach to boost revenue collection.Read more

26 Dec 2023

In Ludhiana, over 64,000 property owners are benefiting from the one-time settlement (OTS) scheme, clearing tax dues without penalties or interest by depositing property tax by December 31. The municipal corporation (MC) encourages residents to seize this opportunity, generating an impressive Rs 6.42 crore revenue since the scheme's September launch. The MC Chief has directed officials to expedite recovery, emphasizing the crucial role of funds in city development. Online payment options, a 10% rebate on water-sewer charges, and efficient tax collection underline the MC's commitment to civic progress. The successful OTS scheme implementation reflects proactive government policies promoting tax compliance and financial responsibility.Read more

23 Dec 2023

Mira Bhayandar, a vibrant area in northern Mumbai, stands out for its diverse residential and commercial offerings, appealing to a broad demographic. With well-connected roads and railways, it provides easy access to Mumbai and neighbouring regions. In November, 41 apartments in 9 buildings changed hands, with 85% from developers and 15% resale. Kalpataru Srishti Namaah - Sector 2A led with 18 deals. The most expensive flat sold for Rs. 1.60 Crores. The locality's rate per square foot ranged from Rs. 1,300 to Rs. 19,300, with a weighted average of Rs. 15,000. Mira Bhayandar, with 70% of flats below Rs. 1 Crore, emerges as an affordable and thriving housing option.Read more

23 Dec 2023

Alder Residency, a Kalpataru Group subsidiary, has secured Rs 525 crore in debt facilities from global alternative investment firm PAG, facilitated by Asia Pragati Strategic Investment Fund. The funds, provided in two tranches as non-convertible debentures with an 18.75% internal rate of return, are earmarked to complete the construction of 10 residential towers in Mumbai suburbs under the Kalpataru Vivant project, estimated at Rs 750-800 crore. This financial injection underscores PAG's confidence in the Kalpataru Group's real estate ventures and aims to fortify the completion of the Kalpataru Vivant project.Read more

22 Dec 2023

GIFT City in Gujarat is experiencing a real estate boom, attracting local and international investors. Authorities are allocating additional land for 5,000 residential flats, with a massive 1.2 million square feet open for bidding. Despite a 30-35% rise in residential apartment prices, developers report successful pre-sales of around 80% of units, indicating a robust market. Investors are enticed by advanced infrastructure, streamlined processes, and government incentives. While optimism prevails, caution is advised due to challenges like limited social infrastructure and price disparities within and outside GIFT City, posing questions about the long-term returns on premium-priced properties.Read more

22 Dec 2023

Ahmedabad's civic bodies, AUDA, AMC, and SRFDCL, are set to auction 21 plots before the Vibrant Gujarat Global Summit 2024, with expectations of raising Rs 3,000 crore in revenue. The most expensive plot, owned by SRFDCL, is valued at Rs 3.68 lakh per sq m. The 21 plots include 8 plots by AMC, AUDA's 11 plots, and SRFDCL's 2 plots. Despite challenges in previous auctions, interest from real estate firms is prominent. The Vibrant Gujarat Global Summit, established in 2003, remains a prestigious forum for business networking and sustainable development, with the 2024 edition focusing on key themes and national priorities.Read more

22 Dec 2023

The Karnataka High Court, in response to M/s BM Habitat's petition, has ruled that property tax on a building is only applicable post-completion, emphasizing the importance of the occupancy certificate. Despite the corporation's insistence on an earlier start date, the court recognized delays in property inspection and certificate issuance. The directive mandates property tax collection from a date that aligns with the certificate's issuance, promoting fair tax application based on actual utilization rather than theoretical completion dates. This interpretation ensures a practical approach to property tax and safeguards against undue taxation during the construction phase.Read more

21 Dec 2023

India's flexible office space market is projected to surge by 60% to over Rs 14,000 crore in the current fiscal year, driven by rising per-desk rents and portfolio expansion, reveals a report by Upflex India. The co-working market's estimated annual size, in terms of rental income, is set to reach Rs 14,227 crore, compared to Rs 8,903 crore in the previous year. The flexible workspace operators' total portfolio has expanded from 10.4 lakh to 12.66 lakh, with an increase in the average price per seat per month from Rs 9,200 to Rs 10,400 and occupancy rising to 90% from 75%.Read more

21 Dec 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.Read more

21 Dec 2023

The municipal administration in Pune will reissue nearly two lakh property tax bills without a 40% discount as occupants failed to submit mandatory self-occupancy certificates. Ajit Deshmukh, head of the property tax department, stated the need for occupants to complete necessary procedures within the extended deadline. The process to finalize new bill amounts for properties deemed 'not self-occupied' is underway, with PMC expecting around Rs 50 crore in revenue. Some citizens advocate for a streamlined process to verify self-occupied properties. A citizen highlighted the reluctance of individuals due to stringent conditions, leaving over two lakh property owners outside the scheme benefits.Read more