27 Dec 2023

The Pune Municipal Corporation (PMC) is unlikely to increase property taxes in the upcoming fiscal year, citing it as a policy decision. With property tax being the PMC's primary revenue source at Rs 2,000 crore annually, this decision provides relief to owners of 11.3 lakh properties. The move is welcomed by activists, who emphasize the need to focus on recovering dues from significant defaulters. The decision's rationale is speculated to be influenced by upcoming elections and the absence of an elected body to ratify decisions. Despite facing a recovery target of Rs8,000 crore, the PMC aims to boost revenue by taxing Metro properties, expecting Rs20 crore annually.Read more

26 Dec 2023

hBits, a fractional ownership platform for commercial real estate, anticipates substantial investments of Rs 1500-2000 Crore from High Net Worth Individuals (HNIs) and investors in Gujarat over the next 3 to 4 years. With Gujarat contributing almost 20 percent of hBits' investor base, the platform aims to leverage the state's versatile investors. hBits provides innovative opportunities for fractional ownership in Grade-A commercial assets across India, diversifying portfolios for Gujarat's HNIs. Founder and CEO Shiv Parekh actively targets Gujarat's HNI population to enhance and scale up their investment value amid positive sector sentiments. hBits strategically broadens its portfolio in cities like Ahmedabad, Surat, and Rajkot, reinforcing its commitment to expanding in lucrative markets and capitalizing on the positive sentiments in commercial real estate.Read more

26 Dec 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) is conducting an e-auction for institutional plots near Jewar Airport in Greater Noida. The plots in Sectors 18, 20, and 22E are ideal for nursing homes, hospitals, corporate offices, and senior secondary schools. Interested parties can apply for plot acquisition until January 1, 2024, and the e-auction, involving 11 plots ranging from 1000 to 10900 square meters, will conclude by February 29, 2024. Plots will be allotted on a 90-year leasehold basis, with reserve prices ranging from Rs 4.75 crore to Rs 25.95 crore. The initiative aims to boost development and connectivity in the region, emphasizing YEIDA's commitment to Greater Noida's growth.Read more

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