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

20 Dec 2023

In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.Read more

20 Dec 2023

The recent e-auction by the Jawaharlal Nehru Port Authority (JNPA) secured an impressive Rs 426 crore for leasing 14 plots, totalling 42 hectares, in the JNPA Special Economic Zone (SEZ). Notable industries like Welspun One and Fine Organics secured plots, marking a significant milestone in the region's socio-economic development. The JNPA SEZ, part of the Sagarmala national flagship policy, aims to enhance exports, attract investments, and generate employment. With a transparent leasing process, 31 units have been allotted SEZ plots, covering 59 hectares, fostering industrial development with strategic connectivity through water, road, rail, and air.Read more

19 Dec 2023

The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.Read more

16 Dec 2023

The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.Read more

16 Dec 2023

The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.Read more

16 Dec 2023

Yes Bank is actively seeking buyers for its distressed loan portfolios totalling over Rs 4,200 crore, encompassing both corporate and retail loans. The corporate portfolio comprises eight accounts, with notable entities like UK-based affiliates of Cox and Kings. The retail portfolio includes personal loans, vehicle loans, credit cards, and more. Seeking all-cash offers, this move follows Yes Bank's Rs 48,000 crore distressed loan sale last year. The bank aims to identify an anchor bidder through the auction process. The successful divestment would enhance the bank's liquidity and financial stability in the competitive banking sector.Read more

15 Dec 2023

In a significant overhaul, Cognizant Technologies is set to sell its office properties in Hyderabad and Chennai as part of a cost-cutting strategy to save $400 million in two years. The divestment includes a 10-acre campus in Hyderabad and a 14-acre facility in Chennai. This move aligns with the company's plan to become asset-light, focusing on hybrid and flexible workspaces in the post-pandemic era. The initiative mirrors a broader industry trend, where tech giants are revaluating their physical office needs amidst evolving work dynamics.Read more