01 Dec 2023

The Securities and Exchange Board of India (SEBI) board has unveiled plans to regulate online platforms offering fractional ownership of real estate assets. These platforms will now need to register under a framework designed for small and medium real estate investment trusts (REITs), part of SEBI's efforts to oversee evolving online investment platforms. Additionally, SEBI announced the implementation of electronic storage for fresh investments by alternative investment funds (AIFs) from September 2024, aiming to enhance transparency.Read more

01 Dec 2023

The Nagpur Municipal Corporation (NMC) has intensified its crackdown on property tax defaulters by attaching 225 vacant plots in the Hanuman Nagar zone, totalling Rs 45.52 lakh in defaults. The affected plots include those owned by Shewanta Co-operative Housing Society Limited, Suvikas Co-operative Housing Society Limited, and Gangotri Developers, all located in the Hudkeshwar area. This action follows earlier notices and warrants issued by the NMC to property owners, emphasizing the municipality's commitment to enforcing property tax regulations and recovering outstanding dues.Read more

01 Dec 2023

The Nashik Municipal Corporation (NMC) plans to implement Geographic Information System (GIS) mapping for all properties within the city, aiming to identify and record over 5.2 lakh properties. Each property will receive a unique index number, facilitating easy access to information on built-up area and other details. This initiative aims to bring unrecorded properties under the tax net, boosting NMC’s revenue. The NMC also intends to outsource property tax bill distribution to a private agency, allowing the civic body to focus on tax recovery. Additionally, the mapping will cover both authorized and unauthorized slums to curb illegal settlements.Read more

30 Nov 2023

Aamor Inox Limited, a stainless steel bars manufacturer, has acquired 12 bighas of farmland with a farmhouse in South Delhi's Rangpuri for Rs 87.5 crore. The deal, completed in September, involved a stamp duty of Rs 6.12 crore. This transaction is part of a trend of significant real estate deals in Delhi this year. The move reflects a growing interest in farmhouses, with wealthy individuals seeking spacious residences after pandemic-related restrictions. The surge in farmhouse investments extends beyond Delhi, with locations near Mumbai and Rishikesh gaining popularity among high net worth individuals and celebrities.Read more

30 Nov 2023

Luxury housing sales in India, particularly those priced over Rs 4 crore, have doubled, according to CBRE. The festive season from October to December is expected to witness further growth in this sector, with rising aspirations, economic growth, and smart home technologies contributing to the surge. The post-pandemic need for larger spaces has intensified the demand for luxury homes, attracting high-net-worth individuals (HNIs) and non-resident Indians (NRIs). CBRE forecasts a potential 10-year high in premium and luxury residential sales in 2023, emphasizing evolving lifestyle preferences and a robust Indian economy.Read more

30 Nov 2023

Magicbricks, a prominent real estate platform, has observed a significant uptick in property rents across major Indian cities, recording a robust 22.4 percent YoY and 4.6 percent QoQ surge in July–September 2023. Thane, Gurugram, and Greater Noida witnessed the highest increases. Millennials constituted 67 percent of rental demand. Thane led with 57.3 percent YoY growth, followed by Gurugram (41.4 percent), Greater Noida (28.7 percent), Noida (25.2 percent), and Hyderabad (24.2 percent). The report also highlighted tenant preferences for mid-segment rentals and semi-furnished units.Read more

30 Nov 2023

SEBI, India's securities regulator, unveiled a set of decisions to boost investment through Small and Medium Real Estate Investment Trusts (SM REITs), strengthen investor protection in Alternative Investment Funds (AIFs), and establish regulatory measures for index providers. The move aims to broaden market participation and transparency while introducing flexibility for not-for-profit organizations in fundraising through social stock exchanges. SEBI's regulatory framework includes a shift to demat form for AIF investments and changes to social stock exchange parameters to encourage wider participation and positive impact assessment.Read more

30 Nov 2023

The municipal administration in Ludhiana is intensifying efforts to optimize property tax revenue by targeting longstanding arrears from government entities. The Municipal Corporation (MC) is engaging with various departments, offering settlement opportunities without additional penalties. Notices have been dispatched to entities, including the police department, with an estimated sum of Rs 15 crore. The MC, aiming for Rs 130 crore in the current fiscal year, has already recovered over Rs 105 crore. Municipal Commissioner Sandeep Rishi emphasizes the duty of government entities to clear outstanding dues promptly. Persistent efforts include notices to the DC office, court complex, and other departments, reflecting a commitment to financial transparency and civic welfare.Read more

29 Nov 2023

In the latest high-profile real estate transaction in Delhi, Laxmi Devi Agarwal, wife of GR Infraprojects Limited's key promoter, Devkinandan Agarwal, acquired a luxurious Vasant Vihar bungalow for a staggering Rs 86 crore. The expansive property, spanning 1,003.32 square meters, comes with a hefty stamp duty of Rs 4.36 crore and e-registration charges of Rs 86 lakh. This acquisition aligns with a broader pattern of substantial real estate deals in Delhi, showcasing the enduring demand for high-end properties among the city's affluent elite.Read more

29 Nov 2023

In anticipation of the upcoming general elections, key players in India's financial sector, including the National Bank for Financing Infrastructure and Development (NABFID) and major public sector banks like Bank of Baroda and Canara Bank, are gearing up for substantial bond issuances, eyeing a cumulative raise of about Rs 30,000 crore. Timed amidst a decline in government bond yields, the strategy involves diverse maturities, with NABFID opting for a 15-year term. The Delhi-Mumbai Expressway is also set to mobilize funds. State-owned banks, following SBI's lead, are actively issuing infrastructure bonds, reflecting robust investor interest and fortifying essential development initiatives.Read more