08 Nov 2023

The Nashik Municipal Corporation has experienced a significant uptick in property tax payments, with over 27,000 individuals settling their dues amounting to Rs 16 crore following notices to defaulters. The municipal body has served notices to 2.37 lakh people who owe property tax totalling Rs 470 crore, granting them a 15-day ultimatum to pay. Failure to comply will initiate the process of issuing warrants for tax recovery. The NMC aims to achieve its Rs 210 crore property tax collection target for the current fiscal year by the end of the calendar year and is actively pursuing payments from government offices to bolster revenues.Read more

08 Nov 2023

Housing.com, a prominent digital real estate platform in India, is set to invest in EASILOAN, a fintech start-up specializing in digitizing the home loan process. While the exact investment amount remains undisclosed, this collaboration aims to establish India's largest digital home loan origination platform. Housing.com, owned by REA India, intends to leverage its extensive digital presence and expand the reach of mortgage products through this partnership. EASILOAN has previously secured seed funding from Tomorrow Capital and has shown strong growth in customer acquisition and loan disbursement. This partnership is expected to play a pivotal role in both the fintech and real estate sectors' evolution in India.Read more

07 Nov 2023

In Mumbai, over 56% of properties sold between January and October 2023 were priced above Rs 1 crore. Rising property prices and a 250 basis point increase in the policy repo rate over the past two years have affected registrations for properties below Rs 1 crore. However, higher-value properties have seen minimal impact with a consistent increase in their share. Mumbai achieved a total registration count of 104,832 units in this period, with 58,706 priced above Rs 1 crore. The Central and Western Suburbs have seen a surge in launches and strong demand, driven by factors like metro connectivity. This trend reflects the shifting preference towards more upscale accommodations, signifying buyers' capability and willingness for long-term commitments in the Mumbai residential real estate market.Read more

07 Nov 2023

Provident Housing Ltd., a subsidiary of Puravankara Ltd., is in discussions with HDFC Capital Advisors for a substantial equity investment exceeding Rs 1,000 crore. The aim is to finance the construction of mid-income residential properties in Bangalore, Chennai, and Hyderabad and to expand into new markets. These discussions are anticipated to result in the creation of a dedicated platform for the acquisition and development of residential assets. Provident plans to double its residential portfolio to over 20 million square feet by entering cities like Mumbai and Pune. The company is actively involved in over 11.32 million square feet of ongoing projects in multiple locations.Read more

07 Nov 2023

CapitaLand Investment has inaugurated the first phase of its International Tech Park in Chennai, covering 1.3 million square feet and marking a significant economic boost for the region. The entire project, valued at Rs 1600 crore, is set to accommodate 50,000 IT engineers, aligning with the government's vision for Chennai as a tech hub. Securing international investments, including $262.5 million from Mitsubishi Estate Co. Ltd, demonstrates the project's appeal. CapitaLand Investment's substantial commitment underscores its dedication to Chennai's infrastructure development, supporting the city's progress and growth.Read more

07 Nov 2023

In response to increased property taxes, revised electricity rates, and heightened water charges, the Greater Chennai Corporation has doubled company taxes and building permit fees, imposing these changes through a recently approved resolution. While residential buildings under 100 square meters remain unaffected, larger structures will see increased fees, with commercial buildings and industrial properties also subject to higher charges. Simultaneously, company taxes have tripled, with varying rates based on annual investments. Additionally, the cost of demolition permits has doubled. These changes aim to enhance revenue collection and transparency while ensuring fairness in property and company taxation in Chennai.Read more

07 Nov 2023

The Chandigarh Municipal Corporation (MC) is set to initiate attachment proceedings against the top 2,000 property tax defaulters, including both commercial and residential entities. Many have failed to settle their dues within the stipulated timeframe. Section 138 of the Municipal Act empowers the MC to recover overdue taxes and associated recovery costs by attaching and selling the immovable properties of defaulters. A considerable sum, approximately Rs 150 crore, is pending in property tax dues, with Rs 8 crore attributed to residential properties. Despite offering incentives, the MC now faces no alternative but to resort to attachment proceedings due to persistent non-compliance.Read more

04 Nov 2023

Standard Chartered Bank is seeking to sell loans totalling Rs 569 crore given to the troubled real estate developer, Radius Sumers Developers. Radius Sumers Developers is a joint venture, between Sanjay Chabaria promoted Radius Group and Sumer Buildcorp, for developing the 'Harbour Heights' luxury residential project in South Mumbai. Loan sales occur when the lender and the company are negotiating a deal. The bank has invited asset reconstruction companies (ARCs) to bid on the debt, setting a reserve price of Rs 230 crore. The developer has defaulted on loans, and the case is currently under consideration by the Mumbai National Company Law Tribunal (NCLT), with negotiations for a settlement ongoing.Read more

04 Nov 2023

Mumbai, New Delhi, and Bengaluru have seen an uptick in annual prime residential property prices in Q3 2023, according to the 'Prime Global Cities Index Q3 2023' by Knight Frank. Mumbai surged by 6.5 percent, elevating it to the fourth position, compared to the 22nd rank in Q3 2022. New Delhi leaped from the 36th rank to secure the 10th spot with a 4.1 percent year-on-year growth, while Bengaluru moved from 27th to 17th with a 2.2 percent year-on-year rise. A 2.1 percent average growth was reported across 46 global markets in prime residential prices over the year ending September 2023.Read more

04 Nov 2023

Approximately 26,000 residents of Palava township in Dombivali, the first integrated township project in Maharashtra, received significant relief as the state government decided to grant them a 66% property tax rebate just before Diwali. Previously, residents were burdened with double property taxes, paying both the township's Palava City Management Association (PCMA) and the Kalyan-Dombivli Municipal Corporation (KDMC). This adjustment aims to reduce property tax from Rs 6,000 to Rs 2,000 per flat per year for Palava township residents. The demand was based on a 2016 circular from the state’s Urban Development (UD) department which said that Integrated townships that provide common amenities and infrastructure are entitled to this rebate.Read more