24 Oct 2023

Six years after launching a Geographic Information System-based building reassessment drive, the Greater Chennai Corporation (GCC) has assessed only a fraction of buildings with deviations. Out of 310,139 identified buildings, only 30,000 have been reassessed and added to property tax records, leading to a revenue loss of Rs 250–300 crore. Revenue officials attribute the delay to various tasks, such as addressing Covid-19, elections, and welfare schemes. Universities, marriage halls, and commercial buildings are among the major violators. A dedicated team and expedited reassessment are proposed solutions. Deputy Commissioner R. Lalitha pledges to resume the drive.Read more

21 Oct 2023

PropShare Capital, a SEBI-registered Category II AIF manager, is launching PropShare Real Estate Fund II (PREF II) as the sequel to their successful PREF I commercial office fund. PREF I has fully allocated its resources to four prime office properties in Bangalore and Mumbai, leased to top-tier tenants like LG, Tata Finance, and 24/7 AI. PREF II will continue its focus on fully developed Class A commercial real estate, catering to multinational and blue-chip tenants in India's tech hubs. It targets to raise Rs. 500 crores with an additional Rs. 200 crores as a green shoe option. The fund's minimum investment is Rs. 1 crore in line with AIF regulations.Read more

21 Oct 2023

Despite global economic jitters, India's commercial real estate is booming. CBRE reports an anticipated 165 million sq. ft. of new office space by 2025, outdoing the previous three years by over 20 million sq. ft. Bengaluru and Hyderabad lead the charge, contributing nearly 50% of this growth in office space. India’s competitive advantage in cost and scale would drive global corporations to establish more Global Capability Centres (GCCs) across various sectors. As global firms reduce office sizes, India's resilient leasing activity and tech investments solidify its position as the 'office of the world'.Read more

21 Oct 2023

The Asian Development Bank (ADB) has approved a $181 million loan for the Ahmedabad Peri-urban Liveability Improvement Project in Gujarat, India. The initiative focuses on enhancing urban liveability and mobility in Ahmedabad's peri-urban areas. Key components include the construction of a 166 km water distribution network, 126 km climate-resilient stormwater drainage, 300 km sewerage systems, and four sewage treatment plants. Additionally, the project supports 10 junction improvements along the Sardar Patel Ring Road for better connectivity. ADB aims to strengthen technology-based urban planning, emphasizing climate resilience, gender equality, and social inclusion. The initiative can serve as a model for controlling urban sprawl in a rapidly urbanizing India.Read more

21 Oct 2023

The Gujarat State Goods and Services Tax (GST) department has issued 20,000 notices to taxpayers, including real estate developers, for the financial year 2017-18. Notices were sent due to concerns about potential tax evasion, focusing on developers who operated under the 12% GST regime with Input Tax Credit (ITC) options. Developers suspected of using fake invoices to claim higher ITC were asked to explain or pay necessary taxes. This move reflects the government's commitment to curbing tax evasion, ensuring GST transparency, and maintaining tax compliance, emphasising the need for businesses to adhere to regulations and cooperate with authorities.Read more

21 Oct 2023

Shriram Housing Finance (SHFL), an affordable housing finance company, has entered into a co-lending agreement with Punjab and Sind Bank (PSB) to provide business loans to self-employed individuals seeking affordable homes. This partnership aligns with the Reserve Bank of India's co-lending model (CLM) framework and aims to address the credit needs of self-employed customers in India. SHFL will take on the responsibility of originating, processing, and servicing these loans, making the lending process customer-centric and efficient. As affordable housing demand continues to rise in India, this collaboration is set to make a significant impact, particularly for self-employed individuals facing hurdles in accessing housing finance.Read more

21 Oct 2023

The government is considering issuing B Khatas to owners of unauthorized properties in tier-2 and tier-3 cities, with an estimated revenue boost of Rs 2,000 crore. A cabinet sub-committee, headed by Forest Minister Eshwar Khandre, aims to recommend provisional certificates for these property owners. Although BBMP in Bengaluru already employs the B khata system, misconceptions arise among property owners, who believe tax payment regularizes their properties. The urgency lies in securing reliable revenue sources for cash-strapped urban local bodies in non-Bengaluru cities. To address fairness, the committee contemplates doubling the tax on unauthorized properties compared to their legal counterparts.Read more

20 Oct 2023

Google India has secured office space in the Fintech One tower at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. The long-term lease, spanning a decade with an option for an additional five years, signals Google's commitment to India. Prime Minister Narendra Modi commended this move and discussed Google's plans to enhance financial inclusion in India through Unified Payments Interface (UPI) with Sundar Pichai, Google and Alphabet's CEO. Fintech One, a 20-storey tower, becomes the location for Google's fintech centre, joining global entities like IBM. This move underscores Google's proactive approach to establish a strong presence in key Indian cities, contributing to the nation's tech and economic growth.Read more

20 Oct 2023

In the first three quarters of 2023, India's top seven cities experienced a residential sales surge, reaching 196,220 units, the highest level since 2008. These sales already achieved 91% of 2022 figures and are on track to exceed 215,000 units by year-end. The upscale housing segment, homes priced over INR 1.5 crore, played a substantial role, accounting for 24.3% of Q3 sales. Mumbai and Bengaluru led the charge with a combined 46.6% of total sales. Premium real estate witnessed impressive growth, with property prices appreciating notably. Unsold inventory increased modestly but with a reduced timeline for liquidation, signalling strong sales. A robust supply pipeline and expansion into emerging markets are expected to maintain residential market buoyancy.Read more

20 Oct 2023

The BBMP in Mahadevapura has initiated the issuance of khatas for property owners after persistent delays. In response to residents' complaints, the BBMP organized "khata melas" in various wards to raise awareness and expedite the process. Over 90 khata certificates were distributed in the Hoodi subdivision and more than 70 in Whitefield, with similar plans in other sub-divisions. The delay in khatas affected tax collection. Residents, who had been struggling for years to acquire khatas, were pleasantly surprised by the efficient issuance during these melas, with more than 60 flat owners successfully obtaining khatas.Read more