23 Sep 2023

Bafna Motors, a Tata Motors commercial vehicle dealer, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality for over Rs 145 crore to Greenscape IT Park LLP. The deal was initiated to settle outstanding loans of Rs 129 crore to the United Bank of India and Rs 15 crore to Tata Motors Finance Solutions. Greenscape IT Park LLP stepped in to repay these debts and acquired the land parcel. The transaction attracted a stamp duty of Rs 7.27 crore and was registered on August 28. It reflects a resurgence in land transactions across Indian property markets.Read more

23 Sep 2023

DB Realty has successfully raised Rs 1,544 crore through a preferential issue of 25.75 crore convertible warrants to promoter groups and non-promoter investors. This issuance complies with SEBI regulations, and all the convertible warrants have been converted into equity shares. The funds raised will primarily be utilized to reduce debt, amounting to Rs 1,404 crore, including the release of contingent liabilities. DB Realty also plans to invest in new assets, meet ongoing project requirements, and support working capital needs. The company aims to become debt-free in the near future and is exploring partnerships with established real estate developers to monetize its substantial land holdings, exceeding 600 acres.Read more

22 Sep 2023

The Delhi Development Authority (DDA) has approved an annual 8% increase in charges for obtaining property rights in unauthorized colonies under the Pradhan Mantri-Unauthorized Colony in Delhi Awas Adhikar Yojana (PM-Uday scheme). This revision, effective from April 1, 2022, follows an amendment to the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorized Colonies) Regulations, 2019, in compliance with Section 57 of the Delhi Development Act, 1957. The charges for property rights will increase by 8% each year. While this move aims to regularize unauthorized colonies, it may pose challenges for applicants seeking legal recognition of their properties in these areas.Read more

22 Sep 2023

The Uttar Pradesh government plans to amend property tax rules, effective in the next financial year, with a focus on relaxing tax rates for starred hotel properties to encourage tourism and employment growth in the state. The amendments are driven by the need to distinguish between bed and breakfast accommodations, homestays, and other budget hotels, ensuring they adhere to tax norms. Eight out of nine objections to the draft amendments came from stakeholders in Agra, a major tourist destination in Uttar Pradesh. The changes aim to harmonize tax structures for star and budget properties while addressing concerns about fairness and revenue balance.Read more

22 Sep 2023

Emirates NBD, a prominent banking group in the MENAT region, has partnered with CoriolisESG by TradeSun, a pioneer in automated ESG scoring solutions. This collaboration aims to enhance the bank's sustainability-linked transaction banking products and advisory services by leveraging CoriolisESG's extensive ESG rating framework. The partnership will provide corporate and institutional clients access to ESG scores of their supply chain partners, encouraging sustainable practices. Additionally, it enables clients to mitigate ESG-related risks that could impact profitability. CoriolisESG's AI-driven solution aligns with global sustainability frameworks and enhances enterprise intelligence, making it a valuable tool in fostering sustainable business practices.Read more

22 Sep 2023

Godrej Properties has successfully raised Rs 1,160 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. This fundraising initiative demonstrates the company's commitment to bolstering its financial position and supporting its growth plans in the real estate sector. The NCDs, which come with fixed coupon rates and distinct maturity dates, were offered to identified investors. They received strong credit ratings from agencies like ICRA and India Ratings, indicating a high degree of creditworthiness and stability. This capital infusion will enable Godrej Properties to expand its presence and contribute to innovative and sustainable real estate projects in India.Read more

22 Sep 2023

A recent report by Colliers highlights the unprecedented growth in India's real estate sector, presenting significant investment opportunities. As the real estate market gains momentum and experiences rapid infrastructure development, several micro-markets in major Indian cities are evolving into prime investment areas. Notably, investing in land and monetizing it through rental properties is yielding returns up to 10 times higher than ready apartments. Eco-friendly locations and tourist destinations are particularly popular for land investments, with Maharashtra-Neral-Matheran, known for its prominent developers, infrastructure projects, and amenities, emerging as a leading investment corridor. This trend is expected to continue, driven by ongoing infrastructure projects and heightened real estate investments.Read more

21 Sep 2023

Income-tax officials have conducted five days of raids at 28 locations, uncovering an alleged tax evasion scheme by five prominent real estate developers in India. These developers, some of whom are affiliated with hotel chains and schools, are suspected of marking substantial transactions as informal receipts rather than official bills, allowing them to evade taxes. The raids, involving 200 officials, have so far led to the seizure of Rs 4 crore in cash and jewellery worth Rs 10 crore. The income-tax department will scrutinize seized documents to determine the extent of tax evasion, imposing penalties if necessary. Security forces are providing protection to ensure uninterrupted investigations.Read more

21 Sep 2023

Karnataka's Revenue Minister, Krishna Byre Gowda, has revealed plans to implement revised "guidance values" for properties starting October 1, with an anticipated average increase of 25 to 30 percent. The guidance value represents the government-mandated minimum selling price for properties, and its annual revision has been neglected for five years. The adjustments aim to bring guidance values in line with market rates, ensuring fairness and curbing black-market transactions. Specific increments will vary depending on market-to-guidance value ratios, with flexibility for region-specific adjustments. The first phase begins in Bengaluru, with a district-wise rollout planned and provisions for objections to the new values.Read more

21 Sep 2023

The local bodies department has reintroduced a one-time settlement scheme for property tax defaulters, granting them the opportunity to settle dues without incurring penalties and interest if they pay by December 31. This move presents possible revenue challenges for the MC. The scheme targets individuals who missed payments by March 31, 2023, granting a complete waiver for prompt payments and a 50 percent waiver for payments until March 31, 2024. The move has left MC officials concerned about reduced tax revenue and potential repercussions for diligent taxpayers. Despite this, the scheme aims to strike a balance between leniency and fiscal prudence.Read more