07 Sep 2023

Chandigarh's municipal corporation has resolved a long-standing property tax dispute by transferring the responsibility for tax payments from shopkeepers to PU. The municipal body has recalculated the tax liability at Rs 25.22 crore, now exclusively designated for PU to settle. Previously, recovery notices were issued to shopkeepers, but they contended that they were tenants, not owners. This matter was discussed within the MC's general house, leading to the unequivocal decision that PU, as the lessee of the shops, bears the sole responsibility for property tax payment. The prolonged dispute between PU and MC has endured for months.Read more

07 Sep 2023

Mindspace Business Parks REIT, known as Mindspace REIT, has strategically acquired 2,41,694 square feet of leasable space in Chennai's Commerzone Porur, consolidating its ownership of the project and expanding its presence in the Chennai market. This acquisition, valued at Rs 181.60 crore, was accomplished through debt financing with no service fees. The property boasts contemporary architecture and serves as an attractive commercial space. Mindspace REIT now commands 100% ownership of this venture, enhancing its leasing potential and adding value to its extensive portfolio, which spans multiple business hubs in India.Read more

07 Sep 2023

Medi Assist Healthcare Services, a key player in India's healthcare sector, has initiated its IPO journey by submitting its draft red herring prospectus to SEBI. In an unconventional move, the IPO will exclusively consist of an offer-for-sale, with existing shareholders and promoters offering up to 2.80 crore equity shares. This unique structure means the company itself won't receive proceeds from the IPO. Medi Assist is a significant healthcare benefits administrator, boasting substantial market shares in both retail and group health insurance. The IPO will involve various investor categories, signalling an exciting phase in the company's evolution.Read more

06 Sep 2023

Arkade Developers Ltd., a burgeoning real estate player, seeks to raise Rs 430 crore through an IPO, as per its preliminary filing with SEBI. The IPO consists solely of fresh equity shares, as detailed in its Draft Red Herring Prospectus. Funds will fuel ongoing projects, future acquisitions, and corporate needs. With a stronghold in Mumbai, the company has developed 1.8 million sq. ft. of residential property and launched 1,040 residential units from 2017 to June 2023. Notable projects include Arkade Nest, Arkade Crown, and others. The firm's revenue grew at a CAGR of 26.69% from 2021 to 2023. Unistone Capital leads the IPO, set to list on both the BSE and NSE, with Bigshare Services as registrar.Read more

05 Sep 2023

The Indian government is set to launch an interest subsidy scheme for the urban poor and the middle class, with a focus on aiding homebuyers. Similar to the credit-linked subsidy scheme (CLSS) of the PM Awas Yojna, this initiative follows Prime Minister Narendra Modi's announcement of support for those living in rented accommodations, slums, or chawls and intending to build their own homes. The new scheme extends PM Awas Yojna's framework and broadens eligibility for interest subsidies. In addition, the government aims to deploy 10,000 electric buses in 100 cities within six months to improve urban transportation, following recent Cabinet approval.Read more

05 Sep 2023

The NMC is launching inspections of all commercial properties within its jurisdiction to ensure property tax compliance. Some commercial property owners have been avoiding tax payments by operating without civic body registration. This move aims to identify unregistered properties and increase revenue. The NMC also plans citywide property surveys to uncover underutilized properties and unauthorized construction. Currently, property tax collection begins after property owners obtain building completion certificates, but many properties operate without them. The NMC intends to extend taxation to these cases. This proactive approach enhances revenue and promotes equitable property tax compliance.Read more

05 Sep 2023

Lenders in India have urged the RBI to double the threshold for housing loans to qualify as priority sector lending. Presently, a housing loan of Rs 35 lakh in metropolitan areas qualifies for this status, obliging banks to fulfil priority sector targets. However, bankers argue that this figure does not reflect current real estate prices. They propose raising the threshold to Rs 75 lakh for metropolitan areas and Rs 45 lakh for non-metropolitan areas. If approved, this change could significantly stimulate housing sector lending and provide a broader boost to the economy by aligning regulations with market realities.Read more

04 Sep 2023

Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.Read more

04 Sep 2023

The Mangaluru Urban Development Authority (Muda) has revealed that the draft of the revised master plan for Mangaluru city is expected to be completed within three months. This update was shared during a council meeting held by the Mangaluru City Corporation (MCC). The MCC Commissioner stressed the importance of transparency and collaboration, urging Muda officials to engage with corporators to ensure diverse perspectives are considered in the master plan. The meeting also addressed issues related to water scarcity and property assessments. It marked the conclusion of the current mayor's term and set the stage for upcoming mayoral elections.Read more

04 Sep 2023

Table Space Technologies, a pioneering managed workspace provider, plans to invest Rs 1,000 crore in FY23–24 for a 4.5 million-square-foot expansion. CEO Amit Banerji reveals the company's strong growth, having added 3.2 million square feet in 2022–23 with an investment of Rs 800 crore. The innovative 'TS Suites' will offer premium pre-built offices on short-term contracts, backed by cutting-edge technology. A recent capital infusion of over $325 million aids expansion in key Indian office markets. Table Space aims to exceed 8 million square feet by 2023's end. Its robust portfolio includes clients like Google, Apple, AMD, and Mastercard.Read more