25 Aug 2023

The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.Read more

25 Aug 2023

The Municipal Corporation of Manesar (MCM) has successfully amassed Rs 18 crore in property tax since April 1. A significant development is the issuance of 30,000 notices to defaulting property owners across Manesar, urging prompt settlement of their dues. A notable shift has been the MCM's decision to outsource bill distribution to a private firm, resulting in its highest tax collection to date. This approach has primarily targeted property owners seeking no-dues certificates. The accrued funds are designated for driving development projects within emerging sectors. Additionally, notices have been issued to 100 defaulters owing Rs 10 crore. Efforts are underway to ensure billing accuracy and facilitate corrections.Read more

25 Aug 2023

Land prices between Nandankanan and Trisulia, where the proposed route will traverse, have increased dramatically as a result of the announcement of the Bhubaneswar Metro Rail project. Depending on the region, land values have increased by 25% to 50%, with prices rising from Rs 3,000 to Rs 5,000 per square foot. Even though the precise metro line has not been finalized, the news itself has affected pricing, especially for plots close to busy roadways. Developers are now considering marketing projects based on their metro accessibility, which is helping the local real estate market flourish as a result of the expectation of increased connection.Read more

24 Aug 2023

The Income Tax Department's recent changes to the valuation of employer-provided houses will have a significant impact on employees' finances nationwide. Effective from September 1, the amendments by the Central Board of Direct Taxes (CBDT) alter how rent-free accommodations are valued for tax purposes. High-earning employees with employer-provided housing will likely see increased take-home pay and savings. The revisions adjust valuation percentages based on city population size using 2011 census data. Employees not part of the central or state government and residing in employer-owned unfurnished accommodations will see reduced valuations. The changes are likely to prompt discussions on income distribution and taxation strategies. Both employees and employers will need to navigate these adjustments to optimize their financial situations.Read more

24 Aug 2023

The Securities and Exchange Board of India (SEBI) has introduced new regulations to elevate corporate governance standards in financial markets, particularly for Real Estate Investment Trusts (REITs). These rules empower REIT unitholders with special privileges, including the ability to nominate representatives to serve on boards. The concept of self-sponsored REITs has also been introduced. Unitholders holding at least 10% of total units can now nominate directors to investment manager boards, ensuring equitable representation and influence over decisions. SEBI's rules mandate minimum sponsor unitholding over time to align interests, and they allow the emergence of self-sponsored investment managers for REITs. These regulations signify SEBI's commitment to investor participation and sustainable growth.Read more

24 Aug 2023

HDFC Capital, in partnership with TVS Emerald, is on the brink of finalizing three land acquisitions, covering 45 acres in Chennai and Bengaluru's emerging residential sectors. This move is part of their recent collaboration targeting plotted and low-rise constructions in South India. With a shared vision, the duo aims to develop properties across 250 acres in the region, offering a blend of affordable to mid-tier housing options. This initiative comes amid a growing demand for personalized residential spaces in the post-Covid19 landscape.Read more

24 Aug 2023

Rizin Advisory Private Limited has accomplished a significant transaction within Gurgaon's prestigious Grand View Towers, resulting in a remarkable valuation of Rs 32 crore. This acquisition involves an entire 18,000 square feet floor within the iconic tower, which is part of a mixed-use complex housing the esteemed Grand Hyatt hotel. Notably, the buyer is renowned lawyer Rohit Kochhar from Kochhar & Co. The tower, designed by Foster + Partners, boasts luxury office spaces, upscale shopping, and dining establishments. With its exceptional specifications, prime location, and blend of luxury and functionality, the Grand Hyatt Office Tower exemplifies excellence in commercial real estate.Read more

23 Aug 2023

WeWork is set for a one-for-forty reverse stock split to regain compliance after expressing doubts about its operational viability. Shares have plummeted since a 2021 merger, trading at 12 cents from their $47 billion valuation. With the backing of SoftBank but marked by a 2019 public plan failure, WeWork revealed a 3 percent drop in memberships, citing intensified competition, market volatility, and subdued demand. Amid cost-saving efforts, leadership changes, and debt-cutting, the reverse split aims to restore compliance by consolidating shares. Authorized by shareholders in June, it takes effect on September 1st, potentially indicating capital-raising efforts.Read more

23 Aug 2023

Brookfield India REIT raised Rs 750 crore via commercial papers, as detailed in a BSE filing. The company issued 15,000 dematerialized, rupee-denominated, listed, and rated commercial papers, totalling Rs 750 crore with a Rs 5,00,000 face value each, as per regulatory disclosure. The funds will serve debt repayment, transaction costs, capital expenses, and working capital needs for both Brookfield India REIT and its SPVs. CRISIL rated the papers 'CRISIL A1+'. The acquisition of 50 percent of Candor G1's share capital was informed separately, involving equity shares and compulsory convertible debentures. Brookfield India REIT and GIC affiliates subscribed to unlisted nonconvertible debentures of Candor G1.Read more

22 Aug 2023

Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.Read more