18 Aug 2023

Residential properties in Chandigarh are facing potential water connection disconnections due to property tax defaulting. The Municipal Corporation (MC) has issued notices to around 250 defaulters, focusing mainly on the northern sectors. The MC's coordinated effort involves collaboration between the property tax department and public health wing. The phased approach targets specific sectors, emphasizing fairness. While officials stress revenue generation for city development, defaulters have been given time to settle dues. Proactive defaulters have already made payments, but a significant portion is yet to comply. The MC encourages engagement with concerned officials for guidance, reflecting a collaborative approach.Read more

18 Aug 2023

The Prayagraj Municipal Corporation (PMC) has replaced the Geographical Information Survey (GIS) for house area calculations with self-assessment forms. Property owners can now evaluate their own properties for tax assessment. The PMC initiated self-assessment for house tax calculation, with detailed forms available at zonal offices and PMC campus. Owners must provide accurate details including property type, area measurements, and occupancy status. Failure to provide accurate information may lead to penalties. Local corporators will aid in the process, and forms must be submitted by October 31, 2023. The change aims to streamline taxation and enhance accuracy.Read more

18 Aug 2023

Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.Read more

18 Aug 2023

Brookfield India REIT has reported a net loss of Rs 270.05 million for Q1 FY24, compared to a profit in the same period last year. Despite this, its total income has grown by 6.64% to reach Rs 3,207.35 million. The company aims to finalize its previously announced acquisitions following a successful capital-raising initiative. Adjusted net operating income rose 4.5%, and gross leasing covered 63,000 sq. ft of new and 235,000 sq. ft of renewals. The board declared Rs 1,641.60 million for distribution. Recent capital infusions prepare the REIT for sizeable commercial asset acquisitions with the GIC partnership, bolstering its portfolio's scale and diversity.Read more

17 Aug 2023

Secunderabad Cantonment Board (SCB) is set to enlarge its tax coverage by incorporating 5,000 more properties into its purview. These properties will be allocated unique Property Tax Identification Numbers (PTINs) and seamlessly integrated into the SCB's tax wing records, alongside the existing 38,000 properties. This strategic step not only streamlines the tax identification process but also enhances the board's ability to manage taxes effectively. The move is anticipated to bolster the equitable distribution of tax responsibilities while accommodating a broader property spectrum under the SCB's jurisdiction.Read more

17 Aug 2023

Nashik Municipal Corporation's property tax collection surged by 31 percent, amassing Rs 112 crore from April to August in the current fiscal, a significant rise compared to Rs 85 crore in the previous year. Despite the traditional lull from August to October due to academic admissions, NMC remains resolute about exceeding targets. Assessing 1.27 lakh properties with additional construction, NMC aims to elicit objections for supplementary property tax. It plans a recovery drive for dues over Rs 1 lakh and a survey for untaxed properties. With a target of Rs 210 crore, NMC exhibits robust fiscal commitment.Read more

17 Aug 2023

Established in 1983, ASK Private Wealth, an arm of ASK Group specializing in wealth advisory, introduces a private credit fund aiming to raise Rs 1,000 crore. Shantanu Sahai, previously leading debt at Nomura India, comes aboard as Senior Managing Partner. This fund, under regulatory approval, targets corporate lending in the performing credit sector. Focusing on sectors like healthcare, IT, and renewables, it emphasizes operational cash flow-driven mid-market companies for balanced risk-reward dynamics. The team boasts 75 years of combined credit investing experience. This strategic move reflects ASK's commitment to innovative financial solutions while prioritizing corporate governance and growth ambitions.Read more

16 Aug 2023

Fractional ownership platforms (FOPs) in the real estate sector are pushing for reduced shareholding requirements for sponsors, plus allowances for ongoing investments and participation in under-construction projects. The call follows a consultation paper circulated by India's Securities and Exchange Board (Sebi) in May, signalling forthcoming regulation of online FOPs. Although the industry embraces regulation, criticism surrounds Sebi's proposed 15% minimum sponsor shareholding rule. The regulator is reportedly considering lowering this to 5% if platforms show substantial "skin in the game." Amid these changes, the sector is poised for increased transparency and market growth.Read more

16 Aug 2023

The DMC is strategically preparing to initiate tax camps in slum localities to bolster tax collection. About 132 identified areas have tax forms available, which are expected to contribute Rs 4 crore to DMC's revenue. In the previous financial year, Rs 52 crore was collected, showing growth from the previous year's Rs 16 crore. The ongoing year has already witnessed Rs 25 crore collected. Digitization has streamlined the taxation process, leading to increased payments. DMC aims to target defaulters and violators, enhancing collections. The Municipal Corporation plans to set up camps in city slums to amplify property tax collection.Read more

16 Aug 2023

The Reserve Bank of India (RBI) plans to introduce a framework allowing borrowers to switch from floating to fixed interest rates, easing loan burdens. RBI Governor Shaktikanta Das revealed this initiative in the monetary policy release. It addresses instances of lenders elongating floating rate loans without borrower consent. The framework mandates transparent communication on loan terms, EMIs, fixed-rate options, and foreclosure. RBI also reviewed the regulatory framework for Infrastructure Debt Funds (IDFs), proposing sponsor removal, direct financing of Toll Operate Transfer projects, and optional tripartite agreements for Public-Private Partnership projects. Additionally, RBI's digital Public Tech Platform aims to streamline lending with open architecture and APIs for seamless credit delivery.Read more