22 Jul 2023

The top 8 large and listed developers in India have experienced a remarkable reduction in net debt by 43 percent, dropping from Rs 405 billion in fiscal year 20 to over Rs 230 billion in fiscal year 23. Despite periodic interest rate hikes, their execution capabilities remain unaffected. The market confidence in these developers has grown, as indicated by the increasing market share of both listed and unlisted players. The last fiscal year witnessed the highest sales volume in five years, with approximately 3.65 lakh units sold across the top 7 cities. This positive trend reflects a thriving real estate market poised for continued growth.Read more

22 Jul 2023

The PMC has introduced a WhatsApp chatbot service for property tax billing. Over 10 lakh bills have been sent through this platform, streamlining the process for residents. Citizens can access property tax information and payment receipts at any time by sending a message to 8888251001. The initiative has received positive feedback, simplified interactions, and eliminated physical bill distribution challenges. The PMC also employs data analytics and satellite imaging for property tax assessments. With a target of Rs 2318.15 crore for property tax collection in 2023-24, the PMC aims to enhance revenue and provide a seamless experience for citizens.Read more

22 Jul 2023

Dalmia Nisus Finance Investment Managers LLP has made a substantial investment of over Rs 25 crore in the plotted development project called Treasure Hills, led by Treasure Group. This investment, facilitated through the Real Estate Credit Opportunities Fund - I, signifies their foray into non-metropolitan regions. With a prime location in Indore, Treasure Hills offers meticulously designed plots with a total sale potential of 4 lakh sq. ft. This strategic move aligns with the growing demand and the high GDP growth rate in Indore. Nisus Finance Group's expertise and Treasure Group's track record position them for remarkable success in this venture.Read more

22 Jul 2023

The Kolhapur Municipal Corporation (KMC) faces the challenging task of revising property taxes to increase revenue. To expedite the process, the civic administration has formed teams of employees to conduct a property survey of 1.35 lakh properties. The involvement of civic employees from the property tax department ensures transparency, but the inclusion of employees from other departments raises concerns about expertise in property assessment. To prevent corruption and ensure fairness, the KMC plans to have a senior official independently review the survey process.Read more

21 Jul 2023

The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.Read more

21 Jul 2023

IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavour for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.Read more

20 Jul 2023

Uttar Pradesh is set to revolutionize property tax calculations in smaller cities and towns, aiming for self-sustainability and increased revenues. Despite manual methods in Nagar Palikas and Nagar Panchayats, the government, led by Yogi Adityanath, is determined to implement GIS-based reforms in all 17 municipal corporations. Starting in the populous Nagar Palikas, the reforms expect a substantial revenue surge. GIS technology has shown success in Lucknow, with a 35 percent increase in tax collection in one year. The government also contemplates revising the property tax slab for unregistered commercial properties.Read more

19 Jul 2023

The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.Read more

19 Jul 2023

The Indian real estate sector experienced a significant influx of private equity investments worth USD 13 billion in the second quarter of 2023. This surge in capital highlights the growing confidence of global investors in the country's real estate market, driven by rising demand for commercial and residential properties and government initiatives to improve transparency and ease of doing business. The commercial real estate segment has attracted substantial investment, while the residential sector has witnessed increased buyer demand and government incentives. Foreign institutional investors and global PE firms have been actively investing in major real estate projects, particularly in Mumbai, Delhi-NCR, and Bengaluru.Read more

19 Jul 2023

Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.Read more