17 Jul 2023

Strata, a leading real estate investment group, has partnered with India Land and Global Group to expand its presence in the Indian market. The collaboration aims to develop commercial properties in Maharashtra and Tamil Nadu. The partnership has led Strata to plan the raising of funds for a project in Pune's Hinjewadi area, covering 120,000 square feet with an expected rental yield of 8-9%. The collaboration will accelerate the growth and geographic reach of both companies, expanding their presence by offering new opportunities in commercial real estate across Maharashtra and Tamil Nadu.Read more

15 Jul 2023

The Nashik Municipal Corporation (NMC) launches a dynamic recovery drive to collect outstanding property taxes from prominent defaulters. With an accumulated amount of unpaid taxes exceeding Rs 450 crore, the NMC has targeted 1,450 defaulters who owe Rs 160 crore. Notices will be issued, granting defaulters a 21-day ultimatum to settle their dues, followed by stern warnings of property confiscation and eventual auctioning. The NMC aims to collect Rs 210 crore in property taxes for the fiscal year and has seen success through innovative rebate schemes, surpassing previous collection records.Read more

15 Jul 2023

The Chandigarh Municipal Corporation has granted property tax exemptions to around 850 residential property owners in the city for the current financial year. The exempted categories include widows, disabled individuals, and ex-servicemen. A notification was approved by the MC general house and received the nod of the Chandigarh administration. The list of beneficiaries is subject to annual changes based on applications for exemption. The exemption process requires applicants to submit ownership documents and valid identity proofs. The issue of exemption and beneficiary selection underwent extensive discussion in the MC's monthly general house meetings.Read more

15 Jul 2023

The Reserve Bank of India (RBI) is considering a "special dispensation" that would allow banks to provide additional financing to customers with restructured home loan accounts to assist in completing stalled housing projects. A committee, led by G20 sherpa Amitabh Kant, discussed the issue of stalled projects in the real estate sector, and lenders expressed the need for regulatory relief to release extra funds through restructured or revived home loan accounts. The RBI is currently evaluating the proposal and is expected to make a decision soon.Read more

14 Jul 2023

Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.Read more

14 Jul 2023

Incuspaze pioneers workspace solutions, recently launched its sixth centre in Noida, Sector 126. Spanning over 65,000 sq. ft. at The Fortune One, the facility offers more than 1200 seats and premium amenities. Incuspaze has leased a total of 9.7 lakh sq. ft. of office space in Noida and Gurugram to meet the growing demand for flexible workspaces. With a presence in more than 14 cities and over 30 centres, Incuspaze aims to be the preferred workspace provider in talent-rich areas.Read more

14 Jul 2023

Real estate startup OfficeBanao has secured undisclosed funding from angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. This investment will fuel the expansion of OfficeBanao, a workspace interior platform aiming to disrupt the market with its comprehensive services. The funding will be utilized to enhance their technology-driven platform, accelerate product development, and expand the workforce. This success highlights the growing interest in proptech in India, with significant investments being made in the sector. OfficeBanao is poised to shape the future of office spaces with its innovative approach.Read more

13 Jul 2023

Musician Ben McKee's luxurious property in Las Vegas has been swiftly sold, reflecting the thriving real estate market in Las Vegas. The stunning residence, featuring contemporary design and lavish amenities, captivated buyers with its spacious interiors, state-of-the-art kitchen, multiple entertainment spaces, and a serene outdoor oasis. Its prime location in a sought-after neighbourhood, offering easy access to entertainment and attractions, added to its appeal. The transaction highlights the robust housing demand in Las Vegas, driven by a strong economy, favourable tax incentives, and the allure of celebrity-owned properties.Read more

13 Jul 2023

Shriram Housing Finance has successfully raised $50 million through its maiden external commercial borrowing (ECB) to diversify its funding sources. The funds will be used to finance affordable housing projects. The three-year borrowing comes at an overall cost of around 8.4 percent, including the one-year hedging cost, aligning with the company's average borrowing cost. Shriram Housing Finance aims to raise an additional $150 million this year, taking advantage of the growing interest from global investors in India's affordable housing finance sector. The company also utilises other funding avenues such as bank loans, debt capital markets, and securitization.Read more

13 Jul 2023

After a hiatus of two decades, the Tamil Nadu Registration Department has recently announced a significant surge in the registration fees and stamp duty for a range of 20 services offered by the department. The decision, implemented under section 78 of the Registration Act 1908, aims to modernize and streamline the fee structure to better reflect current economic conditions. This move is expected to have a considerable impact on various transactions, such as property registrations, lease agreements, and other legal documents.Read more