12 Jul 2023

The NDMC has initiated a door-to-door survey to verify property tax records. Residents are required to provide information during the month-long survey. The assessment list for 2023–24 is based on tax returns filed the previous year. The NDMC invites residents to verify details and address objections. The survey, conducted every 4–5 years, captures changes in property sizes and structures. The NDMC collects property tax from over 16,000 taxpayers, with a total collection of Rs 932.5 crore in 2022–23. The NDMC strives for transparency and efficiency, ensuring residents actively participate in maintaining accurate property tax records.Read more

12 Jul 2023

Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.Read more

11 Jul 2023

Property owners in Nagpur showcased commendable tax compliance by collectively paying Rs 69.29 crore within three months of the financial year 2023–24. Approximately 47,757 property owners benefited from a 5 percent discount by paying taxes online. The target revenue for the year is set at Rs 300 crore. The city offers rebates of 10 percent and 5 percent on property taxes for early payments. Laxmi Nagar zone recorded the highest tax collection, while Satranjipura zone had the lowest turnout. Property owners who missed the previous rebate deadlines can still avail themselves of a 5 percent rebate by paying before December 31.Read more

11 Jul 2023

Property developers in Gujarat are urging the state government to grant stamp duty exemptions for homeowners in redevelopment projects. Echoing a recent Bombay high court ruling, they argue that homeowners are not buying new homes, hence should not bear the burden of additional stamp duty. This move, they believe, could reenergize the stalled redevelopment sector by reducing financial pressures on existing homeowners, especially amid recent jantri rate hikes.Read more

10 Jul 2023

Piramal Capital & Housing Finance plans to sell a distressed loan portfolio worth Rs 2,437 crore to JM Financial ARC for Rs 1,669 crore, recovering 68 percent of its original value. The Swiss auction, employing a competitive bidding process, concluded with JM Financial ARC as the anchor bidder. This follows Piramal's recent divestment of the Rs 3,656 crore loan pool to Omkara ARC. The parent company, Piramal Enterprises, reported a loss of Rs 196 crore in Q1 2023, contrasting with a profit of Rs 151 crore a year ago. These strategic moves exemplify Piramal's commitment to optimizing its loan portfolio and navigating the financial landscape.Read more

10 Jul 2023

The SCB has achieved remarkable success with the introduction of the innovative eChhawani portal for property tax payments. By the initial deadline, they had received Rs 10 crore out of the total of Rs 38 crore in property tax. The deadline has been extended to July 15 to accommodate families burdened by school fees. The SCB plans to take action against wilful defaulters owing Rs 5 crore. The eChhawani portal has facilitated seamless online payments, eliminating excuses for delay. The SCB has assessed over 30,000 properties and aims to add 12,000 more. This marks a visionary step towards efficient tax collection and urban development.Read more

10 Jul 2023

The Chandigarh Municipal Corporation is taking action against property tax defaulters by issuing recovery notices. Around 30,000 residential property taxpayers have failed to make their payments on time, resulting in notices being sent to 3,500 defaulters. The MC aims to intensify its efforts in the coming days. In total, there are 1.42 lakh property tax assessees in Chandigarh, with 1.12 lakh being residential properties. Those who did not pay by the deadline now face penalties and interest. The MC has added 6,000 new assessees this year and utilized the Indian Post Office for property tax bill delivery.Read more

08 Jul 2023

Flipkart's Senior Vice President, Amitesh Kumar Jha, has purchased a luxury villa in the prestigious Adarsh Palm Retreat in Bangalore for a whopping Rs 15.5 crore. The transaction for the property, which spans a super built-up area of 4245 sq. ft., was concluded in May. This acquisition comes amid the rising demand for high-end real estate, fuelled by a growing population of high-net-worth individuals and increased urbanisation, suggesting a bright future for India's luxury real estate market.Read more

07 Jul 2023

Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.Read more

07 Jul 2023

The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.Read more