06 Jul 2023

Despite opposition from councillors, the Shimla Municipal Corporation approved a four percent increase in property tax during its recent monthly meeting at Bachat Bhawan. The proposal to raise taxes based on a new formula faced resistance, while concerns were raised about Rs 40-crore grant. A similar tax system is recommended nationwide to mitigate potential grant cuts. Taxes will increase annually based on the state's five-year GDP average, with a four percent rise this time. The Municipal Corporation will issue two tax bills annually for the first time, impacting over 30,000 building owners and generating around Rs 1 crore additional revenue.Read more

05 Jul 2023

The UP cabinet has approved a proposal to levy a 'metro and RRTS cess' on developers in cities where these services are being developed, initially in Ghaziabad and Meerut. The cess will be implemented within a 1.5-kilometer radius of the metro or RapidX corridor. The decision aims to generate revenue for the cash-strapped Ghaziabad Development Authority. Developers' associations are awaiting the official notification before deciding on their response. The cabinet's approval signifies a policy decision that may extend to other districts as well. Legal challenges to the decision remain uncertain pending the notification.Read more

05 Jul 2023

Conscient Infrastructure has acquired 6.6-acre land in Gurugram for approximately Rs 85 crore to develop a housing project, leveraging the bullish market. Real estate consultancy Cushman & Wakefield facilitated the deal. The land parcel has a development potential of over one million square feet. With this strategic move, Conscient Infrastructure capitalizes on the demand surge for residential properties, solidifying its position as a leading developer in Gurugram. The company's partnership with Hines to establish the 'Elevate Homes' platform further demonstrates its commitment to shaping the future of real estate in Delhi-NCR.Read more

05 Jul 2023

Residential housing loans have surged from 8.6 percent in March 2012 to 14.2 percent in March 2023, as per the Reserve Bank's Financial Stability Report, indicating a significant increase over the past eleven years. The housing sector is thriving, with sales witnessing a remarkable 21.6 percent increase in the fourth quarter of 2022–23. This strong growth reflects the high demand for new launches, showcasing a positive market outlook. The low NPA rate in the home loan segment can be attributed to Indians' inclination to repay loans promptly and the regulatory framework established by the RBI.Read more

04 Jul 2023

Sundaram Alternates Assets plans to raise Rs 1,500 crore through its fourth real estate credit fund. The fund will focus on secured real estate investments, particularly self-liquidating residential projects. The fund will allocate 70–75 percent towards South India micro-markets and 25–30 percent for tactical investments. It targets deals below Rs 100 crore, with expected returns of 18–22 percent.Read more

03 Jul 2023

In an innovative move, Real Estate Investment Trust (REIT) firms in India are contemplating establishing a dedicated industry association. This planned collective, akin to the Association of Mutual Funds in India (AMFI), aims to represent and bolster the burgeoning REIT sector. Along with raising awareness, the association intends to set industry standards and promote transparency, thereby encouraging investors to tap into this largely unexplored investment avenue. As the REIT landscape is still in its infancy in India, this development is seen as a significant step towards a mature and transparent real estate investment environment.Read more

03 Jul 2023

Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.Read more

01 Jul 2023

Housing Development Finance Corporation (HDFC) and HDFC Bank are set to complete their merger by July 1. The record date for share swapping is expected to be July 13. These dates are tentative and subject to formalities. Once finalized, HDFC Bank will be 100 percent publicly owned. Shareholders in HDFC will receive 42 shares of the bank for every 25 shares held, giving them 41 percent ownership. The merger has received approval from regulatory bodies and is projected to create the world's 10th-largest bank with a market cap of $145 billion.Read more

01 Jul 2023

The ITAT Mumbai bench ruled in favour of a non-resident taxpayer, stating that the difference between the agreement and the stamp duty value of a flat at registration is not taxable. The ITAT accepted the booking form as evidence and acknowledged that payments were made through banking channels, exceeding the prevailing stamp duty value. The taxpayer initially did not file a return but later declared a taxable income of Rs 58,940. The income tax officer sought to tax the difference of Rs 55.9 lakh, but the ITAT dismissed the addition based on Section 56(2)(vii)(b) as the dispute was resolved.Read more

30 Jun 2023

The Securities and Exchange Board of India (SEBI) has introduced disclosure formats for compliance reports on governance and annual secretarial requirements for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These formats, to be implemented from the fiscal year 2024, mandate the disclosure of crucial information such as investment managers' details, board and committee compositions, and meeting schedules. Investment managers are also required to submit quarterly compliance reports and an annual secretarial compliance report. The objective is to improve transparency, accountability, and regulatory compliance in the operations of REITs and InvITs, contributing to the overall development of Indian capital markets.Read more