23 Jun 2023

Nashik City's local government has achieved a remarkable 25 percent increase in property tax collection, amassing Rs 75 crore in just 75 days. This success can be attributed to the implementation of a rebate scheme that entices taxpayers with incentives ranging from 6 percent to 8 percent. Around 1.7 lakh taxpayers have taken advantage of the rebate scheme, resulting in a rebate amount of Rs 4 crore. With an optimistic goal of reaching Rs 90 crore, the Nashik Municipal Corporation aims to collect an additional Rs 15 crore in the next 15 days.Read more

23 Jun 2023

IndiQube aims to raise $75 million in equity funding to expand its commercial portfolio in major cities. With profitability achieved and a doubled annual recurring revenue of $100 million, IndiQube plans to acquire office properties alongside its lease model. The company's success in leasing 1 million square feet of office space and the growing demand for flexible workspaces contribute to its strong growth momentum. IndiQube's vision includes owning 1 million square feet of office space through the joint development model. Notable clients such as Myntra and Mahindra Logistics underscore the appeal of flexible spaces in India's market.Read more

21 Jun 2023

Religare Finvest (RFL) plans to transfer its stake to parent company REL, aiming to overcome Reserve Bank of India restrictions. The company is making efforts to recover corporate loans and fixed deposits from Lakshmi Vilas Bank, from which former promoters fraudulently withdrew. India Ratings and Research (Ind-Ra) withdrew ratings for a repaid bank facility, while RFL defaulted on unsecured exposure to ICICI Bank and non-convertible debentures. Timely debt servicing is crucial for a positive rating. RFL's corrective action plan continues due to fund misappropriation by erstwhile promoters.Read more

21 Jun 2023

The Lucknow Municipal Corporation is collaborating with the electricity department to boost property tax collection. Mayor Sushma Kharakwal aims to identify unregistered properties by matching household data with power connection records. Out of 600,000 registered properties, only 365,000 are currently paying taxes. The mayor plans to propose an attractive discount under a one-time settlement scheme, subject to state government approval, to encourage compliance. A recent survey revealed property tax evasion of approximately Rs 80 crore, with thousands of new properties remaining unregistered.Read more

20 Jun 2023

Aviom India Housing Finance secures USD 30 million in fundraising from Nuveen in a new funding round. The funds will fuel market expansion and operational strengthening. Existing investor C4D Partners partially exits by selling a stake to Nuveen. Aviom caters to low-income households with construction, improvement, and renovation loans. The investment has led to a remarkable portfolio growth and employee expansion. Aviom's journey exemplifies innovative financial solutions for inclusive growth.Read more

20 Jun 2023

Gurugram's Advance India Projects Ltd. (AIPL) has leased 5 lakh sq. ft of office space in its AIPL Business Club. Located on Golf Course Extension Road, the complex offers 6,75,000 sq. ft of leasable area with retail outlets and a food court. Key tenants include Kuehne+Nagel, Lummus Technology, and British Airways. With an investment of Rs 320 crore, AIPL expects an annual rental income of Rs 50 crore. AIPL's portfolio spans premium offices, retail spaces, and residential townships in Delhi-NCR and Punjab.Read more

20 Jun 2023

The MCG's audit revealed significant delays in processing property ID applications, taking one to two years instead of the mandated ten days. In Zone 1, 569 IDs were created out of 1,219 applications, while in Zone 4, 1,266 IDs were created out of 1,859 applications. Processing times ranged from 11 days to over two years. The report highlighted undisclosed reasons for delays and a lack of communication with rejected applicants. Measures were taken to improve service delivery. Additionally, 50,415 temporary IDs were generated, with a tax assessment of Rs 14.9 crore, of which Rs 11.3 crore was received by the ULB department.Read more

PNT Reporter

19 Jun 2023

The UP-Housing Board raised it’s circle rates for Vasundhara and Siddharth Vihar townships near the RapidX corridor. Effective April 1, the revision increases stamp duty and property prices. Flats and plots in Siddharth Vihar witness an Rs 850 per square metre hike, while Vasundhara's rates vary by sector. Low-income properties remain unaffected. The board justifies the move due to market sentiment and demand. However, realtors criticize the hike, citing already increased home loan rates as a burden on buyers.Read more

PNT Reporter

19 Jun 2023

Hyderabad's residential property market thrived in May 2023, with 5,877 registrations, a 31 percent increase from the previous month. The total value of registered properties also rose by 31 percent to INR 2,994 crore. The market saw demand for properties between 1,000 and 2,000 sq. ft, with the Medchal-Malkajgiri district leading in sales. Prices showed a YoY increase of 3 percent, with Hyderabad experiencing the highest surge at 8 percent. Buyers showed interest in larger, high-value homes with better amenities. The market remains strong, driven by the RBI's decision to hold interest rates and buyers' preferences for spacious properties.Read more

PNT Reporter

19 Jun 2023

Shriram Properties has announced a target of 25 percent sales growth for this fiscal after recording a record-breaking Rs 1,846 crore in sales bookings. Robust housing demand across price categories fuelled the impressive performance. Sales volume reached 4.02 million sq. ft, a new high, with an 8 percent annual sales realization growth. The company plans to launch multiple housing projects to meet rising demand. Net profit surged nearly fourfold to Rs 68.2 crore, and total income grew to Rs 813.92 crore. Shriram Properties, operating mainly in Bengaluru, Chennai, and Kolkata, has delivered 36 projects and has 26 ongoing projects.Read more