26 Jun 2023

Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.Read more

26 Jun 2023

Ludhiana's municipal corporation is turning to digital technology to identify property tax defaulters. A new mobile application utilizing Geographical Information System (GIS) mapping allows officials to color-code properties and assign unique identification numbers. This will facilitate the tracking of defaulters and improve operational efficiency. The initiative, which includes live location tracking for field staff and text reminders to defaulters, is part of an aggressive push to achieve this year's property tax target of Rs 130 crore.Read more

26 Jun 2023

Reliance Retail Ventures (RRVL), along with six other companies, has expressed interest in acquiring Future Supply Chain (FSC), the logistics and warehousing management arm of Future Group, which is facing bankruptcy. FSC has played a crucial role in managing Future Group's warehousing and logistics requirements. RRVL had previously made an unsuccessful offer to acquire the entire Future Group business. The bidding process for FSC will determine its future and have broader implications for the Future Group and the Indian retail industry.Read more

23 Jun 2023

MCG suffered significant revenue losses of Rs 461.7 crore over a 12-year period due to the inability to collect property tax from institutional property owners. An audit revealed missing owner names in MCG's records for zones 1 and 4. The audit report highlighted the lack of effort from zonal taxation officers to locate these records. This led to a loss of property and a fire tax amounting to Rs 461.7 crore. MCG aims to recover the amount owed, but rectifying the property ID data and updating records will take time and effort.Read more

23 Jun 2023

Bhagirath Realty Private Ltd has been served a cease-and-desist order by the Nagpur Municipal Corporation (NMC) for proceeding with construction of a commercial complex without appropriate permits. The unsanctioned construction on a disputed 40,000 sq ft plot, previously held by the Nag Vidarbha Chamber of Commerce, is currently under multiple investigations. The builder faces potential legal consequences for violation of the Maharashtra Regional and Town Planning Act, and possible implications from breach of environmental and mineral excavation norms.Read more

23 Jun 2023

A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.Read more

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