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

PNT Reporter

19 Jun 2023

The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.Read more

PNT Reporter

19 Jun 2023

EY Global Delivery Services India has renewed its lease for 420,000 square feet of office space in Bengaluru's Coral building, signifying confidence in the real estate market. The lease spans 60 months, with a rental escalation of 13.5 percent after the initial 12 months. The strategic choice of the Bagmane World Technology Centre Campus reflects the significance of location and infrastructure for EY's operations. This lease renewal adds to the positive momentum in the office space market, following similar moves by prominent companies like Amazon, Google, JP Morgan, and Deloitte.Read more

PNT Reporter

19 Jun 2023

Residents of the Patna Municipal Corporation (PMC) area now have the convenience of filing their property and municipal taxes from 7 a.m. to 7 p.m. throughout the week. Alongside the newly launched 7-to-7 tax collection counter, taxpayers can also opt for online filing through the PMC website. This initiative aims to alleviate taxpayer burdens by minimizing queues and ensuring accessibility. To further enhance convenience, executive officials have been directed to provide additional computer operators and systems at tax counters in their respective circle offices.Read more