PNT Reporter

13 Jun 2023

Transindia Real Estate Limited has disclosed its intention to sell off some of its business operations and its subsidiary to investment funds managed or advised by Blackstone, a leading international investment company. The divestment pertains to the disposal of a logistics park located in Jhajjar as well as a 10 percent equity stake that is currently owned in several other parks. This deal will generate substantial cash profits and support the expansion goals of Transindia Real Estate Limited.Read more

PNT Reporter

13 Jun 2023

The real estate industry in Ahmedabad is facing confusion over the utilization of transferable development rights (TDR) due to revised jantri rates. Projects are stalled at the plan passing stage as the Ahmedabad Municipal Corporation seeks clarification on calculating jantri rates for TDR after April 15. Developers are unsure if they can use TDR at old rates for projects launched after that date. The uncertainty has caused delays and clearance issues. Prompt clarification is necessary to resolve the situation and ensure smooth functioning of the real estate market in Ahmedabad.Read more

PNT Reporter

12 Jun 2023

The real estate market in Gujarat has experienced a surge in housing finance loans and new home loan disbursements during the fiscal year 2023. The amount of approved housing finance loans increased by 60% compared to the previous year, with a notable rise in the number of individuals receiving new home loan payments. This growth in the real estate sector is attributed to customers' desire to improve their living spaces and the positive outlook within the industry. Ahmedabad, in particular, has seen an increase in property prices and demand due to migration, post-pandemic aspirations for new homes, and the influx of young professionals.Read more

PNT Reporter

12 Jun 2023

Property owners in the Pune Municipal Corporation (PMC) are facing confusion and frustration over their property tax bills, which have been delayed and contain discrepancies. The Maharashtra government's decision to reinstate a 40% tax deduction for self-occupied homes has led to issues with software updates and re-issued bills. PMC officials have acknowledged the problem and plan to provide clearer explanations on future bills. However, residents are expressing dissatisfaction with the lack of guidance and the burden of resolving the errors.Read more

PNT Reporter

09 Jun 2023

Godrej Properties (GPL) has increased its ownership in Godrej Home Constructions (GHCL) from 74% to 100% by acquiring an additional equity share capital. The acquisition was made for a total amount of Rs 14.98 crore. GHCL, a subsidiary of GPL, is primarily involved in the construction, development, and marketing of residential projects in India. In a separate acquisition, GHCL has also acquired the remaining 26% stake in Wonder City Buildcon (WCBL), making it a wholly owned subsidiary. The acquisition of WCBL shares was carried out according to a share-purchasing contract established between the companies. Godrej Properties, a division of the Godrej Group, is a real estate company operating in multiple municipalities with a focus on residential, commercial, and township structures.Read more

PNT Reporter

09 Jun 2023

The Panchkula Municipal Corporation (MC) is taking strict action against property tax defaulters, both commercial and government-owned properties, in an effort to collect outstanding dues. A total of Rs 38.66 crore is due from various commercial establishments, including well-known hotels and schools, while government properties owe Rs 32.19 crore. Notices have been issued, and a 15-day deadline has been given to settle the dues. Non-payers risk having their properties sealed. The commissioner has also directed the publication of defaulters' names on the MC website to hold them accountable.Read more

PNT Reporter

09 Jun 2023

Bajaj Electricals, a prominent consumer electronics manufacturer, has secured a long-term lease for an entire floor of office space in Mumbai's business district. The lease agreement was made with Nucleus Office Parks, and Bajaj Electricals will pay a total rent of nearly 70 crores over five years. The company has the option to extend the lease for an additional 15 years. The senior management of Bajaj Electricals will conduct their business operations from this new office space, with plans to move in by September or October. The company is also in negotiations for additional space and a potential lease extension.Read more

09 Jun 2023

Brookfield India's real estate investment trust (REIT), BROF.NS, has chosen eight investment banks to manage an equity-raising venture of approximately $400 million. The REIT aims to conclude the transaction by July to finance the purchase of office spaces in India. Brookfield oversees a vast portfolio of office spaces in major Indian cities and has prominent tenants such as Accenture, Amazon, and Samsung Electronics. The REIT plans to secure funds through a qualified institutional placement, with notable banks like Morgan Stanley, Citigroup, and Bank of America among those mandated.Read more

PNT Reporter

08 Jun 2023

The Municipal Corporation (MC) of Chandigarh has collected a sum of Rs 42.47 crore as property tax within the duration of two months during which the rebate period took place. About 1.42 lakh taxpayers are present in the city, out of which 64,000 individuals who possess residential properties and 16,000 individuals who have commercial properties have made their tax payments during the months of April and May. As the rebate period expires, property owners will be subject to a 25 percent penalty and an annual interest rate of 12 percent from the issuance date of the bill until the payment is made.Read more

PNT Reporter

08 Jun 2023

Despite rising mortgage rates and property prices, Mumbai's real estate market achieved a record-breaking stamp duty collection in May. This resilience in demand has been spurred by robust transactions involving mid-income and high-end properties. Notably, South Mumbai observed a doubling in sales registrations compared to last year. Market experts attribute this demand stability to the pandemic-driven shift in home-buying preferences and strategic property features.Read more