PNT Reporter

31 May 2023

Adobe Systems India has acquired a 400,000 sq. ft office space in Bengaluru's Prestige Tech Park IV for Rs 505 crore. The purchase includes 640 car parking slots and an undivided share of over 124,000 sq. ft of land. The deal indicates the company's intention to expand its operations in the region, which is known to house major IT and corporate entities such as Google, Amazon, and Microsoft. The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies.Read more

PNT Reporter

31 May 2023

Group 108, a real estate developer, has announced a significant investment of Rs 2000 crore in multiple projects located in Greater Noida West. The company, formerly known as a division of the Bhutani Group, has rebranded itself and is focused on completing their flagship project, Grandthum. This project, spread over 23 acres and featuring two towers with a combined built-up area of 40 lakh square feet, offers a mix of retail outlets, office spaces, and recreational amenities. The investment will be funded through promoters' funds and internal earnings, and negotiations are underway to acquire land for future commercial and residential developments in Noida and Greater Noida.Read more

31 May 2023

Global Net Lease Inc. (GNL) has announced its plan to acquire Necessity Retail REIT Inc. (Necessity) in a stock-for-stock transaction valued at approximately $950 million. Shareholders of Necessity will receive 0.670 shares of GNL for each share of Necessity held, resulting in a total value of $7.08 per share. The newly formed company, GNL, will be led by co-CEOs James Nelson and Michael Weil, with Nelson retiring in April 2024. Necessity Retail REIT, established in 2013, operates 1,039 establishments primarily occupied by single tenants.Read more

PNT Reporter

30 May 2023

Indiabulls Housing Finance reported a decline of 15.04 percent in its consolidated net profit for the fourth quarter of fiscal year 2022-23. The company recorded a profit after tax of Rs 260.60 crore, compared to Rs 306.75 crore in the same period of the previous year. Additionally, the company experienced a decrease of 5.20 percent in its net consolidated total income, earning Rs 2,077.13 crore in Q4 FY23. The company's total assets amounted to Rs 16,028.93 crore, with outstanding debt of Rs 31,114.47 crore and a debt-equity ratio of 2.96 as of March 31, 2023.Read more

PNT Reporter

30 May 2023

PNB Housing Finance, a prominent financial institution, achieved a remarkable increase of 64.73 percent in its net consolidated profit for the quarter ending March 31, 2023. With a profit after tax of Rs. 279.28 crore, compared to Rs. 169.54 crore in the previous fiscal year, the company showcased its strong financial performance. The quarter also witnessed successful asset sales and a rights issue, contributing to the company's growth and strategic plans.Read more

PNT Reporter

30 May 2023

The Pune Municipal Corporation (PMC) in India has successfully generated a significant revenue of Rs 40 crore from property tax bills within a week of their issuance. The PMC has implemented a 40 percent discount on property tax for individuals who occupy their own properties, with the option to pay digitally or in person. While physical bills are yet to be distributed, the PMC has accumulated Rs 92 crore in property taxes through electronic payments. The government has announced that properties registered post-2019 will undergo an assessment and become eligible for the discount from April 1, 2023.Read more

30 May 2023

Celebrity power couple Beyoncé and Jay-Z have made headlines with their jaw-dropping $200 million acquisition of a stunning mansion in Malibu. The property, designed by renowned architect Tadao Ando, is the most expensive residence ever sold in California and ranks as the second highest-priced in the United States. Situated in the coveted Paradise Cove area, also known as "Billionaires' Row," the mansion spans 30,000 square feet on an 8-acre hillside with breath-taking ocean views. The minimalist design features glass and concrete, and the luxurious amenities include eight bedrooms, eleven bathrooms, multiple pools, a basketball court, recording studio, spa, and more.Read more

PNT Reporter

30 May 2023

Ramesh Juneja, the chairman of Mankind Pharma, and his wife Poonam Juneja have sold a bungalow in Vasant Vihar, Delhi for Rs 91 crore to Dhruv, Dakhsh, and Ranjana Malhotra from Everest Pressure & Vacuum Systems. The sale was facilitated by Christie's International Real Estate. The buyers paid stamp duty of Rs 4.85 crore to finalize the purchase of this 1200 square yard property. Meanwhile, Mankind Pharma, which recently launched its IPO, is facing allegations of tax evasion, leading to searches by the Income Tax Bureau.Read more

PNT Reporter

29 May 2023

Prominent government entities and private properties in a city have recently paid a total of Rs 2.94 crore in arrears for property tax to the Municipal Corporation (MC). The Punjab government's public works department tops the chart with a payment of Rs 88.7 lakh. Following shortly after is the engineering branch of the UT management, which has deposited a sum of Rs 77.19 lakh. Delhi Public School (DPS) has disbursed a sum of Rs 54.54 lakh, while ICS (Jagat) Hotel and Punjab Packages Private Limited have respectively paid off Rs 40 lakh and Rs 23.7 lakh. The MC aims to collect Rs 92 crore through property taxes during the fiscal year.Read more

PNT Reporter

29 May 2023

The Urban Development Department of Maharashtra has requested the Nashik Municipal Corporation (NMC) to submit a new proposal for imposing property taxes on industries. This proposal suggests reintroducing industrial slabs instead of using the existing commercial slabs. The industrial rate classification for property tax was eliminated in 2018 by the ex-commissioner of NMC. The NMC has submitted a proposal to the government for consideration. However, concerns have been raised about the potential impact of higher property taxes on industrial establishments and future investments in the Nashik region.Read more