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

PNT Reporter

29 May 2023

Keystone Realtors has reported an impressive 85.05 percent increase in its net consolidated profit for the fourth quarter of fiscal year 2023. The company recorded a net profit of Rs 74.04 crore, compared to Rs 40.01 crore in the same quarter of the previous fiscal year. The company also witnessed substantial growth in its net consolidated total income, which amounted to Rs 357.63 crore, marking a growth of 44.25 percent compared to the previous year.Read more

PNT Reporter

29 May 2023

During Q4 FY23, Arihant Superstructures, a prominent real estate company, witnessed a significant decline of 97.67 percent in its net profit. The company reported a profit after tax of Rs 23.47 lakh, a substantial decrease from the Rs 9.87 crore achieved in the same quarter of the previous fiscal year. The consolidated revenue for the quarter stood at Rs 66.05 crore, reflecting a decline of 7.32 percent compared to the corresponding quarter in the previous year.Read more

PNT Reporter

29 May 2023

Embassy Property Development is planning to sell multiple assets, including its office park in Chennai and other office spaces, to reduce its debt of $8,800 crores. The company also aims to lower its debt by selling completed goods from its residential projects. Embassy generated significant revenue of around 1,300 crores through the sale of luxury and premium residential developments, contributing to debt reduction. The company plans to cut its debt by $2,700 crores before September 30, 2023.Read more

PNT Reporter

26 May 2023

GIC Housing Finance, a housing finance company, has announced a 6.80% rise in its net consolidated earnings for the quarter ended March 31, 2023. The company reported a profit of Rs 52.33 crore in Q4 FY23, compared to Rs 49 crore in the same period of the previous year. However, its net consolidated income experienced a slight decline of 0.88% to Rs 287.40 crore in the same quarter. The company's board has approved the raising of funds through the issuance of additional shares and the appointment of Darshit Sheth as the chief compliance officer.Read more

PNT Reporter

26 May 2023

The Greater Hyderabad Municipal Corporation (GHMC) has revealed that the state and central governments are the top defaulters of property tax in Hyderabad, with a combined outstanding balance of approximately Rs 6,000 crore. The state government owes over Rs 5,500 crore, while the Centre owes around Rs 300 crore. Despite regular demand notices, the government departments have only disbursed a small fraction of their outstanding payments. The GHMC is responsible for imposing property taxes in Hyderabad, which contribute to local amenities and services.Read more

PNT Reporter

26 May 2023

Arvind Smartspaces (ASL) has recorded a 26.35% decrease in its consolidated net profit for the quarter ending March 31, 2023. The company's profit stood at Rs 10.48 crore, down from Rs 14.23 crore in the same quarter of the previous fiscal year. ASL also experienced a 42.32% decline in its consolidated net total income during Q4 FY23. However, the company announced its highest-ever annual bookings of Rs 802 crore and exceeded sales milestones, selling over 1,100 units in a year for the first time.Read more

PNT Reporter

26 May 2023

The Vaishnavi Group has successfully leased a significant 4.12 lakh sq ft of office space to Navi Technologies, a prominent insurance company. This move by the Vaishnavi Group is driven by the increasing need for high-quality commercial properties in the city. The leased area is located in the Vaishnavi Tech Square, Outer Ring Road, Bengaluru and covers a sprawling 4-acre land. With cutting-edge facilities and recreational amenities, the tech park can accommodate more than 4,000 employees, catering to the evolving needs of modern-day professionals in the country.Read more

PNT Reporter

26 May 2023

Synopsis: The government of Karnataka is considering increasing the property guidance value, which represents the minimum value required for property registration, by 10-30 percent. This would be the first increase since 2018-19, and while the impact on homebuyers is currently minimal, it could affect affordability in the next 1-2 years. The specific formula used to determine guidance value takes into account factors such as location, land area, and market worth. The decision to adjust the guidance value is expected to bring significant changes to the real estate market in Bengaluru.Read more

PNT Reporter

26 May 2023

Urban local bodies in India are increasingly adopting Geographic Information Systems (GIS) for property tax systems, resulting in improved revenue generation and reduced tax evasion. The All-India Institute of Local Self-Government (AIILSG) is providing consultation services and training programs to assist in implementing effective local governance practices and incorporating GIS technology. The adoption of GIS-based systems has led to increased revenue and operational efficiency for urban areas. GIS technology is being recognized as advantageous in multiple areas such as infrastructure development, water resources, and Swachh Bharat initiatives.Read more