PNT Reporter

19 May 2023

The Pune Municipal Corporation (PMC) has extended the 40 percent tax benefit for self-occupied properties to the recently merged areas, easing concerns over high property tax rates. However, residents are confused about their bill status. Merged villages lack basic infrastructure and face higher taxes while receiving fewer amenities compared to central areas. The PMC has become the largest municipal corporation in Maharashtra after adding 23 villages. The Uruli-Phursungi areas will undergo demerger and have a separate governing body.Read more

PNT Reporter

18 May 2023

The public in Thiruvananthapuram has expressed outrage over the significant increase in building permit fees. The Local Fund Audit report for FY 2021-22 highlighted cases where the civic authority failed to collect the necessary service cess, particularly for high-rise structures and commercial developments. Thiruvananthapuram Corporation has issued notices to applicants demanding payment of outstanding amounts. The audit revealed undercharging and non-collection of fees, leading to a loss of funds. The Local Fund Audit is responsible for auditing local self-government institutions and aims to increase accountability and financial compliance.Read more

PNT Reporter

18 May 2023

Housing Development Finance Corp (HDFC) is seeking to sell stressed loans amounting to over 2,000 crore that it extended to developers prior to its merger with HDFC Bank. These loans, spread across multiple accounts, including advances to owners of Radisson Blu properties, are now being discussed with asset reconstruction companies for liquidation. Alvarez & Marsal, a consultancy firm, is actively searching for potential buyers. The sale of distressed debts is aimed at preparing for HDFC's upcoming merger with HDFC Bank.Read more

PNT Reporter

17 May 2023

The local government in Chandigarh has separated charges for commercial property owners regarding doorstep waste collection from property tax statements. Commercial property owners will now receive waste disposal fees alongside their bi-monthly water bills. The resolution was made in response to grievances from property owners who received bills that were considerably higher than previous years. The MC has also planned to construct a new integrated waste processing plant for complete waste processing. The new plant will handle 550 MT of daily waste and have facilities for dry, wet, and horticulture waste.Read more

PNT Reporter

17 May 2023

Supertech has announced that it has successfully secured the necessary funding to complete its stalled projects. Having raised approximately Rs 1,200 - 1,600 crores from Oak Tree Financial, the company aims to fulfil its commitments to homebuyers, lenders, financial institutions, and land authorities by completing ongoing projects within the next two years. The recent Supreme Court decision abstaining from interference in the NCLAT's decision has allowed Supertech's promoters to obtain funds through a priority funding approach, ensuring project completion without external interference.Read more

PNT Reporter

17 May 2023

The Prayagraj Municipal Corporation has recently expanded its jurisdiction to include 20 new localities, resulting in the incorporation of these areas into the official records of the PMC. With the addition of these localities, the municipal corporation now has a total of 100 wards. Efforts are being made to ensure that properties in the newly created wards comply with PMC's house tax regulations. A GIS-powered study is also underway to provide precise data for the newly incorporated wards.Read more

PNT Reporter

17 May 2023

Indiabulls Real Estate's shares fell 20% on last week after the National Company Law Tribunal's Chandigarh bench refused to approve the merger of realty firm Embassy Group's specific residential and commercial projects with the company. It dropped significantly by 20% to close at Rs. 55.40 per piece on the NSE which was below the circuit limit. The company's shares were traded in a total volume of 20.29 lakh on the BSE and over 3.93 crore on the NSE during the day. The market value of the company decreased by Rs 748.59 billion to Rs 2,997.63 billion.Read more

PNT Reporter

17 May 2023

The sale of a plot on the London /Orange City Street Project fetched the Nagpur Municipal Corporation (NMC) its highest-ever sale price for a plot. The 80,000 square foot property was sold for Rs111.75 crore which equals about Rs 14,000 per square foot. Previously, the 26,997 square foot Air India land purchased by Kukreja Infrastructures in Civil Lines sold for the highest price of Rs33.01 crore or Rs12,227.28 per square foot. The NMC site is located in South-West Nagpur between Khamla and Sahakar Nagar.Read more

PNT Reporter

16 May 2023

The Pune Municipal Corporation (PMC) is streamlining the procedure for obtaining a 40 percent reduction in property tax. However, political leaders across the spectrum have raised concerns about the lengthy process involved in obtaining the rebate. The PMC has requested numerous documents from citizens, causing confusion and uncertainty among the public. Despite the state government's directive to reimburse supplementary taxes for individuals residing in newly built estates, the PMC has opted to distribute the tax evenly across property tax invoices over the next four years.Read more

PNT Reporter

16 May 2023

Ajmera Realty & Infra India (ARIIL) has reported a 7.85 percent increase in its net consolidated profit for the fourth quarter of the financial year 2022-2023. The company has also decreased its debt by 7 percent and procured property worth approximately Rs 550 crore for development purposes. The board of directors has proposed a final dividend of Rs 3 for each equity share with a face value of Rs 10, pertaining to the fiscal year concluding on March 31, 2023. Despite a decline of 35.85 percent in its net consolidated total income from operations, ARIIL's sales volume and valuation have surged in FY2023.Read more