PNT Reporter

12 May 2023

In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.Read more

PNT Reporter

12 May 2023

The Municipal Corporation of Chandigarh (MCC) has launched a two-month rebate period for property tax payments, during which residential and commercial property owners can avail of discounts of up to 20% and 10%, respectively. The MCC has contracted the Indian postal service to disseminate property tax invoices and has established assistance counters to address the concerns of taxpayers. Failure to pay property taxes within the rebate period will result in additional charges and interest. The MCC is optimistic that many taxpayers will take advantage of the rebate period and pay their taxes in May, historically the month with the highest number of payments.Read more

PNT Reporter

12 May 2023

The Piramal Group is seeking buyers for its portfolio of foreclosed real estate properties, which includes outstanding debts and unpaid security receipts. The portfolio is jointly owned by Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) and includes real estate projects located in Mumbai, Pune, Bengaluru, and Gurgaon. E&Y has been hired as a consultant to assist with the resolution of these assets, and the company plans to launch an auction by the first week of June.Read more

PNT Reporter

11 May 2023

CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.Read more

PNT Reporter

11 May 2023

The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.Read more

PNT Reporter

11 May 2023

Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.Read more

PNT Reporter

10 May 2023

The Mayor of GMC, Mrigen Sarania, claimed that the corporation's property tax collection has significantly increased by approximately Rs 40 crore, citing their rigorous policy implementation as the reason. GMC has experienced a substantial increase of 53% in property tax, 9% in trade licensing, and 40% in funds generated from its multiple branches, demonstrating notable growth in revenue collection efforts. The Guwahati Municipal Corporation (GMC) has declared an offer of a 10 percent discount on property tax payments made before May 30.Read more

10 May 2023

The Ahmedabad Urban Development Authority (AUDA) has decided to auction 18 plots in different regions of the city for residential and commercial use at a base price of Rs 1,238.35 crore, with the most expensive plot in Vejalpur's TP Scheme 6 priced at Rs 2.84 lakh per sq. m. AUDA's land pricing committee met twice, once on March 9 and again on April 13, to establish the values and base prices for these plots, ignoring the impending increase in jantri rates on April 15. Despite the increase in jantri rates, AUDA officials stated that the new rates would not impact the plot prices as the valuation took into account sale deeds and other factors.Read more

PNT Reporter

10 May 2023

Beginning May 8, 2023, households in Salt Lake City will receive property tax invoices for the initial half of the 2023-24 fiscal year from the Bidhannagar Municipal Corporation (BMC), which aims to generate a revenue of Rs 40 crore through property tax during the current fiscal year. Tax payments can be made online through the BMC website or in person at the tax collection centres. The tax bills will include all outstanding payments and overdue charges. Taxpayers who have not paid their dues will be required to pay a 10 percent penalty, which will be applied in the third quarter.Read more

PNT Reporter

09 May 2023

The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.Read more