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

PNT Reporter

09 May 2023

The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.Read more

PNT Reporter

09 May 2023

Telangana government has announced its decision to regularize notarized property transactions, which will benefit around six lakh individuals in the state, particularly in Greater Hyderabad, and generate INR 2,000 crore in regularisation fees for the government. The move will help people avoid legal complications and transfer property ownership more easily. Officials are currently working on the kind of transactions that will be allowed and the fee.Read more

PNT Reporter

09 May 2023

Real estate service company ArisUnitern has partnered with alternative investment fund firm Jiraaf to raise Rs 250 crore for its expansion plans. Jiraaf will provide a line of credit for investment in development projects, while ArisUnitern will handle the development. The partnership will help ArisUnitern add five projects worth Rs 500 crore to its portfolio, with opportunities for investors to explore different asset classes and risk profiles on its digital platform. ArisUnitern aims to simplify the real estate industry by providing all necessary resources under one roof, including marketing, finance, and material procurement solutions.Read more

PNT Reporter

09 May 2023

Can Fin Homes has announced an increase in net profit of 34.88% for the quarter ending March 31, 2023. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 165.79 crore in Q4 FY23 from Rs 122.92 crore in the same period of the previous fiscal. The company's total operating income increased by 36.17% to Rs. 764.29 crore in Q4 FY23 from Rs. 561.29 crore it reported in the same quarter last year.Read more

PNT Reporter

08 May 2023

The Municipal Corporation of Chandigarh collected Rs 4 crore in taxes from approximately 12,000 property owners during a two-month rebate programme for both commercial and residential properties. The first month of the promotional period saw a collection of Rs 3.20 crore from 11,500 residential properties and around Rs 70 lakh from commercial properties. May is expected to see a rise in tax collection due to historical data indicating increased compliance during rebate availability. There are 1.42 lakh properties within the tax jurisdiction of the city, with a majority being residential properties.Read more

PNT Reporter

08 May 2023

The Goa revenue department has introduced new rules to tackle property undervaluation by real estate professionals, builders, and landlords. A task force has been established to accurately determine the market price of tangible property and categorize it into distinct groups. Collectors will compile an annual report with average land rates and built-up property rates, and sub-registrars must verify property market value before sale deed registration. The new rules aim to streamline property registration and reduce disputes related to property valuation.Read more

PNT Reporter

08 May 2023

Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.Read more

PNT Reporter

08 May 2023

Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.Read more

08 May 2023

Nexus Select Trust plans to raise up to Rs 3,200 crore through India's first retail REIT public offering, which will consist of an offer for sale of up to Rs 1,800 crore and a fresh issue of units up to Rs 1,400 crore. The portfolio includes 17 operational shopping centres spread across 14 major cities, totalling 9.8 million square feet. This marks Blackstone's third REIT sponsorship. While three REITs are currently listed on Indian stock exchanges, they are all leased office properties, making Nexus Select Trust the first REIT with holdings in retail real estate that yield rent.Read more