PNT Reporter

08 May 2023

A vacant plot of land on Jumeirah Bay Island in Dubai, part of a select offering of 128 plots, sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. The purchaser, not a UAE resident, plans to build a family holiday residence on the highly desirable island, connected to the mainland by a bridge. Real estate brokers predict further records will be broken in the future, with the seller of this transaction already planning to sell another similar property for 135 million dirhams. Jumeirah Bay Island is home to the luxurious Bulgari Resort, and apartment prices in the upcoming Bulgari Lighthouse tower have already soared to remarkable heights.Read more

PNT Reporter

05 May 2023

Civic authorities have indicated that producing property tax bills in advance will prompt KMC to amass additional revenues at the outset of the year. The superintendent of property tax at KMC, stated that this year, they were able to produce all the bills on the KMC website in a timely manner and property owners can easily access their tax information and make payments by logging in to the municipal corporation website or visiting the citizen facilitation centres and providing their assessment number.Read more

PNT Reporter

05 May 2023

The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate. The government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork.Read more

PNT Reporter

04 May 2023

Settl., a co-living operator, is expanding its business in Gurugram with the opening of four new centres within the next month, offering approximately 300 beds in total. Settl. plans to launch 1,500 more beds in the Delhi-NCR region in the coming fiscal year. With a total of 7 operational co-living properties in Gurugram, 1,200 beds in Bengaluru, and 300 in Hyderabad, Settl. aims to reach 2,200 beds in NCR and 5,000 beds across India by March next year.Read more

PNT Reporter

04 May 2023

The Nagpur Municipal Corporation's property tax department has reported that 60 percent of the approximately 6.36 lakh property holders in the urban area have failed to pay their property tax dues for the fiscal year 2022-23, resulting in more than 3.80 lakh non-paying customers accumulating an outstanding balance of 581 crore rupees. The Ashi Nagar zone has the maximum number of defaulters, owing Rs 114.44 crore, followed by Laxmi Nagar and Mangalwari zones. The NMC has implemented multiple programmes aimed at diminishing the outstanding debts, including a penalty of 2 percent interest per month.Read more

PNT Reporter

04 May 2023

In a circular released on April 17th, N Satyanarayana, the Director of Municipal Administration, instructed all municipal corporations within the Hyderabad Metropolitan Development Authority (HMDA) boundaries to adhere to the current process of evaluating property tax until a final resolution was reached. It is crucial to thoroughly analyse and investigate the effects of a significant rise in property tax, particularly on individuals belonging to the middle and lower-middle income brackets.Read more

PNT Reporter

03 May 2023

The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.Read more

PNT Reporter

03 May 2023

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.Read more

PNT Reporter

03 May 2023

Amid soaring interest rates, many home loan borrowers are opting to refinance their loans to mitigate the financial blow. The rising trend is largely due to the narrowing spread between benchmark rates and actual lending rates. The significant hike in policy repo rates since May 2022 has pushed home loan rates up from approximately 6.2% to around 9%. Borrowers are leveraging reduced spreads offered by lenders and shifting their loans to lenders offering lower rates or renegotiating terms with their existing lenders to secure more favourable rates.Read more

PNT Reporter

02 May 2023

The New Delhi Municipal Council (NDMC) has released an updated assessment list of all land and constructions in its areas. Residents are urged to double-check the information at the Palika Kendra property tax office and register objections by May 13. The assessment list for 2023-24 is based on the tax returns filed by the owner, occupant, and lessee last year (2022-23). Objections must be submitted online or on working days between 10 a.m. and 1 p.m. using the prescribed format. Any concerns received prior to April 13 and after May 13 will be disregarded.Read more