PNT Reporter

02 May 2023

The State Cabinet in Pune recently approved a proposal to offer a 40% discount on property tax to owners of self-occupied properties in the city. The move is expected to provide relief to property owners but may cause the government to lose revenue of at least Rs. 400 crores. The discount was first introduced in 1970 but never implemented by the state government and was eventually declared illegal and scrapped in 2019. However, with the formal introduction of the discount, the civic body has announced that all arrears collected between 2019 and 2022 will be adjusted with future bills.Read more

PNT Reporter

02 May 2023

The Urban Local Bodies (ULB) Minister of Haryana announced a 10 percent discount on property taxes for citizens who pay within ULB units until the end of July this financial year. The ULB has also extended the deadline for the submission of property tax, water or sewerage, rent, and license fees for shops. The ULB aims to improve the living standards of the general public by using the proceeds of the initiatives directly extended to them.Read more

PNT Reporter

02 May 2023

Indian startup DevX, which provides flexible office space solutions to businesses of all sizes, has raised more than $3m in funding from a number of investors, including Urmin Family Office and Navneet Publications. The capital will be used to expand the company's presence in tier-2 and tier-3 cities across India and double its portfolio to 2 million square feet in the coming financial year. DevX already operates in 25 locations across 11 cities and provides various workspace options, including private offices, dedicated desks, and coworking spaces. It also hosts events and programs to foster collaboration and networking among its members.Read more

PNT Reporter

01 May 2023

LTI Mindtree and L&T Technology Services are consolidating their real estate assets around Chennai as part of cost-cutting initiatives. LTI Mindtree has moved to L&T Innovation Campus at Manapakkam in Chennai, and LTTS is in talks to sell their 300,000 sq ft office space. The companies' decision is due to the adoption of a hybrid work model and the visible global recession. LTI Mindtree has leased 600,000 square feet at Chennai's L&T Innovation Campus, and they plan to use it by the first quarter of 2024.Read more

PNT Reporter

01 May 2023

Mohan Exports, the parent company of the Mohan Group, has acquired 27,000 square feet of office space in DLF Horizon Centre, Gurgaon from Hero Cycles for Rs 80.66 crore. DLF, a major company in leasing office space, had been selling office floors to families and businesses between 2014 and 2019 but has since focused on building a rental portfolio. Mohan Exports paid Rs 5.64 crore in stamp duty.Read more

01 May 2023

Following the implementation of new jantri rates on April 15, the Ahmedabad Municipal Corporation (AMC) has received an influx of applications for plan approval. The AMC authorised 325 projects and collected Rs 290 crore in fees in the first 11 days of the month. This amount comprises revenue from plan approval fees and purchased FSI, and it is the most ever earned in a single month under this heading.Read more

PNT Reporter

01 May 2023

Synopsis: Ludhiana property owners will now get notifications from civic officials to pay their outstanding debts. In a few localities, officials have already begun to serve notices. They will strive to recover outstanding amounts from defaulters in the next two months Over 3.55 lakh tax returns were filed last year. Those who have not paid their taxes will be subject to a 20 percent penalty and 18 percent yearly interest charge.Read more

PNT Reporter

01 May 2023

Last week, the Noida Authority raised the prices of plots meant for residential, group housing, and institutional purposes by a range of 6% to 10%. The rates for flats constructed by the Authority or commercial properties rented by it however remained unchanged. The decision to increase the land rates was sanctioned during the Authority's board meeting, headed by Manoj Singh, the Chairperson of the Authority and the Commissioner of Infrastructure and Industrial Development.Read more

PNT Reporter

28 Apr 2023

Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.Read more

PNT Reporter

28 Apr 2023

The Pune property market had its biggest monthly stamp duty collection in March 2023, indicating a 20% increase from February. The increase in sales of houses costing Rs 50 lakh or more and the shift towards larger residences contributed to the growth. Primary and secondary residential transactions accounted for 76% of all property registrations, with Central Pune having a higher percentage of transactions. Micro markets in Pune's north, south, and east held a smaller percentage of residential sales during the month.Read more