28 Apr 2023

SEBI has approved Nexus Select Trust's IPO, a retail-focused real estate investment trust sponsored by private equity firm Blackstone, which includes a fresh issue of Rs1,600 crore and an offer of sale from Blackstone and other smaller holders. The REIT's portfolio includes 17 malls, two hotels, and three office buildings, and proceeds from the IPO will be used to pay down debt. The trust offers high net worth individuals, family offices, and institutional investors access to a diversified portfolio of alternative assets such as private equity, real estate, infrastructure, and private debt.Read more

PNT Reporter

28 Apr 2023

The CBRE India report titled “Indian Real Estate – Betting on a Capital Future” revealed that real estate developers and investors bought nearly 6,800 acres of land in India between 2018 and 2022 for more than USD 12.2 billion to develop greenfield real estate projects. Majority of the land was acquired after January 2021, with residential and mixed-use land parcels making up almost 60% of the total land investments, followed by office developments, industrial, and logistics. Mumbai, Bengaluru, Hyderabad, and Chennai were the cities with the most land acquisition activity.Read more

PNT Reporter

27 Apr 2023

BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.Read more

PNT Reporter

27 Apr 2023

JM Financial Home Loans is in talks with IndoStar Capital Finance for a potential merger of their home finance businesses, which focus on the affordable housing market. The discussions are non-binding and subject to due diligence and negotiation of commercial terms. The combined entity could benefit from synergies in operations, distribution, and technology, enabling it to provide more efficient services to customers. The potential merger could have a significant impact on the affordable housing market in India, which has been witnessing strong growth due to the government's push to provide housing for all.Read more

PNT Reporter

27 Apr 2023

The Ahmedabad Municipal Corporation (AMC) has adopted a "zero tolerance policy" against property tax defaulters and has started putting liens on properties whose owners have not paid their taxes. The move is expected to compel defaulters to pay their dues along with the 18% interest rate mentioned in the lien, and to reduce the number of tax defaulters. The AMC is currently drawing up a list of tax defaulters and will prepare a standard operating procedure for imposing liens.Read more

PNT Reporter

26 Apr 2023

The Hubballi-Dharwad civic body has started a drive to recover unpaid property taxes from individuals who have been evading them. Officials have also discovered that many people have constructed houses illegally but have only paid taxes for the disclosed sites. The goal is to recover unpaid taxes and penalties amounting to approximately Rs 22 crores. The civic body has disclosed the methodology it will use to ascertain the amount of tax due, which includes a penalty of 200% added to the tax amount, and an interest of 2% until the owner pays their dues.Read more

PNT Reporter

26 Apr 2023

The government of Uttar Pradesh has announced a 100% stamp duty exemption for the purchase or lease of land to set up logistic parks, IT parks, and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022. The exemption will be valid for ten years from the date of notification and will be applicable to all land allotted or leased by the industrial development authorities. The district magistrate or deputy commissioner of industries will confirm the instrument of conveyance or lease under the prescribed format of the policy.Read more

PNT Reporter

26 Apr 2023

Vanguard Emerging Markets Stock Index Fund has increased its stake in Indiabulls Real Estate Limited by 0.1%, according to a BSE document outlining shareholding patterns. The fund's holdings grew from 1.19% to 1.20% between December 2022 and March 2023. Another Vanguard fund, the Vanguard Total International Stock Index Fund, maintained its 1.14% ownership of the corporation. The stock has returned a negative 42.30% over the past year, compared to a 3.01% return for the BSE Sensex.Read more

PNT Reporter

25 Apr 2023

The Department of Registration and Stamps has announced that the total of 1.4 lac properties, including plots, were registered across Gautam Budh Nagar (Delhi) in the financial year 2022-2023, which has generated revenue of Rs. 3,018 crores in stamp duty and registration fees. In the financial year 2021-22, a total of 1.2 lac properties were sold, generating a revenue of Rs 2,377 crores indicating a 27 percent increase in collections. At present there is 5% stamp duty and 1% registration fee in Gautam Budh Nagar and for properties in Yamuna’s control area, the stamp duty is 7% and registration fee is 1%.Read more

PNT Reporter

25 Apr 2023

Recently, the Executive Director of DBS Bank India announced that the bank plans to introduce home loans for the affordable housing sector. The loans will be targeted towards individuals living in Tier 2 and Tier 3 cities and is likely to be officially available from the last quarter of the current financial year. This decision is in the line with the bank’s larger goal of expanding its retail portfolio. The company also announced a partnership with Indiafilings to provide end-to-end financial services and a proprietary credit card catered to the affluent to be launched in June this year.Read more