PNT Reporter

20 Apr 2023

The Thiruvananthapuram civic body has registered nearly a 100 percent rise in fee collection in 2022–2023, thereby successfully stopping the decline in permit fee returns for two consecutive fiscal years. According to the most recent numbers in the budget sheet for 2023–24, the permit fee collection in 2022–23 totalled Rs 14 crore, an increase of 101 percent from 2021–22. The low profits in 2020-2021 and 2021-22 were mostly due to the pandemic, which brought the city's building sector to a halt.Read more

PNT Reporter

20 Apr 2023

Rajasthan's real estate market is witnessing a resurgence, with stamp duty and registration collections increasing by 26% and generating a record revenue of Rs 8,189 crore. The growth, driven by both residential and commercial segments, has created a positive impact on various sectors and boosted job opportunities. Experts predict the upward trend will continue for several years, benefiting the state's overall development. To sustain this growth, it is suggested that the government reduce stamp duty rates and implement policies to attract the IT industry.Read more

PNT Reporter

20 Apr 2023

The Municipal Corporation of Gurugram (MCG) has formed 16 teams to investigate tax evasion by properties that have changed their use from commercial to residential, industrial, or institutional. The teams will verify if property categories were changed correctly and submit a report by April 30. The MCG will also inspect public parking sites charging fees from residents, and officials will randomly check 5% of properties to verify the cases. The investigation is vital to prevent revenue loss for the MCG, and the MCG aims to maintain a steady source of revenue.Read more

PNT Reporter

19 Apr 2023

Greater Chennai corporation (GCC) has strategized to collect tax from 2.79 lakh under assessed properties (owners of individual houses, educational institutions and commercial properties, hospitals) by re-assessing them. These properties have been identified with the help of GIS technology based on changes in their area, measurements and remodelling structure. The re-assessment is expected to boost the property tax revenue by 300 crores annually.Read more

19 Apr 2023

Following the recent doubling of jantri prices beginning from April 15, the Gujarat government is reportedly planning another rise in jantri charges in outlying regions of cities later this year. In order to align jantri rates with land rates, the government is harmonizing jantri prices with the market price of land in various places. A survey of chosen value zones, particularly recently growing outlying areas of cities, will be done.Read more

PNT Reporter

19 Apr 2023

The use of digital platforms for property tax payments has resulted in a 24% increase in returns filed in Ludhiana. In the financial year 2021-2022, the city's municipal corporation received 77,555 online returns out of a total of 2.7 lakh property tax returns. This number increased to 1.02 lakh online returns and 3.55 lakh total returns in 2022-2023, resulting in a collection of Rs 31.41 crore. While officials are pleased with the progress, they acknowledge that there is still more scope for digital payments and are continuing their efforts to encourage taxpayers to pay digitally.Read more

PNT Reporter

18 Apr 2023

Indiabulls Housing Finance has teamed up with Oaktree Capital to acquire a $5 billion chunk of loans given by the non-banking finance company to bankroll several developers. The acquisition will take place through a jointly formed special purpose vehicle, with Oaktree Capital investing 73,000 crore and Indiabulls Housing Finance investing 2,000 crore. The joint entity will acquire these loans extended to developers by Indiabulls Housing Finance, thereby providing an immediate exit and liquidity to the NBFC.Read more

PNT Reporter

18 Apr 2023

The Reserve Bank of India (RBI) has introduced a new set of rules to prevent "greenwashing," where companies market products as environmentally friendly, even if they do not meet the criteria for such activities. According to the new rules, lenders must have a board-approved policy for evaluating, selecting, and monitoring sustainable projects, and the proceeds from these green deposits must be used to encourage energy efficiency, reduce carbon emissions, promote climate resilience, and improve natural ecosystems and biodiversity. Additionally, these funds will be subject to independent third-party verification on an annual basis.Read more

18 Apr 2023

The first Real Estate Investment Trusts and Infrastructure Investment Trusts index in the nation, the Nifty REITs and InvITs Index were introduced last week by NSE Indices Ltd, a division of the National Stock Exchange (NSE). The index intends to monitor the performance of publicly listed and traded REITs and InvITs on the NSE according to a statement from the exchange.Read more

PNT Reporter

18 Apr 2023

The Ludhiana Municipal Corporation (MC) now requires property photos on tax receipts to improve assessment accuracy. While the MC believes this will help prevent wrong assessments, such as paying residential tax for commercial properties, residents have raised concerns about the increased hassle and potential errors. The new system aims to improve efficiency and resolve disputes between taxpayers and the MC, but its long-term success remains to be seen.Read more