PNT Reporter

17 Apr 2023

The state government has introduced stricter regulations to streamline property registration and increase revenue through property taxes. Property owners must now provide payment receipts for vacant land tax or property tax to register their assets, and the submission of VLT payment receipts for all open plot registrations is mandatory. The new regulations aim to prevent losses due to delinquent or non-payment of taxes and provide better services and infrastructure for the public.Read more

PNT Reporter

17 Apr 2023

The civic officials of Ludhiana are currently celebrating their record-breaking property tax collection for the year, but they have overlooked the issue of recovering pending rent from tenants of their properties. To tackle this issue, officials are planning to seal the properties of people who fail to clear their dues and have asked concerned officials to submit records so that notices can be distributed. The pending dues to be recovered from tenants’ totals to Rs 12 crore.Read more

PNT Reporter

17 Apr 2023

VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017. The landowner agreed to keep a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.Read more

PNT Reporter

17 Apr 2023

Last week, Blackstone Inc announced that it has successfully raised $30.4 billion for its latest global real estate fund, named Blackstone Real Estate Partners X. This fund is 48% larger than the previous real estate fund closed by the asset management giant in 2019, signalling Blackstone’s increased commitment to the industry. Blackstone has been strategically focusing its portfolio on areas such as logistics, rental housing, hospitality, lab office, and data centres, while shifting away from traditional office and malls. This shift is in response to changing market dynamics, including the post-pandemic rise of flexible work arrangements and the increasing popularity of e-commerce.Read more

17 Apr 2023

As the new jantri rates take effect, the Gujarat government has promised benefits for the real estate sector, including a decrease in the chargeable FSI and premium for converting agricultural property to non-agricultural land. The concessions prevent price increases for affordable housing units, but they result in significant price increases for homes in other categories, including R1, R2 TOZ, and tall buildings. The state government made it clear that construction plans filed prior to the implementation of the new jantri regime will be subject to both the previous jantri and chargeable FSI regulations.Read more

PNT Reporter

14 Apr 2023

The Gurugram Metropolitan Development Authority (GMDA) plans to impose a 1% transfer duty on immovable properties along the 14km Southern Peripheral Road for the next three years to fund the SPR redevelopment project. Property owners and buyers would have to pay 1% of the purchase amount of a property to GMDA at the time of registration. The duty is expected to earn GMDA INR 375 crore over the next three years. GMDA may also use earnings from developing wayside amenities and ask for funds from the state finance department if needed.Read more

PNT Reporter

14 Apr 2023

The Ahmedabad Municipal Corporation has continued with the existing slum redevelopment policy, despite heavy criticism and several appeals for change. In 2016, the Comptroller Auditor General (CAG) published a report stating the policy was flawed and skewed towards private bidders. The CAG found that land premiums were fixed without consideration of the formula agreed upon by the government, and builders paid rates much higher than existing jantri rates. However, the policy continues to remain unchanged, thereby causing crores of financial loss.Read more

PNT Reporter

14 Apr 2023

According to a report first published by Reuters, the Softbank-backed Indian hotel aggregator Oyo has submitted a private "pre-filing" document for what is anticipated to be a scaled-down Initial Public Offering (IPO). The company had submitted paperwork to go public in 2021 with an initial public offering (IPO) size target of 84.3 billion Indian rupees ($1.02 billion) but postponed the share sale at that time.Read more

PNT Reporter

14 Apr 2023

According to sources, business conglomerate Shapoorji Pallonji Group is looking to dispose of key real estate and infrastructure assets as part of a larger debt-restructuring plan. The company will sell portions of its stake in properties where the development area exceeds 100 million square feet. Their goal with the sale of its real estate and infrastructure assets is to raise another $2.5 billion. The revenues from the asset sale would be used for other reasons in addition to paying off the company's debt of Rs 21,000 crore.Read more

PNT Reporter

14 Apr 2023

The Greater Hyderabad Municipal Corporation (GHMC) missed its property tax target for the third consecutive fiscal year, this time by 16%. The civic body earned 1,681.72 crores until March 31, falling short of the 2,000-crore target. It did, however, earn 67.72 crores on the last day of the fiscal year 2022-23. Overall property tax collection was 10% higher than the previous year. The municipal government has assessed 13.53 lakh properties in the city, 7% more than in 2021-22.Read more