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

PNT Reporter

13 Apr 2023

The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.Read more

PNT Reporter

13 Apr 2023

Last week, Margao residents staged a protes, demanding a fairer taxation system in response to the proposed increase in house tax and garbage collection fees. A delegation of 10 individuals met with local municipality chairperson Damodar Shirodkar, urging him to postpone the tax hike until all unassessed properties are included in the tax net. The group argued that the current system unfairly targets legally assessed properties, while thousands of unassessed properties remain untaxed. They emphasized that addressing this issue would generate substantial revenue for the municipality and eliminate the need for tax increases.Read more

PNT Reporter

13 Apr 2023

The Haryana government has raised circle rates by up to 30% in Gurugram's prime real estate areas, including those near the Southern Peripheral Road, Golf Course Road, and Dwarka Expressway. While the increase is not expected to impact premium property prices, it may lead to higher registry costs for homebuyers. Property dealers have voiced concerns about the revision, especially given the real estate market's struggles during the pandemic. The revised rates may also affect loans extended by banks for property purchases, potentially creating further challenges for homebuyers seeking financial assistance.Read more

PNT Reporter

13 Apr 2023

The Dharampal Satyapal Group, which owns popular brands like Rajnigandha, Pulse, and Catch, and has hotels in Jaipur, Guwahati, Nainital, and Jim Corbett, along with the Salarpuria Group, a real estate company based in Kolkata, have submitted proposals for resolving the financial situation of Viceroy Bangalore Hotels Private Limited, which is the owner of the luxury five-star Renaissance Bengaluru Racecourse Hotel managed by Marriott.Read more

13 Apr 2023

Nexus Select Trust REIT, India's first real estate investment trust (REIT) with retail properties and sponsored by global private equity leader Blackstone Group is scheduled to launch its initial public offering to raise over 4,000 crores in the first week of May. After the two earlier trusts that contained office buildings, this will be Blackstone's third REIT in the nation. India's first REIT, Embassy REIT which was backed by an institutional investor debuted on the public market in 2019 while Mindspace REIT went public in 2021.Read more

12 Apr 2023

Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year.Read more

PNT Reporter

12 Apr 2023

The Navi Mumbai Municipal Corporation (NMMC) has set a record by collecting the most revenue ever in a single fiscal year 2022-23 through property tax which is a major source of revenue for the civic body. The civic body has surpassed all the previous year property tax collections and is Rs107.17 crore ahead of the previous fiscal. The total collection of property tax in 2022-23 was Rs 633.17 crore, up from 526 crore in 2021-2022. The revised year-end target was Rs 575 crore. However, NMMC earned Rs 58.17 crore more than the target.Read more

PNT Reporter

12 Apr 2023

Jumping in on technology bandwagon, the Hubballi-Dharwad Municipal corporation has announced the launch of a mobile application that will allow citizens to pay their property taxes directly via their cell phones. The new web and mobile-based technology will be operational beginning with the ensuing fiscal year. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology.Read more

PNT Reporter

11 Apr 2023

The Greater Visakhapatnam Municipal Corporation (GVMC) has achieved a record high in tax collections for the financial year 2022-23, surpassing its own target of 375 crore. The GVMC, which is responsible for collecting property taxes in the city, collected a total of 421.5 crore, including vacant land tax receipts. This is a significant improvement compared to the previous fiscal years when the tax collection was impacted by the Covid-19 pandemic.Read more