PNT Reporter

11 Apr 2023

The Pune Municipal Corporation (PMC) has extended the deadline for property owners to pay their taxes at discounted rates. The previously deadline was May 31, which has now been extended to June 30. Further, tax defaulters have been given an extension until April 30 to clear their dues. The state government has announced a 40% tax discount for self-occupied properties, but the civic administration has yet to receive a detailed notification about it, which could delay the distribution of tax bills. Therefore, additional time has been given to pay the tax at discounted rates.Read more

PNT Reporter

11 Apr 2023

According to sources from the district administration, the cost of purchasing land set to increase by 5% to 45% in the state capital of Madhya Pradesh. According to the revised collector guidelines rates applicable from this fiscal year, the registry of land will go up by 5% to 20% in 732 locations in Bhopal. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.Read more

PNT Reporter

11 Apr 2023

The Chandigarh Municipal Corporation collected more than Rs 69.50 crore in property taxes in the recent fiscal year which concluded on March 31. As payments were being taken through E-Sampark centres at night the amount is certain to rise. Both business and residential properties in the city contributed to the collection of the property tax. A portion of the money was also given by individuals in the form of property title changes and book entries.Read more

PNT Reporter

10 Apr 2023

According to block deal data available on the National Stock Exchange (NSE), private equity firm WSI WSOI V Mauritius Investors, which is an affiliate company of Walton Street Capital, divested its entire 14.27% stake in Shriram Properties for Rs 134 crore. through an open market transaction. WSI WSQI V Mauritius Investors held over 2.42 crore shares, equivalent to a 14.2% stake in Shriram Properties at an average price of INR 55.05 apiece.Read more

PNT Reporter

07 Apr 2023

The decision by the state government to grant interest waiver on property tax dues in urban areas has resulted in significant revenue for civic bodies during the last few days of the fiscal year. Urban local bodies collected nearly 40% additional revenue during the current fiscal year compared to last year's tax collections. The tax revenues saw a sudden jump in the last fortnight of March after the state government waived penal interest on accumulated tax dues since 2020-21.Read more

PNT Reporter

06 Apr 2023

The Greater Chennai Corporation (GCC) has proposed a 20% discount on property taxes for big-ticket defaulters who owe the civic body more than 346 crore. This move, however, comes with certain conditions. Defaulters are only eligible for the discount if they pay their dues in one go and within three months of the council adopting the resolution. The scheme targets those who have accumulated dues for more than five years and has been sent to the state government for approval.Read more

PNT Reporter

06 Apr 2023

TVS Emerald, a real estate development company based in India, has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a platform for plotted development projects across Chennai and Bengaluru. The platform, which is worth Rs 1,000 crore, will focus on meeting the growing demand for high-quality plotted developments at affordable prices.Read more

PNT Reporter

06 Apr 2023

The Brihanmumbai Municipal Corporation (BMC) has surpassed its revised target for property tax collection for the financial year 2022-23. As of Friday evening, the civic body had collected Rs 5,350 crore, which is higher than the revised target of Rs 4,800 crore. However, it falls short of the original target of Rs 6,000 crore. Last year, the BMC had collected a total of Rs 5,792 crore in property taxes.Read more

PNT Reporter

05 Apr 2023

The Adani Group is reportedly negotiating with lenders to extend repayment terms on $4 billion loans taken to acquire ACC and Ambuja Cements assets from Switzerland's Holcim group. The group seeks to extend its $3 billion bridge loan from 18 months to five years or more and convert a $1 billion mezzanine loan into senior secured debt with a five-year repayment schedule. Lenders have agreed in principle to extend the loan tenure, but discussions on loan pricing are ongoing. The final outcome of these negotiations remains uncertain.Read more

PNT Reporter

04 Apr 2023

Global investment firm Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has reportedly emerged as the highest bidder for L&T Finance's real estate portfolio of Xrbia group, a Pune-based real estate developer. According to two sources familiar with the matter, Arcil has offered INR 700 crore in a combination of cash and security receipts for a portfolio worth INR 880 crore, which translates into a recovery rate of 80% for the finance company. The company was also in talks with Aditya Birla ARC and Phoenix ARC to sell the same portfolio.Read more