PNT Reporter

04 Apr 2023

American investment manager, Nuveen, has invested $30 million in Aviom India Housing Finance, acquiring a 30% stake in the mortgage lender through a combination of primary and secondary market deals. The primary investment size is $20 million, with the remaining amount being through secondary deals, according to sources familiar with the matter. The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore.Read more

PNT Reporter

03 Apr 2023

The Bhopal Municipal Corporation (BMC) is on a mission to collect property and water taxes from the residents of the state capital. Having targeted large defaulters for weeks, the civic body officials are now going door-to-door to collect every penny due. The BMC has issued a 21-day notice, after which it has threatened to recover pay property tax or water tax by selling the property under section 173 of the MP Municipal Corporation Act, 1956.Read more

03 Apr 2023

Axis Bank and Shriram Housing Finance Limited (SHFL) have entered into a partnership under the co-lending model through the Yubi Co. lend platform. The private sector lender and the housing finance company will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers residing in rural and semi-urban regions. According to a joint statement, the partnership will utilise Axis Bank's financial expertise and SHFL's loan processing technology to evaluate the credit profile of borrowers and provide loans at competitive interest rates.Read more

03 Apr 2023

Embassy Office Parks REIT has agreed to purchase the Embassy Business Hub in Bengaluru for a total enterprise value of Rs 3,348 million ($41 million). The acquisition will give Embassy REIT exclusive ownership rights to approximately 1.4 million sq. ft of leasable area on full completion. The company plans to primarily fund the acquisition through debt at 8.1% interest per annum. The acquisition is expected to be completed on or before April 30, 2023, subject to completion of customary conditions precedent.Read more

PNT Reporter

31 Mar 2023

The Thiruvananthapuram city corporation has recently made a record-breaking collection of property tax due to an updated database and the promotion of online payment options. The corporation grossed Rs 115 crore in property tax in 2022-23, which exceeded the target they set for themselves, and showed an increase in collection by 167% in the last five years. This increase was primarily due to the aggressive promotion of online payment of tax and an updated database of tax dues.Read more

PNT Reporter

31 Mar 2023

Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.Read more

PNT Reporter

30 Mar 2023

The Greater Chennai Corporation has reported a significant increase in its tax collection for the financial year 2022-23. The corporation has collected INR 1,408.9 crore, almost double its previous year's collection of INR 471.6 crore, which was impacted by the Covid-19 pandemic. The civic body aims to collect INR 1,500 crore before the financial year ends in a week. Out of the 13.33 lakh assesses, 8.85 lakh have paid property tax so far, with around 8,000 people paying daily in the last week.Read more

PNT Reporter

30 Mar 2023

The interest rates on home loans have increased by 250 basis points over the last 10 months, resulting in the extension of repayment tenures beyond retirement for many borrowers. While floating rates mean that borrowers must pay the rates prevailing in the market, refinancing loans provides borrowers with an opportunity to save up to 100bps on their loans. Currently, the repo rate is at 6.5% and some banks are offering home loans at 8.5% to new customers.Read more

29 Mar 2023

The Indian government has amended the Finance Bill 2023 to reduce the tax burden on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs), treating distributions as a return of capital rather than taxable income. The move, welcomed by industry experts, aims to create a more attractive, stable, and tax-efficient framework for these investment vehicles. The amendments are expected to encourage further investments in REITs and InVITs and fuel growth in the real estate and infrastructure sectors.Read more

PNT Reporter

28 Mar 2023

Residents of Uruli-Phursungi, a group of villages merged with the Pune Municipal Corporation (PMC) five years ago, are demanding a reduction in property tax as they are not receiving enough water. According to the residents, the PMC charges nearly five times more than the gram panchayat, and they believe that their tax should be reduced to be on par with the gram panchayat rates. They argue that the civic administration is not providing enough water to the villages and citizens are still dependent on tankers.Read more