PNT Reporter

28 Mar 2023

The Kolkata Municipal Corporation (KMC) has set a target to bring all unassessed properties in the city under its revenue assessment system within a year. Officials believe that if all unassessed properties are assessed within a year, the revenue will increase by 100%. Assessing unassessed properties will not only help the KMC generate more revenue but also enable owners of houses or flats to get their properties mutated, ensuring delivery of essential civic services.Read more

PNT Reporter

28 Mar 2023

The Maharashtra state government is considering a proposal to exempt housing societies in metros from non-agriculture tax (NA). The tax is applicable to societies that do not come under gaothan areas in the municipal corporation or council areas. Currently there is a stay on the collection of NA tax from housing societies by the State Government. Revenue minister Radhakrishna Vikhe Patil has said that the request made is being examined, and a final decision will be made towards the end of the budget session.Read more

PNT Reporter

24 Mar 2023

ALT Realtech, a Bengaluru-based fintech start-up, has made history by launching the world's first digital real estate exchange called ALT DRX. The platform is designed to allow investors to buy one square foot of real estate at a time, thus increasing accessibility to the market. The start-up's strategy is India-centric, and it has already raised $1.6 million in equity and $2 million in callable mezzanine debt for co-investing in real estate assets during its seed round.Read more

PNT Reporter

24 Mar 2023

Secunderabad Cantonment Board (SCB) officials are working to collect property taxes from at least 30,000 residential and commercial properties in the area, with the deadline for payment just 10 days away. The SCB tax wing has been working hard to recover tax and has issued demand notices to defaulters to replenish the board's coffers and overcome a funding shortage. To ensure that property owners pay their taxes, special teams were dispatched in January to serve demand notices. Property owners have until March 31 to pay their taxes.Read more

PNT Reporter

23 Mar 2023

According to an application submitted with the bankruptcy court by the resolution professional, Singapore based real estate fund Experion Developers has offered a deal to take over the Blackstone-backed Dignity Builcon in a deal that would entail a fifty percent recovery for lenders initially led by Standard Chartered Bank. Experion Developers made an offer of Rs. 450 crores for the Gurgaon-based Dignity Buildcon, which specializes in real estate development.Read more

PNT Reporter

23 Mar 2023

Brookfield, a global asset management company, has extended its share purchase agreement to buy the IL&FS headquarters in Mumbai until June 2023, after the initial deadline of December 2022 lapsed. The extension was granted due to delays in closing the deal caused by litigation. The deal is worth ?1,080 crore and involves the acquisition of the 12,651.95 square meter land at plot No C-22 in the Bandra Kurla Complex, Mumbai, together with the IL&FS Financial Centre.Read more

PNT Reporter

22 Mar 2023

This year the Pune Municipal Corporation (PMC) will be delayed in sending out property tax notices as the civic body has to reprint over 4.5 lac property tax bills. The bills are usually sent out around the first week of April. This has been brought about due to the state’s decision to offer a forty percent tax reduction for self-occupied properties. The local postal services will be used to distribute over 10 lac bills and is set to cost the civic body over Rs 50 lacs. Previously, the civic body had used private agencies which led to several problems.Read more

PNT Reporter

22 Mar 2023

India’s first unicorn proptech company, NoBroker has set up an office in the Business Bay district of Dubai, UAE. The company hopes to cater to international markets such as UAE, Australia, Singapore and USA and tap into the illustrious NRI market in India. Earlier this year, the company raised $5 million from Google to expand its services business under the name of NoBrokerhood. NoBroker is a prop-tech platform that uses machine learning algorithms and artificial intelligence to match property owners with potential buyers or renters without any brokerage fees or commissionsRead more

PNT Reporter

22 Mar 2023

Bonito Designs, backed by Lodha Ventures has brought on renowned interior designer Gauri Khan and famous Bollywood designer Manish Malhotra to offer home styling to customers. According to reports by the Economic Times, the company aims to garner a revenue of Rs 280 crores for this fiscal year and surpass over Rs 1,000crores in revenue in the coming two years.Read more

21 Mar 2023

Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.Read more