14 Feb 2023

Although cost of construction remains high, the Kerala government's most recent financial allocations which include support programmes for affordable housing comes as a huge relief for the poor. The State Budget has set up Rs. 1,436 crores for Life Mission programmes which will enable the completion of 71,861 homes and 30 housing complexes in the upcoming fiscal year. Some of the programs that have received aid are the Grihasree programme of the Kerala State Housing Board and Aswas Rental Housing Scheme.Read more

14 Feb 2023

In a drastic step to caution property tax defaulters, the Nagpur Municipal Corporation (NMC) has attached 794 properties, all of which are open plots. The total amount owed to the body is said to be approximately Rs 55 crore. The plot owners have been warned that if they do not pay the NMC tax within the next 21 days, all open plots will be put up for auction.Read more

13 Feb 2023

At a recent auction held by the Greater Noida Authority, the civic body responsible for development in the region, real estate developers were able to purchase three plots of land for a total sum of around Rs 300 crore. The authority had invited bids for eleven land parcels, and nine developers expressed interest in three of those properties in December. The bid opened at Rs 200 crore.Read more

13 Feb 2023

The recent budget proposal by the Indian government to limit the tax deduction on long-term capital gains (LTCG) investment in residential property under sections 54 and 54F of the Income Tax Act 1961 to Rs 10 crore is expected to have a significant impact on the demand for super-luxury real estate in the country. The cap on the offset of capital gains from the sale of a residential unit or another long-term asset, except for a residential unit, is anticipated to affect high-value transactions by high-net-worth individuals (HNIs).Read more

10 Feb 2023

The Greater Cochin Development Authority (GCDA) has partnered with South Indian Bank's software division to create a new software that will allow GCDA to manage the allocation and rental of its shops more easily, as well as create a database of its rent management activities. Renters will receive notifications and reminders for rent payments via SMS. Officials will be able to closely monitor the system and act if any renters fall behind on their payments. According to a recent submission to the Kerala legislative assembly, the amount of rent arrears owed to GCDA is nearly 7 crores.Read more

10 Feb 2023

The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers has stated that its net consolidated profit increased by 37.17% in the quarter ending December 31, 2022. Its profit after tax (PAT) increased to Rs 34.10 crore in Q3FY23 from Rs 24.86 crore the prior year's similar quarter. The company's net consolidated income for Q3FY23 was Rs 198.14 crore, up by 494.66% from Rs 33.32 crore it reported in the same quarter last year. The company generated revenues of Rs 1,452 crore with a saleable area of over 1.73 million square feet in the residential business during the first nine months of FY23.Read more

09 Feb 2023

Over the weekend, the Gujrat State Revenue Department made an announcement regarding the revision of ‘Jantri’ rates in the state. After a twelve-year hiatus, the Gujarat government has finally raised the 'Jantri' or annual statement of rates (ASR) for immovable properties. This was done to correct the current pricing and give homeowners their fair market worth. ASR rates are used as a benchmark for determining the value of a property for tax and other purposes.Read more

09 Feb 2023

Godrej Properties (GPL) recorded an increase in its net consolidated profit of 44.54 percent for the quarter that concluded on December 31, 2022. In a BSE filing, the company stated that its profit after tax (PAT) increased to Rs 56.40 crore in Q3 FY23 from Rs 39.02 crore the prior year's corresponding quarter. Its booking value increased by 111% to Rs 3,252 crore and its 9M FY23 bookings increased by 77% year over year to Rs 8,181 crore. Under the Employee Stock Grant Scheme (ESGS), the company granted 30,869 additional shares of stock to qualified workers during the nine months that ended on December 31, 2022.Read more

09 Feb 2023

Kotak Realty Fund has recently made a major investment in hospitality company Bharat Hotels. This marks the fund's first investment in the hospitality sector in over 14 years. The investment, which totals over INR 1,100 crore, was made through debt with a five-year tenure and will be used to repay existing lenders, including public and private sector banks. This transaction has brought Kotak Realty Fund's total investments in FY23 to a record high of over INR 5,500 crore, surpassing their previous best for any fiscal year.Read more

08 Feb 2023

Real estate major DLF Ltd reported a solid financial performance in Q3 of the fiscal year 2022, with a 36.8% increase in its consolidated net profit, reaching Rs 519.2 crore ($71.6 million), up from Rs 379.4 crore ($51.7 million) in the previous year. New sales bookings for the residential business reached Rs 2,507 crore ($342.7 million) in the quarter, reflecting a YoY growth of 24%. DLF's total income declined from Rs 1,686.92 crore ($230.1 million) in the previous year to Rs 1,559.66 crore ($211.3 million) in the recent quarter. The company is said to be working towards further deleveraging, and its net debt decreased to Rs 2,091 crore ($285 million) at the end of the quarter.Read more