30 Apr 2025

The Greater Noida Authority has mandated that homebuyers must now pay stamp duty and register their flats at the time of booking, aligning with RERA guidelines that require a registered sale agreement once 10% of the property's value is paid. Previously, registration occurred at possession, but delays in project completions left many buyers without legal recourse. This policy aims to ensure transparency, formalize transactions early, and secure revenue. While similar rules exist in Noida and YEIDA areas, developers have raised concerns over the lack of a clear refund process in case of cancellations. Industry experts remain cautious about the policy's practical impact.Read more

29 Apr 2025

Prestige Hospitality Ventures, the hospitality arm of Prestige Group, has filed for a INR 2,700 crore IPO, comprising an INR 1,000 crore fresh issue and INR 1,700 crore offer for sale by Prestige Estates. Proceeds will fund debt repayment, business expansion, and upcoming hotel projects in Mumbai and Delhi NCR. The company operates premium hotels under brands like Marriott, Sheraton, and Conrad across Bengaluru, Chennai, Kochi, and Goa. With India's hotel industry rebounding strongly post-pandemic, Prestige's offering is expected to draw investor interest. JM Financial, CLSA, J.P. Morgan India, and Axis Capital are managing the IPO, targeting the booming luxury hospitality segment.Read more

29 Apr 2025

LIC Housing Finance Ltd (LIC HFL) reduced its Housing Prime Lending Rate (HPLR) by 25 basis points earlier this week, bringing it down to 8%. The move is set to lower the cost of borrowing for both existing and new home loan customers. This adjustment follows the Reserve Bank of India's decision to cut the repo rate by 25 basis points to 6%, prompting multiple lenders to pass on the benefits to customers. Several banks, including Canara Bank and Indian Bank, have also revised their home loan rates downward to below 8%, making home loans significantly more affordable.Read more

29 Apr 2025

The Haryana government has decided to freeze circle rates to help curb rising real estate prices, following a 10-30% hike implemented in December 2024. This move, welcomed by industry players, keeps rates unchanged in key markets like Gurugram, offering relief to homebuyers. Haryana usually revises circle rates twice a year but has paused adjustments to control inflation and restore market confidence. Earlier, revisions were delayed due to the 2024 Lok Sabha and assembly elections. As property prices continue to rise, such policy measures are seen as critical to maintaining affordability and stability in the state's evolving real estate market.Read more

28 Apr 2025

Earlier this week, the Chandigarh administration announced a reduction in the proposed property tax hike after facing significant public opposition. The initial proposal had suggested an increase of up to 30% in property tax rates. However, following widespread protests and concerns from residents and various stakeholders, the administration reconsidered the hike. The revised proposal now includes a more moderate increase, aiming to balance the city's revenue needs with the financial burden on property owners. This decision reflects the administration's responsiveness to public concerns and its commitment to equitable urban governance.Read more

28 Apr 2025

Bajaj Housing Finance reported a 54% rise in FY25 net profit to INR 587 crore, driven by strong demand for home loans and a 26% surge in AUM to INR 1.14 trillion. Q4 disbursements rose 34%, while GNPAs remained steady at 0.29%. CEO Atul Jain cited growing preference for affordable homes in Tier I and II cities and hinted at a stock split and bonus issue. Meanwhile, India's life insurers saw a 5% rise in new business premiums to INR 3.97 lakh crore, with LIC's market share slipping slightly. Private insurers showed resilience amid tax changes and IRDAI-driven commission reforms.Read more

25 Apr 2025

Pune's real estate sector experienced unprecedented growth in March 2025, with property registrations reaching 24,430 units, a 10% increase from the previous year. Stamp duty collections soared to inr 924 crore, marking a 12.4% rise. This surge is attributed to stable economic conditions, infrastructure development, and robust homebuyer sentiment. Central Pune dominated residential transactions, accounting for 76% of the market share. The demand for larger apartments also saw a significant uptick, reflecting evolving buyer preferences.Read more

25 Apr 2025

In a landmark ruling, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) declared that a flat worth INR 2.6 crore received by an individual as compensation for vacating land during a redevelopment project is a non-taxable capital receipt. The case involved a legal settlement between the individual and a redeveloper over a South Mumbai property. Tax authorities had initially treated the flat's value as taxable income, but the ITAT overturned this view, citing the nature of the compensation as a resolution to a land-related nuisance, thereby excluding it from the individual's taxable income.Read more

25 Apr 2025

In fiscal year 2024-2025, the Delhi Development Authority (DDA) recorded a record surplus of INR 1,371 crore, its second year in a row of positive revenue. This financial upswing follows a significant shift in strategy under Lieutenant Governor V.K. Saxena's leadership, focusing on reducing unsold housing inventory and enhancing the appeal of its housing schemes. Key initiatives included transitioning from a lottery-based allocation to a first-come-first-served model and lifting the requirement for applicants to own property in Delhi. The Narela sub-city emerged as a focal point, with over 8,500 flats sold, contributing more than INR 3,100 crore in revenue. Overall, housing collections in the past two years totaled INR 5,574 crore, surpassing the combined collections of the previous eight years.Read more

25 Apr 2025

The Vadodara Municipal Corporation (VMC) has announced a property tax rebate initiative aimed at encouraging timely payments. Property owners who settle their dues by May 23, 2025, will receive a 10% rebate on residential properties and a 5% rebate on non-residential properties. An additional 1% rebate is offered for online payments, promoting digital transactions. While online payments are incentivized, offline payments remain accepted without the extra 1% discount. This move aligns with VMC's ongoing efforts to streamline tax collection and reduce arrears.Read more