21 Apr 2025

In a move aimed at standardizing property taxation, the Bruhat Bengaluru Mahanagara Palike (BBMP) introduced a revised parking tax structure for residential properties. The new system calculates tax based on a uniform rate per square foot, replacing the previous zonal classification method. While this change is intended to simplify the taxation process, it has elicited mixed reactions. Homeowners in premium zones may experience increased tax liabilities, whereas those in lower zones could see reductions. The BBMP has acknowledged public feedback and indicated that further revisions may be considered.Read more

21 Apr 2025

The Maharashtra cabinet has introduced the 'Abhay Yojana' to waive the 2% monthly penalty on property tax arrears in small towns, aiming to reduce the financial strain on property owners and encourage timely payments. Additionally, amendments to local governance laws will allow a two-thirds majority of elected members to propose the removal of their president, with a special session to be convened within ten days for a vote. These measures will be enacted through an ordinance due to the legislature's recess.Read more

21 Apr 2025

The Ahmedabad Municipal Corporation (AMC) has reopened registrations for nine high-value plots, including five residential and four commercial sites, with a collective base price of INR 920.48 crore. These plots, located in areas such as Bodakdev, Thaltej, Motera, Chandkheda, Shilaj, Vatva, and Nikol, were previously unsold due to limited bidder interest. AMC aims to attract more competitive bids this time, drawing optimism from a successful sale in June 2024, where LuLu International Shopping Malls Pvt Ltd acquired a plot in Chandkheda for INR 519.41 crore.Read more

21 Apr 2025

In a remarkable response to its early payment incentive, the Rajkot Municipal Corporation (RMC) amassed INR 23.19 crore in advance property tax and water charges from 44,404 taxpayers within five days of launching the scheme. Notably, INR 19 crore of this sum was collected through online transactions. The initiative, which offers a 10% discount for payments made before the end of May, aims to encourage prompt tax compliance. Additional rebates include a 5% discount for properties owned by women, a 1% incentive for online payments, and another 1% for consistent early payers over the past three years. Last fiscal year, RMC's property tax collection stood at INR 412 crore from 4.18 lakh taxpayers.Read more

21 Apr 2025

The Securities and Exchange Board of India (SEBI) has proposed increasing the investment limits for mutual funds in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). This move aims to offer more investment options and enhance diversification within mutual fund schemes. SEBI has suggested raising the single issuer limit to 10% of a fund's net asset value (NAV) and increasing the overall exposure limit for equity and hybrid schemes to 20%. However, for debt schemes, the overall limit would remain at 10%. The regulator is seeking public feedback on this proposal until May 11, 2025.Read more

18 Apr 2025

After five years following the expansion of Prayagraj's urban limits in 2020-21, the Prayagraj Municipal Corporation (PMC) is now set to collect house tax on 1.5 lakh additional buildings in the newly included areas. Property owners in these areas will also be required to pay water tax. Tax collection has already started in several parts, including Naini and Jhunsi, where basic urban amenities were provided earlier. The move follows similar plans in Gorakhpur and Varanasi. While some villagers express dissatisfaction due to a lack of urban development, many property owners have already paid their house tax for the current fiscal year.Read more

18 Apr 2025

Office rentals in India's top seven cities rose 4-8% year-on-year in 2024, led by Delhi (8.2%) and Chennai (7.7%), as per a Vestian report. The growth reflects robust economic activity and global firms expanding their India presence. In contrast, markets like New York, Shanghai, and Hong Kong saw rent drops amid global hybrid work trends. Mumbai's BKC and Delhi's Connaught Place now command USD 3-USD 4 per sq ft/month. While global firms reassess real estate needs, India's demand for premium commercial space remains strong. The trend positions India as a key market for office investments, driven by tech hiring and urbanisation.Read more

18 Apr 2025

Apollo Hospitals Enterprise is set to invest INR 6,000 crore to expand its presence in North India through greenfield projects and acquisitions, targeting high-demand cities like Noida, Kanpur, Lucknow, and Varanasi. Backed by INR 2,000 crore in reserves, the chain recently acquired a Lucknow facility for INR 100 crore and plans to scale it to 500 beds. It aims to add 1,400 beds nationwide in two years while strengthening digital health and insurance-linked services via Apollo 24|7. With competitors like Max and Manipal also scaling up, Apollo's dual-brand strategy and focus on underserved Tier-II markets positions it for long-term patient-centric growth.Read more

17 Apr 2025

The Chandigarh Municipal Corporation (MC) has begun distributing property tax bills for the current financial year, incorporating revised rates that significantly increase the tax burden on residents and businesses. The residential property tax has been tripled, while commercial rates have doubled as per the Chandigarh Administration's mandate. Around 1.42 lakh property owners are expected to receive these bills. Taxpayers can avail of rebates of 20% for residential and 10% for commercial properties if dues are cleared in April and May. Delayed payments will attract penalties and interest. Despite assurances from the ruling party, no relief on the revised rates has been granted.Read more

17 Apr 2025

The Ludhiana Improvement Trust (LIT) is awaiting the final notification from the Punjab government to begin offering a rebate on non-construction fees (NCF) for plot allottees. While the state cabinet has approved a discount on these dues, the process cannot begin until the official notification is received. Plot holders who delay construction face NCF charges, and many allottees remain unaware of these regulations, leading to an estimated INR 30 crore in unpaid dues. LIT is also dealing with issues related to property sales where new owners fail to register.Read more