Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
15 Apr 2025
The Ghaziabad Municipal Corporation (GMC) has initiated a crackdown on more than one lakh property tax defaulters by imposing a 12% fine on unpaid dues. Despite collecting approximately INR 609 crore in the 2024-25 fiscal year, the civic body reported that nearly a quarter of the city's properties had not cleared their house, water, or sewer tax obligations. Earlier rebate schemes failed to yield the desired response, prompting stricter measures. With the tax assessment system now linked to circle rates and other location-based factors, residents are also set to witness a rise in their annual tax bills.Read more
15 Apr 2025
The Karnataka government has designated the Karnataka Industrial Areas Development Board (KIADB) as the exclusive authority to collect property tax in the state's Special Investment Regions (SIRs). This administrative change, announced last week, removes the involvement of local bodies in tax collection within these notified areas. The move aims to create a uniform system, eliminate jurisdictional conflicts, and encourage smoother industrial development by offering greater clarity to investors and developers operating in these zones.Read more
14 Apr 2025
The Central Government has disbursed over INR 4,200 crore to Andhra Pradesh for the much-delayed Amaravati capital city project, following the release of USD 205 million by the World Bank. This forms part of the larger funding support of USD 1,600 million jointly committed by the World Bank and the Asian Development Bank (ADB). With the Centre contributing an additional INR 1,400 crore, total funding for the first phase now stands at around INR 15,000 crore. The Amaravati capital project, long mired in political and legal uncertainty, appears set for a revival, with a formal relaunch of construction expected soon.Read more
14 Apr 2025
Ghaziabad's stamps and registration department has reported a record-high revenue of INR 2,856 crore for the financial year 2024-25, driven by over 1.31 lakh property registrations. The rise, attributed to rapid urbanization and booming real estate in new zones like Raj Nagar Extension and Crossings Republik, accounts for 92% of the district's INR 3,104 crore target. Officials highlighted increased investor interest and efficient registration processes. With the upcoming Master Plan 2031 proposing extensive expansion, the city is poised for further growth in both residential and commercial development.Read more
14 Apr 2025
Trichy Corporation has announced a 5% waiver on current property tax dues for the financial year 2025-2026 if paid by April 30, with a maximum incentive limit of INR 5,000. The scheme, enabled under Section 84(1) of the Tamil Nadu Urban Local Bodies Act, 1998, aims to boost timely tax collection from the city's 2.4 lakh property assessments. The civic body generates INR 137 crore annually, but struggles with INR 50 crore in arrears. Officials hope to replicate last year's 32% increase in early collections, allowing focus on recovering long-standing dues. Timely payment is strongly encouraged to avail the incentive.Read more
Advertisement
11 Apr 2025
The Belagavi City Corporation has approved a 3% increase in property tax for the financial year 2025-26. The move aims to generate revenue and improve urban infrastructure and civic amenities. This is part of the routine annual revision in line with the Karnataka Municipal Corporation Act, which allows for an increase of up to 15% every three years. The revised tax rates will be applicable from April 1, 2025, impacting both residential and commercial property owners within the city limits.
11 Apr 2025
The Nashik Municipal Corporation has served notices to 70 private developers for failing to maintain traffic islands they had agreed to develop and keep under CSR or joint development conditions. These developers were allotted islands on major roads, but many were found neglected during recent inspections. The civic body has asked them to respond within seven days or face further penalties. This step is part of a broader effort to improve road aesthetics and traffic management in the city and hold stakeholders accountable.
11 Apr 2025
Property owners in Patna are facing persistent issues in obtaining receipts and updated records for property tax payments. Several residents have reported missing receipts and unprocessed payments even after timely deposits. This has caused concern, especially during property transfers or legal verifications. The Municipal Corporation has acknowledged the problem and cited technical glitches and staff shortages. It plans to streamline its digital tax system and set up help desks to address complaints. The situation highlights the need for stronger backend systems in urban tax administration.
11 Apr 2025
Housing sales are expected to rise after the RBI cut the repo rate by 25 basis points, say real estate bodies CREDAI and NAREDCO. This move is likely to lower home loan interest rates, boosting demand for affordable and mid-income homes. CREDAI President Boman Irani said the rate cut supports growth during global uncertainty and will improve affordability. NAREDCO's G Hari Babu added that cheaper loans may increase sales, reduce unsold inventory, and encourage new project launches. Commercial real estate is also set to benefit. Housing sales had dropped in early 2025 due to high prices and fewer launches, with up to 28% declines reported in major cities.Read more
11 Apr 2025
The Brihanmumbai Municipal Corporation (BMC) recorded its highest-ever capital expenditure of INR 36,900 crore in FY 2024-25, reflecting a 57% surge from the previous year's outlay of INR 23,520 crore. This sharp jump in spending was primarily directed toward big-ticket infrastructure projects like the Goregaon-Mulund Link Road (GMLR), the Mumbai Coastal Road, and hospital redevelopment. Simultaneously, BMC's revenue income rose to a record INR 43,847 crore, backed by strong growth in property tax and development charges. Despite the robust financials, the civic body's fixed deposits saw a slight decline due to planned drawdowns to support its infrastructure commitments.Read more
Advertisement
