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...
07 Apr 2025
Institutional investments in Indian real estate surged by 31% year-on-year in Q1 2025, reaching USD 1.3 billion, according to Colliers India. This growth was primarily fuelled by a significant rise in domestic investments, which accounted for 60% of the total inflows. The residential sector saw a nearly threefold increase in investments to USD 302.9 million, while industrial and warehousing inflows grew by 73% to USD 307.7 million. However, office investments declined by 23% to USD 434.2 million. Experts believe strong economic growth and favourable market conditions will sustain investment momentum throughout 2025.
07 Apr 2025
The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled that the value of a new flat received in a redevelopment project cannot be taxed as 'Income from Other Sources' under Section 56(2)(x) of the Income Tax Act. The ruling, which provides relief to homeowners, clarifies that redevelopment is an 'extinguishment' of property rights rather than an income-generating transaction. The case involved a taxpayer whose new flat's value was deemed taxable, but ITAT ruled that it was a legitimate asset replacement, not a taxable income.
07 Apr 2025
The Ghaziabad Development Authority (GDA) has achieved a record revenue collection of INR 1,599 crore in FY 2024-25, exceeding its target of INR 1,294 crore by 23% and nearly doubling the INR 820 crore collected in the previous year. A major portion of the revenue came from the sale and auction of residential and commercial plots, alongside development charges and map approvals. GDA has repaid its loans, eliminating liabilities, and expects additional funds from stamp duty and state government schemes. Officials stated that this financial turnaround will accelerate key infrastructure projects, including the Northern Peripheral Road and a potential Noida-Sahibabad metro extension.
07 Apr 2025
The Navi Mumbai Municipal Corporation (NMMC) has successfully achieved its revenue collection target, owing to the cooperation of its well-informed citizens. The revenue was generated from various sources, including property tax, water tax, construction permit approvals, and license fees. The Property Tax Department collected INR 826.12 crore, with INR 20.97 crore collected under the Abhay scheme, which offered a 50% discount on penalty charges. The Water Supply Department gathered INR 105.93 crore, while the Urban Planning Department secured INR 381.90 crore from construction permits, primarily from redevelopment projects. Additional revenue was collected through the Licensing Department and local body tax. Future plans include integrating the Bharat Bill Payment System for enhanced convenience.Read more
04 Apr 2025
Aditya Birla Real Estate Ltd (ABREL) has announced the sale of its pulp and paper business located in Lalkuan, Uttarakhand, to ITC Limited for INR 3,498 crore. The sale, executed through a slump sale, aligns with ABREL's strategy to focus solely on its property business. The divestment will allow the company to unlock value and pursue growth opportunities in the real estate sector. ABREL's managing director, R K Dalmia, described this as a strategic move to enhance long-term value creation. ITC, a leading conglomerate, will continue the business's legacy of strong performance and sustainability.
Advertisement
04 Apr 2025
Nexus Select Trust, a retail REIT backed by Blackstone, is set to finalise its acquisition of a shopping mall and hotel in Ludhiana for INR 490 crore. The MBD Neopolis in Ludhiana includes a Grade A mall and Radisson Blu hotel. This acquisition, set to be completed within two months, will contribute an additional rental income of INR 40-45 crore annually and will expand its existing presence across Delhi, Chandigarh, Amritsar, and Udaipur. The company, which currently has a portfolio of 17 malls across India with a gross leasable area of about 10 million square feet, is aiming to double its retail real estate portfolio to 20 million square feet by 2030.
04 Apr 2025
In the fiscal year 2024-25, Pune Municipal Corporation's property tax department earned INR 2,360 crore. However, it was the building permissions department that generated even more revenue, with INR 2,600 crore, surpassing its target for the second consecutive year. This boost is attributed to demand from redevelopment projects and transit-oriented development. Meanwhile, civic officials informed that at least INR 1,245 crore in property taxes still needs to be recovered from the 34 merged areas.
04 Apr 2025
The UT administration has approved a steep increase in property taxes, effective from April 1. Residential property tax will rise to 9% of the annual rateable value (ARV), tripling the previous rate, while commercial tax will increase to 6%. The hike, aimed at boosting revenue for the cash-strapped Municipal Corporation, is expected to generate an additional INR 54 crore annually. The move follows the recent rise in collector rates. The administration had notified an over four-fold increase (316%) in collector rates for residential areas in villages, a 128% hike for properties in Sectors 1 to 12, a 98% increase in Sectors 14 to 37, and an 82% rise in Sector 38 and beyond. The city is also facing hikes in water, garbage collection, and fire safety certificate fees.
04 Apr 2025
The City and Industrial Development Corporation (CIDCO) has raised property transfer fees across Navi Mumbai by 5 to 10%, with registered housing societies and commercial shops facing a 50% hike. The revised charges took effect from 2nd April. The increase aligns with market trends and infrastructure development, impacting transactions in key areas such as Vashi, Nerul, Panvel, and Kharghar. Residential property transfer fees now range from INR 27,000 to INR 2,31,000 per square metre, while commercial properties exceeding 200 square metres will attract fees as high as INR 5,84,600 per square metre. CIDCO defended the move as necessary for urban growth despite potential market slowdowns.
04 Apr 2025
In response to the recent rise in Ready Reckoner rates, the Brihanmumbai Municipal Corporation (BMC) has proposed a property tax increase of 10-12%. The proposal, submitted to Municipal Commissioner Bhushan Gagrani, requires state government approval. While property tax revisions are mandated every five years, the last adjustment occurred in 2015-16. Revenue shortfalls, worsened by exemptions for properties up to 500 sq ft and deferred tax hikes due to the pandemic, have prompted this move. Despite previous attempts to revise rates, strong opposition led to their withdrawal. If approved, the new rates will impact over 9 lakh properties in Mumbai.
Advertisement
