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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...
28 Mar 2025
The Ranchi Municipal Corporation (RMC) has stepped up its efforts for the 2024-25 financial year's holding tax collection, ensuring civic centers remain operational during holidays, including March 30 and 31 (Eid). Property owners can pay dues at designated centers or online at www.ranchimunicipal.com. Delayed payments will incur penalties, with a 1% charge in the first week, increasing progressively. The RMC has already collected INR 74 crore out of the INR 83 crore target for the year and issued notices to 1,200 property owners, focusing on major defaulters.
28 Mar 2025
S&P Global has revised India's GDP growth forecast for the fiscal year ending March 2026, lowering it to 6.5% from its earlier projection of 6.7%. The ratings agency noted that while domestic demand is expected to remain strong, economies in the Asia-Pacific region could face challenges due to increasing US tariffs and a broader pushback on globalisation. Despite these external pressures, India's emerging market dynamics are likely to support overall economic momentum.
28 Mar 2025
The New Town Kolkata Development Authority (NKDA) has gathered approximately INR 83 lakh from property tax and mutation fees through outreach camps held across various housing complexes in the last three months. Conducted at locations such as Sukhobristi Housing, Rosedale, and Unitech, the initiative resulted in the collection of INR 39 lakh from property tax and INR 44 lakh from mutation fees. A total of 75 property tax assessments and 101 mutation applications were processed. Aimed at clearing tax arrears and streamlining the mutation process, the camps also sought to boost taxpayer participation through awareness campaigns. NKDA plans to expand this initiative in the coming months, including commercial units and business establishments in New Town.
28 Mar 2025
The Chandigarh administration's urban planning department has approved the layout and zoning plan for a housing society in Manimajra, allowing the Municipal Corporation (MC) to auction 7.7 acres of prime land. The project, which includes five residential pockets with a permissible Floor Area Ratio (FAR) of 2.0, could generate INR 250-300 crore in revenue. Additionally, the plan includes designated areas for a shopping complex, green spaces, and reserved land alongside existing structures like a school and Nirankari Bhawan. The MC commissioner stated that the auction would follow revised collector rates, with the entire process expected to conclude in three months.
27 Mar 2025
Nisus Finance has exited its Real Estate Special Opportunities Fund-1 (RESO-I) following the full redemption of its INR 105 crore investment in rated, listed Non-Convertible Debentures (NCDs) issued by Suvita Real Estate, a subsidiary of Shapoorji Pallonji Real Estate (SPRE). The investment, made earlier this year, yielded a strong internal rate of return (IRR) of 18.74%. SPRE redeemed the NCDs through internal accruals and capital infusion, using the funds for a 12.16-acre land parcel in Manjri Budruk, Pune. This marks Nisus Finance's first successful exit from RESO-I, highlighting growing investor confidence in India's affordable housing sector and well-structured real estate credit deals.
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27 Mar 2025
The Bhopal Municipal Corporation (BMC) has seized multiple properties, including a marriage garden, a hotel, and several shops, as part of its revenue recovery drive targeting unpaid taxes and charges. Out of eight properties initially marked for action, three owners cleared their dues during the operation. Notable defaulters included Hills View Marriage Garden near Kaliyasot Dam, which owed INR 14,06,555, and several units in Jyoti Shopping Centre, such as Shop No. 204 (INR 1,11,392), Shop No. 301 (INR 4,85,466), and Shop No. 301-A (INR 2,28,699). Office No. 405, linked to Bina Nikarbar, had dues of INR 3,27,653. BMC also took action in Zone 21, seizing property owned by Savita Jain. The crackdown extends to the recovery of property tax, water charges, and solid waste management fees.
27 Mar 2025
The Ahmedabad Municipal Corporation (AMC) sealed 1,970 properties in the West Zone, 388 in the North West Zone, and 308 in the South West Zone as part of a crackdown on property tax defaulters. This enforcement drive led to the recovery of INR 3.06 crore in a single day, with INR 1.78 crore collected from the West Zone and INR 1.28 crore from the North West Zone. The AMC has warned that unpaid residential property tax dues must be settled by March 31, or water and sewer connections will be disconnected.
27 Mar 2025
SEBI has put WeWork India's IPO in abeyance while returning the draft offer documents of Star Agriwarehousing. WeWork India had planned to offer 4.3 crore shares via the OFS route, with Embassy Buildcon selling up to 3.3 crore shares and Ariel Way Tenant offering about 1 crore shares. The company reported a 26% rise in FY24 operating income to INR 1,661.6 crore and achieved a revenue-to-rent multiple of 2.7. Meanwhile, Star Agriwarehousing's IPO proposal included a fresh equity issue worth INR 450 crore and an OFS of 2.69 crore shares by promoters and investors.
27 Mar 2025
Mumbai-based real estate investment platform Mt. K Kapital is preparing to launch its second fund with a target corpus of INR 2,500 crore, significantly larger than its first fund of INR 790 crore. The new fund will focus on financing housing projects in major cities like Delhi-NCR, Bengaluru, Pune, and Mumbai, collaborating with leading developers to drive sector growth. The firm's first fund, which raised capital from institutions such as SBI, SBI Life, and ICICI Bank, has already deployed 50% of its corpus into projects by Keystone Realtors under the 'Rustomjee' brand in the Mumbai Metropolitan Region. The second fund is expected to be launched by the end of the year.
27 Mar 2025
The Bruhat Bengaluru Mahanagara Palike (BBMP) has launched a two-day e-Khata issuance process, allowing property owners to obtain the crucial ownership document quickly through the e-Aasthi portal. This digital initiative eliminates the need for physical visits, enhancing transparency and reducing delays in Bengaluru's real estate sector. With 2.7 lakh e-Khatas already issued out of 2.9 lakh applications, BBMP officials are conducting daily virtual reviews to ensure smooth processing. However, the mandatory shift to e-Khata in October 2024 initially led to a 60% drop in property registrations, delaying INR 8,000 crore in transactions.Read more
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