13 Feb 2025

The first general house meeting under Chandigarh's new mayor, Harpreet Kaur Babla, turned heated as the Municipal Corporation (MC) proposed a property tax hike, which was unanimously rejected. The proposal suggested raising commercial property tax from 3% to 12% and residential tax by 5% to address financial struggles. Opposition parties strongly opposed the move, citing economic hardship. Despite the MC's comparison with Mohali's higher tax collection efficiency, officials emphasized improving compliance before imposing hikes. As financial challenges persist, the MC faces pressure to enhance revenue without burdening residents.Read more

13 Feb 2025

Four major REITs-Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust-distributed INR 1,505 crore to over 260,000 unitholders in Q3 FY25, marking a 17% annual increase. The total Assets Under Management (AUM) of Indian REITs now stands at INR 1,52,000 crore, with a market capitalization exceeding INR 95,000 crore. The rise in distributions is attributed to higher rental collections and strong asset management. With growing investor confidence and a stable regulatory framework, Indian REITs continue to offer steady returns, making them a lucrative investment option.Read more

12 Feb 2025

The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 6.25%, marking the first rate cut since December 2022. This move is expected to positively impact the real estate sector by making home loans more affordable and increasing housing demand. Industry experts believe the lower interest rates will encourage homebuyers, ease liquidity concerns, and reduce unsold inventory. Developers are optimistic that the rate cut, combined with tax incentives, will stimulate investment and accelerate project launches. Additionally, the commercial real estate sector is likely to benefit from lower borrowing costs, attracting further investment in office spaces and retail properties.Read more

12 Feb 2025

To enhance its financial stability, the Guntur Municipal Corporation (GMC) has initiated efforts to bring more households under the tax net. Ward secretaries have been instructed to identify unassessed properties and reassess under-taxed structures. Commissioner Puli Srinivasulu emphasised that the existing revenue is insufficient to meet the city's growing developmental demands. Special teams have been formed to expedite the tax assessment process, ensuring newly constructed buildings are taxed without delays. Additionally, officials have been warned against corrupt practices, with stringent measures in place to prevent undue delays and irregularities in property tax assessments.Read more

12 Feb 2025

The Noida Authority has taken stringent action against TGB Infrastructure by sealing two unsold flats and a commercial shop at the Meghdutam housing project in Sector 50 due to outstanding dues amounting to INR 55 crore. The Authority has also sought assistance from the district magistrate to recover the dues as land revenue. Despite a reduction in liabilities following a waiver under a state government scheme, the developer has yet to meet the required advance payment for property registrations. The Allahabad High Court recently directed the Authority to facilitate registrations for affected homebuyers, criticising its ineffective recovery efforts. Meanwhile, one of the developer's directors, Anil Kumar Saha, remains in custody.Read more

12 Feb 2025

Sobha Realty has reported a 43.77% increase in its net consolidated profit for the quarter ending December 31, 2024. The company's profit after tax rose to INR 21.68 crore in Q3 FY25 from INR 15.08 crore in the corresponding quarter of the previous fiscal. Its total consolidated income surged by 76.10% to INR 1,256.87 crore compared to INR 713.74 crore in the same quarter last year. Real estate collections saw a remarkable 104% year-on-year growth, reaching INR 10,627 million. Additionally, Sobha Realty introduced 1.13 million square feet of saleable area in Bangalore during the quarter and has outlined plans to expand into Greater Noida, Hosur, and Mumbai, increasing its presence to 15 cities.Read more

12 Feb 2025

Kapston Services Limited, a leading manpower solutions provider, has announced its financial results for Q3 and the nine months of FY25, ending December 31, 2024. The company recorded a total revenue of INR 182.41 crore for Q3FY25, reflecting a 32.69% year-on-year increase. EBITDA rose by 41.84% to INR 8.34 crore, while profit after tax (PAT) surged by 68.40% to INR 4.53 crore. For the nine-month period, total revenue stood at INR 504.40 crore, a 32.83% growth compared to the previous year. EBITDA reached INR 22.49 crore, marking a 34.19% increase, and net profit grew by 20.18% to INR 11.79 crore. The company also completed a sub-division of equity shares earlier this financial year. Kapston's expansion into new geographies and strong client acquisitions have contributed to its growth trajectory.Read more

11 Feb 2025

Godrej Properties has posted impressive growth in Q3 FY25, with a 152.23% increase in net profit and a 126.41% rise in income. The company is well-positioned to exceed its FY25 bookings target, bolstered by a strong pipeline of projects and a resilient residential market. Beyond financial success, Godrej Properties is also committed to sustainability and innovation, with a focus on delivering future-ready developments. Additionally, the broader real estate sector's positive outlook, supported by government initiatives, adds to the company's growth trajectory.Read more

11 Feb 2025

The municipal corporations of Pune and Pimpri Chinchwad have proposed to keep property taxes unchanged for the financial year 2025-26, bringing some relief to residents. While the proposal has already been approved by the Pimpri Chinchwad Municipal Corporation (PCMC), the Pune Municipal Corporation (PMC) is yet to give its approval. Both cities have been governed by municipal commissioners in the absence of elected representatives due to delayed elections. Despite the proposal, concerns about the quality of services remain among citizens.Read more

11 Feb 2025

The Brihanmumbai Municipal Corporation (BMC) plans to impose property tax on commercial establishments in slum areas, aiming to generate INR 350 crore in FY 2025-26. This move is part of a broader strategy to increase revenue, with the total property tax collection target set at INR 5,200 crore. Additionally, the BMC is considering introducing a Solid Waste Management (SWM) user charge after further legal consultation. While the tax aims to fund urban services and infrastructure, it has faced criticism for its potential impact on small businesses. This approach aligns with urban bodies' efforts to expand tax bases amid growing infrastructure demands.Read more