PNT Reporter

23 Dec 2024

The Bangalore Development Authority (BDA) has introduced a new rule requiring flat buyers to pay a one-year maintenance fee upfront, effective December 2024. The fee, set at 1% of the flat's sale price, ensures smoother maintenance of infrastructure in residential complexes until Residents' Welfare Associations (RWAs) are established. If RWAs are not formed within a year, BDA will continue collecting the fees. The policy addresses challenges like unpaid fees and unsold flats, with over 2,000 flats currently affected. Private agencies hired for sales will charge a 3% service fee. The initiative aims to ensure better services and financial stability.Read more

PNT Reporter

23 Dec 2024

NES, the data centre arm of TCC, leased its 4 MW IT capacity facility in Hinjewadi, Pune, to a leading data centre company. Completed in just four months, the facility supports high-density racks and advanced IT needs, showcasing NES's technological expertise and operational excellence. Its strategic location in Pune's IT hub added to its appeal. Managing Director Umesh Sahay praised the achievement, highlighting the industry trust and NES's commitment to innovation. This milestone marks NES's strong entry into the data centre sector, positioning it as a key player in delivering top-tier, scalable IT solutions for the future.Read more

PNT Reporter

23 Dec 2024

Institutional investments in Indian real estate soared by 51% in 2024 to a record USD 8.87 billion, surpassing the 2007 peak, according to JLL India. Foreign investors contributed 63% of inflows, while domestic participation rose to 37%, reflecting growing local interest. The residential segment led with 45% of investments, followed by office spaces (28%) and warehousing (23%). REITs attracted USD 800 million, tripling 2023 levels. Despite a 17% dip in office investments, Qualified Institutional Placements (QIPs) are expected to drive future capital raising. Robust demand and strong economic performance have positioned Indian real estate as a global investment hotspot.Read more

PNT Reporter

23 Dec 2024

Kalpataru Projects International Ltd (KPIL) successfully raised approximately INR 1,000 crore through the issuance of 83.26 lakh equity shares at INR 1,201 per share on a Qualified Institutions Placement (QIP) basis. Following the allotment of shares, the company's paid-up equity share capital increased from INR 32.49 crore to INR 34.15 crore. The decision to approve the issue was made by the QIP Committee in a meeting earlier this week, which concluded with the allotment of shares to eligible institutional buyers, raising a total of INR 1,000 crore.Read more

PNT Reporter

20 Dec 2024

The Kerala government plans to develop a 300-acre Phase III Infopark township in the Kunnathunadu constituency, aiming to showcase it at the Invest Kerala Global Summit. Authorities have identified three potential land parcels and will select the final location after completing the concept design. The project will allocate 200 acres for residential and commercial use and 100 acres for IT infrastructure, featuring futuristic designs to attract global corporations. Using a land pooling model, officials will ensure landowners retain a portion of their property. This transformative initiative seeks to drive economic growth and position Kerala as a global technology hub.Read more

PNT Reporter

20 Dec 2024

The Gujarat government, through its special purpose vehicle Gujarat International Finance Tec-City Company Ltd (GIFTCL), has invited global bids to develop a 754,000 sq ft commercial tower in GIFT City's special economic zone. The selected bidder will act as a co-developer, handling the project's design, financing, construction, operation, and maintenance on a 99-year lease. Eligibility criteria include a strong financial track record and prior experience in large-scale construction projects. Located between Ahmedabad and Gandhinagar, GIFT City has grown into India's leading international financial hub, hosting over 500 entities, including global tech firms and financial institutions.Read more

PNT Reporter

20 Dec 2024

The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has sealed 10 commercial establishments since December 12 for property tax dues exceeding INR 1 lakh. In a bid to recover INR 500 crore by the fiscal year-end, CSMC urges residents to settle dues promptly via ward offices or the online portal. So far, INR 125 crore has been collected out of the target. Measures include demand notices, public announcements, and stricter enforcement. The funds are crucial for infrastructure and public services. Taxpayers are reminded to comply to avoid penalties and support the municipality's financial health and civic development efforts.Read more

PNT Reporter

19 Dec 2024

The Ranchi Municipal Commission (RMC) has initiated a targeted campaign to boost property tax collection and enforce trade license compliance among city businesses. The drive, led by RMC Commissioner Sandeep Singh, focuses on properties with significant tax arrears and regulatory breaches, with the revenue intended to fund urban development projects. Deputy Municipal Commissioner Chandradeep Kumar inspected major establishments, issuing notices and warnings to defaulters. Prominent defaulters, including Cambrian School, Nucleus Mall 2, and several hotels, have been directed to settle their dues promptly. Non-compliant businesses face strict penalties, including legal action and potential closure, under the Jharkhand Municipal Act, 2011.Read more

PNT Reporter

19 Dec 2024

Airbus has secured over 650,000 sq ft of office space in Bengaluru's Whitefield area through a 10-year lease agreement to establish its global capability centre (GCC). The space, located in Titanium Tech Park, will support Airbus's worldwide innovation and technology initiatives. The deal includes an option to expand by an additional 150,000 sq ft after a year, potentially increasing the total leased space to 800,000 sq ft. This move is part of Airbus's growing presence in India, which also extends to aviation, defence, and manufacturing sectors.Read more

PNT Reporter

19 Dec 2024

The Nashik Municipal Corporation (NMC) has extended its amnesty scheme, offering a 95% penalty concession on property tax dues for an additional month. This decision follows a positive response from defaulters over the last two months, during which NMC collected INR 57 crore from approximately 32,000 defaulters. For payments made in January, the penalty concession will be reduced to 85%. The civic body had earlier implemented a similar scheme in 2021, but it received limited success. This year, the NMC aims to achieve its property tax collection target of INR 250 crore, having already collected INR 185 crore so far.Read more