08 Oct 2024

The Prayagraj Municipal Corporation (PMC) has seen a substantial increase in tax collection, thanks to a new software system for online assessments and payments. By September 2024, the PMC collected approximately INR 53 crore from house taxes, up from INR 36 crore the previous year. The corporation has also extended the deadline for a 10% tax rebate until October 31. Upcoming initiatives include pothole-free road repairs, regular cultural programmes at the Ganga-Yamuna ghats, and a commitment to clean drains to address water logging issues. Additional decisions include providing communication equipment to officers and planting thousands of saplings.Read more

08 Oct 2024

The Pune Municipal Corporation (PMC) generated around INR 1,600 crore from property tax in the first half of the financial year, aiming for a target of INR 2,400 crore by March 2025. However, nearly 5.05 lakh property owners have yet to pay, with significant opposition from residents in merged areas due to inadequate facilities. While PMC initiated a drive to seal defaulters' properties, it faced pushback and paused the effort. Despite these hurdles, PMC collected approximately INR 2,400 crore from building permissions and is taking measures like property confiscation to improve tax recovery.Read more

08 Oct 2024

Property developers are anticipating a robust 20-40% growth in festive sales during the December quarter of FY25, with numerous launches planned. This crucial quarter typically accounts for 40% of annual sales. Leading developers like Prestige Estates and Brigade Enterprises are optimistic, citing strong buyer interest fueled by recent positive market trends and the potential for home loan rate cuts. The festive season promises to be a pivotal period for the real estate sector.Read more

07 Oct 2024

On September 27, the Greater Chennai Corporation (GCC) council approved a 6% property tax increase, backed by the Dravida Munnetra Kazhagam (DMK) but opposed by the CPI, CPI(M), VCK, and AIADMK. Dissenting members criticised the tax hike for burdening working-class residents, staging a walkout during the council meeting. The increase, applied uniformly to all property categories, follows a three-year gap since the last adjustment in 2022. The GCC also introduced a 1% penalty for late payments and a 5% incentive for early payments to encourage timely compliance. The hike is expected to take effect in the October-March tax cycle.Read more

07 Oct 2024

The Rail Land Development Authority (RLDA) has invited bids for the construction of a Commercial Tower at Thane Railway Station as part of the Station Area Traffic Improvement Scheme (SATIS - East). The project, under the Smart City Mission, aims to develop a Multi-Modal Transit Hub to improve mobility and reduce congestion. The eight-story tower will include food courts, green office spaces, parking, and public transport facilities. Located in Thane's commercial core, the project seeks to enhance urban growth. The fully equipped tower will integrate civil works, modern infrastructure, and green spaces, connected to the metro and local transport systems.Read more

07 Oct 2024

The demand for Grade A office spaces in India's top six cities grew by 23% in the first three quarters of 2024, reaching 46.7 million sq ft of leasing activity, according to a Colliers report. Bengaluru and Hyderabad led the market, with Bengaluru recording its highest-ever quarterly leasing at 6.3 million sq ft. Supply growth matched this momentum, with 14.4 million sq ft of new completions in Q3 2024. Key sectors driving demand included Technology and BFSI, while large-sized deals dominated leasing activity. Despite high demand, vacancy rates remained steady at around 17%, indicating a balanced market.Read more

07 Oct 2024

Afcons Infrastructure, part of the Shapoorji Pallonji Group, plans a INR 4,000 crore pre-listing sale ahead of its initial public offering (IPO) scheduled for October. The IPO, estimated between INR 7,000-8,000 crore, coincides with major listings like Hyundai India and Swiggy. The fresh fundraising of INR 1,250 crore will support debt repayment and equipment purchases. Demand from institutional investors may lead to an increased issue size. The offering is crucial for promoter Goswami Infratech to meet bondholder commitments. Afcons will follow Sterling and Wilson Renewable Energy as the SP Group's second IPO.Read more

07 Oct 2024

The Indian residential real estate market has marked a historic improvement, with inventory overhang decreasing to 22 months in the June quarter, down from 34 months a year earlier. This reflects strong demand, particularly in regions like Gurugram and Ahmedabad, where significant reductions in unsold inventory have been noted. Overall, unsold units have declined by 2% year-on-year, highlighting the market's adaptability. Key markets like the Mumbai Metropolitan Region and Pune continue to see substantial unsold stock due to new launches, indicating a responsive market to consumer demand.Read more

04 Oct 2024

Pidilite Industries has recently invested INR 5 crore in Wify, a platform focused on home improvement and maintenance services, through its wholly-owned subsidiary, Pidilite Ventures. The pre-series A funding round, led by Capria and Mount Judi Ventures with participation from Blume Ventures, aims to enhance Wify’s technology infrastructure, broaden its services, and strengthen its market presence. Operating in the B2B2C segment, Wify caters to a diverse clientele that includes home improvement retailers, e-commerce giants, and various service providers in the interior design and home furniture sectors.Read more

04 Oct 2024

In light of the demolition of buildings near the full tank level (FTL) and buffer zones by the Hyderabad Disaster Response and Asset Monitoring and Protection Agency (HYDRAA), banks are adopting a more cautious approach to house loan approvals. Sources reveal that loan sanctioning teams must strictly adhere to construction plans, with no allowances for the usual 10% deviation. Officials are now required to conduct field visits instead of relying solely on assessments from engineers. Although revised guidelines are not yet issued, the process is expected to become more structured, affecting property purchases and complicating recovery of loans for demolished structures.Read more