27 Sep 2024

The Greater Hyderabad Municipal Corporation (GHMC) is considering a system allowing property owners to pay taxes monthly instead of annually, aiming to ease financial pressure. The proposal would offer 12 equal instalments, particularly for properties with taxes over INR 3,000. GHMC expects to collect INR 150-170 crore monthly, ensuring a steady cash flow for city development projects. With 1.9 million property tax assessments, GHMC aims to reduce unpaid taxes by making payments more manageable. This initiative aligns with GHMC's goal to modernise revenue collection and improve tax compliance while supporting ongoing urban development.Read more

26 Sep 2024

Godrej Capital, the financial arm of Godrej Group, is set to enter the affordable housing loan market, aiming to increase its Assets Under Management (AUM) from INR 13,000 crores to INR 17,000 crores by year-end, with a target of INR 50,000 crores by 2028. The company plans to focus on small loans for homebuyers and SMEs, expanding into the MSME sector through partnerships like Creamline Dairy to provide financial support to farmers. With projected profits of INR 175 crores this fiscal year, Godrej Capital also plans to launch an IPO within 3.5 years as part of its growth strategy.Read more

26 Sep 2024

The Bangalore Development Authority (BDA) has implemented a development fee for existing residential and commercial buildings in the Shivarama Karanth Layout, calculated based on the difference between the 2018 and 2024 residential plot values. One-third of this difference will be levied as a fee, affecting 5,171 buildings regularized by the Justice Chandrashekhar Committee. Fees vary by village, with Kempapura at 1,149 per square foot as the highest and Kempanahalli at 43 the lowest. Development fees per square meter also differ across the 17 villages, while the distribution of plots remains delayed due to ongoing court cases.Read more

26 Sep 2024

Swedish private equity firm EQT announced it will acquire a 100% stake in Indostar Home Finance for USD 210 million. This acquisition will proceed after receiving regulatory approval, facilitated by the BPEA Mid-Market Growth Partnership. Founded in 2017, Indostar Home Finance specializes in providing affordable mortgages in India's tier 2 to tier 4 cities and has supported over 39,000 homeowners. With INR 2,400 crores in AUM and a 32% annual growth rate, the firm operates 130 branches across nine states. EQT plans to enhance Indostar's market reach and digital transformation with a Rs. 500 crores capital injection.Read more

25 Sep 2024

The Hubballi-Dharwad Municipal Corporation (HDMC) is set to conduct a comprehensive Geographic Information System (GIS) survey to bring all properties under the tax net. The survey, using drones and door-to-door visits, aims to identify over 40% of properties currently not taxed, potentially raising tax revenue to INR 350 crore from the current INR 141 crore. With 3,38,602 properties currently taxed, the survey will help integrate existing and new data. After a decade of delay due to high costs, the tender for the project is being finalised. The nine-month survey will involve zone-wise teams and is expected to boost property tax collection significantly.Read more

25 Sep 2024

The Indian office market is undergoing a significant shift, with domestic companies projected to lease 60-65 million square feet of office space between 2024 and 2025. This marks a departure from the historical dominance of global corporations, as domestic firms have seen a 60% increase in office space absorption over the last two years. Domestic technology, BFSI, and flexible space sectors are the key drivers of this growth, with cities like Bengaluru, Hyderabad, and Mumbai emerging as prominent hubs. Factors such as the Make in India program, PLI scheme, and a thriving start-up ecosystem are fuelling this expansion, which is expected to continue transforming the commercial real estate landscape in India.Read more

25 Sep 2024

ANAROCK Research shows the rental values in the key micro-markets across India's top 7 cities rose by up to 72% from the end of 2021 to the first half of 2024. Bengaluru, Pune, Kolkata, and Chennai saw the rental values increase more than capital values, while NCR, MMR, and Hyderabad experienced the opposite trend. Cities like Bengaluru's Sarjapur Road and Pune's Hinjewadi showed significant rental growth. Capital appreciation was higher in Noida and Hyderabad's HITECH City. Factors like job prospects, financial status, and lifestyle preferences influence rent vs. buy decisions. Homeownership is favoured due to low-interest rates and post-pandemic security concerns, with EMIs seen as investments.Read more

25 Sep 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has successfully garnered INR500 crore through an e-auction of 45 plots, each spanning 1,000 square meters, designated for corporate office spaces in the YEIDA area. Initially, the reserve price for each plot was set at INR2.50 crore, leading to a projected total bid of INR112.50 crore. However, the auction exceeded expectations, generating INR 265.14 crore-an impressive INR 152.64 crore, or 134%, above the initial bid price. Notable bids included INR 28.28 crore from Challenger Computer, INR26.64 crore from Alexis Global, and INR25.84 crore from Sanash Impex.Read more

24 Sep 2024

Demand for large office spaces is rising significantly, accounting for about half of all commercial real estate deals in eight major cities in the first half of the year. According to Knight Frank India, deals for spaces over 100,000 square feet grew by 54% from last year, reaching 15.69 million sq. ft. Bengaluru led this trend, with office leasing making up 53% of total transactions, a 32% increase from the previous year. This surge is driven by multinational corporations establishing Global Capability Centres. Hyderabad and Mumbai follow, with significant mid-size leasing growth, highlighting a strong demand for flexible workspaces across major Indian cities.Read more

24 Sep 2024

Prayagraj Municipal Corporation (PMC) has introduced a modern QR code payment system, allowing residents to pay their house tax from home while earning extra savings. Homeowners can now enjoy a 12.5% total discount on house tax, with an additional 2.5% rebate for using the QR code option. This initiative aims to simplify tax payments, promote cashless transactions, and improve compliance among over 1.2 lakh property owners across the city. The system promises a hassle-free way to keep up with taxes while benefiting from extra savings.Read more