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

24 Sep 2024

Gaurs Group is set to launch its Initial Public Offering (IPO) within the next 18 months, driven by strong market demand and plans for business expansion. CMD Manoj Gaur highlighted that the company will focus on both residential and commercial developments, including malls, hotels, and educational institutions. Recently, the company launched a luxury housing project in Ghaziabad, generating INR 3,100 crore in sales within three days. Gaurs Group has already delivered over 65 million square feet of real estate and is now preparing internally for the IPO while seeking to expand its land bank for future projects.Read more

24 Sep 2024

The Indian REITs Association (IRA) has launched 'Data Benchmarking Institutions' (DBIs) to provide investors with comprehensive information on real estate investment trusts (REITs). This initiative aims to create a central repository for standardized data, enhancing transparency and facilitating easier access to information in India's expanding REIT market. Under SEBI's guidance, firms like CareEdge, CAMS, and KFintech have developed platforms to offer detailed insights on REIT performance and operational metrics. This empowers investors to make informed, data-driven decisions. The DBIs represent a significant step forward in building a robust information database, ultimately improving market efficiency as the REIT sector evolves.Read more

23 Sep 2024

The Bengaluru civic body has extended its one-time settlement (OTS) scheme for the property tax defaulters until 30 November, following its initial expiration in July and a prior extension to September. This decision, based on a 5 September cabinet meeting, grants taxpayers extra time to clear dues. The scheme, introduced in February, offers defaulters a 100% interest rebate and a 50% penalty reduction. Over 2.6 lakh properties owe INR 474 crores in taxes, with INR 273 crores already collected from 1.3 lakh properties. The BBMP attached 49,487 properties and sealed 4,586 non-residential ones as of 1 September.Read more

23 Sep 2024

The Nashik Municipal Corporation (NMC) is taking proactive measures to increase its property tax revenue by identifying rented properties in residential areas and levying commercial rates on them. To streamline the process, NMC has shortlisted three private agencies to distribute tax bills and locate rented-out properties. The agencies will start their operations from October 1st, with each handling two of the city's six divisions. The move aims to address the challenge of property owners not informing the civic body about renting out their premises, which has resulted in the city missing out on potential tax revenue.Read more

23 Sep 2024

Nisus Finance, along with strategic partner BCD Group, has raised INR 450 crore for its debut real estate credit fund, RESO-1, and aims to close the fund by the fiscal year's end. The fund has already deployed capital across four deals, focusing on mid-income housing and affordable projects. Key investments include Bengaluru's Project High Cliff and a land parcel in Pune's Manjari-Budruk. With a targeted return of 18-22%, the fund addresses last-mile construction finance needs, offering strong asset-backed investments while seeking substantial returns for investors.Read more

23 Sep 2024

Swiggy, the Bengaluru-based food-delivery platform, is preparing to file for its domestic IPO, potentially seeking over USD 1 billion. The company is awaiting SEBI approval, with details of the offering still subject to change. Founded in 2014, Swiggy partners with over 150,000 Indian restaurants and competes with Zomato, Amazon India, and BigBasket. Backed by SoftBank Group, Swiggy's IPO is part of a broader trend of significant listings in India this year, which has already seen approximately USD 7.8 billion raised. Upcoming major listings include Hyundai Motor's Indian subsidiary and LG Electronics' potential Indian business IPO.Read more

20 Sep 2024

Councilors in Coimbatore raised concerns over the use of drones for property tax assessments during a recent council meeting. Corporation Commissioner M Sivaguru Prabakaran explained that drones help identify commercial buildings, detect violations, and locate unassessed properties. Property owners have 15 days to contest findings. Despite some skepticism about the accuracy of drone-based assessments, the commissioner emphasized their importance for generating revenue. At the meeting, chaired by new Mayor K Ranganayaki, only 3 of 83 resolutions were approved, including those related to property tax and building permit fees.Read more

20 Sep 2024

Around 18,000 properties in Pune Municipal Corporation's (PMC) newly merged areas remain outside the property tax system, resulting in a loss of INR 80 crore. The PMC has initiated disciplinary action against 45 officials for negligence. Despite merging 34 areas since 2017, many properties have yet to be taxed, causing dissatisfaction among property owners over high tax rates and inadequate infrastructure. PMC introduced reforms, including regular staff transfers, to improve tax collection. Activists allege collusion between officials and locals to avoid assessments. The PMC faces pressure to resolve loopholes and improve accountability in tax collection.Read more

20 Sep 2024

Vastu Housing Finance, an Indian mortgage lender specialising in affordable housing, plans to borrow up to USD 50 million from the US International Development Finance Corporation. The 20-year loan will enhance credit access for low-income borrowers in Tier II to IV Indian towns, focusing on housing needs and women's home ownership. Founded in 2015, Vastu manages USD 1.14 billion in assets, operates in 14 states, and employs over 4,500 people. Supported by major financial institutions, Vastu aims to expand affordable housing and financial inclusion in smaller Indian towns.Read more