18 Jun 2024

Deputy Chief Minister D K Shivakumar of Karnataka has issued a reminder to property owners in Bengaluru regarding the ongoing 'One Time Settlement' (OTS) window for outstanding property tax payments. The scheme, closing on July 31, offers a 50% reduction in penalties and a waiver of interest payments. Despite this opportunity, over 4 lakh property owners are yet to participate, out of approximately twenty lakh properties eligible for the scheme. Shivakumar stressed the importance of tax compliance, warning of repercussions for defaulters after August 1. The digitization process of properties is underway to facilitate easier tax compliance. Additionally, Shivakumar addressed concerns about unauthorized flex banners, urging strict action and encouraging public complaints through the BBMP helpline.Read more

18 Jun 2024

As Hyderabad's IT sector thrives, multinational companies are seizing the opportunity, leasing over 8.7 lakh square feet of office space across the city. Key players include Qualcomm, LTIMindtree, IBM India, and S&P Capital IQ India. Qualcomm leads with 4.14 lakh sq. ft in Hitech City's Skyview, followed by IBM India and S&P Capital IQ India in the same building. LTIMindtree secures 1.09 lakh sq. ft. These five-year leases with built-in rent increases signify the city's robust commercial real estate market. Moreover, Hyderabad's residential sector, particularly in West Hyderabad, has witnessed a significant uptick, underlining the city's promising growth trajectory.Read more

17 Jun 2024

Texas-based Ashton Gray Investments has opened a Bengaluru office to cater to India's burgeoning investor community. With over 200 Indian investors already in their portfolio, Ashton Gray aims to provide access to stable US real estate markets for discerning Indian investors. The expansion reflects the company's commitment to India and its vision of fostering long-term relationships. Ashton Gray's proven track record, highlighted by successful exits and promised returns, underscores its dedication to shared success. The Bengaluru office marks a strategic move to empower Indian investors with opportunities for financial growth and stability in the US real estate market.Read more

17 Jun 2024

As Prime Minister Modi prepares for a third term, the real estate sector, India's second-largest employment generator, anticipates continued government support. Over the past decade, the Modi administration has significantly advanced affordable housing, constructing over 4 crore homes under the Pradhan Mantri Awaas Yojana (PMAY). The interim budget includes an additional 2 crore houses under the PMAY-U scheme. Experts project the Indian real estate market will be worth INR 65,000 crore (USD 7.92 billion) by 2040. To sustain growth, industry leaders call for policy reorientation, tax rationalization, and improved financing methods. In FY23, home sales reached INR 3.47 lakh crore (USD 42 billion), a 48% year-on-year increase.Read more

17 Jun 2024

India has ranked among the top five global destinations for land and development site investments in Q1 2024, as reported by Colliers. Since 2018, investment interest has surged past USD 23 billion, driven by factors such as economic growth projected at 7.2%, and an anticipated GDP crossing USD 5 trillion soon. Institutional investors are attracted to Grade A office spaces and residential complexes that offer immediate returns. Additionally, partnerships with local developers for developmental assets, priced at INR 50 lakh per hectare and INR 7,000 per sq. ft., are on the rise. Smaller cities are also seeing increased investments due to robust infrastructure development plans worth INR 80 lakh crore (USD 1 trillion) over the next five years.Read more

17 Jun 2024

CRISIL's recent report forecasts a significant boost in recovery rates for stalled residential projects in India, with ARCs expected to see a 500-700 basis points increase by March 2025, raising recovery rates from 11% to 16-18%. This improvement is driven by a revived real estate market, regulatory amendments by the Insolvency and Bankruptcy Board of India (IBBI), and favorable market conditions. The streamlined resolution process and robust demand in major housing segments offer a lifeline to homebuyers and investors, potentially turning troubled projects into profitable ventures.Read more

14 Jun 2024

Mumbai's iconic skyline is set to expand dramatically. A report by Anarock, a leading real estate consultancy, predicts a 34% increase in skyscrapers in the Mumbai Metropolitan Region (MMR) by 2030, adding 207 new towers to the existing 154. This growth solidifies Mumbai's status as India's skyscraper capital. Limited land availability and a growing population have driven this vertical expansion, with strategic increases in Floor Space Index (FSI) limits and reduced FSI premiums boosting high-rise development. The MMR, currently boasting 361 high-rise towers, will see South Central Mumbai leading with 103 skyscrapers, reshaping the city's architectural landscape.Read more

14 Jun 2024

The Municipal Corporation of Delhi (MCD) announced a significant change in property tax payments, shifting away from cheque payments starting July 1st. This decision comes in response to issues faced by the civic body regarding dishonoured cheques. Henceforth, property tax payments must be made digitally, including options like UPI, wallets, demand drafts, pay orders, or online payment gateways. The MCD emphasized the importance of this shift due to legal concerns surrounding dishonoured cheques. Additionally, property owners and vacant land occupants are urged to avail a 10 percent rebate on lump sum payments for the 2024-25 tax year before June 30th. To facilitate tax payments, property owners can utilize the MCD's online portal at www.mcdonline.nic.in. According to the Delhi Municipal Corporation (Amendment) Act, 2003, all properties under MCD jurisdiction are obligated to pay property tax as stipulated by Section 114.Read more

14 Jun 2024

By July 2024, the municipal bodies of Nashik, Visakhapatnam, Kanpur, Surat, Varanasi, and Prayagraj are expected to issue municipal bonds, aiming to raise between INR 100-300 crore each at a coupon rate of 7.9-8.3%. Over the past seven years, municipal bodies have collectively raised nearly INR 3,000 crore from the bond market. This move signifies a growing trend of urban local bodies leveraging the bond market to fund their development projects and infrastructure improvements. Recently, Vadodara Municipal Corporation raised INR. 100 crore through Green Municipal Bonds for wastewater management.Read more

14 Jun 2024

Real estate prices in Amaravati surged 50-100% after the TDP, Jana Sena, and BJP alliance's election victory, reviving buyer interest. This recovery follows a sharp decline when outgoing Chief Minister Y.S. Jagan Mohan Reddy proposed three capitals in 2019. Minimal transactions are occurring as sellers await a potential statement from Prime Minister Narendra Modi supporting Amaravati at N. Chandrababu Naidu swearing-in. TDP's Nara Lokesh confirmed plans to adhere to the original master plan, aiming to complete trunk infrastructure. The anticipation of central government institutions setting up offices in Amaravati further fuels land demand and prices.Read more