12 Mar 2024

In Mumbai's Chembur, the revival of the Sky Annex slum rehabilitation project by Stans Buildtech Homes brings relief to homebuyers after years of delays. With SWAMIH Fund's INR 160 crore injection, construction is set to resume, addressing tenant, approval, and financing hurdles. Colliers India facilitated negotiations among stakeholders, ensuring a win-win solution. Launched in 2019, SWAMIH Fund tackles stalled housing projects nationwide, backed by a INR 15,530 crore corpus, showcasing government commitment. This investment not only aids homebuyers but also boosts the real estate market and economy. Yet, streamlining approval processes remains crucial for sustained progress.Read more

11 Mar 2024

The Pune Municipal Corporation (PMC) is revolutionizing property tax collection through specialized software, aiming to expedite real-time data entry and curb revenue losses. Integration of departments like building permissions, property tax, and IGR ensures seamless inclusion of properties into the tax system post issuance of occupancy certificates (OC) or registration. Automation streamlines assessment and collection processes, eradicating historical delays caused by manual data sharing. Utilizing assessment software and auto-DCR, coupled with API integration, enhances operational efficiency and data accuracy. With an estimated 11.6 lakh properties eligible for taxation, PMC targets INR 115 crore in holding taxes this fiscal, affirming its commitment to revenue enhancement through technological advancement and streamlined processes.Read more

11 Mar 2024

The FICCI-ANAROCK Consumer Sentiment Survey (H2 2023) indicates Indian homebuyers are increasingly favouring larger apartments, especially 3 BHKs, with a preference for suburban living in major cities. Despite rising costs, interest in luxury homes has doubled, while the INR 45-90 lakh budget range remains popular. Priorities have shifted towards spacious living, improved construction quality, and open spaces. While real estate remains a top investment choice, fixed deposits are gaining traction. Rising interest rates haven't significantly deterred buyers, signaling a dynamic market with evolving preferences and investment patterns.Read more

11 Mar 2024

Real estate developers are facing challenges due to new GST rules impacting project costs. Authorities are demanding 18% GST on royalty payments for brand usage in SPVs and on corporate guarantees. Developers argue SPVs are crucial for project financing and transparency, warning that GST charges will hike costs and reduce profits. The Finance Ministry is reviewing concerns and will possibly discuss the matter in the next GST Council meeting. DGGI sees brand usage as a taxable service, estimating potential tax evasion of INR 3,500 crore. This conflict underscores the struggle between tax compliance and industry needs, with implications for homebuyers. A resolution awaits the upcoming GST Council meeting.Read more

08 Mar 2024

Sion East, nestled in Mumbai, epitomizes a vibrant blend of residential and commercial spaces, boasting dynamic markets and cultural diversity. Renowned for its amenities and accessibility, the locality is a prime living destination. January witnessed 18 apartment transactions across 10 buildings, split between developer sales and resale. Dosti Mezzo 22 and Kings My Home led the sales, with Vaibhav Pinnacle showcasing the highest-priced apartment at INR 7.5 crores. Prices ranged from INR 11,000 to INR 39,000 per square foot, with a weighted average of INR 24,267. Most transactions occurred within the INR 1-5 crore range, while some fell below INR 1 crore, with one notable sale exceeding INR 10 crores.Read more

08 Mar 2024

Chhatrapati Sambhajinagar Municipal Corporation (CSMC) recently introduced an innovative seven-star rating policy to promote eco-friendly practices and women’s empowerment while easing residents' tax burden. Starting from the upcoming financial year, residents can enjoy up to a 10% concession in property tax by adhering to sustainable actions such as using e-vehicles, segregating garbage, planting trees, registering properties under female family members' names, using solar power, implementing rainwater harvesting, and paying taxes online. Beyond tax benefits, the initiative aims to foster environmental consciousness, technological advancement, and gender equality. This policy showcases the municipality's commitment to a greener, more equitable future, setting an example for urban centres worldwide.Read more

07 Mar 2024

NBCC saw a rise in stock value after executing an e-auction, selling 61,000 sqft of commercial space in New Delhi's Ayurvigyan Nagar for INR 272.68 crore. Grid Controller of India Ltd secured the deal. The proceeds will fund housing construction for AIIMS Delhi faculty/staff. The project, "Grande Rue," features three levels of basement parking for 150 cars and four storeys of commercial space. NBCC's subsidiary, HSCC (India), secured a INR 459.70 crore contract for a hospital project in Maharashtra. In December 2023, NBCC reported a 60% rise in net profit. They also obtained approval for developing unused FAR in Amrapali projects worth INR 10,000 crore and won three contracts worth INR 369.05 crore.Read more

07 Mar 2024

Bhubaneswar Municipal Corporation (BMC) faces a significant loss in tax revenue as around 5,000 residential properties are being used for commercial purposes in violation of tax norms. BMC conducted a recent survey that uncovered these violations, prompting the authorities to reassess taxes for such properties. Additionally, the state government has empowered BMC to collect holding taxes from establishments on Odisha Industrial Infrastructure Development Corporation (IDCO) land, with the aim of increasing tax collection to INR 115 crore by the end of the fiscal year.Read more

07 Mar 2024

HSVP conducted a e-auction earlier this week, offering 18 group housing plots across Haryana, valued at INR 1,700 crore. Gurugram dominated with plots exceeding INR 1,100 crore, boasting prime locations near metro services and expressways. Favorable FAR provisions and TOD Zones in key sectors enhanced their appeal. The auction attracted robust participation, reflecting the strategic approach aligned with urban development needs. With 11 plots spread across Panchkula, Pinjore, Hisar, and Rohtak, totalling INR 584.9 crore, HSVP's initiative promotes real estate growth, offering lucrative opportunities for developers and stakeholders while addressing the increasing demand for residential properties in the region.Read more

06 Mar 2024

Nagpur's real estate market is exceeding national trends with a rise in home sales, indicating a shift in housing preferences. The primary market has seen a significant uptick, with residential unit sales rising from 1,383 in 2019-20 to 2,211 in 2023-24. However, unsold inventory is also on the rise, expected to reach 14,300 units by January 2024, valued at Rs 6,605 crore. Factors like infrastructure development and an influx of young professionals are driving this growth, with larger units like 3 and 4 BHK apartments gaining popularity. Southern localities like Manish Nagar and MIHAN are top choices for homebuyers, signaling a promising future for Nagpur's real estate sector.Read more