06 Mar 2024

In a recent development, UP exempted DMRC and NCRTC from municipal taxes, resolving a dispute with Ghaziabad Municipal Corporation over INR 56 crore in accrued taxes. While GMC argued for service charges on government installations, DMRC cited a 2014 MoU with GDA for tax exemption. This decision contrasts with outstanding taxes owed by 19 central and 18 state government buildings, totaling over INR 135 crore. The exemption raises broader questions about tax equity and compliance among government institutions, highlighting the complexities of municipal finance and fiscal governance.Read more

06 Mar 2024

The Noida Authority has launched a scheme offering 25 commercial plots in 11 sectors of the city, with a cumulative reserve price of Rs 105.5 crore. The plots, ranging from 18 sqm to 316 sqm, will be allotted through e-auction, with registration closing on March 7. These plots are strategically located near markets, Metro stations, and office areas. The reserve prices vary from Rs 49.11 lakh to Rs 6.60 crore, with an earnest money deposit (EMD) of 10% of the plot cost. The scheme aims to attract buyers looking for prime investment opportunities in Noida's commercial real estate sector.Read more

05 Mar 2024

Property e-auctions, facilitated through online platforms, revolutionize real estate sales by allowing sellers, like banks or government agencies, to list properties for bidding. Buyers participate electronically, placing bids over a set timeframe, starting with a reserve price. UCO Bank's upcoming e-auction on March 15, 2024, features 30 properties across states like Bihar, Tamil Nadu, and Uttar Pradesh, aimed at recovering outstanding debts. Properties may involve symbolic or physical possession, following SARFAESI Act guidelines. Earnest Money Deposit, a percentage of the Reserve Price, is crucial, ranging from 5% to 10%. E-auctions provide convenience, transparency, and broad buyer outreach, albeit demanding thorough due diligence from potential bidders.Read more

05 Mar 2024

Struggling non-banking finance company IL&FS is selling commercial properties in GIFT City to address its debt crisis. With over 540,000 sq ft in GIFT TWO, the sale includes 58 offices, with four already leased to Tata Consultancy Services. IL&FS, facing a liquidity crisis since 2018, aims to resolve debts exceeding INR 56,000 crore. Recent updates show progress, including the sale of its Mumbai headquarters to Brookfield Asset Management. GIFT City's growth, buoyed by government initiatives and private interest, attracts over 500 entities, including fintech firms and banks, signalling its emergence as a prominent financial hub.Read more

04 Mar 2024

hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.Read more

04 Mar 2024

In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.Read more

04 Mar 2024

Jogeshwari West continues to assert its status as a bustling and thriving locality within Mumbai's western suburbs. January witnessed a flurry of real estate activity, underscoring the area's popularity among homebuyers and investors alike. With an equal mix of developer sales and resale transactions, the neighborhood demonstrates its appeal to a diverse range of buyers. From Vision Heights to Hill Park Tower and beyond, the variety of residential options cater to different preferences and budgets. As Jogeshwari West evolves with modern developments while retaining its traditional charm, it remains a dynamic and sought-after destination for those seeking convenience, accessibility, and a vibrant living environment in the city of Mumbai.Read more

04 Mar 2024

Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.Read more

04 Mar 2024

Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.Read more

01 Mar 2024

Tata Consultancy Services (TCS), India's top IT firm, secured 400,000 sq ft office space in Noida, a major move amidst return-to-office trends. Demand for Grade A properties rose with corporate policies shifting. Assotech Business Cresterra project in Noida sees significant development. Despite economic uncertainties, the Delhi-NCR region witnesses increased leasing volume, driven by fresh space uptake. The flex space sector surpassed the IT-BPM sector in space consumption. The region experienced 2.9 million sq. ft. of new space influx, leading to a slight rise in vacancy rates. TCS's move reflected evolving workspace preferences in the corporate world.Read more