15 Feb 2024

The Ahmedabad Municipal Corporation's tax department sealed 2,950 properties, including commercial establishments, for failing to pay property tax. The West Zone had the most sealed properties, totaling 1,686. During the drive, officials managed to recover pending taxes amounting to INR 5.81 crore. This action underscores the municipality's efforts to enforce tax compliance and ensure revenue collection. The move sends a strong message to property owners regarding the importance of fulfilling their tax obligations promptly.Read more

14 Feb 2024

GMR Airports (GAL), managing aviation hubs in Delhi, Hyderabad, and North Goa, has secured INR 2,250 crore from finance firms and private credit investors at a 13 percent interest rate. Notable investors include JP Morgan, Tata Capital, Navi Finserv, HSBC, Aditya Birla Capital and Varde Partners GAL aims to address its high-cost debt and finance equity investments. The borrowed amount is part of a larger INR 5,000 crore borrowing plan. GAL plans to use the funds to refinance debt and invest in subsidiaries. Despite high debt, GAL's interest expenses are expected to decrease gradually, reflecting a positive outlook for its airport assets, including those under development.Read more

14 Feb 2024

The Abu Dhabi Investment Authority (ADIA) is launching a USD 4-5 billion fund to invest in India through Gujarat's GIFT City. ADIA has received in-principle approval from the regulatory authorities. This move, announced in a joint statement by India and the UAE, positions ADIA as the first sovereign wealth fund to invest in India via GIFT City. The approval comes ahead of Prime Minister Modi's visit to Abu Dhabi. GIFT City, offering a 10-year tax holiday and proximity to Indian markets, aims to become a global financial gateway. The fund is expected to start investing by mid-2024, marking a significant development in India-UAE economic relations.Read more

14 Feb 2024

The Nagpur Municipal Corporation's amnesty scheme yielded INR 18.63 crore as 25,879 property owners availed of the initiative, effective until March 31. The Urban Development Department revised the rebate scheme, reducing multiple penal interests for defaulters. Deputy Chief Minister Devendra Fadnavis announced the revamped scheme after a District Planning Committee meeting. With an 80% penalty waiver for tax defaulters paying dues in full, the NMC pardoned INR 4.63 crore for 25,879 defaulters. The initiative covers outstanding property taxes, water charges, and shop rents, allowing citizens to pay at NMC headquarters, zonal offices, or online platforms.Read more

13 Feb 2024

Foxconn's India arm intends to invest INR 1,200 crore in a factory construction project on its own land, emphasizing operational necessities, as per a recent stock exchange filing. The investment will flow through its subsidiary, Hon Hai Technology India Mega Development, aligning with its broader strategy of expanding operations in the country. This move follows an earlier announcement of a substantial USD 1.5 billion investment in an Indian construction venture. Foxconn's initiatives coincide with India's drive to attract global semiconductor firms, aiming to bolster domestic manufacturing and reduce dependency on China. With the Indian semiconductor industry poised to hit USD 55 billion by 2026, the sector holds significant growth potential, driven by various consumer electronics segments.Read more

13 Feb 2024

Nexus Select Trust, India's first retail space-backed Real Estate Investment Trust (REIT), recently shared its impressive financial results for the December quarter. They made a profit of INR 106.85 crore and distributed INR 303 crore to unit holders as interest and dividends. Their total income for the quarter was INR 588.4 crore. Compared to the same period last year, they saw a significant 14% increase in net operating income, reaching INR 418.5 crore. The CEO, Dalip Sehgal, highlighted their achievements, including high retail occupancy rates and growth in tenant sales. They're also progressing in acquiring three Grade A consumption centres. The board declared a distribution of INR 303 crore for the quarter. Nexus Select Trust owns 17 Grade-A urban consumption centres, two hotels, and three office assets, with a tenant base of over 1,000 brands.Read more

13 Feb 2024

The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to implement an Integrated Voice Response System (IVRS) to remind its six lakh property tax defaulters of their dues. Munish Moudgil, Special Commissioner (Revenue), confirmed the initiative, likening it to reminders sent by banks. The BBMP aims to streamline revenue collection and reduce the burden on officials by outsourcing IVRS services. The system targets 20 lakh properties registered for property tax, with over 6 lakh in default. IVRS will handle reminders, feedback collection, and citizen queries through Sahaya 2.0, with an AI-based system expected to manage up to 70,000 calls daily.Read more

12 Feb 2024

Anarock, a leading real estate consultant, secures a INR 200 crore investment from 360 ONE Asset Management, aimed at accelerating business expansion and enhancing Proptech platforms. Anarock, with a solid presence in 19 locations, is well-positioned to benefit from the momentum in the industry. By introducing novel ideas and strengthening technology infrastructure, the investment will solidify its position as the industry leader. The collaboration demonstrates investor faith in the future of the real estate industry. Anarock is set to revolutionise the business because to its distinct strategy and emphasis on innovation. Stakeholders should anticipate unmatched value from Anarock as it maintains its current growth trajectory in the dynamic real estate market.Read more

12 Feb 2024

SEBI has greenlit initial public offerings (IPOs) for Arkade Developers, Juniper Hotels, and CJ Darcl Logistics, marking a significant milestone for these firms to raise capital from the capital markets. Juniper Hotels intends to raise INR 1,800 crore primarily for debt repayment, underscoring financial stability. Arkade Developers, with an IPO valued at INR 430 crore, aims to fuel real estate projects and bolster its portfolio. CJ Darcl Logistics plans to utilize funds from its IPO, including a new equity issue and Offer For Sale (OFS), to finance capital expenditure for electric vehicles (EVs), debt repayment, and general business needs.Read more

12 Feb 2024

The Maharashtra cabinet's decision not to raise property tax in Mumbai offers relief to residents amid upcoming civic polls. Led by Chief Minister Eknath Shinde, the cabinet also approved job fairs across the state, aiming to generate 2 lakh jobs. Additionally, the 'Chief Minister Vayoshri Scheme' for senior citizens was cleared, focusing on mental well-being and yoga therapy. Despite property tax being a significant revenue source for BMC, collections have declined, raising concerns over the delayed distribution of revised tax bills. This decision underscores the importance of stable revenue streams for sustaining civic amenities amidst evolving urban landscapes.Read more