31 Jan 2024

In recent months, several real estate entities in India have collectively remitted over INR 1,500 crore as Goods and Services Tax (GST) linked to intra-group transactions, specifically related to royalty payments for utilizing brand names. Notices were sent to entities that defaulted on GST obligations concerning their parent entities' brand names. Tax authorities argue that using a brand, including its name and logo, by Special Purpose Vehicles (SPVs) incurs an 18% GST levy. Notable contributors include Tata Realty and Infrastructure, Tata Housing, Jindal Realty, DLF, and Vatika Group. The Directorate General of GST Intelligence issued notices, emphasizing mandatory GST payments for such transactions. The developments highlight increased GST scrutiny in India's real estate sector, emphasizing the need for compliance and financial prudence.Read more

30 Jan 2024

The National Capital Region's real estate sector has recorded a remarkable 46% year-on-year growth in sales area for FY2023. As per ICRA's report, total launches nearly doubled, reaching 64 million square feet. The years to sell (YTS) metric impressively shrank to 0.7 years, indicating a robust and stable market. The trend shows a shift towards luxury housing, with significant reductions in unsold inventory. ICRA maintains a positive outlook, forecasting sustained growth and stable leverage ratios, underlining the NCR real estate market's resilience and upward trajectory.Read more

30 Jan 2024

Union Living, founded in 2020, is injecting Rs 10 crore to expand its co-living spaces in Mumbai, unveiling plans for 1,000 beds with customised features. Presently operating 1,050 beds across Mumbai, Pune, and Ahmedabad, the startup's strategic investment aims to meet diverse tenant preferences. The expansion includes properties in Mahalakshmi, Juhu, Khar/Santacruz, Goregaon/Malad, Chembur, and Navi Mumbai, with three of them set as Built-to-Suit (BTS) spaces. Union Living's commitment to quality co-living aligns with the rising demand, signalling positive impacts on Mumbai's real estate scene.Read more

30 Jan 2024

In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.Read more

29 Jan 2024

Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.Read more

29 Jan 2024

Homefirst Finance, a key player in affordable housing finance, reported robust financials for the December quarter with a notable 34.2% surge in net income, reaching Rs 79 crore. The increase was driven by heightened loan sales, leading to a substantial 29% expansion in quarterly disbursement to Rs 1,007 crore. The total loan book saw a robust 33.5% increase, reaching Rs 9,014 crore. Despite a 40-basis point decline in net interest margin, the CEO, Manoj Viswanathan, emphasized the company's resilience. The gross non-performing assets (NPA) declined to 1.7%, showcasing the company's strong performance amidst regulatory impacts.Read more

29 Jan 2024

In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.Read more

26 Jan 2024

Table Space secured a long-term lease for 1.31 lakh sq ft from Runwal in Mumbai's Andheri suburb, with a cumulative rental payout exceeding Rs 333 crore. The agreement included an option to lease an additional 1.97 lakh sq ft, expanding the deal size to nearly 3.30 lakh sq ft. The estimated total rental value, reaching around Rs 800 crore, positions it among India's largest co-working office space lease deals. This strategic move reflects Table Space's significant role in the evolving workspace landscape, contributing to India's office space market.Read more

26 Jan 2024

In 2023, India's real estate sector witnessed a remarkable surge with 97 land deals covering over 2707 acres, surpassing the momentum from 2022, as per ANAROCK's latest data. Ahmedabad led in transaction size with three deals totaling 739+ acres, highlighting its attractiveness for both commercial and residential development. Mumbai Metropolitan Region, despite securing the highest number of deals, focused on smaller parcels, while NCR saw 22 deals covering 190+ acres. Hyderabad and Bengaluru were focal points with 9 and 11 deals, respectively. Tier 2 & 3 cities also played a significant role in this surge, showcasing the sector's resilience and adaptability.Read more

26 Jan 2024

The Rajasthan bench of the Authority for Advance Rulings has shed light on the intricate intersection of residential properties and Goods and Services Tax (GST). A recent ruling highlighted the evolving GST landscape for residential properties repurposed for business. Since July 18, 2022, residential dwellings face GST implications when leased for residential purposes to registered individuals, introducing a reverse charge mechanism. The case of Deepak Jain exemplifies the complexity, where despite local authorities classifying the property as residential, a lease agreement specifying exclusive commercial use triggered an 18% tax. The ruling underscores the importance of property use in determining GST implications, prompting caution in lease agreements.Read more