15 Jan 2024

In a six-day Income Tax (I-T) raid on six real estate companies in Delhi-NCR, officials uncovered cash transactions exceeding Rs 600 crore, allegedly conducted to evade taxes. The companies are accused of selling units in residential and commercial projects in cash. I-T teams seized cash and jewelry worth over Rs 16 crore during the operations. Authorities are examining company documents and financial transactions to trace the money trail, with ongoing investigations aiming to reveal deeper irregularities and undisclosed financial dealings.Read more

12 Jan 2024

Private equity (PE) investments in Indian real estate faced a 26% decline to USD 2.65 billion in the first nine months of fiscal year 2023-24, reveals ANAROCK Capital’s FLUX report. This dip is attributed to a lack of activity from both foreign and domestic investors due to global uncertainties and a high-interest rate environment. The report emphasizes the durability of the commercial office space, a rise in luxury and premium residential project interest, and the warehousing sector's consistent performance. Despite challenges, the residential real estate sector maintained a high performance, with notable demographic shifts and increased demand for spacious living.Read more

12 Jan 2024

The CREDAI and Liases Foras report unveiled at the New India Summit predicts that India's housing demand will surge to 93 million units by 2036. Fueled by population growth, robust macro-economic indicators and government initiatives like Smart Cities, Tier II and III cities will drive both demand and supply. In 2023, over 19,050 RERA registrations occurred, with 45% in the residential sector. Housing inventory stands at 10,42,195 units, decreasing 3% QoQ but rising 2% YoY. Tier II cities, experiencing high demand, show a 20-month inventory value. The report notes a 6% CAGR in apartment prices, with NCR leading at 22%.Read more

12 Jan 2024

The Gujarat government anticipates a substantial increase in stamp duty and registration fee revenue, exceeding the fiscal year 2023-24 budget estimates by over Rs 1,000 crore. This increase is attributed to the implementation of a revised jantri (annual statement of rates) and the digitisation of property registration processes. The government, having earned Rs 11,702.19 crore in the first nine months, expects collections to exceed Rs 15,000 crore by the end of the fiscal year. The jantri revision, doubling rates after 12 years, and simplified online services from sub-registrar offices contribute to this positive outlook for increased revenue.Read more

11 Jan 2024

Investcorp, a Bahrain-based investment firm, aims to revolutionize India's warehousing industry with an upcoming India-focused fund. Gaurav Sharma, head of India Investments, highlights plans to boost investments through partnerships with developers, mirroring their success with NDR Warehousing. With Rs 1,000 crores already invested, an additional $100 million investment has been planned to double its warehousing allocation in 12-18 months. Beyond warehousing, Investcorp is eyeing the residential segment and educational infrastructure to expand its influence in these sectors. The firm's strategic expansion into warehousing signals a transformative shift in India's logistical infrastructure.Read more

11 Jan 2024

Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.Read more

11 Jan 2024

Life Insurance Corporation of India (LIC) has received approval from its board to invest in a new company, promoted by the National Housing Bank (NHB), focusing on residential mortgage-backed securities (RMBS). LIC plans to acquire up to 10% equity stake in the NHB-promoted entity through equity contributions in one or more tranches. RMBS considered a safer investment, involves debt-based assets backed by interest from residential loans. Additionally, LIC increased its stake in Asian Paints on January 1, 2024. The board also approved a revised policy on auditor selection. The move highlights LIC's strategic involvement in the housing finance sector.Read more

10 Jan 2024

Eros Investments and the Gujarat government joined hands to establish Immerso AI Park in GIFT City, backed by a substantial Rs 16,000 crore investment. Set to open by mid-2025, the park’s Phase 1 will feature the AI University and an initial AI cloud, emphasising ethical AI practices. Positioned as a global hub, it fosters collaboration across academia, startups, and technology giants, while also creating a dedicated zone for international startups specialising in deep technology. The initiative signals a significant leap forward in shaping Gujarat as a prominent player in the field of artificial intelligence.Read more

10 Jan 2024

Mumbai witnessed a historic surge in real estate, marking the highest property registrations in 11 years. With 127,139 registrations in 2023, Mumbai surpassed the previous year by 4%, generating Rs 10,889 crore in stamp duty. December alone saw 12,487 units registered, a 33% increase from past year. Industry experts credit this growth to positive market sentiments, rising aspirations, and increased incomes. The western suburbs, propelled by improved connectivity and convenience, emerge as a real estate hotspot. Infrastructure upgrades and tailored offerings are contributing to Mumbai's suburbs becoming an attractive choice for diverse homebuyers, shaping a resilient and evolving real estate landscape.Read more

10 Jan 2024

Navi Mumbai Municipal Corporation (NMMC) excelled in property tax collection by collecting Rs 465.70 crore in the first nine months of the fiscal year 2023–24, a significant rise from the previous year. This success is credited to strategic planning and the dedicated efforts of officials, notably Additional Commissioner Sujata Dhole. The NMMC aims to collect Rs 800 crore by the end of this fiscal year. Chief Rajesh Narvekar emphasizes the recovery of arrears, leveraging data, and conducting a LiDAR survey. The achievement reflects sound financial management, affirming the NMMC's commitment to fiscal responsibility and sustaining economic growth in Navi Mumbai's industrial sector.Read more