08 Jan 2024

Embassy Office Parks Management Services, manager of Embassy Office Parks Real Estate Investment Trust (Embassy REIT), has received board approval to raise debt up to Rs 2,000 crore. The move, aimed at optimizing the existing debt structure, involves the issuance of 1,00,000 secured non-convertible debentures valued at Rs one lakh each, generating an anticipated Rs 1,000 crore. Additionally, the REIT plans commercial paper issuances totalling Rs 1,000 crore, in a phase-wise manner. By diversifying financial instruments, and emphasizing long-term stability in its real estate investment portfolio, Embassy REIT is aiming for a sustainable future.Read more

05 Jan 2024

Authorities are set to auction four agricultural properties in Khed taluka, Ratnagiri, connected to Dawood Ibrahim's mother, Amina Bi, under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA). Located in Mumbake village, Khed, where Dawood and his siblings spent part of their childhood, the properties have a collective reserve price of Rs 19.2 lakh. The auction, employing e-auction, public auction, and tender in sealed envelopes, reflects the government's proactive stance in managing assets connected to individuals involved in criminal activities. SAFEMA has auctioned 11 properties associated with Dawood or his kin over the past nine years.Read more

05 Jan 2024

A plot on Navi Mumbai's Palm Beach Road sets a record with a bid of Rs.6.46 lakh per sqm, mirroring the intense demand for land in the area. However, 18 CIDCO plots received no bids, attributed to high base prices and market conditions. The record bid highlights the scarcity of land in the prime location, leading to the substantial price surge. CIDCO earned Rs.1,170.80 crore from the sale, but the lack of interest in other plots raises concerns. Industry experts criticise CIDCO for escalating base prices and suggest adjustments to encourage a more balanced and competitive market.Read more

04 Jan 2024

In 2023, Mumbai witnessed a 4% YoY surge in property registrations, hitting a record high of 1,26,907 units, surpassing the previous year's peak at 1,22,035 units, as per data from real estate consultant Knight Frank India. The state government collected Rs 10,869 crore in stamp duty, marking a 22% increase from the previous year. December alone saw a 31% YoY rise in registrations, reaching 12,255 units in Mumbai city. Knight Frank's data, sourced from the Department of Registrations and Stamps, Maharashtra government, indicates a robust market with residential units constituting 80% of the registered properties.Read more

04 Jan 2024

In 2023, the Indian real estate sector exhibited resilience and growth with institutional investments totaling USD 5.4 billion, marking a significant 10% YoY increase. However, the sector faced a 37% decline in institutional investments in Q4 2023, amounting to USD 822.3 million, attributed to reduced fund inflows. A granular look shows a 23% drop in office segment investments and a substantial 79% decline in housing investments in Q4 2023. Despite these challenges, the sector remains optimistic with alternate asset classes diversifying the portfolio for institutional investments in real estate.Read more

04 Jan 2024

Between April 1 and December 31, 2023, the BMC generated Rs 638 crore, constituting 10% of the property tax target for 2023–24. Legal complexities in retrospective tax assessment led to delayed bill distribution, making the Rs. 6,000 crore targets by March 31 challenging. The BMC faced revenue declines due to property tax exemptions and pandemic-induced deferrals. In 2022–23, the revised target of Rs 4,800 crore was surpassed with a collection of Rs 5,575 crore. Property tax bills for 2023–24, recently distributed with objections, involve provisional bills to be settled by taxpayers in two installments, concluding on March 25, 2024.Read more

03 Jan 2024

In November 2023, Kolkata's real estate market experienced a notable upswing with 3,656 apartments registered, marking a substantial 20% year-on-year growth compared to the same period in 2022. This positive momentum is attributed to the current stamp duty rebate, incentivizing apartment registrations. Despite an 18% month-on-month decline from October 2023, the cumulative registrations for the year stand at an impressive 39,123 units in Kolkata Metropolitan Area (KMA). The stability in RBI policy rates, consistent home loan rates, and positive macro-economic sentiment are contributing factors, with ongoing new project launches expected to sustain the upward trend in the coming year.Read more

03 Jan 2024

The BMC's online property tax bills, issued with an apparent hike, led to confusion and concerns among citizens. A footnote in the bills referred to invalidated rules and ad hoc issuance, sparking questions. Municipal Commissioner Chahal clarified the online terms emphasizing no tax increase this year. He further said that they would generate actual property tax bills, mentioning only the payable amount. The BMC is navigating challenges in property tax regulations after a Supreme Court Order. Former corporator Asif Zakaria raised queries on the apparent increase, emphasizing the importance of clear communication and legal consistency in municipal tax processes.Read more

02 Jan 2024

The Ahmedabad Municipal Corporation (AMC) has announced the auction schedule for eight plots, including a prominent Bodakdev plot valued at Rs 333.14 crore. After an unsuccessful February auction, the re-auction includes six commercial and two residential plots with a collective reserve price of Rs 835.77 crore. Bidders must register by January 17, with the online auction scheduled for January 29–31. The AMC expects to raise about Rs 1,000 crore from these plots, showcasing a strategic effort to leverage real estate potential, attract diverse investors, and contribute to Ahmedabad's overall growth.Read more

02 Jan 2024

Over the past three years, 70% of India's urban local bodies (ULBs) witnessed a surge in property tax collections, aligning with their state's five-year Gross State Domestic Product (GSDP) growth rate. This reform, crucial for accessing Central funding, follows the 15th Finance Commission's recommendations. Of the allocated Rs 1,21,055 crore, Rs 5,705 crore has been disbursed. Cities like Mumbai, Chennai, and Hyderabad, including 40 out of 50 million-plus population cities, reported increased collections. The move, initiated by the Ministry of Housing and Urban Affairs and Jaanagraha, aims for ULBs' financial sustainability, emphasizing property tax as a key revenue source.Read more