14 Dec 2023

The Securities and Exchange Board of India (SEBI) is contemplating the introduction of a framework for the issuance of subordinate units by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to sponsors and their associates. Additionally, SEBI has proposed a framework for unit-based employee benefits (UBEB) within the context of REITs and InvITs. The regulatory body is seeking public comments on these proposals until December 29. These frameworks aim to provide clear guidelines and mechanisms for the issuance of subordinate units and unit-based employee benefits within the REIT and InvIT structures, enhancing regulatory oversight in these areas.Read more

14 Dec 2023

The Varanasi Municipal Corporation (VMC) initiated attachment proceedings against major house tax defaulters, prompting a hotel in Lahurabir to promptly settle its dues of Rs 6.25 lakh. Another defaulter paid Rs 4 lakh following the initiation of attachment proceedings, in response to notices served by the municipal commissioner, Akshat Verma. In addition to targeting defaulters, the municipal commissioner conducted inspections of sanitation and cleanliness in various localities, imposing a Rs 10,000 fine on an operator for neglecting toilet maintenance during the assessment.Read more

13 Dec 2023

Commercial office space activity in India's top 7 cities showed a subdued first half of fiscal year 2024, with minimal growth in net absorption and new completions compared to the previous year. Rental values, however, saw a 7% rise due to increased construction costs. Chennai led with a 10% increase in average monthly office rental values, and Hyderabad followed with an 8% growth. Despite global layoffs, office activity remained steady, with a modest 5% yearly increase in new completions. The year is expected to end with 55–57 million square feet of office demand, lower than last year but higher than anticipated.Read more

13 Dec 2023

Indore and Ujjain divisions have witnessed an 11% YoY growth in property sales, with 3.5 lakh registrations in the current fiscal year until November. Despite a dip in November due to assembly elections, the income from property registrations reached Rs 2604 crore, compared to Rs 2334 crore in the previous year. Indore accounted for the highest revenue at Rs 1450 crore, reflecting an 11.6% increase. Developers attribute this surge to infrastructure development, specialty hospitals, and academic growth in the region, leading to a 30% reduction in unsold inventory. Indore's real estate market is thriving with rising demand and increased property prices in specific areas.Read more

13 Dec 2023

The Pimpri Chinchwad Municipal Corporation (PCMC) administration has enlisted the services of an external agency to conduct a comprehensive survey aimed at assigning a Unique Property Identification Code (UPIC). This initiative seeks to establish a distinct identification for every property falling under the PCMC jurisdiction. The UPIC will serve as a singular and uniform identifier, streamlining property management and enhancing administrative efficiency. The outsourcing of this survey underscores the municipality's commitment to adopting modern systems for effective governance and ensuring a systematic approach to property documentation within its administrative boundaries.Read more

13 Dec 2023

Following a state government notification revising lease rates for civic body properties, the Nashik Municipal Corporation (NMC) is set to reduce rates for its commercial and socially allocated properties. The government's directive significantly decreases lease rates from 8% to 0.7% for commercial properties and from 8% to 0.5% for properties designated for social causes, impacting 1,900 commercial galas/shops and 1,075 other properties. The revised rates will take effect after the expiration of existing lease agreements, with a committee, chaired by the civic chief, tasked with determining the new rates.Read more

12 Dec 2023

Hindustan Construction Company (HCC) has finalized the sale of a 2,35,870 sq meter land parcel in Karnala village, Panvel, near Mumbai, for Rs 95 crore to Oak and Stone Construction. Stamp duty for the deal amounted to Rs 5.70 crore. The Board's resolution on November 9 paved the way for this strategic move. The transaction, facilitated through a 'deed of conveyance,' supports HCC's asset monetization and debt resolution plan. The sale aligns with a broader trend, as FY23 witnessed over 87 land deals covering 1,862 acres in India, emphasizing the ongoing significance of asset monetization in the real estate sector.Read more

12 Dec 2023

Maharashtra's Property Registration Department unveiled an amnesty scheme aimed at aiding 2.32 lakh stamp duty defaulters from 1980 to 2020. The initiative grants relief from penalties if dues are cleared within two months. Concentrated in Mumbai, Pune, Thane, and Nagpur, defaulters have an opportunity to rectify non-payments, potentially earning the government Rs 3,000 crore. The scheme, announced at a state cabinet meeting, offers a waiver on stamp duty and penalties in two phases from December 1 to March 31. This move aims to legitimize old documents and prevent legal disputes, benefiting citizens and societies state-wide.Read more

12 Dec 2023

The Securities and Exchange Board of India (SEBI) has introduced a standardized framework for calculating Net Distributable Cash Flow (NDCF) by Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and their holding companies. Effective from April 1, 2024, this move aims to enhance the ease of doing business in capital markets. The NDCF computation, applicable to REITs, InvITs, and their HoldCo/SPVs, mandates a minimum distribution of 90% at the Trust and HoldCo/SPV levels, with the option to retain 10% subject to certain provisions. SEBI emphasizes cumulative periodic compliance and excludes restricted cash from NDCF computation.Read more

09 Dec 2023

In a significant move, Gap Associates, SUN Realty Partnership, and BMS Projects have acquired a 42,241 sq meter plot in Dholera Special Investment Region (SIR) for Rs 17.42 crore. This joint venture, facilitated by Dholera Industrial City Development Limited's first land auction, aims to leverage the plot's high Floor Space Index (FSI) for extensive development. The deal signals a major boost in Dholera's economic growth and infrastructure, reinforcing its position as a key industrial and urban hub near Ahmedabad, and is set to transform the region's real estate and commercial landscape.Read more