15 Nov 2023

The Municipal Corporation of Delhi (MCD) has issued new guidelines to address low property tax returns. In cases where tax arrears exceed Rs 25 lakh, punitive actions, including prosecution under the Delhi Municipal Corporation (DMC) Act, will be taken against defaulters. Despite previous measures, such as attaching bank accounts and properties, proving insufficient, the MCD will now initiate prosecution under sections 152A and 467 of the DMC Act for tax amounts exceeding Rs 25 lakh. Assessing officers are mandated to file complaints and commence prosecution proceedings against individuals who have wilfully defaulted on payment or attempted to evade tax.Read more

14 Nov 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has allocated two out of five data centre plots in Delhi's Sector 28, generating revenue of Rs 59 crore. These two plots, promising a proposed investment of Rs 1,757 crore, are set to create around 775 jobs. The allocation process was based on thorough evaluations and interviews, with Sify Infinite Spaces Limited and Jackson Limited emerging as the deserving recipients of data centre plots D10 and D9, respectively. These strategic steps align with YEIDA's vision of fostering data centre industry growth, marking a pivotal move in the region's digital transformation and economic development.Read more

14 Nov 2023

Pokhran Road, situated in Thane district, is a burgeoning locale in Mumbai's Metropolitan Region, offering a harmonious mix of residential and commercial developments. The area, with diverse housing options and ongoing infrastructure enhancements, attracted 21 transactions in October. Tata Housing Serein led with 8 transactions, while Raymond The Address showcased the highest-priced flat at Rs. 3.15 Crores. The carpet area ranged from 335 to 1,396 square feet, reflecting varied preferences. With an average rate per square foot of Rs. 20,000, Pokhran Road signifies steady growth and maturation, making it a promising hub in Mumbai's real estate landscape.Read more

14 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is actively digitizing over 40 lakh properties in an effort to combat property tax evasion and boost revenue collection. Four specific wards, including Kodigehalli, CV Raman Nagar, Horamavu, and Arakere, have already initiated the digitization process, with a goal to complete this task for all wards within three months. This move comes in response to Deputy Chief Minister DK Shivakumar's "Nanna Swathu" (My Property) initiative, aimed at improving property tax collection. Digitizing property documents will provide accurate details online, reducing misrepresentation and potentially increasing tax collection, currently at Rs 3,000 to Rs 4,000 crore annually. Defaulters are being sent reminders and may face penalties if dues are not settled by November 30.Read more

14 Nov 2023

Between January and September 2023, Greater Noida witnessed a surge in flat registrations, with 5,741 flats registered—a notable 30.5% increase compared to the same period in the previous year. On average, 21 flats were registered daily during this timeframe. The Greater Noida Industrial Development Authority (GNIDA) attributes this rise to measures like special registration camps and notices to developers. Currently, 80,000 to 90,000 registries are pending due to various reasons, including builder dues. The GNIDA plans special camps before Diwali to expedite more registries. However, stakeholders emphasize the need for swift resolution of builder dues to address the larger issue.Read more

14 Nov 2023

SEBI has introduced detailed procedures effective March 1, 2024, to address unclaimed funds in entities with listed non-convertible securities, REITs, and InvITs. The move aims to establish a uniform and streamlined process for investors to claim unclaimed amounts. SEBI has defined the handling of such funds, including their transfer to the IPEF and the claiming process for investors. The circulars standardize procedures for listed entities, REITs, and InvITs, ensuring minimal disruptions for investors seeking to claim their unclaimed amounts. Any unclaimed amount in escrow accounts for seven years will be transferred to IEPF.Read more

11 Nov 2023

Kochi and Thiruvananthapuram in Kerala stand out with a cumulative 14 million sq. ft. office space, marking substantial potential in the state's real estate. A report, by CREDAI Kerala and Cushman & Wakefield, outlines the cities' advantageous features like robust infrastructure, income levels, and housing affordability. The state is positioned to attract corporate interest beyond primary markets due to policies, skilled diaspora, and improving infrastructure. While Kerala shows promise, limitations in land availability and high land conversion charges post as challenges, presenting the need for strategic solutions to foster sustained real estate growth.Read more

11 Nov 2023

Panvel Municipal Corporation (PMC) is intensifying property tax collection efforts by deploying 10 teams to issue pre-seizure notices to the highest defaulters within its jurisdiction. This expansion follows instructions from PMC's civic chief, Ganesh Deshmukh, with additional staff appointed since November 1 for this purpose. PMC issued notices to 750 defaulters, including 100 industrial, 301 residential, and 349 commercial properties across Kharghar, Kalamboli, Kamothe, and Panvel. Defaulters may face property attachment and future auctions if they don't settle their tax dues. The current fiscal year has already seen substantial tax collection, with Rs 210 crores collected by November 1, incentivized by a 2% monthly penalty for non-payment and a 2% online payment discount.Read more

11 Nov 2023

Repco Home Finance has recorded a 37.88% surge in net profit for Q2 FY24, reaching Rs 98.10 crore alongside a 20.89% increase in total income. The board has sanctioned fundraising through NCDs and CPs totalling Rs 450 crore. Loan sanctions and disbursements grew by 4% and 7%, respectively, with a stable loan spread of 3.4%. GNPA and NNPA ratios improved significantly, and the capital adequacy ratio stood at a strong 35.8%, signalling a robust financial standing and a confident stride forward in the housing finance market.Read more

10 Nov 2023

According to a survey by Localcircles, cash transactions in property deals have risen, with 24 percent of respondents stating they did not need to use cash for property purchases, compared to 30 percent two years ago. While digital transactions have seen growth, the survey revealed that 82 percent used cash for daily purchases such as groceries and dining out over the past year. The survey, involving 44,000 individuals from 363 districts, noted that a significant portion of property transactions involved cash payments, despite efforts to reduce reliance on cash in the economy, particularly following demonetization in 2016.Read more