04 Nov 2023

Approximately 26,000 residents of Palava township in Dombivali, the first integrated township project in Maharashtra, received significant relief as the state government decided to grant them a 66% property tax rebate just before Diwali. Previously, residents were burdened with double property taxes, paying both the township's Palava City Management Association (PCMA) and the Kalyan-Dombivli Municipal Corporation (KDMC). This adjustment aims to reduce property tax from Rs 6,000 to Rs 2,000 per flat per year for Palava township residents. The demand was based on a 2016 circular from the state’s Urban Development (UD) department which said that Integrated townships that provide common amenities and infrastructure are entitled to this rebate.Read more

04 Nov 2023

The Municipal Corporation of Delhi (MCD) is introducing a compensatory regulatory charge to support civic infrastructure development across the city. This charge, previously applicable only in areas under the north corporation, will now apply citywide, including south and east Delhi. The fee is based on the prevailing circle rate in each colony and will be charged when seeking building plan approvals. The funds collected will contribute to the maintenance and development of civic infrastructure in MCD areas, including regularized colonies and village abadis. The decision comes in response to changing population densities and increased demand for infrastructure development.Read more

03 Nov 2023

Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.Read more

03 Nov 2023

WSB Real Estate Partners, formerly known as Walton Street BlackSoil, has revealed plans to launch a new fund within the next two months. Following the successful deployment of its Rs 700-crore second fund, the firm will target the burgeoning southern Indian growth markets, with a particular focus on Bengaluru, Hyderabad, and Chennai. Two-thirds of the fund's capital will be invested in these areas through structured debt in mid-income residential real estate projects. The company aims to partner with developers known for their execution and delivery track records.Read more

03 Nov 2023

Vridhi Home Finance, a tech-enabled housing service provider, has secured Rs 150 crore in a Series A funding round led by Elevation Capital. The company, headquartered in Bengaluru, plans to use the funds for geographical expansion in North Karnataka and Andhra Pradesh, strengthening its technology infrastructure, hiring, and building a liability franchise. Vridhi received its NBFC-HFC license earlier this year and has opened twenty branches in Karnataka and Andhra Pradesh. The company aims to address the underpenetrated housing finance market in India and provide accessible housing solutions to semi-urban and rural areas, emphasizing financial inclusion and digital processes.Read more

03 Nov 2023

Home First Finance Company has reported robust financial results for Q2 2023-24, showing a 36.91% increase in net consolidated profit and a 46.77% growth in total income compared to the previous year. The company's efficient financial management, expansion strategy, and responsible borrowing were highlighted in the results. With Assets under management (AUM) of Rs 8,365 crore and disbursements reaching Rs 959 crore, the company demonstrated its commitment to meeting housing finance needs. Home First Finance's strong performance reaffirms its position as a key player in the housing finance sector, capable of impacting individuals and families nationwide.Read more

03 Nov 2023

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that rent, including electricity charges, collected by real estate companies, malls, airport operators, and others from occupants will attract GST, except when they act as agents of state electricity boards. In a circular, the CBIC stated that when electricity is supplied bundled with renting of immovable property or maintenance, it forms a composite supply. In such cases, the rate of GST applicable to the principal supply (renting or maintenance) will be levied on the entire supply, including electricity. If these entities charge for electricity at actual rates, they are deemed pure agents, excluding electricity charges from the value of supply. Some experts raised questions regarding this clarification, particularly in cases where electricity supply is exempt from GST.Read more

02 Nov 2023

Mindspace Business Park REIT, supported by K Raheja Corp, is expanding with an 800,000 sq. ft. mixed-use project in Airoli, featuring commercial office spaces and a luxury hotel in collaboration with Chalet Hotels. Mindspace REIT also reported a 17.7% increase in net operating income and a 72.2% growth in consolidated profit for the quarter ending on September 30, 2023. Mindspace's total leasing portfolio amounts to 32.3 million sq.ft., including 26.1 million sq.ft. of completed area, 2.9 million sq.ft. under construction, and 3.3 million sq.ft. of future development. Their strong leasing activity and robust financial position underscore their status as a leading player in India's office space market, ready to meet the evolving needs of businesses.Read more

02 Nov 2023

Delhi-NCR is the sixth most expensive office space rental market in Asia Pacific (APAC) for Q3 2023, with Hong Kong SAR topping the list. Strong demand from Global Capability Centres (GCC) has offset slower demand from flexible workspace providers. Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru are steady and expected to remain so for the next year. Region-wide rental rates show quarter-on-quarter stability, with rental growth in developed markets counterbalancing declines in Chinese mainland markets. Delhi-NCR's prime office rent is Rs 340 per sq. ft per month, securing the sixth position in the APAC, while Mumbai ranks ninth at Rs 302 per sq. ft per month.Read more

02 Nov 2023

percent discount, reinstated this year after being revoked in 2019, requires residents to prove eligibility by November 15. Keskar is requesting an extension until December 20 due to the festival season. The discount was introduced in 1970 to assist residents in maintaining properties damaged during the 1961 Mutha River flood. Activists and residents support the extension, relieving the burden during the festive season. The PMC originally withdrew the discount after objections from the state audit department.Read more