13 Sep 2023

Kochi Corporation is contemplating reclassifying property tax categories based on road width. The existing system, in place since 1995, categorizes properties as primary, secondary, or tertiary. Primary properties have access to roads over five metres wide, secondary properties to narrower roads, and tertiary properties to pathways or no access. The re-evaluation is prompted by the city's development and aims to increase revenue. Kochi Corporation seeks to generate more income through tax avenues and collect funds owed by the state government. The move is essential as the corporation currently relies on central and state government funds for projects.Read more

12 Sep 2023

The Hubballi-Dharwad Municipal Corporation (HDMC) is cracking down on unregistered paying guest (PG) facilities operating without permissions and evading taxes. With the rise of educational institutions in the twin cities, PG accommodations have surged. Many operate without the necessary civic approvals. HDMC Commissioner Ishwar Ullagaddi has initiated a ward-wise survey to assess these facilities. The move aims to ensure tax compliance, adherence to civic norms, and boost HDMC's revenue. Non-compliant PGs will face strict action, emphasizing the importance of legal operations in the growing educational hubs.Read more

12 Sep 2023

The registration department's 27 offices in the Pune swiftly processed over 90% of 13,500 pending leave-and-license applications in just four days, addressing citizens' concerns about delays. This efficiency followed a directive from the joint district registrar to reduce document pendency to 50 at each office, resulting in a significant reduction in backlogs. The issue of delays in online document registration, previously attributed to software glitches, has been largely resolved, bringing relief to citizens and highlighting the importance of streamlined administrative processes and technology in governance.Read more

12 Sep 2023

Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.Read more

11 Sep 2023

The Greater Noida Authority has introduced a One Time Settlement (OTS) scheme for multi-storey building allottees to clear outstanding dues. Over 2,200 homebuyers who haven't executed lease deeds stand to benefit, with potential collections of Rs 468 crore in dues and premiums. Applicants can apply for the scheme from September 5 to December 31, receiving discounts of 20-80% on penal interests based on flat size. Eligibility is for those who haven't benefited from similar schemes earlier, and applicants must pay a processing fee and 50% of dues by December 31. The property department aims to process applications within 15 days.Read more

11 Sep 2023

In the wake of implementing new tax regulations, a city with around 4.8 lakh property taxpayers received just one complaint during the objection period. This singular complaint, submitted via email, expressed general concerns about increased tax rates. The revised tax structures primarily affect larger residential properties, commercial establishments, shopping complexes, and other entities. The state government mandated a five percent annual property tax increase for five years, along with adjustments based on revised foundational tax rates. Notably, government office buildings witnessed a significant reduction in basic tax rates, while commercial real estate faced varying adjustments. This comprehensive revision marks an increase in the city's annual property tax demand.Read more

11 Sep 2023

Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.Read more

09 Sep 2023

WSB, a significant player in India's real estate investment sector, has exceeded its initial target by raising over Rs 850 crore through Fund Plus co-invest, reflecting strong investor confidence. The company's strategy focuses on partnering with reputable developers to contribute to India's real estate growth. The WSBREDF II fund has deployed most of its capital across 12 transactions, achieving two exits with a 23 percent gross IRR. Distinguished developer partners include Bollineni Group, Shapoorji Pallonji, and Jain Housing. The fund has attracted diverse investors, underscoring its appeal in the Indian residential real estate market by aiming to provide quality housing solutions and attractive returns.Read more

09 Sep 2023

SHFL, a subsidiary of Sundaram Finance, plans to venture into the affordable housing sector, targeting Tier 2 and Tier 3 towns in Tamil Nadu and Andhra Pradesh. This decision is in accordance with the government's "housing for all" initiative. The company intends to open around 10 branches in smaller towns and hire 50–75 employees exclusively for affordable housing by March 2024. With assets under management of Rs 11,200 crore and a net profit of Rs 215 crore in the last fiscal year, SHFL aims to contribute to housing accessibility while expanding its customer base.Read more

09 Sep 2023

Banks in India have approached the RBI with a proposal to include stamp duty and registration charges in the project cost when calculating home loans, potentially allowing borrowers to access larger loans. Currently, these charges are not included in the home loan amount. If approved, this could raise loan amounts for homebuyers, particularly in projects where such charges are significant. The RBI had previously directed lenders not to include these charges in the total property value to uphold the effectiveness of loan-to-value norms. This move aims to encourage affordable housing for borrowers.Read more