BBMP urges property tax defaulters to clear dues by month-end under One-Time Settlement scheme
Author : PNT Bureau
The BBMP has urged property tax defaulters to clear dues under the One-Time Settlement (OTS) scheme, which offers waivers on interest and penalties and is set to expire this month. Defaulters face additional charges from December 1 if payments are not made. Across Bengaluru, over 1.6 lakh defaulters owe INR 397.3 crore in property tax arrears. In Yelahanka zone, proactive measures, including attaching 212 properties and sealing 54 establishments, have achieved 85.4% of the collection target. BBMP Chief Commissioner Tushar Giri Nath has directed officials to intensify enforcement actions, emphasizing the importance of recovering dues to improve revenue compliance....
SEBI exempts InvITs and REITs from lock-in restrictions for employee benefit trusts
Author : PNT Bureau
SEBI has exempted InvITs and REITs from lock-in and allotment restrictions for units issued under unit-based employee benefit (UBEB) schemes, simplifying the process of acquiring and transferring units to employees. Additionally, SEBI has standardized the quarterly reporting format and directed the Bharat InvITs Association and Indian REITs Association to implement uniform compliance templates. These measures aim to enhance transparency, operational efficiency, and consistency across the sectors. By improving processes and ensuring accessible reporting, SEBI's initiatives benefit investors and employees while fostering better compliance and ease of business within the InvIT and REIT ecosystems....
Tamil Nadu's registration department sees revenue boost following guideline value revision
Author : PNT Bureau
The revision of guideline values in Tamil Nadu has significantly boosted the state's registration department revenue, adding INR 1,222 crore in the first seven months of FY 2024-25 compared to the previous year. Revenue rose from INR 10,511 crore to INR 11,733 crore, driven by higher registration fees and increased transaction volumes. During a review meeting, Revenue and Registration Minister P. Moorthy emphasized faster processing and digitalisation to enhance efficiency and transparency. Ahead of the busy Aippasi month, token allocations were increased to manage demand at registration offices. These measures reflect the government's commitment to improving service delivery and streamlining property registration processes....
Indore records 12.8% increase in property revenue during festive season in October
Author : PNT Bureau
Indore recorded property transaction revenue of INR 214 crore in October, a 12.8% year-on-year increase, driven by heightened activity during the festive season. Across the Indore-Ujjain division, revenue from property registrations totaled INR 376 crore, reflecting 15% growth compared to the previous year. Festivals like Navratri and Diwali played a pivotal role in boosting registrations, with Ujjain seeing a 16% rise and Dhar registering a 43% rise. Industry experts attribute the growth to the auspicious timing and ongoing infrastructure projects, such as the metro and flyovers. However, rising property prices are expected to temper further growth in the market....
Awfis records robust growth with INR 38.67 crore profit, surpasses key milestones
Author : PNT Bureau
Awfis Space Solutions reported a net profit of INR 38.67 crore for Q2 FY25, a turnaround from last year's INR 4.34 crore loss. The company saw a 40.31% rise in total income, reaching INR 301.95 crore. With a 73% exit-month occupancy rate and 84% in centres over 12 months, demand for flexible workspaces remains strong. Awfis now operates over 150,000 seats across 224 centres, on track to meet its target of 135,000 operational seats by March 2025. CEO Amit Ramani credited the company's asset-light model for its success in optimising returns while minimising risks....
IITL strengthens real estate presence with AIF launch and housing finance venture
Author : PNT Bureau
Industrial Investment Trust (IITL) is launching a Category I Alternative Investment Fund (AIF) with a target corpus of INR 500 crore, focusing on real estate projects in tier 1 and tier 2 cities. This strategic move aims to tap into high-growth urban centres, offering attractive returns for investors. Additionally, IITL is introducing a housing finance company to support homebuyers, further bolstering its presence in the real estate sector. In FY 2024, IITL reported an 18.6% year-on-year profit growth, with net profits of INR 51 crore. These initiatives reflect IITL's robust financial health and commitment to driving India's real estate growth....
Build Nivesh LLP closes maiden real estate AIF, boosting financing options in MMR
Author : PNT Bureau
Build Nivesh LLP (formerly Labdhi Nivesh LLP) has successfully closed its first real estate Alternative Investment Fund (AIF) with a robust investor response, leveraging 100% of its green-shoe option. This brings the fund's total corpus to INR 40 crore, with an additional INR 40 crore committed for future investments. Now part of BUILD Capital, Build Nivesh is focused on financing real estate projects in the Mumbai Metropolitan Region (MMR) and has strategic plans to partner with Labdhi Lifestyle Limited. This AIF closure empowers the BUILD platform to offer innovative financing solutions to developers in MMR, filling a critical industry need....
BSE approves Nisus Finance IPO, supporting expansion into global financial centres
Author : PNT Bureau
The Bombay Stock Exchange (BSE) has approved the Draft Red Herring Prospectus (DRHP) for Nisus Finance Services Co. Limited, paving the way for an initial public offering (IPO). The move will allow Nisus Finance to expand its capital structure, enhance its infrastructure, and further develop financial services hubs in key global markets. With plans to issue a combination of fresh equity and an offer for sale, the IPO aims to bolster Nisus Finance's footprint in real estate financing and fund management. Key financial players, including Beeline Capital and Skyline Financial, are involved in the IPO's orchestration....
Eldeco Housing reports declining profit amid record booking surge in Q2 FY25
Author : PNT Bureau
Eldeco Housing & Industries recorded a 29.64% decline in net profit for Q2 FY25, with profits at INR 4.51 crore, while total income rose significantly to INR 36.38 crore, marking a 95% increase year-on-year. Chairman Pankaj Bajaj attributed the profit drop to the revenue mix of current projects, though the company continues its expansion, recently acquiring an additional 3.84 acres for a new township. With 65 acres aggregated, Eldeco expects the upcoming project to generate over INR 600 crore in revenue, targeting a launch early next year....
Uttar Pradesh: New land allocation guidelines aim to recover INR 40,000 crore in unpaid dues
Author : PNT Bureau
Uttar Pradesh has introduced a draft policy to streamline land allocation for group housing projects across three industrial development authorities. The policy aims to prevent defaulters and companies linked to defaulting promoters from participating in bids. The move seeks to recover approximately INR 40,000 crore in dues. It outlines eligibility, lease terms, and financial criteria to ensure only viable developers qualify. Notably, applicants must have a net worth of at least INR 30 crore for plots up to 1 lakh sqm, increasing for larger plots. The draft also proposes measures for transparent bidding, land transfer policies, and handling delays....
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