21 Apr 2025

The Maharashtra cabinet has introduced the 'Abhay Yojana' to waive the 2% monthly penalty on property tax arrears in small towns, aiming to reduce the financial strain on property owners and encourage timely payments. Additionally, amendments to local governance laws will allow a two-thirds majority of elected members to propose the removal of their president, with a special session to be convened within ten days for a vote. These measures will be enacted through an ordinance due to the legislature's recess.Read more

21 Apr 2025

In a move aimed at standardizing property taxation, the Bruhat Bengaluru Mahanagara Palike (BBMP) introduced a revised parking tax structure for residential properties. The new system calculates tax based on a uniform rate per square foot, replacing the previous zonal classification method. While this change is intended to simplify the taxation process, it has elicited mixed reactions. Homeowners in premium zones may experience increased tax liabilities, whereas those in lower zones could see reductions. The BBMP has acknowledged public feedback and indicated that further revisions may be considered.Read more

18 Apr 2025

Apollo Hospitals Enterprise is set to invest INR 6,000 crore to expand its presence in North India through greenfield projects and acquisitions, targeting high-demand cities like Noida, Kanpur, Lucknow, and Varanasi. Backed by INR 2,000 crore in reserves, the chain recently acquired a Lucknow facility for INR 100 crore and plans to scale it to 500 beds. It aims to add 1,400 beds nationwide in two years while strengthening digital health and insurance-linked services via Apollo 24|7. With competitors like Max and Manipal also scaling up, Apollo's dual-brand strategy and focus on underserved Tier-II markets positions it for long-term patient-centric growth.Read more

18 Apr 2025

Office rentals in India's top seven cities rose 4-8% year-on-year in 2024, led by Delhi (8.2%) and Chennai (7.7%), as per a Vestian report. The growth reflects robust economic activity and global firms expanding their India presence. In contrast, markets like New York, Shanghai, and Hong Kong saw rent drops amid global hybrid work trends. Mumbai's BKC and Delhi's Connaught Place now command USD 3-USD 4 per sq ft/month. While global firms reassess real estate needs, India's demand for premium commercial space remains strong. The trend positions India as a key market for office investments, driven by tech hiring and urbanisation.Read more

18 Apr 2025

After five years following the expansion of Prayagraj's urban limits in 2020-21, the Prayagraj Municipal Corporation (PMC) is now set to collect house tax on 1.5 lakh additional buildings in the newly included areas. Property owners in these areas will also be required to pay water tax. Tax collection has already started in several parts, including Naini and Jhunsi, where basic urban amenities were provided earlier. The move follows similar plans in Gorakhpur and Varanasi. While some villagers express dissatisfaction due to a lack of urban development, many property owners have already paid their house tax for the current fiscal year.Read more

17 Apr 2025

Following the RBI's 25 bps repo rate cut, major banks like SBI and Bank of India have lowered their lending rates. SBI's Repo Linked Lending Rate is now 8.25%, while Bank of India's home loan rates start at 7.9%, depending on credit scores. Fixed deposit rates have also been trimmed by up to 25 bps, affecting small savers and retirees. HDFC and ICICI have reduced savings account rates to as low as 2.75%. Experts say cheaper loans may boost housing demand in Tier 2 and 3 cities, while depositors may need to explore better returns amid falling interest income.Read more

17 Apr 2025

The Chandigarh Municipal Corporation (MC) has begun distributing property tax bills for the current financial year, incorporating revised rates that significantly increase the tax burden on residents and businesses. The residential property tax has been tripled, while commercial rates have doubled as per the Chandigarh Administration's mandate. Around 1.42 lakh property owners are expected to receive these bills. Taxpayers can avail of rebates of 20% for residential and 10% for commercial properties if dues are cleared in April and May. Delayed payments will attract penalties and interest. Despite assurances from the ruling party, no relief on the revised rates has been granted.Read more

17 Apr 2025

The Ludhiana Improvement Trust (LIT) is awaiting the final notification from the Punjab government to begin offering a rebate on non-construction fees (NCF) for plot allottees. While the state cabinet has approved a discount on these dues, the process cannot begin until the official notification is received. Plot holders who delay construction face NCF charges, and many allottees remain unaware of these regulations, leading to an estimated INR 30 crore in unpaid dues. LIT is also dealing with issues related to property sales where new owners fail to register.Read more

17 Apr 2025

Systematic Investment Plans (SIPs) may see monthly inflows rise to INR 40,000 crore within the next 18-24 months, according to Union AMC CEO Madhu Nair. In FY25, SIP inflows averaged INR 24,113 crore per month, up from INR 16,602 crore in FY24, supported by rising disposable incomes and tax breaks. The new tax regime from April 2025, offering relief for incomes up to INR 12 lakh, is expected to boost savings and mutual fund participation. Despite a slight drop in SIP accounts, AUM rose to INR 13.31 lakh crore. Union AMC is also eyeing expansion into AIFs, SIFs, and GIFT City to broaden its investment platform.Read more

17 Apr 2025

The Bruhat Bengaluru Mahanagara Palike (BBMP) has managed to collect 95% of its property tax target for FY25, gathering INR 4,930 crore against the projected INR 5,210 crore. This success was largely attributed to measures like IT-driven follow-ups, a one-time settlement scheme, and robust arrears recovery protocols. While Yelahanka and Mahadevapura zones surpassed their targets, zones like Bommanahalli and RR Nagar fell behind. With an ambitious target of over INR 6,000 crore set for FY26, BBMP plans to improve compliance without raising tax rates, which have remained unchanged since 2016.Read more