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

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

16 Apr 2025

The Ranchi Municipal Corporation (RMC) has launched a ward-level drive to recover holding tax dues from nearly 70,000 property owners who defaulted during the 2024-25 fiscal. The civic body is cracking down particularly on those who have been using residential properties for commercial activities without paying appropriate dues. It also plans to reassess over 13,000 vacant plots and identify unregistered property expansions. With a target to increase holding tax revenue by 10% in the 2025-26 financial year, RMC is combining enforcement with incentives such as a 10% rebate for early payment, aiming to boost compliance and revenue.Read more

16 Apr 2025

Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB) have cut their repo-linked lending rates by 25 basis points, following the RBI's recent policy rate reduction aimed at boosting economic growth. BoM's RLLR is now 8.80%, with home loans starting at 7.85% and car loans at 8.20%. IOB's RLLR is down to 8.85%, lowering its base lending rate to 6%. These adjustments are expected to make loans more affordable for customers, especially in semi-urban and rural areas where these banks have strong reach. The move supports cheaper credit access, potentially stimulating consumer spending and the housing market.Read more

16 Apr 2025

Union Minister of State for Finance, Pankaj Chaudhary, announced that over INR 33 lakh crore in collateral-free loans have been provided under the Mudra Yojana scheme, benefitting 52 crore people in the last decade. Addressing IRS officers in Nagpur, he emphasized the scheme's impact on grassroots entrepreneurship, with 68% of beneficiaries being women. Loans up to INR 20 lakh are enabling small businesses in retail, tailoring, food services, and home manufacturing. Experts note that this surge in micro-enterprises is also driving demand for affordable commercial real estate in tier-II towns. The government sees such schemes as vital to India's long-term development goals.Read more

16 Apr 2025

Arnya RealEstates Fund Advisors has invested INR 130 crore in a new residential project by Casagrand in South Bengaluru, marking its second deal since launching its INR 1,000 crore real estate fund in April 2024. The fund, a SEBI-registered Category II AIF, focuses on early-stage debt investments in top-tier cities. Arnya's latest backing supports initial construction for Casagrand's mid-to-premium housing development. With rising investor interest and consistent housing demand in metros, funds like Arnya are playing a crucial role in bridging early-stage financing gaps. The fund's strategy includes a mix of debt, rental income, and equity investments, with backing from HNIs and family offices.Read more

16 Apr 2025

The government is launching a second INR 10,000 crore Fund of Funds Scheme (FFS) to support startups in artificial intelligence, next-gen technology, and machine-building. Managed by SIDBI, the fund will channel capital through Sebi-registered AIFs, rather than investing directly. Building on the success of the 2016 edition, the new fund aligns with the Startup India mission and aims to bridge early-stage funding gaps in high-tech sectors. Officials say the focus is on de-risking investments in innovation-heavy startups. With over 1.5 lakh recognised startups, this move signals India's intent to lead in deep-tech and prepare for the next wave of industrial growth.Read more

15 Apr 2025

The Karnataka government has designated the Karnataka Industrial Areas Development Board (KIADB) as the exclusive authority to collect property tax in the state's Special Investment Regions (SIRs). This administrative change, announced last week, removes the involvement of local bodies in tax collection within these notified areas. The move aims to create a uniform system, eliminate jurisdictional conflicts, and encourage smoother industrial development by offering greater clarity to investors and developers operating in these zones.Read more

15 Apr 2025

The Ghaziabad Municipal Corporation (GMC) has initiated a crackdown on more than one lakh property tax defaulters by imposing a 12% fine on unpaid dues. Despite collecting approximately INR 609 crore in the 2024-25 fiscal year, the civic body reported that nearly a quarter of the city's properties had not cleared their house, water, or sewer tax obligations. Earlier rebate schemes failed to yield the desired response, prompting stricter measures. With the tax assessment system now linked to circle rates and other location-based factors, residents are also set to witness a rise in their annual tax bills.Read more

14 Apr 2025

Trichy Corporation has announced a 5% waiver on current property tax dues for the financial year 2025-2026 if paid by April 30, with a maximum incentive limit of INR 5,000. The scheme, enabled under Section 84(1) of the Tamil Nadu Urban Local Bodies Act, 1998, aims to boost timely tax collection from the city's 2.4 lakh property assessments. The civic body generates INR 137 crore annually, but struggles with INR 50 crore in arrears. Officials hope to replicate last year's 32% increase in early collections, allowing focus on recovering long-standing dues. Timely payment is strongly encouraged to avail the incentive.Read more