10 Mar 2025

The Ludhiana Municipal Corporation is intensifying efforts to meet its property tax collection goal before the fiscal year ends. The original INR 200 crore target was lowered to INR 154 crore, with INR 134 crore collected so far. Officials are contacting defaulters and warning of penalties doubling from 10% to 20% plus interest for non-payment. Despite these measures, many property owners remain reluctant, hoping for a one-time settlement. Mayor Inderjit Kaur has urged citizens to pay taxes to support civic services. The drive's success will shape next year's INR 160 crore tax target and municipal funding.Read more

07 Mar 2025

Tata Katcon Exhaust Systems has leased 77,800 sq ft of industrial space in Chakan, Pune, from Malpani Group for 10 years, starting this month. This follows Tata Toyo Radiator's similar lease last year. The rental is INR 29 per sq ft, with a five-year lock-in. Malpani Group is expanding its industrial park footprint, adding 3 million sq ft in Chakan. India's industrial park demand is rising due to industrial growth, government incentives like Make in India and PLI schemes, and infrastructure improvements under PM Gati Shakti, boosting demand for well-connected industrial spaces.Read more

07 Mar 2025

Bollywood actor Shakti Kapoor has sold his Juhu apartment for INR 6.11 crore, as per property registration documents. The 881 sq. ft. apartment in Silver Beach Heaven Co-operative Society was bought by Bengaluru-based Satish Venkatesh and Archana Taneja. The transaction was registered earlier this week, with a stamp duty of INR 36.66 lakh. This sale follows Kapoor and his daughter Shraddha Kapoor's recent purchase of a luxury apartment worth INR 6.24 crore in Piramal Mahalaxmi South Tower, Mumbai. Juhu remains a top choice for Bollywood celebrities, offering premium amenities and strong connectivity.Read more

07 Mar 2025

The Securities and Exchange Board of India (SEBI) has permitted all non-banking financial companies (NBFCs), including housing finance companies (HFCs), to invest in security receipts (SRs) issued by Asset Reconstruction Companies (ARCs). This decision expands the pool of qualified buyers, previously limited to select NBFCs. The move is expected to enhance liquidity in the distressed asset market. However, SEBI has imposed conditions to prevent defaulting promoters from regaining access to these assets. The decision follows recommendations from a 2021 RBI committee, which proposed broadening investment eligibility in ARCs.Read more

07 Mar 2025

Experion Developers has acquired a five-acre land parcel in Sector 151, Noida, for INR 450 crore as part of its strategic expansion plan. The Singapore-based company plans to invest over INR 1,100 crore in a luxury residential project catering to high-income buyers. The acquisition aligns with Noida's growing real estate market, bolstered by infrastructure upgrades and proximity to Jewar International Airport. Noida has attracted major developers, mirroring a national trend of increased land acquisitions, with 417 acres transacted across NCR in 2024, up from 190 acres in 2023.Read more

07 Mar 2025

The Kolhapur Municipal Corporation (KMC) recovered INR 19 crore in property taxes through an 80% fine concession scheme that benefited 12,000 residents. The initiative, aimed at clearing overdue payments, granted INR 11.83 crore in concessions and helped KMC move toward its INR 101 crore annual tax collection target. Similar schemes in Pune and Bengaluru have boosted municipal revenues, highlighting their effectiveness in improving tax compliance. With urbanization rising, municipalities are focusing on digital platforms to streamline payments, ensuring long-term revenue growth for essential civic projects.Read more

07 Mar 2025

The Ahmedabad Municipal Corporation (AMC) has sealed 2,338 properties across the city in a major property tax recovery drive, collecting INR 90.57 lakh in a single day. The southwest zone saw 466 properties sealed, recovering INR 32.70 lakh, while 1,872 properties in the eastern zone contributed INR 57.87 lakh. Property owners failing to pay taxes face water and sewer disconnections. However, complaints about wrongful sealing on Ashram Road have surfaced. Other cities like Bengaluru and Gurgaon have also strengthened tax collection efforts, with AMC planning a 5% annual tax hike and digitized payment systems for transparency.Read more

06 Mar 2025

Hrithik Roshan has extended the rental agreement for a 9,209 sq. ft. commercial office space located in Pune's World Trade Centre, EON Kharadi. As per property registration documents accessed by CRE Matrix, the renewed lease entails a monthly rent of INR 6.08 lakh, with a security deposit of INR 11.67 lakh. The lease has been assigned to Regus Ruby Business Centre Pvt Ltd, with a tenure of 36 months starting from late September 2024. The agreement includes a 5% annual rent escalation clause. A stamp duty of INR 58,500 and a registration fee of INR 1,000 were paid for the registration. The office, situated on the eighth floor, also provides parking for nine four-wheelers and 18 two-wheelers.Read more

06 Mar 2025

Mumbai-based real estate developer Pranav Constructions has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO comprises a fresh issuance of INR 392 crore and an offer for sale of up to 28,56,869 equity shares by promoter and investor selling shareholders. The company may also consider a pre-IPO placement of INR 78.40 crore. Pranav Constructions is a major player in the MCGM redevelopment sector in Mumbai and has a strong track record of timely project execution, following a capital-light business model. The company reported a consolidated revenue of INR 447.48 crore for Fiscal 2024, with a profit of INR 39.62 crore.Read more

06 Mar 2025

The Adani Group is reportedly reconsidering its investment plans in the United States following policy changes introduced by President Donald Trump. The conglomerate had previously halted its USD 10 billion commitment to US infrastructure projects due to legal troubles over an alleged USD 265 million bribery scheme. The suspension of the Foreign Corrupt Practices Act (FCPA) enforcement in the US has sparked renewed optimism within the group, prompting it to explore investment opportunities in sectors such as nuclear power, utilities, and port infrastructure. Legal proceedings against Adani and his associates continue, although the policy shift has created a more favourable environment for the group's expansion.Read more