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05 Dec 2024
The East Zone officials of the Ahmedabad Municipal Corporation (AMC) have sealed 333 properties belonging to tax defaulters, successfully collecting INR 43.25 lakh in overdue property taxes after issuing notices. To prevent property sealing, some defaulters submitted advance cheques totaling INR 45 lakh. In an effort to enhance compliance, the property tax department has implemented stricter measures, placing liens on the revenue records of 176 defaulters. Recently, officials placed liens on 16 properties, with proceedings ongoing for 84 more.Read more
05 Dec 2024
The Nashik Municipal Corporation (NMC) has raised INR 27 crore via its amnesty scheme during October and November, attracting around 30,000 property tax defaulters and waiving INR 13 crore in penalties. The total property tax arrears stand at approximately INR 450 crore, with INR 200 crore attributed to penalties. Under the scheme, defaulters can receive up to a 95% penalty waiver if they settle dues by November 30, with further reductions available in December and January. NMC officials expect to recover an additional INR 30 crore as the scheme continues, aiming for a total property tax collection target of INR 250 crore this financial year.Read more
05 Dec 2024
The Lucknow Municipal Corporation (LMC) successfully addressed 48 complaints of inflated property tax assessments during a redressal camp chaired by Mayor Sushma Kharakwal. The event focused on resolving grievances from a recent GIS survey, with the mayor emphasizing the administration's commitment to fairness and transparency. Municipal Commissioner Inderjit Singh oversaw on-site resolutions, with the LMC planning to hold weekly camps until all complaints are addressed. Significant tax reductions were granted to several residents, reflecting the camp's effectiveness.Read more
04 Dec 2024
India's residential real estate market is poised for improved affordability, driven by anticipated RBI interest rate cuts of 50 basis points within the next year. JLL's report predicts affordability gains across cities like Kolkata, Pune, and Mumbai by 2025, while Delhi NCR and Bengaluru may lag behind peak affordability levels. Residential sales are expected to hit a record 350,000 units by 2025, fueled by moderate price growth and rising incomes. Hyderabad and Bengaluru lead in price growth since 2011, while Mumbai tops in income growth. The rate cuts, combined with stable prices, will sustain market momentum and support long-term resilience.Read more
04 Dec 2024
The Bruhat Bengaluru Mahanagara Palike (BBMP) urged telecom operators to clear their property tax dues under the One Time Settlement (OTS) scheme, which ended on November 30, offering waivers on interest and minimal penalties. With around 10,000 telecom towers in Bengaluru, many operators have outstanding taxes since January 2015, totaling over INR 100 crore. The tax, set to increase from INR 7,540 in 2014-15 to INR 19,000 in 2024-25, will double for unpaid dues after December 1. BBMP's structured framework and incentives aim to streamline tax collection and ensure compliance, addressing long-standing disputes with telecom operators.Read more
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04 Dec 2024
Pune's real estate sector witnessed a sharp increase in October 2024, registering over 20,894 properties-a 39% year-on-year growth-driven by festive demand and favorable economic conditions, according to Knight Frank India. Stamp duty collections also surged 52% to INR 751 crores during the month. The city recorded 159,306 registrations in the first 10 months of 2024, reflecting a 30% rise from the previous year. Demand for larger apartments and luxury homes grew, with properties above INR 1 crore making up 14% of October's sales. Central Pune led transactions, holding 80% of the market share, as infrastructure development and affordability continued to attract buyers.Read more
03 Dec 2024
The Municipal Corporation of Gurugram has empowered zonal taxation officers to resolve property tax discrepancies up to INR 1 lakh, speeding up corrections. Joint commissioners will now handle discrepancies between INR 1 lakh and INR 10 lakh, while additional commissioners oversee issues between INR 10 lakh and INR 20 lakh. The commissioner addresses larger discrepancies. A 2022 survey by a private agency uncovered database errors, including inaccuracies in names, addresses, and property sizes. Property tax rates vary based on plot size, ranging from INR 1 to INR 10 per square yard and apartment carpet area, starting at 50 paise per square foot.Read more
03 Dec 2024
Kalpataru Ltd. and Unimech Aerospace have secured approval from SEBI to raise funds via Initial Public Offerings. Kalpataru aims to raise INR 1,590 crore, with INR 1,192.5 crore earmarked for debt reduction. Based in Mumbai, Kalpataru is a major real estate developer with projects spanning multiple cities. Unimech Aerospace, located in Bengaluru, plans to raise INR 500 crore, with funds directed toward machinery purchases, working capital, and debt repayment. ICICI Securities, JM Financial, and Nomura Financial Advisory are managing Kalpataru's IPO, while Anand Rathi Advisors and Equirus Capital manage Unimech Aerospace. Both companies will list on the BSE and NSE.Read more
02 Dec 2024
CREDAI, the apex body for real estate developers, has urged the government to implement a 100 per cent deduction on interest paid on home loans under the Income Tax Act to stimulate demand for affordable and mid-income housing. During a press conference, CREDAI President Boman Irani suggested revising the definition of affordable housing, increasing the price cap from INR 45 lakh to INR 75-80 lakh. He also proposed reducing GST on under-construction properties and removing price caps in the affordable housing definition. Additionally, CREDAI's leadership stressed the importance of tax cuts and improved ease of business for developers.Read more
02 Dec 2024
SEBI plans to auction 17 properties of KBCL India Ltd in Uttar Pradesh to recover funds illegally mobilised from investors. With a reserve price of INR 4.23 crore, the e-auction will be conducted online in the coming weeks. SEBI has tasked Quikr Realty and C1 India with managing the auction process. KBCL and its directors had collected INR 118.69 crore through unapproved Collective Investment Schemes, leading SEBI to bar the company from raising further funds in 2014. Prospective bidders must independently verify property liabilities, and successful bidders will bear transfer-related charges and taxes.Read more
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