31 Jul 2024

A delegation from the Kolhapur Municipal Corporation (KMC), led by Commissioner Manjulekshmi, visited the Bruhat Bengaluru Mahanagara Palike (BBMP) to study its property tax software, which serves millions of properties. Known for its user-friendly interface and online payment options, BBMP's system streamlines tax collection. KMC officials, including system manager Yashpal Rajput and tax assessor Sudhakar Challewad, observed the digitisation process firsthand at BBMP East Zone. This visit aims to facilitate the implementation of a similar system in Kolhapur, potentially enhancing tax payment ease for residents, improving municipal record-keeping, and increasing tax collection efficiency.Read more

31 Jul 2024

India's stock market is seeing increased activity with retail investors now owning more Indian markets than foreign investors. In FY24, retail investors made up nearly 36% of the equity cash segment turnover. However, the Economic Survey 2023-24 highlights risks for these new investors, especially in the futures and options (F&O) market, where over 90% are facing losses. Experts urge for enhanced investor education and regulatory measures to ensure informed trading decisions. SEBI and financial institutions are encouraged to conduct educational campaigns, while considering tax structure adjustments and limits on derivatives trading to protect retail investors and promote sustainable market growth.Read more

30 Jul 2024

The Pune Municipal Corporation (PMC) is launching an initiative to identify unreported rental properties and recover lost revenue from property taxes. Previously, PMC offered a 40% discount on property tax for self-occupied properties, but many rented properties continued to claim this discount, causing significant revenue loss. Out of 4.5 lakh required submissions, 3.5 lakh homeowners failed to provide self-occupancy affidavits. A pilot project revealed many properties wrongly enjoying the discount. By collaborating with housing societies to identify rentals, PMC aims to generate an estimated INR 100 crore (approximately USD 1.2 million) in additional revenue.Read more

30 Jul 2024

The Rail Land Development Authority (RLDA) has invited bids for the redevelopment of the Boulevard Road Railway Colony in North Delhi's Civil Lines area. Spanning approximately 2.15 hectares (21,568 sq metres), the land will be leased for 99 years, with a reserve price of INR 318 crore (approximately USD 3.8 million). The prime location along GT Karnal Road offers easy city access, close to Tis Hazari Metro Station and Rani Jhansi Flyover. Designated as a Residential Bungalow Zone, the project aims to create new housing options, optimising underutilised railway land.Read more

30 Jul 2024

UPM Raflatac, a leader in sustainable labelling solutions, has signed a lease agreement with ESR Group for 48,800 sq. ft. at ESR Taloja Industrial & Logistics Park in Navi Mumbai. This strategic move enhances their service to the Indian market and operational efficiency. The state-of-the-art facility, near JNPT port, aligns with UPM Raflatac's sustainability goals. The park features IGBC Gold pre-certified infrastructure, supporting eco-friendly operations. ESR India's CEO, Abhijit Malkani, highlighted the collaboration's role in sustaining a green supply chain. This deal underscores Navi Mumbai's appeal as a hub for international, environmentally conscious companies.Read more

30 Jul 2024

The Brihanmumbai Municipal Corporation (BMC) has requested the Urban Development Department (UDD) to allocate 50% of the Vital Urban Transport Project (VUTP) funds for its projects, including the Coastal Road and Goregaon-Mulund Link Road. These projects have substantial budgets and are deemed crucial. The BMC has collected INR 5,000 crore through a 1% development-fee under VUTP, already paying INR 2,000 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). With 14 metro projects under VUTP, seven within BMC's jurisdiction, BMC seeks to reserve the remaining INR 3,000 crore for its own initiatives. UDD has yet to decide.Read more

29 Jul 2024

LOGOS India and IndoSpace are set to sell significant assets to raise essential funds due to rising land prices and stagnant rental rates. LOGOS aims to generate around INR 1,800 crore by divesting properties in Chennai and Luhari, following its merger with ESR. Meanwhile, IndoSpace plans to sell assets valued at INR 900-1,000 crore in Sri City, Bengaluru, and Ranjangaon. With land prices increasing by 50-60% over the past two years and modest rental growth, companies are prioritising asset sales to secure vital capital and support development in an increasingly competitive market landscape.Read more

29 Jul 2024

In June 2024, Hyderabad recorded its second-highest monthly-residential-sales, with home registrations worth INR 4,288 crore, a 48% YoY and 14% MoM increase. The city registered 7,014 units, up 26% YoY and 16% MoM. From January to June 2024, 39,220 properties were registered, a 15% YoY rise, valued at INR 24,287 crore, a 39% increase. The average home cost rose 21% YoY. Properties under INR 50 lakhs saw a decline in registrations, while those over INR 1 crore rose to 14%. Demand for homes sized 1,000-2,000 sq-ft dominated, with larger properties also seeing increased interest.Read more

29 Jul 2024

Hindalco Industries, a leading industrial conglomerate, has announced the sale of a land parcel located in Kalwa, Maharashtra, to Ekamaya Properties Pvt Ltd, a wholly-owned subsidiary of Birla Estates Pvt Ltd, for a sum of INR 595 crore. This transaction, approved by Hindalco's Board of Directors, will enable Birla Estates to further expand its footprint in the real estate sector. Birla Estates has a diversified portfolio encompassing residential, commercial, and mixed-use properties. It has large ongoing projects in Gurugram and New Delhi.Read more

29 Jul 2024

Medanta Hospital has acquired a 2.2-acre plot in Mumbai's Oshiwara suburb for INR 1.25 billion (approximately USD 18.4 million). This strategically located plot, auctioned by the Maharashtra Housing and Area Development Authority (MHADA), will be developed into a new hospital. Medanta's winning bid nearly doubled the reserve price of INR 67.5 crore (approximately USD 8.4 million). The acquisition underscores Medanta's commitment to expanding its reach and providing high-quality healthcare. Founded in Gurugram in 2004, Medanta aims to enhance healthcare access in Mumbai, benefitting residents with more specialised medical care options. Construction is expected to begin soon.Read more