04 Mar 2024

Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.Read more

04 Mar 2024

Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.Read more

01 Mar 2024

Tata Consultancy Services (TCS), India's top IT firm, secured 400,000 sq ft office space in Noida, a major move amidst return-to-office trends. Demand for Grade A properties rose with corporate policies shifting. Assotech Business Cresterra project in Noida sees significant development. Despite economic uncertainties, the Delhi-NCR region witnesses increased leasing volume, driven by fresh space uptake. The flex space sector surpassed the IT-BPM sector in space consumption. The region experienced 2.9 million sq. ft. of new space influx, leading to a slight rise in vacancy rates. TCS's move reflected evolving workspace preferences in the corporate world.Read more

01 Mar 2024

Singapore-based Cube Highways & Infrastructure, an investment arm of I Squared Capital, plans to sell seven highway projects totaling 516 kilometres to monetise its road assets, including one BOT and six hybrid annuity model assets, with a combined revenue of INR 860 crore in FY23. Ambit Capital has been hired to facilitate the sale process. These assets span Andhra Pradesh, Maharashtra, Telangana, and Tamil Nadu, with notable projects like the Narketpally Addanki Medarametla Expressway. Cube Highways aims to divest these assets despite initial plans for inclusion in its private infrastructure investment trust.Read more

01 Mar 2024

Smartworks, a New Delhi-based co-working firm, secures 100,000 square feet of office space in Gurugram's RK Four Square Complex, accommodating up to 1,000 desks. Priced at INR 20,000 per month per desk, this move caters to rising demand for flexible office solutions. The expansion aligns with Smartworks' mission to provide innovative workspace solutions across India, supported by recent funding boosts. The co-working sector, as projected by Vestian, anticipates substantial growth, reaching 81 million square feet by 2025.Read more

01 Mar 2024

The GST Council is poised to exempt the Real Estate Regulatory Authority (RERA) from Goods and Services Tax (GST), recognizing its pivotal role in promoting transparency and safeguarding consumer interests in the real estate sector. Recent deliberations underscore RERA's alignment with governmental functions, akin to Article 243G of the Constitution. This proposed exemption arises amidst the removal of GST waivers on services offered by key regulatory bodies like RBI and SEBI since July 2022. With implications extending to both developers and homebuyers, this move promises regulatory relief and economic stimulation, potentially invigorating the real estate market. Anticipation mounts for the formal announcement preceding the general elections, signalling hope for streamlined processes and renewed investor confidence.Read more

29 Feb 2024

Scheduled for March 5th, the Delhi Development Authority (DDA) plans to auction Phase III of its Diwali Special Housing Scheme, featuring 257 flats located in Dwarka. This phase includes penthouses, high-income, and middle-income group residences, with tentative prices ranging from INR 1.44 crore to INR 5 crore. Registration for the e-auction and submission of earnest money deposits closes on February 28. Notably, the scheme provides parking spaces for purchasers, and previous phases offered over 2,000 flats across Dwarka. The DDA, established under the Delhi Development Act, is responsible for urban development and infrastructure projects in the National Capital Territory of Delhi.Read more

29 Feb 2024

ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.Read more

29 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.Read more

29 Feb 2024

Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.Read more