15 Nov 2023

The Karnataka government is deliberating the development of the Knowledge, Healthcare, Innovation, and Research (KHIR) City near Bengaluru, seeking a substantial Rs 40,000 crore investment. Aimed at fostering healthcare, innovation, and knowledge sectors, the project envisions creating 80,000 jobs across 2,000 acres. Phased development within a 60-kilometer radius of Bengaluru signifies a transformative urban expansion. Shri M. B. Patil, Minister for Large and Medium Industries, highlighted the diverse gathering's potential to create a hub of excellence. The initiative engages key figures from the government, research centres, private enterprises, medical institutions, academia, and Karnataka's Strategic Investment Committee.Read more

15 Nov 2023

The Knight Frank-NAREDCO Real Estate Sentiment Index for Q3 2023 reports a decrease in the Current Sentiment Score from 63 to 59, attributed to Middle East conflicts and regional tensions. Despite concerns about a global economic slowdown, the overall sentiment remains optimistic (above 50). The Future Sentiment Index slightly increased to 65, driven by optimism about India's ongoing economic growth. The residential market outlook is strong, with confidence in higher sales and pricing. The office market also shows optimism in leasing, supply, and rental rates. The Developer Future Sentiment score increased to 66, while non-developers achieved their highest score in six quarters at 64.Read more

15 Nov 2023

Star Housing Finance Limited (Star HFL) announced a significant Rs 60 crore capital injection, pending shareholder approval, to accelerate growth and expansion. The company reported a 110% year-on-year increase in Assets Under Management, reaching Rs 319.43 crore. This fiscal strength, marked by a 49% hike in disbursements during H1 FY24, underlines its robust performance. The funds, raised through convertible warrants, will enhance market presence, diversify loan portfolios, and invest in technology. The appointment of Chinnathambi Ilango as a non-executive independent director further strengthens Star HFL's governance.Read more

15 Nov 2023

The Municipal Corporation of Delhi (MCD) has issued new guidelines to address low property tax returns. In cases where tax arrears exceed Rs 25 lakh, punitive actions, including prosecution under the Delhi Municipal Corporation (DMC) Act, will be taken against defaulters. Despite previous measures, such as attaching bank accounts and properties, proving insufficient, the MCD will now initiate prosecution under sections 152A and 467 of the DMC Act for tax amounts exceeding Rs 25 lakh. Assessing officers are mandated to file complaints and commence prosecution proceedings against individuals who have wilfully defaulted on payment or attempted to evade tax.Read more

14 Nov 2023

Yamuna Expressway Industrial Development Authority (YEIDA) has allocated two out of five data centre plots in Delhi's Sector 28, generating revenue of Rs 59 crore. These two plots, promising a proposed investment of Rs 1,757 crore, are set to create around 775 jobs. The allocation process was based on thorough evaluations and interviews, with Sify Infinite Spaces Limited and Jackson Limited emerging as the deserving recipients of data centre plots D10 and D9, respectively. These strategic steps align with YEIDA's vision of fostering data centre industry growth, marking a pivotal move in the region's digital transformation and economic development.Read more

14 Nov 2023

Pokhran Road, situated in Thane district, is a burgeoning locale in Mumbai's Metropolitan Region, offering a harmonious mix of residential and commercial developments. The area, with diverse housing options and ongoing infrastructure enhancements, attracted 21 transactions in October. Tata Housing Serein led with 8 transactions, while Raymond The Address showcased the highest-priced flat at Rs. 3.15 Crores. The carpet area ranged from 335 to 1,396 square feet, reflecting varied preferences. With an average rate per square foot of Rs. 20,000, Pokhran Road signifies steady growth and maturation, making it a promising hub in Mumbai's real estate landscape.Read more

14 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is actively digitizing over 40 lakh properties in an effort to combat property tax evasion and boost revenue collection. Four specific wards, including Kodigehalli, CV Raman Nagar, Horamavu, and Arakere, have already initiated the digitization process, with a goal to complete this task for all wards within three months. This move comes in response to Deputy Chief Minister DK Shivakumar's "Nanna Swathu" (My Property) initiative, aimed at improving property tax collection. Digitizing property documents will provide accurate details online, reducing misrepresentation and potentially increasing tax collection, currently at Rs 3,000 to Rs 4,000 crore annually. Defaulters are being sent reminders and may face penalties if dues are not settled by November 30.Read more

14 Nov 2023

Between January and September 2023, Greater Noida witnessed a surge in flat registrations, with 5,741 flats registered—a notable 30.5% increase compared to the same period in the previous year. On average, 21 flats were registered daily during this timeframe. The Greater Noida Industrial Development Authority (GNIDA) attributes this rise to measures like special registration camps and notices to developers. Currently, 80,000 to 90,000 registries are pending due to various reasons, including builder dues. The GNIDA plans special camps before Diwali to expedite more registries. However, stakeholders emphasize the need for swift resolution of builder dues to address the larger issue.Read more

14 Nov 2023

SEBI has introduced detailed procedures effective March 1, 2024, to address unclaimed funds in entities with listed non-convertible securities, REITs, and InvITs. The move aims to establish a uniform and streamlined process for investors to claim unclaimed amounts. SEBI has defined the handling of such funds, including their transfer to the IPEF and the claiming process for investors. The circulars standardize procedures for listed entities, REITs, and InvITs, ensuring minimal disruptions for investors seeking to claim their unclaimed amounts. Any unclaimed amount in escrow accounts for seven years will be transferred to IEPF.Read more

11 Nov 2023

Kochi and Thiruvananthapuram in Kerala stand out with a cumulative 14 million sq. ft. office space, marking substantial potential in the state's real estate. A report, by CREDAI Kerala and Cushman & Wakefield, outlines the cities' advantageous features like robust infrastructure, income levels, and housing affordability. The state is positioned to attract corporate interest beyond primary markets due to policies, skilled diaspora, and improving infrastructure. While Kerala shows promise, limitations in land availability and high land conversion charges post as challenges, presenting the need for strategic solutions to foster sustained real estate growth.Read more