11 Nov 2023

Panvel Municipal Corporation (PMC) is intensifying property tax collection efforts by deploying 10 teams to issue pre-seizure notices to the highest defaulters within its jurisdiction. This expansion follows instructions from PMC's civic chief, Ganesh Deshmukh, with additional staff appointed since November 1 for this purpose. PMC issued notices to 750 defaulters, including 100 industrial, 301 residential, and 349 commercial properties across Kharghar, Kalamboli, Kamothe, and Panvel. Defaulters may face property attachment and future auctions if they don't settle their tax dues. The current fiscal year has already seen substantial tax collection, with Rs 210 crores collected by November 1, incentivized by a 2% monthly penalty for non-payment and a 2% online payment discount.Read more

11 Nov 2023

Repco Home Finance has recorded a 37.88% surge in net profit for Q2 FY24, reaching Rs 98.10 crore alongside a 20.89% increase in total income. The board has sanctioned fundraising through NCDs and CPs totalling Rs 450 crore. Loan sanctions and disbursements grew by 4% and 7%, respectively, with a stable loan spread of 3.4%. GNPA and NNPA ratios improved significantly, and the capital adequacy ratio stood at a strong 35.8%, signalling a robust financial standing and a confident stride forward in the housing finance market.Read more

10 Nov 2023

According to a survey by Localcircles, cash transactions in property deals have risen, with 24 percent of respondents stating they did not need to use cash for property purchases, compared to 30 percent two years ago. While digital transactions have seen growth, the survey revealed that 82 percent used cash for daily purchases such as groceries and dining out over the past year. The survey, involving 44,000 individuals from 363 districts, noted that a significant portion of property transactions involved cash payments, despite efforts to reduce reliance on cash in the economy, particularly following demonetization in 2016.Read more

10 Nov 2023

Borivali East, a thriving Mumbai suburb, offers diverse housing options and robust infrastructure, making it a sought-after living destination. In October, the real estate market witnessed 57 transactions, with CCI Rivali Park leading with 20 deals. The carpet area varied from Ambrosia Tower's generous 1,518 sq ft to Chandak Nishchay's snug 368 sq ft. Oberoi Sky City set a record with a luxury apartment selling for Rs. 4.4 Crores, surpassing the average rate per sq ft. Borivali East's real estate narrative highlights demand for spacious homes and a growing attraction for high-value investments.Read more

10 Nov 2023

The Bruhat Bengaluru Mahanagara Palike (BBMP) is taking robust measures to compel property tax compliance. Defaulters now face severe consequences, including vehicle seizures, bank account freezes, and property sealing. BBMP aims to collect Rs 4,790 crore in property tax and related cess for the fiscal year 2023-24. BBMP is intensifying reminders, sending text messages to defaulters with online payment links and warnings of legal actions under the BBMP Act-2020. A proactive physical verification process is also in place to ensure accurate property data. BBMP's comprehensive approach and digital initiatives set a positive precedent for efficient tax administration and equitable resource allocation.Read more

09 Nov 2023

Air India, owned by the Tata Group, has signed a lease agreement for seven floors, spanning 1,80,750 square feet of office space, at Gurugram's Vatika One on One building. The five-year lease, with an annual rent of Rs 24.05 crore, commenced on September 29, 2023. Air India paid an interest-free refundable security deposit of Rs 11.34 crore and a rent-free fit-out period is granted until March 2024. The rent would be hiked by 15% after three years. Vatika One on One is a 12-acre office complex located just six kilometres from Indira Gandhi International Airport, offering signal-free connectivity.Read more

09 Nov 2023

In the first half of the current fiscal year, India's listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have collectively raised Rs 18,658 crore. During the entire 2022-23 fiscal year, InvITs gathered Rs 2,596 crore, while listed REITs did not mobilize any funds, according to data from the Securities and Exchange Board of India (SEBI). The surge in fundraising can be attributed to strong demand for infrastructure investments, appealing returns, and favourable government policies. Experts predict these trends will continue in the second half of the year, with a focus on infrastructure development.Read more

09 Nov 2023

Brookfield Properties, a subsidiary of Brookfield Asset Management, has successfully refinanced a Rs 2,100 crore debt associated with Equinox Business Park in Mumbai. This strategic move, facilitated by Punjab National Bank, replaces prior loans from Housing Development Finance Corporation (HDFC). The new debt offers improved terms with an 8.60% interest rate, extending until September 2038. High occupancy rates and a strong client base led to this refinancing, reflecting the property's exceptional performance since its acquisition in 2018. The recent leasing success highlights Brookfield's prudent financial approach and commitment to enhancing commercial real estate.Read more

09 Nov 2023

The Pune Municipal Corporation (PMC) is aggressively addressing property tax defaulters to bolster its financial stability. In just four days, they've taken action against 40 delinquent property owners, owing a total of approximately Rs 8 crore in arrears. After issuing notices and warnings, PMC has begun sealing these properties and has already collected Rs 1.8 crore. They plan to auction around 200 sealed properties, potentially adding Rs 60 crore to their coffers. However, critics raise concerns about amnesty schemes for defaulters, underscoring the need to balance fiscal responsibility and fairness for diligent taxpayers. PMC's efforts are crucial for sustaining essential city services.Read more

09 Nov 2023

GIC Housing Finance, a prominent player in India's housing finance sector, reported a 46.39 percent decrease in its net consolidated profit in Q2 FY24, with a profit after tax of Rs 30.19 crore, down from Rs 56.31 crore in the previous year. The company's net consolidated total income also dipped by 3.81 percent to Rs 270.19 crore from Rs 280.89 crore in the previous year. Factors contributing to this decline include stagnation in the Indian real estate sector, rising costs of funds, and increasing competition from banks and NBFCs. GIC Housing Finance is actively pursuing cost optimization and diversification to overcome these challenges.Read more