22 Aug 2023

The Nashik Municipal Corporation town planning department collaborates to scrutinize property tax compliance for buildings with Building Completion Certificates. This effort aims to integrate BCC-holding properties into the tax framework, as many fail to apply for property tax. About 30,000 such properties, with a potential for Rs 15 crore in annual revenue, have been identified. Last fiscal year's target was Rs 185 crore; now it is Rs 210 crore for fiscal year 2023–24. Current collections stand at Rs 115 crore, with Rs 95 crore needed to meet the current fiscal year's target.Read more

21 Aug 2023

The Pune Metropolitan Region Development Authority (PMRDA) is considering implementing a transit-oriented development (TOD) charge similar to Mumbai's MMRDA, targeting new buildings near the Hinjewadi Shivajinagar Metro line to fund urban development. While some stakeholders question additional fees, PMRDA aims to balance developer profits with broader infrastructure enhancement, awaiting the outcome of Mumbai's pilot proposal.Read more

19 Aug 2023

BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.Read more

19 Aug 2023

L&T Metro Rail (Hyderabad) gains approval for the proposed slump sale of Raidurg business operations to Rafferty Developments. This strategic move aims to optimize leased land assets, minimize debt burdens, and embrace financial recalibration. The decision, contingent on transaction fulfilment and approvals, emerged from a pivotal meeting. L&T Metro's plan to lease 15 acres for over Rs 1,200 crore marks a significant alliance with Brookfield Corporation and K Raheja Corp. Ltd. The transformative step reflects prudent financial strategies with a vision to bolster commercial vibrancy through IT office towers and a mall on the land parcel.Read more

19 Aug 2023

BBMP officials have reported that a number of builders and developers have taken their grievances to the high court, resulting in court orders to lower the fees collected by the agency. This move comes as fears of a substantial loss amounting to over Rs 2,300 crore loom over the Bengaluru municipal body. In response, BBMP has proposed adjustments to two laws to mitigate potential losses. The agency aims to find a balance between revenue generation and accommodating the concerns raised by builders and developers regarding fees.Read more

18 Aug 2023

Public sector banks, including Bank of Baroda and Canara Bank, are raising the marginal cost of funds-based lending rates by up to 10 basis points despite unchanged RBI policy rates. This will impact EMIs linked to MCLR. BoB's one-year MCLR increases to 8.70% from 8.65%, effective August 12. Canara Bank’s MCLR also rose to 8.70% from August 12. The Bank of Maharashtra ups its MCLR by 10 basis points to 8.60%, effective August 10. The RBI MPC maintains the policy rate at 6.50%. The RBI plans a framework for borrowers to switch between fixed and floating interest rates.Read more

18 Aug 2023

Residential properties in Chandigarh are facing potential water connection disconnections due to property tax defaulting. The Municipal Corporation (MC) has issued notices to around 250 defaulters, focusing mainly on the northern sectors. The MC's coordinated effort involves collaboration between the property tax department and public health wing. The phased approach targets specific sectors, emphasizing fairness. While officials stress revenue generation for city development, defaulters have been given time to settle dues. Proactive defaulters have already made payments, but a significant portion is yet to comply. The MC encourages engagement with concerned officials for guidance, reflecting a collaborative approach.Read more

18 Aug 2023

The Prayagraj Municipal Corporation (PMC) has replaced the Geographical Information Survey (GIS) for house area calculations with self-assessment forms. Property owners can now evaluate their own properties for tax assessment. The PMC initiated self-assessment for house tax calculation, with detailed forms available at zonal offices and PMC campus. Owners must provide accurate details including property type, area measurements, and occupancy status. Failure to provide accurate information may lead to penalties. Local corporators will aid in the process, and forms must be submitted by October 31, 2023. The change aims to streamline taxation and enhance accuracy.Read more

18 Aug 2023

Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.Read more

18 Aug 2023

Brookfield India REIT has reported a net loss of Rs 270.05 million for Q1 FY24, compared to a profit in the same period last year. Despite this, its total income has grown by 6.64% to reach Rs 3,207.35 million. The company aims to finalize its previously announced acquisitions following a successful capital-raising initiative. Adjusted net operating income rose 4.5%, and gross leasing covered 63,000 sq. ft of new and 235,000 sq. ft of renewals. The board declared Rs 1,641.60 million for distribution. Recent capital infusions prepare the REIT for sizeable commercial asset acquisitions with the GIC partnership, bolstering its portfolio's scale and diversity.Read more