17 Aug 2023

Secunderabad Cantonment Board (SCB) is set to enlarge its tax coverage by incorporating 5,000 more properties into its purview. These properties will be allocated unique Property Tax Identification Numbers (PTINs) and seamlessly integrated into the SCB's tax wing records, alongside the existing 38,000 properties. This strategic step not only streamlines the tax identification process but also enhances the board's ability to manage taxes effectively. The move is anticipated to bolster the equitable distribution of tax responsibilities while accommodating a broader property spectrum under the SCB's jurisdiction.Read more

17 Aug 2023

Nashik Municipal Corporation's property tax collection surged by 31 percent, amassing Rs 112 crore from April to August in the current fiscal, a significant rise compared to Rs 85 crore in the previous year. Despite the traditional lull from August to October due to academic admissions, NMC remains resolute about exceeding targets. Assessing 1.27 lakh properties with additional construction, NMC aims to elicit objections for supplementary property tax. It plans a recovery drive for dues over Rs 1 lakh and a survey for untaxed properties. With a target of Rs 210 crore, NMC exhibits robust fiscal commitment.Read more

17 Aug 2023

Established in 1983, ASK Private Wealth, an arm of ASK Group specializing in wealth advisory, introduces a private credit fund aiming to raise Rs 1,000 crore. Shantanu Sahai, previously leading debt at Nomura India, comes aboard as Senior Managing Partner. This fund, under regulatory approval, targets corporate lending in the performing credit sector. Focusing on sectors like healthcare, IT, and renewables, it emphasizes operational cash flow-driven mid-market companies for balanced risk-reward dynamics. The team boasts 75 years of combined credit investing experience. This strategic move reflects ASK's commitment to innovative financial solutions while prioritizing corporate governance and growth ambitions.Read more

16 Aug 2023

Fractional ownership platforms (FOPs) in the real estate sector are pushing for reduced shareholding requirements for sponsors, plus allowances for ongoing investments and participation in under-construction projects. The call follows a consultation paper circulated by India's Securities and Exchange Board (Sebi) in May, signalling forthcoming regulation of online FOPs. Although the industry embraces regulation, criticism surrounds Sebi's proposed 15% minimum sponsor shareholding rule. The regulator is reportedly considering lowering this to 5% if platforms show substantial "skin in the game." Amid these changes, the sector is poised for increased transparency and market growth.Read more

16 Aug 2023

The DMC is strategically preparing to initiate tax camps in slum localities to bolster tax collection. About 132 identified areas have tax forms available, which are expected to contribute Rs 4 crore to DMC's revenue. In the previous financial year, Rs 52 crore was collected, showing growth from the previous year's Rs 16 crore. The ongoing year has already witnessed Rs 25 crore collected. Digitization has streamlined the taxation process, leading to increased payments. DMC aims to target defaulters and violators, enhancing collections. The Municipal Corporation plans to set up camps in city slums to amplify property tax collection.Read more

16 Aug 2023

The Reserve Bank of India (RBI) plans to introduce a framework allowing borrowers to switch from floating to fixed interest rates, easing loan burdens. RBI Governor Shaktikanta Das revealed this initiative in the monetary policy release. It addresses instances of lenders elongating floating rate loans without borrower consent. The framework mandates transparent communication on loan terms, EMIs, fixed-rate options, and foreclosure. RBI also reviewed the regulatory framework for Infrastructure Debt Funds (IDFs), proposing sponsor removal, direct financing of Toll Operate Transfer projects, and optional tripartite agreements for Public-Private Partnership projects. Additionally, RBI's digital Public Tech Platform aims to streamline lending with open architecture and APIs for seamless credit delivery.Read more

16 Aug 2023

Cyprus-based property developer Leptos Estates is offering customized upscale commercial properties for Indian investors, catering to varied budgets and business needs. Cyprus's advantages, including its EU membership, Mediterranean allure, and favourable tax benefits, make it appealing for Indian investors. These properties provide pathways to permanent residency and, after seven years, even citizenship and an EU passport. The move aligns with the growing trend of Indian investors seeking international opportunities for business growth and improved lifestyles.Read more

14 Aug 2023

Experion Developers, backed by Singapore's Experion Holdings, has acquired a 5.5-acre land in Gurgaon's Sector 48 for Rs 550 crore through a government auction. This marks their fourth recent acquisition, demonstrating commitment to India's real estate market. The company previously obtained plots in Gurgaon and Noida for residential development. Experion Holdings' Indian arm will invest Rs 700 crore each in Golf Course Road and Noida projects, anticipating revenues of Rs 3,400 crore. Experion is actively developing properties across various states, contributing to India's real estate landscape alongside Delhi-NCR, Mumbai, Bangalore, and Hyderabad's burgeoning land acquisitions.Read more

14 Aug 2023

Experion Developers, backed by Singapore's Experion Holdings, continues to make strides in the Indian real estate market. With successful land acquisitions in prominent areas like Gurgaon's Golf Course Road and Noida's sector, the company recently secured a 5.5-acre land parcel in Gurgaon's sector 48 through an HSVP auction. Valued at Rs. 550 crore, the land will be used for a luxury residential project. Experion Developers has a strong presence in various Indian states, offering residential and commercial properties. Their investments in projects, like the Golf Course Road and Noida ventures, signify their commitment to the industry's growth in India.Read more

14 Aug 2023

The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.Read more