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

14 Aug 2023

Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.Read more

14 Aug 2023

CapitaLand Investment (CLI) has launched the CapitaLand India Growth Fund 2 (CIGF2), aimed at enhancing Grade A office real estate in India by investing in premier business parks. The venture has already secured S$263 million (Rs 16.3 billion) by selling a 50% stake to a global institution, while CLI retains a 20% sponsor stake. This equity, totaling S$368 million (Rs 22.9 billion), is expected to boost CLI's funds under management by S$700 million. CIGF2's inaugural investment is a 70% stake in the International Tech Park Chennai, Radial Road. The move aligns with CLI's ambition to acquire 50 million square feet in India over the next 3-4 years.Read more

12 Aug 2023

The Uttar Pradesh state has enforced a remarkable shift, capping property gift stamp duty at Rs 5,000, replacing the earlier 5 percent charge. The move applies to familial transfers, excluding corporate entities, trusts, or institutions. Under Section 9 of the Indian Stamp Act, the governor wields authority over this change. Notably, property recipients who gift assets within 5 years are exempt. B. S. Verma, Assistant Inspector General, notes the scheme's extension and its benefits for family transfers. In another effort, subsidies for pending dues aim to hasten flat registrations. However, official directives for this initiative are still pending.Read more

12 Aug 2023

The Tamil Nadu government's decision to abolish the practice of separately registering undivided shares (UDS) of land and construction agreements has raised concerns among homebuyers and the real estate sector. Under the new policy, completed constructions will be included in a single comprehensive sale deed, subjecting buyers to a consolidated stamp duty and flat registration fee of 9 percent, leading to an approximate 50 percent increase in registration charges. This change marks the third fee hike within a short period, prompting worries about its impact on the purchasing capacity of customers and the real estate industry's sales. While the government aims to provide legal protection and prevent misuse, industry voices have called for public input and a re-evaluation of the fee hikes' consequences.Read more

12 Aug 2023

Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.Read more

12 Aug 2023

Property tax defaulters in Ernakulam district owe a collective sum of Rs 392 crore to local bodies as of August 5, 2023, with building owners under Kochi Corporation limits leading the list at Rs 252 crore. Kalamassery and Thrikkakara have the highest pending property tax amounts among municipalities. In contrast, property tax payment compliance is higher in panchayat limits. Corporation data indicates that only 20% of arrears were recovered in the last fiscal year, mainly due to the non-deduction of dues from building owners facing revenue recovery proceedings. The challenge lies in balancing revenue generation and providing relief through exemptions.Read more

12 Aug 2023

Repco Home Finance reports 43.53% YoY Q1 FY24 net profit growth to Rs 89.09 crore. Total consolidated income stands at Rs 366.50 crore, a 19.38% increase from last year. Loan sanction is at Rs 726 crore, and disbursement is at Rs 684 crore. The loan spread remains at 3.3%, yielding a 15.8% return on equity. Gross NPAs at Rs 695 crore and net NPAs at Rs 338 crore, with a gross NPA ratio of 5.5%. Operational revenue grows 21% YoY to Rs 364.5 crore. Repco has a network of 159 branches and 34 satellite centres in India. Shares show strong YTD and 1-year returns.Read more

12 Aug 2023

UK based Malhotra Group PLC has successfully acquired a stalled 300-acre project in Ludhiana, Punjab, for about Rs 150 crore. The resolution plan by Malhotra Group received approval from the National Company Law Tribunal (NCLT) after the committee of creditors' favourable votes. The company aims to inject around Rs 1,200-1,500 crore through FDI to develop the township, including a hotel, health farm, school, golf course, villas, and apartments. This venture marks its expansion into India's real estate sector, benefiting long-awaiting homebuyers and driving development in the region.Read more

11 Aug 2023

Several global funds, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Canadian giants CPP Investments and OMERS, are in discussions to acquire a 50% stake in India's Panchshil Realty and Salarpuria Sattva Group, currently held by the Blackstone Group. This significant acquisition spans a vast 26 million sq ft of commercial real estate in India, with an estimated deal value between $4.5 to $5.0 billion. The move signals the growing global interest in India's burgeoning real estate sector.Read more