08 Aug 2023

The Neopolis project in Kokapet, Hyderabad, conducted land auctions for seven land parcels of 45 acres in Phase 2. The auction witnessed a high bid of Rs. 100.75 crore per acre for a 3.6-acre plot (No.10), making it the highest bid in the history of Hyderabad's real estate. The bid was placed by Rajapushpa Properties Pvt Ltd, and the overall collection in the auctions reached an impressive Rs. 3,319 crore, surpassing the state government's expectations of Rs. 2,000 crore.Read more

08 Aug 2023

A recent report by ANAROCK reveals a concerning decline in the share of affordable housing in overall sales and housing supply in H1 2023. The share of affordable homes has reduced by 11 percent compared to H1 2022, with the top 7 cities experiencing a significant drop from 23 percent to 18 percent. Additionally, affordable home buyers are burdened with almost 20 percent higher EMIs due to surging floating interest rates. Many buyers now face a scenario where the interest component surpasses the total principal amount, delaying homeownership and reducing potential gains from property appreciation.Read more

08 Aug 2023

Integrow, a tech-driven real estate investment platform, has partnered with Pranami Group, a well-established name in the real estate sector with over 23 years of experience. The collaboration involves a significant investment of INR 225 crore in diverse residential and commercial projects. Pranami Group's reputation for innovative and high-quality real estate spaces complements Integrow's mission of providing access to institutional-grade real estate assets. The partnership aims to create transformative spaces and set new standards in the real estate industry, offering unmatched living experiences and state-of-the-art commercial spaces..Read more

07 Aug 2023

Sify Technologies leases 1.5 lakh sq. ft of office space in Hyderabad's financial district through its subsidiary, Sify Infinit Spaces. The lease spans 60 months, bolstering their presence. Rent will escalate by 3 percent annually. Sify's focus on expanding data centre capacity aligns with India Inc.'s digitization and AI trends. A strategic partnership with Kotak Data Centre Fund for Rs 600 crore enhances growth prospects. Sify aims to add 350 MW of capacity in four years. Their dynamic approach and unwavering vision position them as trailblazers in India's ICT landscape, championing innovation and transforming the digital future.Read more

07 Aug 2023

The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.Read more

05 Aug 2023

Tesla, the American electric vehicle giant, makes significant strides in India, securing a 5,850-square-foot office space in Pune's Viman Nagar. Tesla India Motor & Energy's strategic move aligns with its ambition to establish a manufacturing base in the country. The lease spans five years, with an option to extend for ten years. Tesla is keen on introducing its electric cars to the Indian market and has engaged in discussions with the government. India considers allowing Tesla's foreign vendors to manufacture critical components within its borders. This dynamic development marks a transformative shift in India's automotive landscape.Read more

04 Aug 2023

ARISUN aims to raise Rs 350 crore through an Alternative Investment Fund (AIF) to expand its allied industries business in India. The AIF will attract institutional and high-net-worth investors, offering a flexible funding option. The capital will be used for business expansion, research, and innovation to strengthen the company's market presence. ARISUN's strategic move comes amidst the steady growth in the Indian allied industries sector, and its success will depend on transparent communication and effective fund utilization.Read more

04 Aug 2023

Experion Capital, a Singapore-based NBFC with a focus on real estate, invests Rs 200 crore in Vatika Group's Sovereign Park project in Gurugram. This luxury residential masterpiece spans 1 million square feet and enjoys a strategic location along the Dwarka Expressway. The move signifies Experion Capital's confidence in India's real estate potential and reflects a growing international interest in the market. With expertise from Singapore's Experion Holdings, Experion Capital aims to redefine luxury living and contribute significantly to India's real estate landscape.Read more

04 Aug 2023

SCB takes action against property tax defaulters by sending tax demand notices with 1 percent interest for late payments. Initially, a month's grace was given, but poor response prompted an extension until July 15. Out of 38,000 assesses, 15,000 have paid their taxes. SCB invokes the Cantonments Act, imposing penalties on defaulters. Section 102 (1) mandates 1 percent interest per month on outstanding dues after 30 days of notice. The tax wing serves notices with penalties, allowing defaulters until September 30 to pay via e-Chhavani or cash counters. Further actions may follow if defaulters disregard the notices. SCB remains resolute in upholding tax discipline.Read more

04 Aug 2023

The GST-Authority for Advance Rulings (AAR) has clarified that hostel rent paid by inhabitants does not qualify for exemption from goods and services tax (GST) as it is not considered a 'residential dwelling.' The ruling pointed out that hostel accommodation with a tariff below Rs 1,000 per day was exempt from GST only until July 17, 2022. Hence, hostel rent will now attract a GST rate of 12%.Read more