PNT Reporter

25 May 2023

The Income Tax Department officials have conducted raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. The investigation is linked to alleged monetary dealings of Rs 100 crore between the company and the TDP during and after the 2019 elections. The raids resulted in the confiscation of crucial documents. Initial reports suggest a connection to IT security breaches at Navayuga Infra in Hyderabad. Haigreeva Infratech is a rapidly expanding infrastructure conglomerate with a strong presence in various sectors across India.Read more

25 May 2023

Integrow Asset Management, a specialized investment firm in real estate, plans to raise over Rs 1,500 crore through a commercial real estate fund. The fund aims to invest in pre-leased and revenue-generating properties in India's leading six property markets, including Mumbai, Pune, Hyderabad, Bengaluru, Chennai, and Delhi-NCR. The company aims to build a portfolio worth Rs 4,000 crore and sees commercial real estate as a hedge against inflation. The newly formed fund, led by Ashish Mundada, aims to become the sole multi-fund institution focused on real estate.Read more

PNT Reporter

25 May 2023

Brookfield Asset Management, in partnership with Singapore's sovereign wealth fund GIC, plans to sell two commercial properties in India with a combined enterprise value of $1.4 billion. The properties, located in Mumbai and Gurgaon, were owned by Brookfield's property investment fund. The sale will significantly expand the portfolio of Brookfield India REIT, increasing the overall leasing space by 35% and operational area by 44%. Brookfield India REIT comprises five office parks across major cities in India, with a total market value estimated at Rs 9,100 crore.Read more

PNT Reporter

25 May 2023

The Appellate Authority of Advance Rulings (AAAR) in West Bengal has upheld a decision stating that the sale or usage rights of a car park should not be considered a composite supply with construction services. This ruling means that car parks will be subject to a higher GST rate of 18%. The decision may lead to higher costs for homebuyers who include parking facilities. The AAAR's ruling contradicts a previous verdict by the Authority for Advance Ruling (AAR) in West Bengal, which classified facilities like car parking as composite construction services subject to a lower GST rate.Read more

PNT Reporter

24 May 2023

The Ahmedabad Municipal Corporation (AMC) is taking strict actions against property tax defaulters. It recently published a list of 313 defaulters intimated owners that it will disclose the details of any individuals who fail to meet their obligations to the Credit Information Bureau (India) Limited (CIBIL). These actions led to 55 property owners clearing their outstanding dues. In addition, the AMC is compiling a record of major debtors and intends to impose liens on their properties. Currently, the process of placing liens on 24 properties has already been initiated and the civic body gearing up to auction 258 defaulting properties within the city to collect arrears.Read more

PNT Reporter

24 May 2023

The Pune Municipal Corporation (PMC) in Pune City has commenced the distribution of property tax invoices after a delay of one and a half months. The bills can be accessed online through the PMC website, and taxpayers have multiple payment options available. The distribution process involves printing and mailing the bills, and the deadline for payment has been extended. The PMC has also implemented a 40 percent tax reduction for properties occupied by their owners, and eligible property owners can submit documentation to benefit from the discount.Read more

PNT Reporter

24 May 2023

Mumbai Metropolitan Regional Development Authority (MMRDA) is set to lease two prime plots in Bandra-Kurla Complex (BKC) aiming to generate around Rs 2,900 crore. The plots, C-13 and C-19, have areas of 7,071.90 sqm and 6,096.67 sqm respectively with considerable development potential. This follows MMRDA's successful lease to Goisu Realty in 2022 which earned Rs 2,067 crore. As MMRDA cannot generate revenue through tax, they plan to raise funds through land leases and asset monetisation to finance numerous infrastructural projects. The approved Rs 60,000 crore loan serves as a financial safety net for possible project delays.Read more

PNT Reporter

24 May 2023

LIC Housing Finance (LIC HF) is planning to expand its branch network and consolidate its position as the largest housing finance company following the merger of its competitor. The company will concentrate on providing high-yielding loans against property (LAP) and intensify efforts to recover outstanding debts. LIC HF aims to boost loan disbursements and improve net interest margins by establishing new branches in smaller towns with low home loan penetration, primarily in Maharashtra and Madhya Pradesh.Read more

PNT Reporter

24 May 2023

In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.Read more

PNT Reporter

23 May 2023

Residents of housing societies situated on collector's or leasehold land are requesting a reduction in the premium fees imposed for converting the land to freehold status. They seek a decrease from the current rate of 15 percent of the ready reckoner (RR) rate to a more reasonable 5 percent. The request was put forward at the recent gathering of the State Sahakar Parishad held last week. The chief minister, deputy CM, and revenue minister were all present at the meeting.Read more