PNT Reporter

17 May 2023

Supertech has announced that it has successfully secured the necessary funding to complete its stalled projects. Having raised approximately Rs 1,200 - 1,600 crores from Oak Tree Financial, the company aims to fulfil its commitments to homebuyers, lenders, financial institutions, and land authorities by completing ongoing projects within the next two years. The recent Supreme Court decision abstaining from interference in the NCLAT's decision has allowed Supertech's promoters to obtain funds through a priority funding approach, ensuring project completion without external interference.Read more

PNT Reporter

17 May 2023

The Prayagraj Municipal Corporation has recently expanded its jurisdiction to include 20 new localities, resulting in the incorporation of these areas into the official records of the PMC. With the addition of these localities, the municipal corporation now has a total of 100 wards. Efforts are being made to ensure that properties in the newly created wards comply with PMC's house tax regulations. A GIS-powered study is also underway to provide precise data for the newly incorporated wards.Read more

PNT Reporter

17 May 2023

Indiabulls Real Estate's shares fell 20% on last week after the National Company Law Tribunal's Chandigarh bench refused to approve the merger of realty firm Embassy Group's specific residential and commercial projects with the company. It dropped significantly by 20% to close at Rs. 55.40 per piece on the NSE which was below the circuit limit. The company's shares were traded in a total volume of 20.29 lakh on the BSE and over 3.93 crore on the NSE during the day. The market value of the company decreased by Rs 748.59 billion to Rs 2,997.63 billion.Read more

PNT Reporter

17 May 2023

The sale of a plot on the London /Orange City Street Project fetched the Nagpur Municipal Corporation (NMC) its highest-ever sale price for a plot. The 80,000 square foot property was sold for Rs111.75 crore which equals about Rs 14,000 per square foot. Previously, the 26,997 square foot Air India land purchased by Kukreja Infrastructures in Civil Lines sold for the highest price of Rs33.01 crore or Rs12,227.28 per square foot. The NMC site is located in South-West Nagpur between Khamla and Sahakar Nagar.Read more

PNT Reporter

16 May 2023

The Pune Municipal Corporation (PMC) is streamlining the procedure for obtaining a 40 percent reduction in property tax. However, political leaders across the spectrum have raised concerns about the lengthy process involved in obtaining the rebate. The PMC has requested numerous documents from citizens, causing confusion and uncertainty among the public. Despite the state government's directive to reimburse supplementary taxes for individuals residing in newly built estates, the PMC has opted to distribute the tax evenly across property tax invoices over the next four years.Read more

PNT Reporter

16 May 2023

Ajmera Realty & Infra India (ARIIL) has reported a 7.85 percent increase in its net consolidated profit for the fourth quarter of the financial year 2022-2023. The company has also decreased its debt by 7 percent and procured property worth approximately Rs 550 crore for development purposes. The board of directors has proposed a final dividend of Rs 3 for each equity share with a face value of Rs 10, pertaining to the fiscal year concluding on March 31, 2023. Despite a decline of 35.85 percent in its net consolidated total income from operations, ARIIL's sales volume and valuation have surged in FY2023.Read more

16 May 2023

The Nexus Select Trust's IPO was subscribed 5.45 times on the final day of subscription. The offer to sell shares worth Rs 3,200 crore received bids for 101.03 crore units compared to the 18.52 crore units available for sale. The REIT is financially backed by Blackstone and owns 17 functional shopping centres, including Delhi's Select City Walk, in 14 cities covering 9.8 million square feet. Blackstone's ownership stake in Nexus Select Trust will decrease from 60 percent to 43 percent following the IPO.Read more

PNT Reporter

16 May 2023

The Quelossim village panchayat has updated its house tax rates, which had not been changed for over 25 years. The revision was approved smoothly during the gram sabha gathering, and houses made of mud that have been in existence since 1996 will be charged Rs 100 annually. Houses constructed with cement, bricks, stones, or Mangalore tiles will be charged Rs 200 annually. Houses constructed with slabs made of reinforced cement concrete are obligated to bear a fee of Rs 5 for every square metre, and individuals requesting occupancy certificates will be required to remit a fee of Rs 8 for every square metre.Read more

PNT Reporter

16 May 2023

The joint venture between the Allianz Group and the Shapoorji Pallonji Group has announced plans to sell Waverock, a large IT SEZ in Hyderabad, which is home to several major tech companies. The property was originally purchased in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. The property has attracted interest from institutional investors and has a capacity of up to 20,000 professionals.Read more

PNT Reporter

15 May 2023

The ASK Property Fund, a real estate private equity division of the ASK Group, has successfully closed its sixth fund with over Rs 1,500 crore. The primary goal of the fund will be to invest in mid-income and affordable residential development projects in India's top five cities, including Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.Read more