15 May 2023

Mindspace Business Parks REIT announced a net loss after tax of Rs. 339 million in Q4 FY23, compared to a profit of Rs. 1336 million in the same period the previous year. However, the net consolidated income increased by 19.9% to Rs. 5,723 million. The REIT approved a pay out of Rs. 4.81 per unit, totalling Rs. 2,852 million. The NOI increased by 9.2% YoY to Rs. 4,364 million in Q4 FY23 and in FY23 by 13.2% YoY to Rs. 17,101 million. The REIT obtained Rs. 5.5 billion through green bond issuance and raised a total of Rs. 15.4 billion through NCDs.Read more

15 May 2023

The Panvel Municipal Corporation collected a significant amount of Rs 165 crore from property taxes during the financial year 2022-23. As a result, PMC has decided to offer property owners a 5 percent reduction in the current property tax bill until May 31, 2023. The local administration also promoted the use of digital payment methods for property tax and provided incentives to proprietors of solar energy and rainwater harvesting societies.Read more

PNT Reporter

15 May 2023

The Municipal Corporation of Delhi (MCD) has received consent from the Delhi government to increase the transfer fee on property sales by 1 percent for properties valued over Rs 25 lakh. This proposal has been endorsed by the special officer and municipal commissioner and forwarded to the Delhi government for approval. The increase in transfer fee is expected to generate revenue and enhance the financial status of MCD after the unification process. The registration fee in Delhi is also discussed as an important payment required for property registration.Read more

PNT Reporter

12 May 2023

Brookfield Asset Management and Tata Group are in talks to invest in Nexus Malls ahead of its planned IPO. The Blackstone-owned real estate investment trust is valued at around $3 billion and aims to raise $390 million through the share sale. Nexus Malls owns 17 commercial assets across 13 Indian cities and has seen a significant reduction in losses in the fiscal year ending March 2022. The IPO is set to begin trading on May 19, with lead book-running managers including Axis Capital, IIFL Securities, and BofA Securities India.Read more

PNT Reporter

12 May 2023

In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.Read more

PNT Reporter

12 May 2023

The Municipal Corporation of Chandigarh (MCC) has launched a two-month rebate period for property tax payments, during which residential and commercial property owners can avail of discounts of up to 20% and 10%, respectively. The MCC has contracted the Indian postal service to disseminate property tax invoices and has established assistance counters to address the concerns of taxpayers. Failure to pay property taxes within the rebate period will result in additional charges and interest. The MCC is optimistic that many taxpayers will take advantage of the rebate period and pay their taxes in May, historically the month with the highest number of payments.Read more

PNT Reporter

12 May 2023

The Piramal Group is seeking buyers for its portfolio of foreclosed real estate properties, which includes outstanding debts and unpaid security receipts. The portfolio is jointly owned by Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) and includes real estate projects located in Mumbai, Pune, Bengaluru, and Gurgaon. E&Y has been hired as a consultant to assist with the resolution of these assets, and the company plans to launch an auction by the first week of June.Read more

PNT Reporter

11 May 2023

CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.Read more

PNT Reporter

11 May 2023

The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.Read more

PNT Reporter

11 May 2023

Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.Read more