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

PNT Reporter

10 May 2023

The Mayor of GMC, Mrigen Sarania, claimed that the corporation's property tax collection has significantly increased by approximately Rs 40 crore, citing their rigorous policy implementation as the reason. GMC has experienced a substantial increase of 53% in property tax, 9% in trade licensing, and 40% in funds generated from its multiple branches, demonstrating notable growth in revenue collection efforts. The Guwahati Municipal Corporation (GMC) has declared an offer of a 10 percent discount on property tax payments made before May 30.Read more

10 May 2023

The Ahmedabad Urban Development Authority (AUDA) has decided to auction 18 plots in different regions of the city for residential and commercial use at a base price of Rs 1,238.35 crore, with the most expensive plot in Vejalpur's TP Scheme 6 priced at Rs 2.84 lakh per sq. m. AUDA's land pricing committee met twice, once on March 9 and again on April 13, to establish the values and base prices for these plots, ignoring the impending increase in jantri rates on April 15. Despite the increase in jantri rates, AUDA officials stated that the new rates would not impact the plot prices as the valuation took into account sale deeds and other factors.Read more

PNT Reporter

10 May 2023

Beginning May 8, 2023, households in Salt Lake City will receive property tax invoices for the initial half of the 2023-24 fiscal year from the Bidhannagar Municipal Corporation (BMC), which aims to generate a revenue of Rs 40 crore through property tax during the current fiscal year. Tax payments can be made online through the BMC website or in person at the tax collection centres. The tax bills will include all outstanding payments and overdue charges. Taxpayers who have not paid their dues will be required to pay a 10 percent penalty, which will be applied in the third quarter.Read more

PNT Reporter

09 May 2023

The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.Read more

PNT Reporter

09 May 2023

The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.Read more

PNT Reporter

09 May 2023

Telangana government has announced its decision to regularize notarized property transactions, which will benefit around six lakh individuals in the state, particularly in Greater Hyderabad, and generate INR 2,000 crore in regularisation fees for the government. The move will help people avoid legal complications and transfer property ownership more easily. Officials are currently working on the kind of transactions that will be allowed and the fee.Read more

PNT Reporter

09 May 2023

Real estate service company ArisUnitern has partnered with alternative investment fund firm Jiraaf to raise Rs 250 crore for its expansion plans. Jiraaf will provide a line of credit for investment in development projects, while ArisUnitern will handle the development. The partnership will help ArisUnitern add five projects worth Rs 500 crore to its portfolio, with opportunities for investors to explore different asset classes and risk profiles on its digital platform. ArisUnitern aims to simplify the real estate industry by providing all necessary resources under one roof, including marketing, finance, and material procurement solutions.Read more

PNT Reporter

09 May 2023

Can Fin Homes has announced an increase in net profit of 34.88% for the quarter ending March 31, 2023. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 165.79 crore in Q4 FY23 from Rs 122.92 crore in the same period of the previous fiscal. The company's total operating income increased by 36.17% to Rs. 764.29 crore in Q4 FY23 from Rs. 561.29 crore it reported in the same quarter last year.Read more

PNT Reporter

08 May 2023

The Municipal Corporation of Chandigarh collected Rs 4 crore in taxes from approximately 12,000 property owners during a two-month rebate programme for both commercial and residential properties. The first month of the promotional period saw a collection of Rs 3.20 crore from 11,500 residential properties and around Rs 70 lakh from commercial properties. May is expected to see a rise in tax collection due to historical data indicating increased compliance during rebate availability. There are 1.42 lakh properties within the tax jurisdiction of the city, with a majority being residential properties.Read more