PNT Reporter

08 May 2023

The Goa revenue department has introduced new rules to tackle property undervaluation by real estate professionals, builders, and landlords. A task force has been established to accurately determine the market price of tangible property and categorize it into distinct groups. Collectors will compile an annual report with average land rates and built-up property rates, and sub-registrars must verify property market value before sale deed registration. The new rules aim to streamline property registration and reduce disputes related to property valuation.Read more

PNT Reporter

08 May 2023

Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.Read more

PNT Reporter

08 May 2023

Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.Read more

08 May 2023

Nexus Select Trust plans to raise up to Rs 3,200 crore through India's first retail REIT public offering, which will consist of an offer for sale of up to Rs 1,800 crore and a fresh issue of units up to Rs 1,400 crore. The portfolio includes 17 operational shopping centres spread across 14 major cities, totalling 9.8 million square feet. This marks Blackstone's third REIT sponsorship. While three REITs are currently listed on Indian stock exchanges, they are all leased office properties, making Nexus Select Trust the first REIT with holdings in retail real estate that yield rent.Read more

PNT Reporter

08 May 2023

A vacant plot of land on Jumeirah Bay Island in Dubai, part of a select offering of 128 plots, sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. The purchaser, not a UAE resident, plans to build a family holiday residence on the highly desirable island, connected to the mainland by a bridge. Real estate brokers predict further records will be broken in the future, with the seller of this transaction already planning to sell another similar property for 135 million dirhams. Jumeirah Bay Island is home to the luxurious Bulgari Resort, and apartment prices in the upcoming Bulgari Lighthouse tower have already soared to remarkable heights.Read more

PNT Reporter

05 May 2023

Civic authorities have indicated that producing property tax bills in advance will prompt KMC to amass additional revenues at the outset of the year. The superintendent of property tax at KMC, stated that this year, they were able to produce all the bills on the KMC website in a timely manner and property owners can easily access their tax information and make payments by logging in to the municipal corporation website or visiting the citizen facilitation centres and providing their assessment number.Read more

PNT Reporter

05 May 2023

The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate. The government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork.Read more

PNT Reporter

04 May 2023

Settl., a co-living operator, is expanding its business in Gurugram with the opening of four new centres within the next month, offering approximately 300 beds in total. Settl. plans to launch 1,500 more beds in the Delhi-NCR region in the coming fiscal year. With a total of 7 operational co-living properties in Gurugram, 1,200 beds in Bengaluru, and 300 in Hyderabad, Settl. aims to reach 2,200 beds in NCR and 5,000 beds across India by March next year.Read more

PNT Reporter

04 May 2023

The Nagpur Municipal Corporation's property tax department has reported that 60 percent of the approximately 6.36 lakh property holders in the urban area have failed to pay their property tax dues for the fiscal year 2022-23, resulting in more than 3.80 lakh non-paying customers accumulating an outstanding balance of 581 crore rupees. The Ashi Nagar zone has the maximum number of defaulters, owing Rs 114.44 crore, followed by Laxmi Nagar and Mangalwari zones. The NMC has implemented multiple programmes aimed at diminishing the outstanding debts, including a penalty of 2 percent interest per month.Read more

PNT Reporter

04 May 2023

In a circular released on April 17th, N Satyanarayana, the Director of Municipal Administration, instructed all municipal corporations within the Hyderabad Metropolitan Development Authority (HMDA) boundaries to adhere to the current process of evaluating property tax until a final resolution was reached. It is crucial to thoroughly analyse and investigate the effects of a significant rise in property tax, particularly on individuals belonging to the middle and lower-middle income brackets.Read more