PNT Reporter

31 Mar 2023

Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.Read more

PNT Reporter

30 Mar 2023

The Greater Chennai Corporation has reported a significant increase in its tax collection for the financial year 2022-23. The corporation has collected INR 1,408.9 crore, almost double its previous year's collection of INR 471.6 crore, which was impacted by the Covid-19 pandemic. The civic body aims to collect INR 1,500 crore before the financial year ends in a week. Out of the 13.33 lakh assesses, 8.85 lakh have paid property tax so far, with around 8,000 people paying daily in the last week.Read more

PNT Reporter

30 Mar 2023

The interest rates on home loans have increased by 250 basis points over the last 10 months, resulting in the extension of repayment tenures beyond retirement for many borrowers. While floating rates mean that borrowers must pay the rates prevailing in the market, refinancing loans provides borrowers with an opportunity to save up to 100bps on their loans. Currently, the repo rate is at 6.5% and some banks are offering home loans at 8.5% to new customers.Read more

29 Mar 2023

The Indian government has amended the Finance Bill 2023 to reduce the tax burden on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs), treating distributions as a return of capital rather than taxable income. The move, welcomed by industry experts, aims to create a more attractive, stable, and tax-efficient framework for these investment vehicles. The amendments are expected to encourage further investments in REITs and InVITs and fuel growth in the real estate and infrastructure sectors.Read more

PNT Reporter

28 Mar 2023

Residents of Uruli-Phursungi, a group of villages merged with the Pune Municipal Corporation (PMC) five years ago, are demanding a reduction in property tax as they are not receiving enough water. According to the residents, the PMC charges nearly five times more than the gram panchayat, and they believe that their tax should be reduced to be on par with the gram panchayat rates. They argue that the civic administration is not providing enough water to the villages and citizens are still dependent on tankers.Read more

PNT Reporter

28 Mar 2023

The Kolkata Municipal Corporation (KMC) has set a target to bring all unassessed properties in the city under its revenue assessment system within a year. Officials believe that if all unassessed properties are assessed within a year, the revenue will increase by 100%. Assessing unassessed properties will not only help the KMC generate more revenue but also enable owners of houses or flats to get their properties mutated, ensuring delivery of essential civic services.Read more

PNT Reporter

28 Mar 2023

The Maharashtra state government is considering a proposal to exempt housing societies in metros from non-agriculture tax (NA). The tax is applicable to societies that do not come under gaothan areas in the municipal corporation or council areas. Currently there is a stay on the collection of NA tax from housing societies by the State Government. Revenue minister Radhakrishna Vikhe Patil has said that the request made is being examined, and a final decision will be made towards the end of the budget session.Read more

PNT Reporter

24 Mar 2023

ALT Realtech, a Bengaluru-based fintech start-up, has made history by launching the world's first digital real estate exchange called ALT DRX. The platform is designed to allow investors to buy one square foot of real estate at a time, thus increasing accessibility to the market. The start-up's strategy is India-centric, and it has already raised $1.6 million in equity and $2 million in callable mezzanine debt for co-investing in real estate assets during its seed round.Read more

PNT Reporter

24 Mar 2023

Secunderabad Cantonment Board (SCB) officials are working to collect property taxes from at least 30,000 residential and commercial properties in the area, with the deadline for payment just 10 days away. The SCB tax wing has been working hard to recover tax and has issued demand notices to defaulters to replenish the board's coffers and overcome a funding shortage. To ensure that property owners pay their taxes, special teams were dispatched in January to serve demand notices. Property owners have until March 31 to pay their taxes.Read more

PNT Reporter

23 Mar 2023

According to an application submitted with the bankruptcy court by the resolution professional, Singapore based real estate fund Experion Developers has offered a deal to take over the Blackstone-backed Dignity Builcon in a deal that would entail a fifty percent recovery for lenders initially led by Standard Chartered Bank. Experion Developers made an offer of Rs. 450 crores for the Gurgaon-based Dignity Buildcon, which specializes in real estate development.Read more