The Nagpur Municipal Corporation (NMC) has collected only INR 194.47 crore in property tax as of January 29, falling short of its INR 429 crore target by INR 234.52 crore. To manage funding for infrastructure projects, NMC has taken a INR 500 crore loan. An amnesty scheme launched on January 1 offers an 80% waiver on penalties and interest on INR 770 crore in arrears, aiming to boost collections before the fiscal year ends. With uneven tax recovery across zones, stricter enforcement measures, including property attachments, may follow if collections remain low, raising concerns over the city's financial stability.Read more

Trichy Corporation has collected INR 111 crore in property tax for FY 2024-25, marking a significant improvement from previous years. A survey of 5,400 properties added INR 10 crore in revenue by correcting tax assessment errors. With the Central Finance Commission's new funding formula linking allocations to tax collection, officials have intensified efforts, achieving 60% of the INR 188.1 crore target by January 30. While solid waste charges reached 60% collection, water charges lag at 34%. The corporation plans a special drive to boost water bill payments, aiming for financial stability and improved civic services before the fiscal year ends.Read more

The Nashik Municipal Corporation (NMC) is addressing a backlog of 2,600 unresolved civic complaints, 1,000 pending building plan approvals, and property tax objections. Municipal Commissioner Manisha Khatri has directed officials to resolve grievances within a week, while a review of the e-Connect App aims to improve response times. Building plan approvals now require mandatory online submissions to enhance efficiency, with a first-come, first-served process. Property owners must file tax objections by February 28. NMC is exploring digital solutions to improve transparency, streamline processes, and meet the demands of Nashik's rapid urban expansion.Read more

Anant Raj Limited reported a 36% year-on-year revenue growth in Q3 FY25, reaching INR 544 crore. EBITDA rose 45% to INR 143 crore, while profit after tax surged 55% to INR 110 crore. The company cut net debt to INR 54 crore from INR 96 crore, reinforcing its financial strength. Anant Raj is expanding into the data centre sector, launching a 6 MW IT load facility in Manesar, with plans for 22 MW more. It also introduced Ashok Cloud, India's first sovereign cloud platform. With ongoing real estate projects and new launches ahead, the company is poised for further growth.Read more

The Karnataka government plans to extend the B khata system statewide to regularize unauthorized properties and increase urban local body (ULB) revenues. Of 55 lakh urban properties, only 22 lakh have A khatas, while the rest will now be taxed under B khatas. The move aims to boost property tax collection, currently at INR 1,500 crore from 302 ULBs. The state expects significant revenue growth, supporting urban infrastructure and civic amenities. Implementation begins February 10, with district officials issuing B khatas within three months. Real estate leaders support the decision but demand transparency in fund allocation for infrastructure development.Read more

LIC Housing Finance reported a 22.75% increase in net consolidated profit, reaching INR 1,434.89 crore in Q3 FY25, compared to INR 1,169 crore in the same period last year. Total income rose by 3.91% to INR 7,069.99 crore. Key financial highlights include gross NPAs at 2.74%, net NPAs at 1.46%, and a liquidity coverage ratio of 187.66%. Total disbursements grew by 2% to INR 15,475 crore, with project loan disbursements surging by 162%. The total outstanding portfolio expanded by 6% to INR 2,99,144 crore.Read more

SRG Housing Finance reported a 7.89% rise in Q3 FY25 net profit to INR 5.74 crore, while total income surged 24.96% to INR 40.25 crore. The company's AUM grew 29% year-on-year to INR 707.5 crore, with a new target of INR 1,000 crore AUM in 12-18 months. Expansion into Maharashtra, Karnataka, and Andhra Pradesh has begun contributing to revenue, though the cost-to-income ratio rose to 65.40%. With a strong capital adequacy of 39.85% and plans to raise INR 50 crore, SRG Housing Finance is positioning itself for aggressive growth in India's expanding housing finance sector.Read more

In a recent board meeting, the Ahmedabad Urban Development Authority (AUDA) implemented a twofold increase in fees for crucial development plan documents. Charges for DP and TP part plan documents rose from INR 500 to INR 1,000, while base map fees escalated from INR 2,000 to INR 4,000. Similarly, fees for measurement sheets and final plot F forms have also been revised. The meeting also saw the introduction of an online system for RTI applications and document requests, along with the approval of consultations for 18 TP schemes. These changes are expected to streamline processes while adjusting costs to current operational requirements.Read more

Aptus Value Housing Finance India recorded a 20.89% increase in its net consolidated profit for the quarter ending December 31, 2024. The company reported a profit after tax of INR 190.50 crore in Q3 FY25, compared to INR 157.58 crore in the corresponding quarter of the previous financial year. Total income saw a 28.14% rise, reaching INR 464.68 crore. Additionally, the board approved the appointment of Anand Raghavan and Natarajan Ramasubramanian as independent directors for a five-year term starting January 31, 2025. The company reported a net worth of INR 3,609.93 crore and maintained strong liquidity of INR 1,000 crore, including undrawn sanctions of INR 570 crore.Read more

The Brihanmumbai Municipal Corporation (BMC) has sought clarity from the Mumbai Metropolitan Region Development Authority (MMRDA) regarding an INR 550 crore unpaid property tax linked to J Kumar Infraprojects Limited. The dispute arises from seven plots allocated by MMRDA for metro construction casting yards and ready-mix concrete plants. While Clause 2.7 of the tender indicates that MMRDA is responsible for property tax, lease agreement Condition 5 assigns the liability to J Kumar Infraprojects. The contractor insists MMRDA must pay, while MMRDA maintains the tax burden rests with the contractor. The resolution of this issue is crucial as BMC pursues its INR 6,200 crore property tax target.Read more