Mindspace Business Parks REIT (Mindspace REIT) posted a 1.32% decline in net profit for Q3 FY25, reporting INR 1,449.55 million compared to INR 1,468.89 million in the same period last year. However, total income surged by 10.42% to INR 6,744.72 million. The board declared a distribution of INR 5.32 per unit, totaling INR 3,154.86 million. Leasing activity remained robust, with 1.7 million sq. ft. leased during the quarter. The REIT is expanding its portfolio, with a planned acquisition of a 1.8 million sq. ft. IT park in Hyderabad, maintaining a stable loan-to-value ratio of 22.6%.Read more

DLF Limited reported a 61.46% increase in net consolidated profit for Q3 FY25, reaching INR 1,058.73 crore compared to INR 655.71 crore in the same period last year. The company's consolidated income grew 5.72% to INR 1,737.47 crore. Sales bookings hit INR 12,093 crore for the quarter, with a nine-month total of INR 19,187 crore. DLF Cyber City Developers reported a 117% profit growth to INR 941 crore. The recent NCLT-approved amalgamation aims to enhance operational efficiency. DLF is focusing on major developments in Chennai and Gurugram to fuel future growth.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) will auction four properties with outstanding tax dues totaling INR 2.52 crore, following repeated warnings to owners. Auctions will take place on February 5 for an East Zone property with arrears of INR 11 lakh and on February 6 for properties in Dasarahalli and Bommanahalli Zones, with dues ranging from INR 30 lakh to INR 1.8 crore. Conducted under Section 156(5) of the BBMP Act 2020, the initiative aims to recover unpaid taxes and enforce compliance. Property owners can avoid auction by clearing dues before the scheduled dates. More than 500 additional auction notices are expected in the coming weeks.Read more

A large number of Group 'A' and Group 'B' Income Tax officials are yet to submit their Immovable Property Returns (IPRs), with the deadline for filing set for January 31, 2024. As of earlier this year, over 10,000 officials were still to complete the process. The Central Board of Direct Taxes has advised officials to file their returns well before the deadline to avoid technical issues caused by heavy traffic on the SPARROW portal. Failure to submit IPRs by the due date can result in several administrative consequences, such as denial of vigilance clearance and training opportunities.Read more

In a major relief for small taxpayers enrolled in the composition scheme, the Central Board of Indirect Taxes and Customs (CBIC) has removed the 18% GST liability on rents paid to property owners not registered under GST. This change, effective retrospectively from earlier this month, aims to address the working capital challenges faced by small businesses, especially restaurants and service providers. Previously, GST-registered tenants were required to pay 18% GST under the reverse charge mechanism (RCM) for such rentals, which created financial strain as they were unable to claim input tax credit (ITC). Industry experts have welcomed this move, highlighting its positive impact on small-scale traders and businesses.Read more

The Pune Municipal Corporation (PMC) has initiated efforts to recover commercial taxes from businesses operating in slum areas, aiming to generate approximately INR 100 crore in revenue. This move follows the civic body's struggle to recover dues from larger defaulters, including mobile towers that owe INR 3,500 crore. While PMC is focusing on slum-based businesses, civic activists have urged them to prioritise larger defaulters and discourage recurrent tax amnesty schemes. The Slum Rehabilitation Authority (SRA) projects have rehabilitated approximately 11,000 slum dwellers, yet challenges remain due to space constraints and the demand for rehabilitation within the same locations.Read more

The Ahmedabad Municipal Corporation (AMC) reported a 9.82% increase in property tax revenue, rising from INR 1,175.04 crore in 2023-24 to INR 1,290.47 crore in 2024-25. The central zone saw the highest growth at 29.96%, while the northwest zone followed with a 20.61% rise. However, the west zone experienced a 5.95% decline due to reassessment delays, with collections dropping to INR 280.39 crore. AMC aims to complete tax bill distribution by January-end, expecting revenue to rise in February and March. Efforts to streamline reassessment and billing processes are crucial for sustaining revenue growth.Read more

The Indian residential real estate market experienced a 9% decrease in sales, totalling 470,899 units in 2024, with new supply falling by 15% to 411,022 units. Contributing factors included the General Elections and Monsoon-related slowdown. Among the nine cities analysed, Navi Mumbai recorded the highest sales growth (16%), while Hyderabad saw the steepest decline (25%). On the supply front, Delhi-NCR led with a 54% increase, whereas Hyderabad saw a 49% drop. PropEquity highlighted the resilience of the market, noting stable supply-to-absorption ratios despite these fluctuations, signifying a healthy sector.Read more

Build Capital, an early-stage real estate fund, has made its first investment in Navi Mumbai by partnering with Satyam Group. This move aligns with its strategy to focus on the Mumbai Metropolitan Region (MMR) for early-stage real estate financing. The company aims to invest approximately INR 150 crore in Navi Mumbai as part of its overall INR 400 crore target for 2025. Since its inception in April 2024, Build Capital has already facilitated transactions worth INR 100 crore, entering new segments like CIDCO plot developments. The firm plans to double its team and streamline capital deployment for real estate developers, leveraging its expertise to fill critical financing gaps in the sector.Read more

The Hubballi-Dharwad Municipal Corporation (HDMC) has launched the e-AASTHI Tax Mela to facilitate property registration and tax payment, aiming to achieve full implementation of the digital system. Inaugurated by District Minister Santosh Lad, the mela offers dedicated counters for online registration and document updates. With 100,000 of 330,000 properties already registered, HDMC aims to improve compliance and reach its INR 141 crore tax target by March 2025. The initiative provides on-the-spot assistance, enhancing public services and encouraging timely tax payments to support the region's financial health and governance.Read more