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The Shapoorji Pallonji Group (SP Group) is actively seeking a substantial fund infusion of around INR 20,000 crore, engaging with entities like Power Finance Corporation and global investment firms Davidson Kempner Capital Management and Cerberus Capital Management. This initiative, expected to launch within the next seven to ten days, aims to address impending debt repayments, leveraging SP Group's stake in Tata Sons. Sterling and Wilson, an SP Group subsidiary, are also exploring divesting stakes in its data center business, aiming to raise INR 700 crore by carving out the division into a separate entity. With negotiations underway and interest from various lenders, including state-run Power Finance Corporation, SP Group maneuvers to alleviate debt pressures and streamline its financial portfolio.`Read more
Lucknow plans to merge water and house taxes, simplifying payments with distinct identification numbers. Early house tax payments by March 31st offer a 15% discount, promoting timely contributions. The executive committee approved audits of sewer lines and procured stainless steel tankers for summer water supply. Infrastructure dedications, like renaming a flyover and railway station, honour the city's heritage. These decisions reflect Lucknow's commitment to efficient tax collection and community involvement.Read more
The Indian REITs Association (IRA), established under SEBI and the Ministry of Finance, is actively pursuing Reserve Bank of India (RBI) approval for bank borrowing, aiming to broaden funding avenues for growth. Aravind Maiya, CEO of Embassy Office Parks REIT and IRA chairman, revealed discussions with the RBI but awaits a response. Currently, REITs access capital markets via bonds and equities but lack direct bank borrowing, unlike Infrastructure Investment Trusts (InvITs). Maiya stresses the necessity of bank loans for REITs' asset-heavy nature, emphasizing a balanced funding mix. With assets exceeding INR 1.3 lakh crore, REITs eye RBI approval to diversify funding and propel sustained real estate investment growth in India.Read more
Signpost India Limited, a prominent media and advertising company, makes waves with two groundbreaking announcements. Firstly, it secures a prime commercial property near Mumbai Airport valued at INR 54 crore, bolstering its infrastructure and connectivity. Secondly, it merges with Pressman Advertising Ltd., expanding its service offerings to include advertising, digital marketing, and public relations solutions. Led by Chairman Shripad Ashtekar, the company aims to enhance operational capabilities and solidify its industry standing. With over 150 global awards and a vision for the future, Signpost India Limited pioneers creative and sustainable advertising solutions, shaping the media and advertising landscape in India and beyond.Read more
The auction of RINL (Vizag Steel Plant) land plots in the port city by the National Land Monetization Commission (NLMC) garnered keen interest from bidders, including NRIs. Held on March 14 and 15, the auction attracted 220 participants, resulting in the sale of 72 land plots or blocks totaling 29,270 square yards for INR 243 crore. While 63 plots and 9 blocks were sold, the remaining properties will be auctioned in Phase II. The plots, ranging from 129 to 5350 square yards, fetched prices between INR 70,200 and INR 85,800 per square yard, reflecting the demand for well-located properties in Visakhapatnam.Read more
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Mukesh Harilal Mehta faced a tax ordeal over his IT return for 2014-15, seeking a deduction under Section 54 for reinvesting long-term capital gains in property. Despite initial denial by the assessing officer due to a builder's error in flat allocation, the Income-tax Appellate Tribunal (ITAT) deemed Mehta eligible for exemption. Section 54 encourages property investment by offering tax breaks. The ITAT's ruling underscores fair consideration of taxpayers' claims amid external factors like builder mistakes. This landmark decision not only sets a precedent but also clarifies Section 54 deductions amidst builder errors, ensuring equitable treatment for taxpayers.Read more
WeWork India enters Chennai, leasing 1.3 lakh square feet in Olympia Cyberspace, set to open in June 2024. This reflects the rising demand for flexible workspaces nationwide. With 54 locations and over 90,000 desks across seven cities, including a strong presence in southern India, WeWork is strategically strengthening its footprint. Olympia Cyberspace's prime location meets Chennai's growing real estate demand. Partnering with Olympia Group, this venture blends modern architecture with Chennai's dynamic energy. Since 2017, WeWork India has led the flexible workspace trend, spanning 8 million square feet across 54 locations nationwide.Read more
YEIDA's recent e-auction of eight institutional plots on March 14, 2024, surpassed expectations, generating INR 37.12 crore, exceeding the initial bid value by INR 5.65 crore. The auction attracted bids for nursing homes, a corporate office, and a senior secondary school, totaling an estimated investment of INR 86 crore. This is anticipated to create job opportunities for approximately 600 individuals, contributing to regional growth. YEIDA's efficient e-auction process underscores its appeal as an investment hub, aligning with ongoing projects like Jewar Airport and Film City, promising a dynamic business landscape.Read more
Guwahati Municipal Corporation (GMC) Mayor Mrigen Sarania announced a 10% rebate on property taxes for those who pay within the first two months of the next fiscal year, aiming to boost timely payments and city development. This incentive, revealed during the inauguration of a new bus queue shelter in Dispur, Guwahati, applies to property owners settling taxes between April 1st and May 31st. Last year's similar initiative aimed to prompt residents to fulfill their obligations promptly. GMC recently issued over 50 warrants against tax defaulters, totaling over INR 2 crore, resulting in settlements and legal actions. Additionally, GMC is enhancing public transportation by installing 45 new bus queue shelters with amenities such as Wi-Fi and CCTV cameras, costing approximately Rs 3.15 crore.Read more
The Panvel Municipal Corporation has amassed INR 283 crore in property taxes this fiscal year, with a total of INR 569 crore collected till March 2nd week. With the fiscal year concluding in two weeks, further increments are anticipated. This achievement accompanies the corporation's record-breaking single-day collection of over INR 2.25 crore. Proactive measures, including issuing pre-seizure notices to property owners and establishing nine recovery units, underscore the corporation's dedication to effective governance and financial integrity.Read more
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