SEBI (Securities and Exchange Board of India) has proposed measures to enhance transparency and fairness in the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) sector. The proposals include limiting the number of subordinate units issued by REITs and InvITs, ensuring uniformity in the rights granted to these units, and imposing a ceiling on the extent of subordinate units that can be issued. SEBI aims to foster a more balanced and standardized market environment by introducing these measures. The regulator has invited insights and feedback from market participants and stakeholders on these proposals until January 31.Read more

The Haryana sports department in Panchkula showcased proactive measures, clearing dues of Rs 2.2 crore to secure key sports facilities and capitalise on property tax rebates. Mayor Kulbhushan Goyal hailed a record-breaking property tax collection of Rs 17.05 crore, attributing success to a well-executed campaign. Despite outstanding dues, the MC emphasised resident participation, extending operational hours and urging timely tax payments for ongoing city development. Initiatives targeting defaulters reflect an ongoing commitment to streamline tax collection, ensuring sustained city growth.Read more

Maruti Suzuki and Tata Group are set to make significant investments in Gujarat, boosting the region's stature in business and technology. These announcements were made at the Vibrant Gujarat Global Summit. Maruti Suzuki is planning to double its output by 2031, investing Rs 38,200 crore to establish a new plant for 1 million units annually, with an additional Rs 3,200 crore for electric vehicle production. Tata Group plans for a semiconductor plant and a 20-gigawatt lithium-ion battery factory. These ventures are expected to create jobs and stimulate the economy, solidifying Gujarat as a hub for innovation and reinforcing India's global leadership in automotive and electronics.Read more

Dilip Bhikhalal Desai, Chairman of DHC Advisory LLP, bought a luxurious sea-view duplex in Peninsula Bishopsgate, Breach Candy for a whopping Rs 85 crore. He chose the 10th and 11th floor of the tower. This 5,874 sq ft home sets a new standard with rates at nearly Rs 1.45 lakh per sq ft. The deal includes five parking slots, with stamp duty alone at Rs 5.10 crore. The Peninsula Bishopsgate project is a luxury project that adds to the prominence of Breach Candy. This deal shows soaring demand for premium real estate in Mumbai.Read more

In a six-day Income Tax (I-T) raid on six real estate companies in Delhi-NCR, officials uncovered cash transactions exceeding Rs 600 crore, allegedly conducted to evade taxes. The companies are accused of selling units in residential and commercial projects in cash. I-T teams seized cash and jewelry worth over Rs 16 crore during the operations. Authorities are examining company documents and financial transactions to trace the money trail, with ongoing investigations aiming to reveal deeper irregularities and undisclosed financial dealings.Read more

Private equity (PE) investments in Indian real estate faced a 26% decline to USD 2.65 billion in the first nine months of fiscal year 2023-24, reveals ANAROCK Capital’s FLUX report. This dip is attributed to a lack of activity from both foreign and domestic investors due to global uncertainties and a high-interest rate environment. The report emphasizes the durability of the commercial office space, a rise in luxury and premium residential project interest, and the warehousing sector's consistent performance. Despite challenges, the residential real estate sector maintained a high performance, with notable demographic shifts and increased demand for spacious living.Read more

The CREDAI and Liases Foras report unveiled at the New India Summit predicts that India's housing demand will surge to 93 million units by 2036. Fueled by population growth, robust macro-economic indicators and government initiatives like Smart Cities, Tier II and III cities will drive both demand and supply. In 2023, over 19,050 RERA registrations occurred, with 45% in the residential sector. Housing inventory stands at 10,42,195 units, decreasing 3% QoQ but rising 2% YoY. Tier II cities, experiencing high demand, show a 20-month inventory value. The report notes a 6% CAGR in apartment prices, with NCR leading at 22%.Read more

The Gujarat government anticipates a substantial increase in stamp duty and registration fee revenue, exceeding the fiscal year 2023-24 budget estimates by over Rs 1,000 crore. This increase is attributed to the implementation of a revised jantri (annual statement of rates) and the digitisation of property registration processes. The government, having earned Rs 11,702.19 crore in the first nine months, expects collections to exceed Rs 15,000 crore by the end of the fiscal year. The jantri revision, doubling rates after 12 years, and simplified online services from sub-registrar offices contribute to this positive outlook for increased revenue.Read more

Investcorp, a Bahrain-based investment firm, aims to revolutionize India's warehousing industry with an upcoming India-focused fund. Gaurav Sharma, head of India Investments, highlights plans to boost investments through partnerships with developers, mirroring their success with NDR Warehousing. With Rs 1,000 crores already invested, an additional $100 million investment has been planned to double its warehousing allocation in 12-18 months. Beyond warehousing, Investcorp is eyeing the residential segment and educational infrastructure to expand its influence in these sectors. The firm's strategic expansion into warehousing signals a transformative shift in India's logistical infrastructure.Read more

Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.Read more