Ahmedabad's civic bodies, AUDA, AMC, and SRFDCL, are set to auction 21 plots before the Vibrant Gujarat Global Summit 2024, with expectations of raising Rs 3,000 crore in revenue. The most expensive plot, owned by SRFDCL, is valued at Rs 3.68 lakh per sq m. The 21 plots include 8 plots by AMC, AUDA's 11 plots, and SRFDCL's 2 plots. Despite challenges in previous auctions, interest from real estate firms is prominent. The Vibrant Gujarat Global Summit, established in 2003, remains a prestigious forum for business networking and sustainable development, with the 2024 edition focusing on key themes and national priorities.Read more

The Karnataka High Court, in response to M/s BM Habitat's petition, has ruled that property tax on a building is only applicable post-completion, emphasizing the importance of the occupancy certificate. Despite the corporation's insistence on an earlier start date, the court recognized delays in property inspection and certificate issuance. The directive mandates property tax collection from a date that aligns with the certificate's issuance, promoting fair tax application based on actual utilization rather than theoretical completion dates. This interpretation ensures a practical approach to property tax and safeguards against undue taxation during the construction phase.Read more

India's flexible office space market is projected to surge by 60% to over Rs 14,000 crore in the current fiscal year, driven by rising per-desk rents and portfolio expansion, reveals a report by Upflex India. The co-working market's estimated annual size, in terms of rental income, is set to reach Rs 14,227 crore, compared to Rs 8,903 crore in the previous year. The flexible workspace operators' total portfolio has expanded from 10.4 lakh to 12.66 lakh, with an increase in the average price per seat per month from Rs 9,200 to Rs 10,400 and occupancy rising to 90% from 75%.Read more

The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.Read more

The municipal administration in Pune will reissue nearly two lakh property tax bills without a 40% discount as occupants failed to submit mandatory self-occupancy certificates. Ajit Deshmukh, head of the property tax department, stated the need for occupants to complete necessary procedures within the extended deadline. The process to finalize new bill amounts for properties deemed 'not self-occupied' is underway, with PMC expecting around Rs 50 crore in revenue. Some citizens advocate for a streamlined process to verify self-occupied properties. A citizen highlighted the reluctance of individuals due to stringent conditions, leaving over two lakh property owners outside the scheme benefits.Read more

In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.Read more

The recent e-auction by the Jawaharlal Nehru Port Authority (JNPA) secured an impressive Rs 426 crore for leasing 14 plots, totalling 42 hectares, in the JNPA Special Economic Zone (SEZ). Notable industries like Welspun One and Fine Organics secured plots, marking a significant milestone in the region's socio-economic development. The JNPA SEZ, part of the Sagarmala national flagship policy, aims to enhance exports, attract investments, and generate employment. With a transparent leasing process, 31 units have been allotted SEZ plots, covering 59 hectares, fostering industrial development with strategic connectivity through water, road, rail, and air.Read more

The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.Read more

The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.Read more

The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.Read more