In response to increased property taxes, revised electricity rates, and heightened water charges, the Greater Chennai Corporation has doubled company taxes and building permit fees, imposing these changes through a recently approved resolution. While residential buildings under 100 square meters remain unaffected, larger structures will see increased fees, with commercial buildings and industrial properties also subject to higher charges. Simultaneously, company taxes have tripled, with varying rates based on annual investments. Additionally, the cost of demolition permits has doubled. These changes aim to enhance revenue collection and transparency while ensuring fairness in property and company taxation in Chennai.Read more

The Chandigarh Municipal Corporation (MC) is set to initiate attachment proceedings against the top 2,000 property tax defaulters, including both commercial and residential entities. Many have failed to settle their dues within the stipulated timeframe. Section 138 of the Municipal Act empowers the MC to recover overdue taxes and associated recovery costs by attaching and selling the immovable properties of defaulters. A considerable sum, approximately Rs 150 crore, is pending in property tax dues, with Rs 8 crore attributed to residential properties. Despite offering incentives, the MC now faces no alternative but to resort to attachment proceedings due to persistent non-compliance.Read more

Standard Chartered Bank is seeking to sell loans totalling Rs 569 crore given to the troubled real estate developer, Radius Sumers Developers. Radius Sumers Developers is a joint venture, between Sanjay Chabaria promoted Radius Group and Sumer Buildcorp, for developing the 'Harbour Heights' luxury residential project in South Mumbai. Loan sales occur when the lender and the company are negotiating a deal. The bank has invited asset reconstruction companies (ARCs) to bid on the debt, setting a reserve price of Rs 230 crore. The developer has defaulted on loans, and the case is currently under consideration by the Mumbai National Company Law Tribunal (NCLT), with negotiations for a settlement ongoing.Read more

Mumbai, New Delhi, and Bengaluru have seen an uptick in annual prime residential property prices in Q3 2023, according to the 'Prime Global Cities Index Q3 2023' by Knight Frank. Mumbai surged by 6.5 percent, elevating it to the fourth position, compared to the 22nd rank in Q3 2022. New Delhi leaped from the 36th rank to secure the 10th spot with a 4.1 percent year-on-year growth, while Bengaluru moved from 27th to 17th with a 2.2 percent year-on-year rise. A 2.1 percent average growth was reported across 46 global markets in prime residential prices over the year ending September 2023.Read more

Approximately 26,000 residents of Palava township in Dombivali, the first integrated township project in Maharashtra, received significant relief as the state government decided to grant them a 66% property tax rebate just before Diwali. Previously, residents were burdened with double property taxes, paying both the township's Palava City Management Association (PCMA) and the Kalyan-Dombivli Municipal Corporation (KDMC). This adjustment aims to reduce property tax from Rs 6,000 to Rs 2,000 per flat per year for Palava township residents. The demand was based on a 2016 circular from the state’s Urban Development (UD) department which said that Integrated townships that provide common amenities and infrastructure are entitled to this rebate.Read more

The Municipal Corporation of Delhi (MCD) is introducing a compensatory regulatory charge to support civic infrastructure development across the city. This charge, previously applicable only in areas under the north corporation, will now apply citywide, including south and east Delhi. The fee is based on the prevailing circle rate in each colony and will be charged when seeking building plan approvals. The funds collected will contribute to the maintenance and development of civic infrastructure in MCD areas, including regularized colonies and village abadis. The decision comes in response to changing population densities and increased demand for infrastructure development.Read more

Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.Read more

WSB Real Estate Partners, formerly known as Walton Street BlackSoil, has revealed plans to launch a new fund within the next two months. Following the successful deployment of its Rs 700-crore second fund, the firm will target the burgeoning southern Indian growth markets, with a particular focus on Bengaluru, Hyderabad, and Chennai. Two-thirds of the fund's capital will be invested in these areas through structured debt in mid-income residential real estate projects. The company aims to partner with developers known for their execution and delivery track records.Read more

Vridhi Home Finance, a tech-enabled housing service provider, has secured Rs 150 crore in a Series A funding round led by Elevation Capital. The company, headquartered in Bengaluru, plans to use the funds for geographical expansion in North Karnataka and Andhra Pradesh, strengthening its technology infrastructure, hiring, and building a liability franchise. Vridhi received its NBFC-HFC license earlier this year and has opened twenty branches in Karnataka and Andhra Pradesh. The company aims to address the underpenetrated housing finance market in India and provide accessible housing solutions to semi-urban and rural areas, emphasizing financial inclusion and digital processes.Read more

Home First Finance Company has reported robust financial results for Q2 2023-24, showing a 36.91% increase in net consolidated profit and a 46.77% growth in total income compared to the previous year. The company's efficient financial management, expansion strategy, and responsible borrowing were highlighted in the results. With Assets under management (AUM) of Rs 8,365 crore and disbursements reaching Rs 959 crore, the company demonstrated its commitment to meeting housing finance needs. Home First Finance's strong performance reaffirms its position as a key player in the housing finance sector, capable of impacting individuals and families nationwide.Read more