The Central Board of Indirect Taxes and Customs (CBIC) has clarified that rent, including electricity charges, collected by real estate companies, malls, airport operators, and others from occupants will attract GST, except when they act as agents of state electricity boards. In a circular, the CBIC stated that when electricity is supplied bundled with renting of immovable property or maintenance, it forms a composite supply. In such cases, the rate of GST applicable to the principal supply (renting or maintenance) will be levied on the entire supply, including electricity. If these entities charge for electricity at actual rates, they are deemed pure agents, excluding electricity charges from the value of supply. Some experts raised questions regarding this clarification, particularly in cases where electricity supply is exempt from GST.Read more

Mindspace Business Park REIT, supported by K Raheja Corp, is expanding with an 800,000 sq. ft. mixed-use project in Airoli, featuring commercial office spaces and a luxury hotel in collaboration with Chalet Hotels. Mindspace REIT also reported a 17.7% increase in net operating income and a 72.2% growth in consolidated profit for the quarter ending on September 30, 2023. Mindspace's total leasing portfolio amounts to 32.3 million sq.ft., including 26.1 million sq.ft. of completed area, 2.9 million sq.ft. under construction, and 3.3 million sq.ft. of future development. Their strong leasing activity and robust financial position underscore their status as a leading player in India's office space market, ready to meet the evolving needs of businesses.Read more

Delhi-NCR is the sixth most expensive office space rental market in Asia Pacific (APAC) for Q3 2023, with Hong Kong SAR topping the list. Strong demand from Global Capability Centres (GCC) has offset slower demand from flexible workspace providers. Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru are steady and expected to remain so for the next year. Region-wide rental rates show quarter-on-quarter stability, with rental growth in developed markets counterbalancing declines in Chinese mainland markets. Delhi-NCR's prime office rent is Rs 340 per sq. ft per month, securing the sixth position in the APAC, while Mumbai ranks ninth at Rs 302 per sq. ft per month.Read more

percent discount, reinstated this year after being revoked in 2019, requires residents to prove eligibility by November 15. Keskar is requesting an extension until December 20 due to the festival season. The discount was introduced in 1970 to assist residents in maintaining properties damaged during the 1961 Mutha River flood. Activists and residents support the extension, relieving the burden during the festive season. The PMC originally withdrew the discount after objections from the state audit department.Read more

Sundaram Home Finance has demonstrated strong financial performance in the second quarter with an 18% increase in its net profit, at Rs 59.33 crore, for the second quarter. This success is attributed to its strategic expansion in Tier II and III towns and a customer-centric approach. With a significant increase in disbursements, the company has strengthened its lending portfolio and ventured into the affordable housing segment. Its focus on smaller towns aligns with India's urbanisation trend. The company's commitment to fulfilling housing aspirations not only reflects market demand but also contributes to the government's 'Housing for All' initiative, positioning Sundaram Home Finance as a key player in the housing finance sector.Read more

Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.Read more

The Indian real estate sector saw a substantial boost in institutional investments, reaching $679.9 million in the third quarter of 2023, marking 82 percent growth compared to the same period last year. Residential assets dominated the investments, accounting for $298.3 million, a 71 percent increase year-on-year. Domestic investors led the way with 71 percent of the institutional investments, while foreign investors' share dropped from 55 percent in Q3 2022 to 27 percent in Q3 2023. Commercial assets' share decreased from 40 percent to 24 percent. Despite a slowdown attributed to foreign investors' limited interest, prospects for increased office space investments are expected as companies recall employees to offices.Read more

The Nashik Municipal Corporation (NMC) has issued notices to a staggering 2.4 lakh property tax defaulters with accumulated dues of almost Rs 470 crore. These defaulters have been given a 15-day ultimatum to clear their outstanding dues, failing which, the NMC will proceed to issue warrants. With a property tax collection target of Rs 210 crore for the current fiscal year, the NMC is cracking down on non-compliance. Panchavati division has the highest number of defaulters, with 59,961 individuals and businesses owing a total of Rs 124.11 crore. The NMC aims to secure government grants by meeting its collection target.Read more

" The Pune Metropolitan Region Development Authority (PMRDA) has proposed changes in development charges associated with the third Metro line, aiming to fund urban transport projects. These changes include a 100% increase in development charges for areas near the Metro, while interior areas may see a 75% or 50% increase based on their growth potential. The PMRDA is implementing the third Metro line, and the proposal is under consideration. However, there are concerns about the need for region-specific charges and potential amendments to the Maharashtra Regional Town Planning Act. Balancing infrastructure funding and affordability for homebuyers is crucial as the proposal progresses."Read more

Embassy Office Parks REIT reported notable achievements in Q2 FY2024, leasing 2 million square feet of office space across 25 deals, resulting in a 4 percent revenue growth to Rs 889 crore. The diverse nature of these deals, with 1.2 million square feet from new leases and seven large deals over 1 lakh square feet, highlights the REIT's strong market position. Bengaluru and Mumbai drove 90 percent of leasing activity, while Embassy 247 in Mumbai achieved full occupancy. Infrastructure development included a 1 million square feet office tower in Bengaluru. The hospitality segment thrived with a 52 percent occupancy rate, 24 percent ADR growth, and an EBITDA of Rs 37 crores. The leasing pipeline for the full year is promising, leading to a revised FY2024 leasing guidance of 6.5 million square feet.Read more