The real estate sector has solidified its role as a primary revenue source for India's states and UTs, contributing Rs 2 trillion in FY 2022-23, which is 5.4% of total state revenues. A NAREDCO-Knight Frank India report forecasts the sector's value to skyrocket to USD 5.8 trillion by 2047, up from USD 477 billion last year. This growth signifies real estate's expanding influence on India's economy and its potential in funding infrastructure projects.Read more

The Municipal Corporation of Delhi (MCD) has discovered nearly 10 lakh cases of individuals falling short in fulfilling their tax obligations over the past one or two years. In response, the MCD has initiated direct communication with these tax defaulters through messages, urging them to respond promptly. If they fail to do so within the designated timeframe, formal notices will be sent. The MCD aims to address tax evasion and strengthen the tax base with various initiatives, including geotagging non-residential properties and taking action against long-term defaulters. These measures align with the MCD's commitment to equitable taxation and holding defaulters accountable.Read more

India's Banking, Financial Services, and Insurance (BFSI) sector has seen a remarkable resurgence, with leasing activities doubling since 2020. By mid-2023, the sector's leasing share rebounded to 15% from pandemic lows. Mumbai remains a major player, but Bengaluru is quickly emerging as a key hub, outpacing Mumbai in BFSI leasing by mid-2023. This growth is attributed to the return to physical offices, an optimistic economic outlook, and the sector's digital transformation drive. The trend indicates a promising future for BFSI leasing in India.Read more

Commercial real estate developers leasing properties are grappling with blocked credit eligibility notices under sections 17(5) C and 17(5) D, even as the issue is debated in the Supreme Court. Developers can claim credit when selling buildings before obtaining occupancy certificates but face restrictions if leasing. This discrepancy impacts India's appeal as a prime location for MNCs seeking office spaces. Experts urge a re-evaluation of the GST regime for leasing, emphasizing the need for equitable tax treatment. The industry keenly awaits the court's decision, hoping for a favourable outcome.Read more

The Municipal Corporation of Gurgaon (MCG) has made significant strides in revenue generation, amassing Rs 150 crore in property tax since April 1 this year, achieving 30% of its annual target. The MCG has set an ambitious goal to reach Rs 500 crore in property tax revenue for the fiscal year 2023–24. In a recent review meeting, Commissioner PC Meena emphasized the need to accelerate property tax income and address complaints efficiently. The MCG also faces challenges with streetlight issues and road repairs. Meena sternly warned officials against unresolved complaints, pledging stringent action if necessary.Read more

Kochi Corporation is contemplating reclassifying property tax categories based on road width. The existing system, in place since 1995, categorizes properties as primary, secondary, or tertiary. Primary properties have access to roads over five metres wide, secondary properties to narrower roads, and tertiary properties to pathways or no access. The re-evaluation is prompted by the city's development and aims to increase revenue. Kochi Corporation seeks to generate more income through tax avenues and collect funds owed by the state government. The move is essential as the corporation currently relies on central and state government funds for projects.Read more

The Hubballi-Dharwad Municipal Corporation (HDMC) is cracking down on unregistered paying guest (PG) facilities operating without permissions and evading taxes. With the rise of educational institutions in the twin cities, PG accommodations have surged. Many operate without the necessary civic approvals. HDMC Commissioner Ishwar Ullagaddi has initiated a ward-wise survey to assess these facilities. The move aims to ensure tax compliance, adherence to civic norms, and boost HDMC's revenue. Non-compliant PGs will face strict action, emphasizing the importance of legal operations in the growing educational hubs.Read more

The registration department's 27 offices in the Pune swiftly processed over 90% of 13,500 pending leave-and-license applications in just four days, addressing citizens' concerns about delays. This efficiency followed a directive from the joint district registrar to reduce document pendency to 50 at each office, resulting in a significant reduction in backlogs. The issue of delays in online document registration, previously attributed to software glitches, has been largely resolved, bringing relief to citizens and highlighting the importance of streamlined administrative processes and technology in governance.Read more

Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.Read more

The Greater Noida Authority has introduced a One Time Settlement (OTS) scheme for multi-storey building allottees to clear outstanding dues. Over 2,200 homebuyers who haven't executed lease deeds stand to benefit, with potential collections of Rs 468 crore in dues and premiums. Applicants can apply for the scheme from September 5 to December 31, receiving discounts of 20-80% on penal interests based on flat size. Eligibility is for those who haven't benefited from similar schemes earlier, and applicants must pay a processing fee and 50% of dues by December 31. The property department aims to process applications within 15 days.Read more