In the wake of implementing new tax regulations, a city with around 4.8 lakh property taxpayers received just one complaint during the objection period. This singular complaint, submitted via email, expressed general concerns about increased tax rates. The revised tax structures primarily affect larger residential properties, commercial establishments, shopping complexes, and other entities. The state government mandated a five percent annual property tax increase for five years, along with adjustments based on revised foundational tax rates. Notably, government office buildings witnessed a significant reduction in basic tax rates, while commercial real estate faced varying adjustments. This comprehensive revision marks an increase in the city's annual property tax demand.Read more

Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.Read more

WSB, a significant player in India's real estate investment sector, has exceeded its initial target by raising over Rs 850 crore through Fund Plus co-invest, reflecting strong investor confidence. The company's strategy focuses on partnering with reputable developers to contribute to India's real estate growth. The WSBREDF II fund has deployed most of its capital across 12 transactions, achieving two exits with a 23 percent gross IRR. Distinguished developer partners include Bollineni Group, Shapoorji Pallonji, and Jain Housing. The fund has attracted diverse investors, underscoring its appeal in the Indian residential real estate market by aiming to provide quality housing solutions and attractive returns.Read more

SHFL, a subsidiary of Sundaram Finance, plans to venture into the affordable housing sector, targeting Tier 2 and Tier 3 towns in Tamil Nadu and Andhra Pradesh. This decision is in accordance with the government's "housing for all" initiative. The company intends to open around 10 branches in smaller towns and hire 50–75 employees exclusively for affordable housing by March 2024. With assets under management of Rs 11,200 crore and a net profit of Rs 215 crore in the last fiscal year, SHFL aims to contribute to housing accessibility while expanding its customer base.Read more

Banks in India have approached the RBI with a proposal to include stamp duty and registration charges in the project cost when calculating home loans, potentially allowing borrowers to access larger loans. Currently, these charges are not included in the home loan amount. If approved, this could raise loan amounts for homebuyers, particularly in projects where such charges are significant. The RBI had previously directed lenders not to include these charges in the total property value to uphold the effectiveness of loan-to-value norms. This move aims to encourage affordable housing for borrowers.Read more

A prime 13.59-acre land parcel adjacent to Visakhapatnam's RK Beach area, previously earmarked for the UAE-based LuLu Group, is set to hit the auction block. Recently transferred to the Visakhapatnam Metropolitan Region Development Authority (VMRDA), the urban development body is preparing to initiate the sale proceedings, with an expected revenue in the hundreds of crores. Originally designated for a multi-billion rupee project by LuLu Group, the land was reclaimed by the YSRCP government in 2019. With a reserve price of around ?1,452 crore, the auction is poised to attract attention due to its strategic location and road access.Read more

The National Consumer Disputes Redressal Commission (NCDRC) has ordered ICICI Bank to pay Rs 25 lakh in compensation for losing a customer's original property documents deposited as collateral for a housing loan. The bank's negligence in safeguarding these documents, which were lost in transit, led to the ruling, with the NCDRC rejecting the bank's attempt to shift responsibility to a courier company. The decision highlights the importance of responsible document management by financial institutions and underscores the consequences of service lapses.Read more

Chandigarh's municipal corporation has resolved a long-standing property tax dispute by transferring the responsibility for tax payments from shopkeepers to PU. The municipal body has recalculated the tax liability at Rs 25.22 crore, now exclusively designated for PU to settle. Previously, recovery notices were issued to shopkeepers, but they contended that they were tenants, not owners. This matter was discussed within the MC's general house, leading to the unequivocal decision that PU, as the lessee of the shops, bears the sole responsibility for property tax payment. The prolonged dispute between PU and MC has endured for months.Read more

Mindspace Business Parks REIT, known as Mindspace REIT, has strategically acquired 2,41,694 square feet of leasable space in Chennai's Commerzone Porur, consolidating its ownership of the project and expanding its presence in the Chennai market. This acquisition, valued at Rs 181.60 crore, was accomplished through debt financing with no service fees. The property boasts contemporary architecture and serves as an attractive commercial space. Mindspace REIT now commands 100% ownership of this venture, enhancing its leasing potential and adding value to its extensive portfolio, which spans multiple business hubs in India.Read more

Medi Assist Healthcare Services, a key player in India's healthcare sector, has initiated its IPO journey by submitting its draft red herring prospectus to SEBI. In an unconventional move, the IPO will exclusively consist of an offer-for-sale, with existing shareholders and promoters offering up to 2.80 crore equity shares. This unique structure means the company itself won't receive proceeds from the IPO. Medi Assist is a significant healthcare benefits administrator, boasting substantial market shares in both retail and group health insurance. The IPO will involve various investor categories, signalling an exciting phase in the company's evolution.Read more