Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.Read more

Omkara ARC has secured a significant loan of Rs 784 crore from PNB Housing Finance through an all-cash deal facilitated by Joyous Housing Limited. This move aids PNB Housing Finance in addressing a substantial non-performing asset on its balance sheet. Joyous Housing, who defaulted on a secured construction finance of Rs 800 crore from PNB Housing, played a role in this transaction. The loan resolution was accomplished through the 'Swiss Challenge' method, marking a strategic step for both parties. PNB Housing Finance had recently raised capital through a successful rights issue involving key stakeholders like PNB, Carlyle, Ares SSG, and General Atlantic. The company has been working on improving its asset quality and reducing its stressed portfolio through various means.Read more

The majority of commercial banks align home loan rates with the RBI's repo rate, factoring in eligibility criteria such as age, income, and property value. Bank choice affects the interest rate, with a margin and risk premium added to the external benchmark rate as per RBI guidelines. The top 10 banks offering competitive home loan rates in August 2023 include HDFC, Indian Bank, and Punjab National Bank, ranging from 8.5% to 10.1%. Floating rates linked to market changes determine EMI fluctuations. Additional charges for loan processing, verification, inspection, legal opinion, and more may apply, varying by bank. Early loan repayment may incur penalties based on the source of funds.Read more

Star Housing Finance has secured a Rs 50 crore loan from State Bank of India (SBI), as per an official filing with the Bombay Stock Exchange. The company has also received loans from other institutions like Tata Capital Financial Services (Rs 6 crore), IDBI Bank (Rs 10 crore), and ICICI Bank (Rs 2.92 crore). Notably, shareholders have approved the reappointment of Ashish Jain as the chairman and managing director. Star Housing Finance's financial performance has been impressive, with Q1 FY24 witnessing a 99.51% YoY growth in total income to Rs 12.29 crore and a significant rise in net profit to Rs 1.55 crore. The company plans to raise funds through unsecured/secured redeemable NCDs or bonds for growth.Read more

Prominent real estate developer Vaishnavi Group has secured significant office space leases at Vaishnavi Silicon Terraces, strengthening its status as a preferred developer for occupiers in Bengaluru. Aon and Mensa have leased half of the premium office space, joining prestigious occupants like Navi Technologies and Smartworks. Spanning 1.10 million square feet in Koramangala, Bengaluru, the strategically located Silicon Terraces offer efficient space utilization, connectivity, and amenities. As India's office market thrives, Vaishnavi Group's 25 years of experience and commitment to quality real estate make it a trusted partner for companies expanding in Bengaluru's dynamic commercial landscape.Read more

The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.Read more

The Municipal Corporation of Manesar (MCM) has successfully amassed Rs 18 crore in property tax since April 1. A significant development is the issuance of 30,000 notices to defaulting property owners across Manesar, urging prompt settlement of their dues. A notable shift has been the MCM's decision to outsource bill distribution to a private firm, resulting in its highest tax collection to date. This approach has primarily targeted property owners seeking no-dues certificates. The accrued funds are designated for driving development projects within emerging sectors. Additionally, notices have been issued to 100 defaulters owing Rs 10 crore. Efforts are underway to ensure billing accuracy and facilitate corrections.Read more

Land prices between Nandankanan and Trisulia, where the proposed route will traverse, have increased dramatically as a result of the announcement of the Bhubaneswar Metro Rail project. Depending on the region, land values have increased by 25% to 50%, with prices rising from Rs 3,000 to Rs 5,000 per square foot. Even though the precise metro line has not been finalized, the news itself has affected pricing, especially for plots close to busy roadways. Developers are now considering marketing projects based on their metro accessibility, which is helping the local real estate market flourish as a result of the expectation of increased connection.Read more

The Income Tax Department's recent changes to the valuation of employer-provided houses will have a significant impact on employees' finances nationwide. Effective from September 1, the amendments by the Central Board of Direct Taxes (CBDT) alter how rent-free accommodations are valued for tax purposes. High-earning employees with employer-provided housing will likely see increased take-home pay and savings. The revisions adjust valuation percentages based on city population size using 2011 census data. Employees not part of the central or state government and residing in employer-owned unfurnished accommodations will see reduced valuations. The changes are likely to prompt discussions on income distribution and taxation strategies. Both employees and employers will need to navigate these adjustments to optimize their financial situations.Read more

The Securities and Exchange Board of India (SEBI) has introduced new regulations to elevate corporate governance standards in financial markets, particularly for Real Estate Investment Trusts (REITs). These rules empower REIT unitholders with special privileges, including the ability to nominate representatives to serve on boards. The concept of self-sponsored REITs has also been introduced. Unitholders holding at least 10% of total units can now nominate directors to investment manager boards, ensuring equitable representation and influence over decisions. SEBI's rules mandate minimum sponsor unitholding over time to align interests, and they allow the emergence of self-sponsored investment managers for REITs. These regulations signify SEBI's commitment to investor participation and sustainable growth.Read more