Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.Read more

Incuspaze pioneers workspace solutions, recently launched its sixth centre in Noida, Sector 126. Spanning over 65,000 sq. ft. at The Fortune One, the facility offers more than 1200 seats and premium amenities. Incuspaze has leased a total of 9.7 lakh sq. ft. of office space in Noida and Gurugram to meet the growing demand for flexible workspaces. With a presence in more than 14 cities and over 30 centres, Incuspaze aims to be the preferred workspace provider in talent-rich areas.Read more

Real estate startup OfficeBanao has secured undisclosed funding from angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. This investment will fuel the expansion of OfficeBanao, a workspace interior platform aiming to disrupt the market with its comprehensive services. The funding will be utilized to enhance their technology-driven platform, accelerate product development, and expand the workforce. This success highlights the growing interest in proptech in India, with significant investments being made in the sector. OfficeBanao is poised to shape the future of office spaces with its innovative approach.Read more

Musician Ben McKee's luxurious property in Las Vegas has been swiftly sold, reflecting the thriving real estate market in Las Vegas. The stunning residence, featuring contemporary design and lavish amenities, captivated buyers with its spacious interiors, state-of-the-art kitchen, multiple entertainment spaces, and a serene outdoor oasis. Its prime location in a sought-after neighbourhood, offering easy access to entertainment and attractions, added to its appeal. The transaction highlights the robust housing demand in Las Vegas, driven by a strong economy, favourable tax incentives, and the allure of celebrity-owned properties.Read more

Shriram Housing Finance has successfully raised $50 million through its maiden external commercial borrowing (ECB) to diversify its funding sources. The funds will be used to finance affordable housing projects. The three-year borrowing comes at an overall cost of around 8.4 percent, including the one-year hedging cost, aligning with the company's average borrowing cost. Shriram Housing Finance aims to raise an additional $150 million this year, taking advantage of the growing interest from global investors in India's affordable housing finance sector. The company also utilises other funding avenues such as bank loans, debt capital markets, and securitization.Read more

After a hiatus of two decades, the Tamil Nadu Registration Department has recently announced a significant surge in the registration fees and stamp duty for a range of 20 services offered by the department. The decision, implemented under section 78 of the Registration Act 1908, aims to modernize and streamline the fee structure to better reflect current economic conditions. This move is expected to have a considerable impact on various transactions, such as property registrations, lease agreements, and other legal documents.Read more

The NDMC has initiated a door-to-door survey to verify property tax records. Residents are required to provide information during the month-long survey. The assessment list for 2023–24 is based on tax returns filed the previous year. The NDMC invites residents to verify details and address objections. The survey, conducted every 4–5 years, captures changes in property sizes and structures. The NDMC collects property tax from over 16,000 taxpayers, with a total collection of Rs 932.5 crore in 2022–23. The NDMC strives for transparency and efficiency, ensuring residents actively participate in maintaining accurate property tax records.Read more

Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.Read more

Property owners in Nagpur showcased commendable tax compliance by collectively paying Rs 69.29 crore within three months of the financial year 2023–24. Approximately 47,757 property owners benefited from a 5 percent discount by paying taxes online. The target revenue for the year is set at Rs 300 crore. The city offers rebates of 10 percent and 5 percent on property taxes for early payments. Laxmi Nagar zone recorded the highest tax collection, while Satranjipura zone had the lowest turnout. Property owners who missed the previous rebate deadlines can still avail themselves of a 5 percent rebate by paying before December 31.Read more

Property developers in Gujarat are urging the state government to grant stamp duty exemptions for homeowners in redevelopment projects. Echoing a recent Bombay high court ruling, they argue that homeowners are not buying new homes, hence should not bear the burden of additional stamp duty. This move, they believe, could reenergize the stalled redevelopment sector by reducing financial pressures on existing homeowners, especially amid recent jantri rate hikes.Read more