Piramal Capital & Housing Finance plans to sell a distressed loan portfolio worth Rs 2,437 crore to JM Financial ARC for Rs 1,669 crore, recovering 68 percent of its original value. The Swiss auction, employing a competitive bidding process, concluded with JM Financial ARC as the anchor bidder. This follows Piramal's recent divestment of the Rs 3,656 crore loan pool to Omkara ARC. The parent company, Piramal Enterprises, reported a loss of Rs 196 crore in Q1 2023, contrasting with a profit of Rs 151 crore a year ago. These strategic moves exemplify Piramal's commitment to optimizing its loan portfolio and navigating the financial landscape.Read more

The SCB has achieved remarkable success with the introduction of the innovative eChhawani portal for property tax payments. By the initial deadline, they had received Rs 10 crore out of the total of Rs 38 crore in property tax. The deadline has been extended to July 15 to accommodate families burdened by school fees. The SCB plans to take action against wilful defaulters owing Rs 5 crore. The eChhawani portal has facilitated seamless online payments, eliminating excuses for delay. The SCB has assessed over 30,000 properties and aims to add 12,000 more. This marks a visionary step towards efficient tax collection and urban development.Read more

The Chandigarh Municipal Corporation is taking action against property tax defaulters by issuing recovery notices. Around 30,000 residential property taxpayers have failed to make their payments on time, resulting in notices being sent to 3,500 defaulters. The MC aims to intensify its efforts in the coming days. In total, there are 1.42 lakh property tax assessees in Chandigarh, with 1.12 lakh being residential properties. Those who did not pay by the deadline now face penalties and interest. The MC has added 6,000 new assessees this year and utilized the Indian Post Office for property tax bill delivery.Read more

Flipkart's Senior Vice President, Amitesh Kumar Jha, has purchased a luxury villa in the prestigious Adarsh Palm Retreat in Bangalore for a whopping Rs 15.5 crore. The transaction for the property, which spans a super built-up area of 4245 sq. ft., was concluded in May. This acquisition comes amid the rising demand for high-end real estate, fuelled by a growing population of high-net-worth individuals and increased urbanisation, suggesting a bright future for India's luxury real estate market.Read more

Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.Read more

The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.Read more

Despite opposition from councillors, the Shimla Municipal Corporation approved a four percent increase in property tax during its recent monthly meeting at Bachat Bhawan. The proposal to raise taxes based on a new formula faced resistance, while concerns were raised about Rs 40-crore grant. A similar tax system is recommended nationwide to mitigate potential grant cuts. Taxes will increase annually based on the state's five-year GDP average, with a four percent rise this time. The Municipal Corporation will issue two tax bills annually for the first time, impacting over 30,000 building owners and generating around Rs 1 crore additional revenue.Read more

The UP cabinet has approved a proposal to levy a 'metro and RRTS cess' on developers in cities where these services are being developed, initially in Ghaziabad and Meerut. The cess will be implemented within a 1.5-kilometer radius of the metro or RapidX corridor. The decision aims to generate revenue for the cash-strapped Ghaziabad Development Authority. Developers' associations are awaiting the official notification before deciding on their response. The cabinet's approval signifies a policy decision that may extend to other districts as well. Legal challenges to the decision remain uncertain pending the notification.Read more

Conscient Infrastructure has acquired 6.6-acre land in Gurugram for approximately Rs 85 crore to develop a housing project, leveraging the bullish market. Real estate consultancy Cushman & Wakefield facilitated the deal. The land parcel has a development potential of over one million square feet. With this strategic move, Conscient Infrastructure capitalizes on the demand surge for residential properties, solidifying its position as a leading developer in Gurugram. The company's partnership with Hines to establish the 'Elevate Homes' platform further demonstrates its commitment to shaping the future of real estate in Delhi-NCR.Read more

Residential housing loans have surged from 8.6 percent in March 2012 to 14.2 percent in March 2023, as per the Reserve Bank's Financial Stability Report, indicating a significant increase over the past eleven years. The housing sector is thriving, with sales witnessing a remarkable 21.6 percent increase in the fourth quarter of 2022–23. This strong growth reflects the high demand for new launches, showcasing a positive market outlook. The low NPA rate in the home loan segment can be attributed to Indians' inclination to repay loans promptly and the regulatory framework established by the RBI.Read more