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Gurugram's Advance India Projects Ltd. (AIPL) has leased 5 lakh sq. ft of office space in its AIPL Business Club. Located on Golf Course Extension Road, the complex offers 6,75,000 sq. ft of leasable area with retail outlets and a food court. Key tenants include Kuehne+Nagel, Lummus Technology, and British Airways. With an investment of Rs 320 crore, AIPL expects an annual rental income of Rs 50 crore. AIPL's portfolio spans premium offices, retail spaces, and residential townships in Delhi-NCR and Punjab.Read more
The MCG's audit revealed significant delays in processing property ID applications, taking one to two years instead of the mandated ten days. In Zone 1, 569 IDs were created out of 1,219 applications, while in Zone 4, 1,266 IDs were created out of 1,859 applications. Processing times ranged from 11 days to over two years. The report highlighted undisclosed reasons for delays and a lack of communication with rejected applicants. Measures were taken to improve service delivery. Additionally, 50,415 temporary IDs were generated, with a tax assessment of Rs 14.9 crore, of which Rs 11.3 crore was received by the ULB department.Read more
The UP-Housing Board raised it’s circle rates for Vasundhara and Siddharth Vihar townships near the RapidX corridor. Effective April 1, the revision increases stamp duty and property prices. Flats and plots in Siddharth Vihar witness an Rs 850 per square metre hike, while Vasundhara's rates vary by sector. Low-income properties remain unaffected. The board justifies the move due to market sentiment and demand. However, realtors criticize the hike, citing already increased home loan rates as a burden on buyers.Read more
Hyderabad's residential property market thrived in May 2023, with 5,877 registrations, a 31 percent increase from the previous month. The total value of registered properties also rose by 31 percent to INR 2,994 crore. The market saw demand for properties between 1,000 and 2,000 sq. ft, with the Medchal-Malkajgiri district leading in sales. Prices showed a YoY increase of 3 percent, with Hyderabad experiencing the highest surge at 8 percent. Buyers showed interest in larger, high-value homes with better amenities. The market remains strong, driven by the RBI's decision to hold interest rates and buyers' preferences for spacious properties.Read more
Shriram Properties has announced a target of 25 percent sales growth for this fiscal after recording a record-breaking Rs 1,846 crore in sales bookings. Robust housing demand across price categories fuelled the impressive performance. Sales volume reached 4.02 million sq. ft, a new high, with an 8 percent annual sales realization growth. The company plans to launch multiple housing projects to meet rising demand. Net profit surged nearly fourfold to Rs 68.2 crore, and total income grew to Rs 813.92 crore. Shriram Properties, operating mainly in Bengaluru, Chennai, and Kolkata, has delivered 36 projects and has 26 ongoing projects.Read more
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The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.Read more
EY Global Delivery Services India has renewed its lease for 420,000 square feet of office space in Bengaluru's Coral building, signifying confidence in the real estate market. The lease spans 60 months, with a rental escalation of 13.5 percent after the initial 12 months. The strategic choice of the Bagmane World Technology Centre Campus reflects the significance of location and infrastructure for EY's operations. This lease renewal adds to the positive momentum in the office space market, following similar moves by prominent companies like Amazon, Google, JP Morgan, and Deloitte.Read more
Residents of the Patna Municipal Corporation (PMC) area now have the convenience of filing their property and municipal taxes from 7 a.m. to 7 p.m. throughout the week. Alongside the newly launched 7-to-7 tax collection counter, taxpayers can also opt for online filing through the PMC website. This initiative aims to alleviate taxpayer burdens by minimizing queues and ensuring accessibility. To further enhance convenience, executive officials have been directed to provide additional computer operators and systems at tax counters in their respective circle offices.Read more
In Koregaon Park NX, Pune, Zeassetz, a Zolostays subsidiary, has unveiled "Codename - KP ANNEXE," a completely furnished and managed residential property. The property is priced starting at 35L all-inclusive and offers contemporary studios and 1BHK units with guaranteed yearly rentals of 1.56L. Additionally, Zeassetz is providing investors with exclusive early-bird discounts on pre-leased real estate investments through an innovative Expression of Interest (EOI) program. Through investments in pre-leased residential buildings, the company seeks to offer investors a reliable passive income stream with higher yields and fewer risks.Read more
Phoenix Mills, a retail-led mixed development company, is planning a major expansion in the current fiscal year. With an investment of over Rs 2,000 crore, the company aims to strengthen its presence in key cities like Pune, Bengaluru, Kolkata, and Surat. In the previous fiscal year, they had already invested more than Rs 1,400 crore in various development projects. As part of their expansion strategy, they are set to open two new destination malls in Pune and Bengaluru, adding a combined leasable space of 2.4 million square feet. This move will establish The Phoenix Mills as the largest mall developer and operator in the country, with a total of approximately 11 million square feet of operational retail space.Read more
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