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The Municipal Corporation Gurugram (MCG) in Haryana currently leads all municipal corporations in the state with outstanding stamp duty totalling Rs 245.2 crore. Sonipat Municipal Corporation follows closely behind with Rs 78.4 crore pending, while the Panchkula Civic Body has Rs 50.3 crore outstanding. The municipalities of Manesar and Faridabad also face the task of reclaiming Rs 43.8 crore and Rs 31.2 crore, respectively. These unpaid dues for fiscal years 2021–22 and 2022–23 highlight the substantial stamp duty arrear of Rs 644.1 crore across the state. The Department of Urban Local Bodies has directed municipalities to expedite recovery efforts and conduct fresh evaluations to address the issue promptly. Stamp duty serves as a vital income source for municipalities, enabling them to undertake development projects.Read more
The government's proposed revisions to Bhopal's draft master plan have triggered a rush to finalize ongoing development projects within the state capital. While some experts believe the changes could benefit builders and buyers, developers argue that Bhopal's unique characteristics make a change in base FAR impractical. The existing master plan from 2005 will remain in effect until the proposed amendments are incorporated.Read more
A total of 15,273 small flat allottees in Chandigarh are under scrutiny for defaulting on their dues, accruing a massive Rs 50 crore in debt to the Chandigarh Housing Board (CHB). In a stringent notice, CHB has demanded the settlement of these dues within ten days, or the allottees face potential eviction. Additionally, a crackdown on unauthorized occupations has seen the rescindment of 68 small flat allotments. CHB is intensifying its efforts to protect the rights of lawful flat holders and recover the outstanding payments swiftly.Read more
Uttar Pradesh has introduced a regulation to impose stamp duty, according to circle rates, on the registration of power of attorney for non-relative property sales. This follows a spate of stamp duty evasions where builders exploited legal loopholes to avoid tax on land acquisitions. The new rule ensures that, regardless of who holds the power of attorney, if a property is sold, stamp duty corresponding to the land's circle rate will apply. The measure is expected to safeguard farmers, deter tax evasion, and plug government revenue leaks.Read more
L&T Finance received 10 expressions of interest (EoI) for distressed developer loans worth Rs 3,022 crore. Stakeholders include Phoenix ARC, ACRE, Arcil, Omkara, and Edelweiss ARC. Nirmal Lifestyle Developers holds the largest loan at Rs 790 crore. The deadline for firm offers is June 18. L&T Finance adopted a 15:85 structure and invited EoIs from asset-rebuilding firms. The company aims to reduce its wholesale portfolio and focus on retail lending. Retail loans make up 75 percent of its total loan book.Read more
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Jaypee Group's main company, Jaiprakash Associates Ltd. (JAL), had defaulted on loans worth Rs 3,961 crore, which included the principal and interest amounts. JAL informed that the company defaulted on repayments on May 31 of a principal amount of Rs 1,600 crore and interest of Rs 2,361 crore. JAL has been taking tangible steps to reduce its borrowings and is set to divest its cement business and transfer its real estate to a Special Purpose Vehicle (SPV). However, ICICI Bank and SBI have both moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore and Rs 29,429 crore, respectively.Read more
Transindia Real Estate Limited has disclosed its intention to sell off some of its business operations and its subsidiary to investment funds managed or advised by Blackstone, a leading international investment company. The divestment pertains to the disposal of a logistics park located in Jhajjar as well as a 10 percent equity stake that is currently owned in several other parks. This deal will generate substantial cash profits and support the expansion goals of Transindia Real Estate Limited.Read more
The real estate industry in Ahmedabad is facing confusion over the utilization of transferable development rights (TDR) due to revised jantri rates. Projects are stalled at the plan passing stage as the Ahmedabad Municipal Corporation seeks clarification on calculating jantri rates for TDR after April 15. Developers are unsure if they can use TDR at old rates for projects launched after that date. The uncertainty has caused delays and clearance issues. Prompt clarification is necessary to resolve the situation and ensure smooth functioning of the real estate market in Ahmedabad.Read more
The real estate market in Gujarat has experienced a surge in housing finance loans and new home loan disbursements during the fiscal year 2023. The amount of approved housing finance loans increased by 60% compared to the previous year, with a notable rise in the number of individuals receiving new home loan payments. This growth in the real estate sector is attributed to customers' desire to improve their living spaces and the positive outlook within the industry. Ahmedabad, in particular, has seen an increase in property prices and demand due to migration, post-pandemic aspirations for new homes, and the influx of young professionals.Read more
Property owners in the Pune Municipal Corporation (PMC) are facing confusion and frustration over their property tax bills, which have been delayed and contain discrepancies. The Maharashtra government's decision to reinstate a 40% tax deduction for self-occupied homes has led to issues with software updates and re-issued bills. PMC officials have acknowledged the problem and plan to provide clearer explanations on future bills. However, residents are expressing dissatisfaction with the lack of guidance and the burden of resolving the errors.Read more
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