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Members of CREDAI and CREDAI-MCHI recently approached the government with a request to remove GST on free-of-cost flats provided to current residents in redevelopment projects, particularly in the Mumbai region. They are of the opinion that the flats are given without any compensation and the construction costs are already included in the sale price, they should be exempt from GST to avoid double taxation. The association believes that revising the GST regulations will create a more favourable environment for redevelopment initiatives and help unlock the real estate potential in the Mumbai Metropolitan Region.Read more
Realtors in Vijayawada are voicing concerns over the state government's plan to increase land value, fearing a negative impact on the demand for properties. They argue that the current land value is already high compared to market prices, and any further increase would widen the gap between book value and intrinsic value. The real estate industry in Vijayawada has faced stagnation due to uncertainty surrounding the state capital's location. Industry experts warn that rising land costs may decrease demand for properties in certain areas. Realtor associations have urged the Chief Minister to reconsider the decision and support the real estate industry.Read more
Ben Affleck and Jennifer Lopez have successfully sealed the deal on a residence in Los Angeles for an approximate amount of $61 million. Situated within the confines of Wallingford Estates, Beverly Hills, the estate occupies a land mass of approximately 5 acres while offering a living area of 38,000 square feet. Compass's Ginger Glass was the listing agent for the property located in Beverly Hills, while the buyers were represented by Brett Lawyer at Carolwood Estates. The real estate was originally offered at a price tag of $135 million in 2018, but its value was eventually reduced to $74.995 million by March.Read more
Roche Information Solutions India has agreed to lease office space in the '45ICON' workplace project in Baner, Pune. The modern office space, developed by Raviraj Abhinandan Developers and Brookfield Properties, offers approximately 18,000 square metres of space. The establishment aims to accommodate over 1,000 personnel, with room for future expansion, and aligns with Roche's sustainability standards. The tower is already occupied by major tenants Tarana Wireless and Infobeans Cloudtech, in addition to Roche.Read more
Delhi-based property developer TARC Limited has announced its financial and operational progress for the quarter and fiscal year ending on March 31st, 2023. The company achieved its strongest sales performance to date, exceeding the set sales target and generating a remarkable sales value of Rs 520 crore. The TARC Tripundara project experienced a successful booking rate and higher prices, while the TARC Maceo project achieved a fully sold-out status with a significant price surge. The company has set a challenging sales target of Rs 1,500 crore for the upcoming fiscal year and aims to generate robust cash flows for business expansion and debt reduction.Read more
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NBCC (India) witnessed a significant increase in its net consolidated profit for the fourth quarter of fiscal year 2022–23. The company reported a profit after tax of Rs 113.63 crore, reflecting a 176.47 percent surge compared to the same quarter in the previous fiscal year. NBCC (India) also experienced growth in its net total income during this period. The company has proposed a final dividend pay-out and allocated funds for interest payment on customer refunds. Additionally, NBCC (India) is awaiting environmental clearance for its shared housing project in Kochi, Kerala.Read more
As the deadline for property tax payment in Chandigarh approaches, a substantial percentage of property owners, specifically 75,473 out of 1.42 lakh assesses, have not paid their dues for the current financial year. The Municipal Corporation has issued invoices and offered a rebate option until May 31, 2023. Failure to pay within the specified time will result in penalties and interest charges.Read more
The Bruhat Bengaluru Mahanagara Palike (BBMP) is considering a hike in property tax rates for the city of Bengaluru, which could impact over 25 lakh property owners. The Deputy Chief Minister and City Development Minister, DK Shivakumar, has examined the proposal and emphasized the need for alternative funding sources to support developmental projects. The BBMP aims to collect a total of Rs 4,790 crore in property taxes and cesses for the year 2023-24.Read more
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The CEO of PAG, Christopher Marcus Gradel, has acquired a century-old waterfront villa in Hong Kong's Pok Fu Lam district for HKD550 million (USD70.1 million). Villa Ellenbud, a Grade III historical structure, consists of two residences with stunning ocean views and a garden area. The property has the potential for redevelopment into two luxurious mansions with a combined floor space of 14,625 sq. ft. The purchase aligns with the ongoing luxury housing boom in Hong Kong, as the demand for high-value properties continues to rise.Read more
Omaxe has reported a net loss in Q4 FY 22-23. The company disclosed a net consolidated loss after tax of Rs 104.39 crore, compared to a loss of Rs 36.62 crore in the same quarter of the previous fiscal year. The directors have proposed a dividend for preference shares, and there have been changes in the board, including the appointment of an additional director and the resignation of the current chairman. The company has also made significant investments in subsidiaries. Despite these financial challenges, Omaxe remains committed to providing diverse real estate services, including townships, housing, commercial offices, shopping centres, and hotels.Read more
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