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The Quelossim village panchayat has updated its house tax rates, which had not been changed for over 25 years. The revision was approved smoothly during the gram sabha gathering, and houses made of mud that have been in existence since 1996 will be charged Rs 100 annually. Houses constructed with cement, bricks, stones, or Mangalore tiles will be charged Rs 200 annually. Houses constructed with slabs made of reinforced cement concrete are obligated to bear a fee of Rs 5 for every square metre, and individuals requesting occupancy certificates will be required to remit a fee of Rs 8 for every square metre.Read more
The joint venture between the Allianz Group and the Shapoorji Pallonji Group has announced plans to sell Waverock, a large IT SEZ in Hyderabad, which is home to several major tech companies. The property was originally purchased in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. The property has attracted interest from institutional investors and has a capacity of up to 20,000 professionals.Read more
The ASK Property Fund, a real estate private equity division of the ASK Group, has successfully closed its sixth fund with over Rs 1,500 crore. The primary goal of the fund will be to invest in mid-income and affordable residential development projects in India's top five cities, including Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.Read more
Mindspace Business Parks REIT announced a net loss after tax of Rs. 339 million in Q4 FY23, compared to a profit of Rs. 1336 million in the same period the previous year. However, the net consolidated income increased by 19.9% to Rs. 5,723 million. The REIT approved a pay out of Rs. 4.81 per unit, totalling Rs. 2,852 million. The NOI increased by 9.2% YoY to Rs. 4,364 million in Q4 FY23 and in FY23 by 13.2% YoY to Rs. 17,101 million. The REIT obtained Rs. 5.5 billion through green bond issuance and raised a total of Rs. 15.4 billion through NCDs.Read more
The Panvel Municipal Corporation collected a significant amount of Rs 165 crore from property taxes during the financial year 2022-23. As a result, PMC has decided to offer property owners a 5 percent reduction in the current property tax bill until May 31, 2023. The local administration also promoted the use of digital payment methods for property tax and provided incentives to proprietors of solar energy and rainwater harvesting societies.Read more
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The Municipal Corporation of Delhi (MCD) has received consent from the Delhi government to increase the transfer fee on property sales by 1 percent for properties valued over Rs 25 lakh. This proposal has been endorsed by the special officer and municipal commissioner and forwarded to the Delhi government for approval. The increase in transfer fee is expected to generate revenue and enhance the financial status of MCD after the unification process. The registration fee in Delhi is also discussed as an important payment required for property registration.Read more
Brookfield Asset Management and Tata Group are in talks to invest in Nexus Malls ahead of its planned IPO. The Blackstone-owned real estate investment trust is valued at around $3 billion and aims to raise $390 million through the share sale. Nexus Malls owns 17 commercial assets across 13 Indian cities and has seen a significant reduction in losses in the fiscal year ending March 2022. The IPO is set to begin trading on May 19, with lead book-running managers including Axis Capital, IIFL Securities, and BofA Securities India.Read more
In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.Read more
The Municipal Corporation of Chandigarh (MCC) has launched a two-month rebate period for property tax payments, during which residential and commercial property owners can avail of discounts of up to 20% and 10%, respectively. The MCC has contracted the Indian postal service to disseminate property tax invoices and has established assistance counters to address the concerns of taxpayers. Failure to pay property taxes within the rebate period will result in additional charges and interest. The MCC is optimistic that many taxpayers will take advantage of the rebate period and pay their taxes in May, historically the month with the highest number of payments.Read more
The Piramal Group is seeking buyers for its portfolio of foreclosed real estate properties, which includes outstanding debts and unpaid security receipts. The portfolio is jointly owned by Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) and includes real estate projects located in Mumbai, Pune, Bengaluru, and Gurgaon. E&Y has been hired as a consultant to assist with the resolution of these assets, and the company plans to launch an auction by the first week of June.Read more
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