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CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.Read more
The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.Read more
Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.Read more
The Mayor of GMC, Mrigen Sarania, claimed that the corporation's property tax collection has significantly increased by approximately Rs 40 crore, citing their rigorous policy implementation as the reason. GMC has experienced a substantial increase of 53% in property tax, 9% in trade licensing, and 40% in funds generated from its multiple branches, demonstrating notable growth in revenue collection efforts. The Guwahati Municipal Corporation (GMC) has declared an offer of a 10 percent discount on property tax payments made before May 30.Read more
The Ahmedabad Urban Development Authority (AUDA) has decided to auction 18 plots in different regions of the city for residential and commercial use at a base price of Rs 1,238.35 crore, with the most expensive plot in Vejalpur's TP Scheme 6 priced at Rs 2.84 lakh per sq. m. AUDA's land pricing committee met twice, once on March 9 and again on April 13, to establish the values and base prices for these plots, ignoring the impending increase in jantri rates on April 15. Despite the increase in jantri rates, AUDA officials stated that the new rates would not impact the plot prices as the valuation took into account sale deeds and other factors.Read more
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Beginning May 8, 2023, households in Salt Lake City will receive property tax invoices for the initial half of the 2023-24 fiscal year from the Bidhannagar Municipal Corporation (BMC), which aims to generate a revenue of Rs 40 crore through property tax during the current fiscal year. Tax payments can be made online through the BMC website or in person at the tax collection centres. The tax bills will include all outstanding payments and overdue charges. Taxpayers who have not paid their dues will be required to pay a 10 percent penalty, which will be applied in the third quarter.Read more
The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.Read more
The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.Read more
Telangana government has announced its decision to regularize notarized property transactions, which will benefit around six lakh individuals in the state, particularly in Greater Hyderabad, and generate INR 2,000 crore in regularisation fees for the government. The move will help people avoid legal complications and transfer property ownership more easily. Officials are currently working on the kind of transactions that will be allowed and the fee.Read more
Real estate service company ArisUnitern has partnered with alternative investment fund firm Jiraaf to raise Rs 250 crore for its expansion plans. Jiraaf will provide a line of credit for investment in development projects, while ArisUnitern will handle the development. The partnership will help ArisUnitern add five projects worth Rs 500 crore to its portfolio, with opportunities for investors to explore different asset classes and risk profiles on its digital platform. ArisUnitern aims to simplify the real estate industry by providing all necessary resources under one roof, including marketing, finance, and material procurement solutions.Read more
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