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Can Fin Homes has announced an increase in net profit of 34.88% for the quarter ending March 31, 2023. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 165.79 crore in Q4 FY23 from Rs 122.92 crore in the same period of the previous fiscal. The company's total operating income increased by 36.17% to Rs. 764.29 crore in Q4 FY23 from Rs. 561.29 crore it reported in the same quarter last year.Read more
The Municipal Corporation of Chandigarh collected Rs 4 crore in taxes from approximately 12,000 property owners during a two-month rebate programme for both commercial and residential properties. The first month of the promotional period saw a collection of Rs 3.20 crore from 11,500 residential properties and around Rs 70 lakh from commercial properties. May is expected to see a rise in tax collection due to historical data indicating increased compliance during rebate availability. There are 1.42 lakh properties within the tax jurisdiction of the city, with a majority being residential properties.Read more
The Goa revenue department has introduced new rules to tackle property undervaluation by real estate professionals, builders, and landlords. A task force has been established to accurately determine the market price of tangible property and categorize it into distinct groups. Collectors will compile an annual report with average land rates and built-up property rates, and sub-registrars must verify property market value before sale deed registration. The new rules aim to streamline property registration and reduce disputes related to property valuation.Read more
Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.Read more
Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.Read more
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Nexus Select Trust plans to raise up to Rs 3,200 crore through India's first retail REIT public offering, which will consist of an offer for sale of up to Rs 1,800 crore and a fresh issue of units up to Rs 1,400 crore. The portfolio includes 17 operational shopping centres spread across 14 major cities, totalling 9.8 million square feet. This marks Blackstone's third REIT sponsorship. While three REITs are currently listed on Indian stock exchanges, they are all leased office properties, making Nexus Select Trust the first REIT with holdings in retail real estate that yield rent.Read more
A vacant plot of land on Jumeirah Bay Island in Dubai, part of a select offering of 128 plots, sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. The purchaser, not a UAE resident, plans to build a family holiday residence on the highly desirable island, connected to the mainland by a bridge. Real estate brokers predict further records will be broken in the future, with the seller of this transaction already planning to sell another similar property for 135 million dirhams. Jumeirah Bay Island is home to the luxurious Bulgari Resort, and apartment prices in the upcoming Bulgari Lighthouse tower have already soared to remarkable heights.Read more
Civic authorities have indicated that producing property tax bills in advance will prompt KMC to amass additional revenues at the outset of the year. The superintendent of property tax at KMC, stated that this year, they were able to produce all the bills on the KMC website in a timely manner and property owners can easily access their tax information and make payments by logging in to the municipal corporation website or visiting the citizen facilitation centres and providing their assessment number.Read more
The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate. The government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork.Read more
Settl., a co-living operator, is expanding its business in Gurugram with the opening of four new centres within the next month, offering approximately 300 beds in total. Settl. plans to launch 1,500 more beds in the Delhi-NCR region in the coming fiscal year. With a total of 7 operational co-living properties in Gurugram, 1,200 beds in Bengaluru, and 300 in Hyderabad, Settl. aims to reach 2,200 beds in NCR and 5,000 beds across India by March next year.Read more
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