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The Nagpur Municipal Corporation's property tax department has reported that 60 percent of the approximately 6.36 lakh property holders in the urban area have failed to pay their property tax dues for the fiscal year 2022-23, resulting in more than 3.80 lakh non-paying customers accumulating an outstanding balance of 581 crore rupees. The Ashi Nagar zone has the maximum number of defaulters, owing Rs 114.44 crore, followed by Laxmi Nagar and Mangalwari zones. The NMC has implemented multiple programmes aimed at diminishing the outstanding debts, including a penalty of 2 percent interest per month.Read more
In a circular released on April 17th, N Satyanarayana, the Director of Municipal Administration, instructed all municipal corporations within the Hyderabad Metropolitan Development Authority (HMDA) boundaries to adhere to the current process of evaluating property tax until a final resolution was reached. It is crucial to thoroughly analyse and investigate the effects of a significant rise in property tax, particularly on individuals belonging to the middle and lower-middle income brackets.Read more
The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.Read more
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.Read more
Amid soaring interest rates, many home loan borrowers are opting to refinance their loans to mitigate the financial blow. The rising trend is largely due to the narrowing spread between benchmark rates and actual lending rates. The significant hike in policy repo rates since May 2022 has pushed home loan rates up from approximately 6.2% to around 9%. Borrowers are leveraging reduced spreads offered by lenders and shifting their loans to lenders offering lower rates or renegotiating terms with their existing lenders to secure more favourable rates.Read more
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The New Delhi Municipal Council (NDMC) has released an updated assessment list of all land and constructions in its areas. Residents are urged to double-check the information at the Palika Kendra property tax office and register objections by May 13. The assessment list for 2023-24 is based on the tax returns filed by the owner, occupant, and lessee last year (2022-23). Objections must be submitted online or on working days between 10 a.m. and 1 p.m. using the prescribed format. Any concerns received prior to April 13 and after May 13 will be disregarded.Read more
The State Cabinet in Pune recently approved a proposal to offer a 40% discount on property tax to owners of self-occupied properties in the city. The move is expected to provide relief to property owners but may cause the government to lose revenue of at least Rs. 400 crores. The discount was first introduced in 1970 but never implemented by the state government and was eventually declared illegal and scrapped in 2019. However, with the formal introduction of the discount, the civic body has announced that all arrears collected between 2019 and 2022 will be adjusted with future bills.Read more
The Urban Local Bodies (ULB) Minister of Haryana announced a 10 percent discount on property taxes for citizens who pay within ULB units until the end of July this financial year. The ULB has also extended the deadline for the submission of property tax, water or sewerage, rent, and license fees for shops. The ULB aims to improve the living standards of the general public by using the proceeds of the initiatives directly extended to them.Read more
Indian startup DevX, which provides flexible office space solutions to businesses of all sizes, has raised more than $3m in funding from a number of investors, including Urmin Family Office and Navneet Publications. The capital will be used to expand the company's presence in tier-2 and tier-3 cities across India and double its portfolio to 2 million square feet in the coming financial year. DevX already operates in 25 locations across 11 cities and provides various workspace options, including private offices, dedicated desks, and coworking spaces. It also hosts events and programs to foster collaboration and networking among its members.Read more
LTI Mindtree and L&T Technology Services are consolidating their real estate assets around Chennai as part of cost-cutting initiatives. LTI Mindtree has moved to L&T Innovation Campus at Manapakkam in Chennai, and LTTS is in talks to sell their 300,000 sq ft office space. The companies' decision is due to the adoption of a hybrid work model and the visible global recession. LTI Mindtree has leased 600,000 square feet at Chennai's L&T Innovation Campus, and they plan to use it by the first quarter of 2024.Read more
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