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Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.Read more
IDBI Bank, PNB Housing Finance, and Sicom are planning to sell almost their entire distressed loan books, replicating the sale processes undertaken by Yes Bank and Bandhan Bank last year to clean up their books. IDBI Bank is reportedly in talks with special situation funds to acquire as much as ?25,000 crore of non-performing loan book. PNB Housing Finance has invited offers to sell about ?3,000 crore loan book, while Sicom has invited offers to sell 48 accounts with dues of ?9,724.5 crore.Read more
Thousands of property owners in Bengaluru, India are still waiting for the city's civic body to withdraw notices issued to them regarding alleged tax arrears. The property owners claim they had been assessing and paying their taxes online according to the old zonal classification rates since 2016-17 when zones were reclassified. The delay in resolving the issue has left property owners feeling helpless and frustrated.Read more
The National Financial Reporting Authority (NFRA) has imposed a one-year ban and fines on four auditors for alleged misconduct during the 2017-18 audit of Dewan Housing Finance Corp Ltd (DHFL) branches. The auditors, partners of K Varghese & Co, have been fined Rs 1 lakh each and prohibited from undertaking any audit for financial statements or internal audit of companies during the ban period. NFRA's investigation found violations of the Companies Act, 2013, and the Chartered Accountants Act, 1949, as well as non-compliance with applicable Standards on Auditing (SAs).Read more
The former MD and CEO of Godrej Properties Mohit Malhotra has founded a real estate development and investment firm named NeoLiv. The Securities and Exchange Board of India has approved Neoliv under AIF Category (II). The company is optimistic that it will raise 1000 Cr before the end of the year based on strong initial investor interest. According to a press release, the company is said to be in advanced phases of commercial closures with several landowners in MMR and Delhi NCR to jointly develop residential projects.Read more
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The Thiruvananthapuram civic body has registered nearly a 100 percent rise in fee collection in 2022–2023, thereby successfully stopping the decline in permit fee returns for two consecutive fiscal years. According to the most recent numbers in the budget sheet for 2023–24, the permit fee collection in 2022–23 totalled Rs 14 crore, an increase of 101 percent from 2021–22. The low profits in 2020-2021 and 2021-22 were mostly due to the pandemic, which brought the city's building sector to a halt.Read more
Rajasthan's real estate market is witnessing a resurgence, with stamp duty and registration collections increasing by 26% and generating a record revenue of Rs 8,189 crore. The growth, driven by both residential and commercial segments, has created a positive impact on various sectors and boosted job opportunities. Experts predict the upward trend will continue for several years, benefiting the state's overall development. To sustain this growth, it is suggested that the government reduce stamp duty rates and implement policies to attract the IT industry.Read more
The Municipal Corporation of Gurugram (MCG) has formed 16 teams to investigate tax evasion by properties that have changed their use from commercial to residential, industrial, or institutional. The teams will verify if property categories were changed correctly and submit a report by April 30. The MCG will also inspect public parking sites charging fees from residents, and officials will randomly check 5% of properties to verify the cases. The investigation is vital to prevent revenue loss for the MCG, and the MCG aims to maintain a steady source of revenue.Read more
Greater Chennai corporation (GCC) has strategized to collect tax from 2.79 lakh under assessed properties (owners of individual houses, educational institutions and commercial properties, hospitals) by re-assessing them. These properties have been identified with the help of GIS technology based on changes in their area, measurements and remodelling structure. The re-assessment is expected to boost the property tax revenue by 300 crores annually.Read more
Following the recent doubling of jantri prices beginning from April 15, the Gujarat government is reportedly planning another rise in jantri charges in outlying regions of cities later this year. In order to align jantri rates with land rates, the government is harmonizing jantri prices with the market price of land in various places. A survey of chosen value zones, particularly recently growing outlying areas of cities, will be done.Read more
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