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The use of digital platforms for property tax payments has resulted in a 24% increase in returns filed in Ludhiana. In the financial year 2021-2022, the city's municipal corporation received 77,555 online returns out of a total of 2.7 lakh property tax returns. This number increased to 1.02 lakh online returns and 3.55 lakh total returns in 2022-2023, resulting in a collection of Rs 31.41 crore. While officials are pleased with the progress, they acknowledge that there is still more scope for digital payments and are continuing their efforts to encourage taxpayers to pay digitally.Read more
Indiabulls Housing Finance has teamed up with Oaktree Capital to acquire a $5 billion chunk of loans given by the non-banking finance company to bankroll several developers. The acquisition will take place through a jointly formed special purpose vehicle, with Oaktree Capital investing 73,000 crore and Indiabulls Housing Finance investing 2,000 crore. The joint entity will acquire these loans extended to developers by Indiabulls Housing Finance, thereby providing an immediate exit and liquidity to the NBFC.Read more
The Reserve Bank of India (RBI) has introduced a new set of rules to prevent "greenwashing," where companies market products as environmentally friendly, even if they do not meet the criteria for such activities. According to the new rules, lenders must have a board-approved policy for evaluating, selecting, and monitoring sustainable projects, and the proceeds from these green deposits must be used to encourage energy efficiency, reduce carbon emissions, promote climate resilience, and improve natural ecosystems and biodiversity. Additionally, these funds will be subject to independent third-party verification on an annual basis.Read more
The first Real Estate Investment Trusts and Infrastructure Investment Trusts index in the nation, the Nifty REITs and InvITs Index were introduced last week by NSE Indices Ltd, a division of the National Stock Exchange (NSE). The index intends to monitor the performance of publicly listed and traded REITs and InvITs on the NSE according to a statement from the exchange.Read more
The Ludhiana Municipal Corporation (MC) now requires property photos on tax receipts to improve assessment accuracy. While the MC believes this will help prevent wrong assessments, such as paying residential tax for commercial properties, residents have raised concerns about the increased hassle and potential errors. The new system aims to improve efficiency and resolve disputes between taxpayers and the MC, but its long-term success remains to be seen.Read more
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The state government has introduced stricter regulations to streamline property registration and increase revenue through property taxes. Property owners must now provide payment receipts for vacant land tax or property tax to register their assets, and the submission of VLT payment receipts for all open plot registrations is mandatory. The new regulations aim to prevent losses due to delinquent or non-payment of taxes and provide better services and infrastructure for the public.Read more
The civic officials of Ludhiana are currently celebrating their record-breaking property tax collection for the year, but they have overlooked the issue of recovering pending rent from tenants of their properties. To tackle this issue, officials are planning to seal the properties of people who fail to clear their dues and have asked concerned officials to submit records so that notices can be distributed. The pending dues to be recovered from tenants’ totals to Rs 12 crore.Read more
VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017. The landowner agreed to keep a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.Read more
Last week, Blackstone Inc announced that it has successfully raised $30.4 billion for its latest global real estate fund, named Blackstone Real Estate Partners X. This fund is 48% larger than the previous real estate fund closed by the asset management giant in 2019, signalling Blackstone’s increased commitment to the industry. Blackstone has been strategically focusing its portfolio on areas such as logistics, rental housing, hospitality, lab office, and data centres, while shifting away from traditional office and malls. This shift is in response to changing market dynamics, including the post-pandemic rise of flexible work arrangements and the increasing popularity of e-commerce.Read more
As the new jantri rates take effect, the Gujarat government has promised benefits for the real estate sector, including a decrease in the chargeable FSI and premium for converting agricultural property to non-agricultural land. The concessions prevent price increases for affordable housing units, but they result in significant price increases for homes in other categories, including R1, R2 TOZ, and tall buildings. The state government made it clear that construction plans filed prior to the implementation of the new jantri regime will be subject to both the previous jantri and chargeable FSI regulations.Read more
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