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The Gurugram Metropolitan Development Authority (GMDA) plans to impose a 1% transfer duty on immovable properties along the 14km Southern Peripheral Road for the next three years to fund the SPR redevelopment project. Property owners and buyers would have to pay 1% of the purchase amount of a property to GMDA at the time of registration. The duty is expected to earn GMDA INR 375 crore over the next three years. GMDA may also use earnings from developing wayside amenities and ask for funds from the state finance department if needed.Read more
The Ahmedabad Municipal Corporation has continued with the existing slum redevelopment policy, despite heavy criticism and several appeals for change. In 2016, the Comptroller Auditor General (CAG) published a report stating the policy was flawed and skewed towards private bidders. The CAG found that land premiums were fixed without consideration of the formula agreed upon by the government, and builders paid rates much higher than existing jantri rates. However, the policy continues to remain unchanged, thereby causing crores of financial loss.Read more
According to a report first published by Reuters, the Softbank-backed Indian hotel aggregator Oyo has submitted a private "pre-filing" document for what is anticipated to be a scaled-down Initial Public Offering (IPO). The company had submitted paperwork to go public in 2021 with an initial public offering (IPO) size target of 84.3 billion Indian rupees ($1.02 billion) but postponed the share sale at that time.Read more
According to sources, business conglomerate Shapoorji Pallonji Group is looking to dispose of key real estate and infrastructure assets as part of a larger debt-restructuring plan. The company will sell portions of its stake in properties where the development area exceeds 100 million square feet. Their goal with the sale of its real estate and infrastructure assets is to raise another $2.5 billion. The revenues from the asset sale would be used for other reasons in addition to paying off the company's debt of Rs 21,000 crore.Read more
The Greater Hyderabad Municipal Corporation (GHMC) missed its property tax target for the third consecutive fiscal year, this time by 16%. The civic body earned 1,681.72 crores until March 31, falling short of the 2,000-crore target. It did, however, earn 67.72 crores on the last day of the fiscal year 2022-23. Overall property tax collection was 10% higher than the previous year. The municipal government has assessed 13.53 lakh properties in the city, 7% more than in 2021-22.Read more
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The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.Read more
Last week, Margao residents staged a protes, demanding a fairer taxation system in response to the proposed increase in house tax and garbage collection fees. A delegation of 10 individuals met with local municipality chairperson Damodar Shirodkar, urging him to postpone the tax hike until all unassessed properties are included in the tax net. The group argued that the current system unfairly targets legally assessed properties, while thousands of unassessed properties remain untaxed. They emphasized that addressing this issue would generate substantial revenue for the municipality and eliminate the need for tax increases.Read more
The Haryana government has raised circle rates by up to 30% in Gurugram's prime real estate areas, including those near the Southern Peripheral Road, Golf Course Road, and Dwarka Expressway. While the increase is not expected to impact premium property prices, it may lead to higher registry costs for homebuyers. Property dealers have voiced concerns about the revision, especially given the real estate market's struggles during the pandemic. The revised rates may also affect loans extended by banks for property purchases, potentially creating further challenges for homebuyers seeking financial assistance.Read more
The Dharampal Satyapal Group, which owns popular brands like Rajnigandha, Pulse, and Catch, and has hotels in Jaipur, Guwahati, Nainital, and Jim Corbett, along with the Salarpuria Group, a real estate company based in Kolkata, have submitted proposals for resolving the financial situation of Viceroy Bangalore Hotels Private Limited, which is the owner of the luxury five-star Renaissance Bengaluru Racecourse Hotel managed by Marriott.Read more
Nexus Select Trust REIT, India's first real estate investment trust (REIT) with retail properties and sponsored by global private equity leader Blackstone Group is scheduled to launch its initial public offering to raise over 4,000 crores in the first week of May. After the two earlier trusts that contained office buildings, this will be Blackstone's third REIT in the nation. India's first REIT, Embassy REIT which was backed by an institutional investor debuted on the public market in 2019 while Mindspace REIT went public in 2021.Read more
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