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The Greater Chennai Corporation has reported a significant increase in its tax collection for the financial year 2022-23. The corporation has collected INR 1,408.9 crore, almost double its previous year's collection of INR 471.6 crore, which was impacted by the Covid-19 pandemic. The civic body aims to collect INR 1,500 crore before the financial year ends in a week. Out of the 13.33 lakh assesses, 8.85 lakh have paid property tax so far, with around 8,000 people paying daily in the last week.Read more
The interest rates on home loans have increased by 250 basis points over the last 10 months, resulting in the extension of repayment tenures beyond retirement for many borrowers. While floating rates mean that borrowers must pay the rates prevailing in the market, refinancing loans provides borrowers with an opportunity to save up to 100bps on their loans. Currently, the repo rate is at 6.5% and some banks are offering home loans at 8.5% to new customers.Read more
The Indian government has amended the Finance Bill 2023 to reduce the tax burden on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs), treating distributions as a return of capital rather than taxable income. The move, welcomed by industry experts, aims to create a more attractive, stable, and tax-efficient framework for these investment vehicles. The amendments are expected to encourage further investments in REITs and InVITs and fuel growth in the real estate and infrastructure sectors.Read more
Residents of Uruli-Phursungi, a group of villages merged with the Pune Municipal Corporation (PMC) five years ago, are demanding a reduction in property tax as they are not receiving enough water. According to the residents, the PMC charges nearly five times more than the gram panchayat, and they believe that their tax should be reduced to be on par with the gram panchayat rates. They argue that the civic administration is not providing enough water to the villages and citizens are still dependent on tankers.Read more
The Kolkata Municipal Corporation (KMC) has set a target to bring all unassessed properties in the city under its revenue assessment system within a year. Officials believe that if all unassessed properties are assessed within a year, the revenue will increase by 100%. Assessing unassessed properties will not only help the KMC generate more revenue but also enable owners of houses or flats to get their properties mutated, ensuring delivery of essential civic services.Read more
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The Maharashtra state government is considering a proposal to exempt housing societies in metros from non-agriculture tax (NA). The tax is applicable to societies that do not come under gaothan areas in the municipal corporation or council areas. Currently there is a stay on the collection of NA tax from housing societies by the State Government. Revenue minister Radhakrishna Vikhe Patil has said that the request made is being examined, and a final decision will be made towards the end of the budget session.Read more
ALT Realtech, a Bengaluru-based fintech start-up, has made history by launching the world's first digital real estate exchange called ALT DRX. The platform is designed to allow investors to buy one square foot of real estate at a time, thus increasing accessibility to the market. The start-up's strategy is India-centric, and it has already raised $1.6 million in equity and $2 million in callable mezzanine debt for co-investing in real estate assets during its seed round.Read more
Secunderabad Cantonment Board (SCB) officials are working to collect property taxes from at least 30,000 residential and commercial properties in the area, with the deadline for payment just 10 days away. The SCB tax wing has been working hard to recover tax and has issued demand notices to defaulters to replenish the board's coffers and overcome a funding shortage. To ensure that property owners pay their taxes, special teams were dispatched in January to serve demand notices. Property owners have until March 31 to pay their taxes.Read more
According to an application submitted with the bankruptcy court by the resolution professional, Singapore based real estate fund Experion Developers has offered a deal to take over the Blackstone-backed Dignity Builcon in a deal that would entail a fifty percent recovery for lenders initially led by Standard Chartered Bank. Experion Developers made an offer of Rs. 450 crores for the Gurgaon-based Dignity Buildcon, which specializes in real estate development.Read more
Brookfield, a global asset management company, has extended its share purchase agreement to buy the IL&FS headquarters in Mumbai until June 2023, after the initial deadline of December 2022 lapsed. The extension was granted due to delays in closing the deal caused by litigation. The deal is worth ?1,080 crore and involves the acquisition of the 12,651.95 square meter land at plot No C-22 in the Bandra Kurla Complex, Mumbai, together with the IL&FS Financial Centre.Read more
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