PNT Reporter

This year the Pune Municipal Corporation (PMC) will be delayed in sending out property tax notices as the civic body has to reprint over 4.5 lac property tax bills. The bills are usually sent out around the first week of April. This has been brought about due to the state’s decision to offer a forty percent tax reduction for self-occupied properties. The local postal services will be used to distribute over 10 lac bills and is set to cost the civic body over Rs 50 lacs. Previously, the civic body had used private agencies which led to several problems.Read more

PNT Reporter

India’s first unicorn proptech company, NoBroker has set up an office in the Business Bay district of Dubai, UAE. The company hopes to cater to international markets such as UAE, Australia, Singapore and USA and tap into the illustrious NRI market in India. Earlier this year, the company raised $5 million from Google to expand its services business under the name of NoBrokerhood. NoBroker is a prop-tech platform that uses machine learning algorithms and artificial intelligence to match property owners with potential buyers or renters without any brokerage fees or commissionsRead more

PNT Reporter

Bonito Designs, backed by Lodha Ventures has brought on renowned interior designer Gauri Khan and famous Bollywood designer Manish Malhotra to offer home styling to customers. According to reports by the Economic Times, the company aims to garner a revenue of Rs 280 crores for this fiscal year and surpass over Rs 1,000crores in revenue in the coming two years.Read more

Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.Read more

In January 20202, the Karnataka Cabinet made the decision to defend more than 78,000 residents from false property tax demands brought on by inaccurate zonal classification by the BBMP. However, the government's decree is yet to be implemented, making residents restless and impatient. The BBMP's flaws have led to ongoing administrative delays, and citizens continue to receive penalty notifications. Citizens have now requested that the BBMP's Special Revenue Commissioner expedite the issuance of the GO and also send a copy of the recommendation that the BBMP had made to the government regarding the issue.Read more

PNB Housing Finance, a subsidiary of Punjab National Bank, has been given the green light by the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,500 crore through a rights issue of shares. This announcement follows the filing of draft papers with SEBI in December 2022, and the subsequent issuance of "observations" on March 6, which is required for any company to launch an issue.Read more

The first REIT-level Green Bond issuance in India has been announced by Mindspace Business Parks REIT, which is the owner and developer of a high-quality Grade A office properties. With a tenor of three years and thirty days and a fixed quarterly yield of 8.02% per annum payable quarterly, Mindspace REIT raised INR 5.5 billion through this issue. The money raised from this fund-raise will be used to refinance loans that one of the Asset SPVs took out to finance the permitted green projects.Read more

HDFC Capital acquired Rs 1,450 crore in the portfolio of projects and land parcels owned by real estate developer Kalpataru in one of the biggest investment deals in the residential sector. The money would be used by Kalpataru to build apartments for residents in new mid-income developments as well as to help them finish current ones in Pune and the Mumbai Metropolitan Area.Read more

Panvel civic body's property tax department has initiated a crackdown against defaulters in its jurisdiction who have failed to pay their property tax levied by the civic body. The civic body's officials claim that the sealing drive has been successful, with 115 out of 118 defaulters clearing their outstanding property tax bill, amounting to a total of Rs. 2.12 crore. Three commercial property owners have paid in instalments by giving post-dated cheques.Read more

Two year after the successful launch of its Category II AIF, Welspun One has continued to innovate by introducing its investor portal, setting a new standard for investor reporting and transparency in the Indian private equity industry. The investor portal will allow investors to view, manage and track their investments online. The portal contains a document repository and investments and portfolio dashboard. Through the portal, an investor can also view detailed information such as leasing and construction status, images and drone videos of the site to track actual site progress.Read more