Prestige Group is planning to collaborate with Kotak Realty Fund to create a joint platform for investing in residential projects. The platform will have a total fund of $500 million (equivalent to Rs 4,100 crore). Kotak Realty Fund will provide the investment, while Prestige Estate Projects will oversee developing the projects. This joint platform is expected to be the largest in the residential sector in recent years.Read more

Haryana Chief Minister Manohar Lal Khattar has put forth several important proposals in the budget estimates, including the allocation of 100,000 homes to families identified as below the poverty line through the Parivar Pehchaan Patra (PPP) program, the continuation of the amnesty scheme for builders, and the introduction of a land pooling system through the Haryana Shehri Vikas Pradhikaran (HSVP) and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). To this end, the budget has allocated Rs. 5,893 crores for the housing projects.Read more

The National Real Estate Development Council (NAREDCO) recently announced that "Fund City" would be unveiled in conjunction with the next NAREDCO Finance Conference. NAREDCO Fund City will comprise of banks, specialist funds, fund houses, and other financial organisations who will work together with promoters to fulfil the financial needs of the Indian real estate market. Several banks and fund houses have pledged their support to NAREDCO Fund City, and more are anticipated to follow.Read more

Last week, the administration of Jammu and Kashmir announced that property tax will be imposed on municipal areas in the Union Territory beginning April 1. The notification stated that residential properties will be taxed at five percent of taxable annual value (TAV), while commercial properties will be taxed at six percent. Any person liable to property tax must furnish particulars of their property and tax due to the officer authorized to receive them by May 30 of the financial year. Failure to pay the tax will result in a penalty of Rs 100 or one percent, and the maximum penalty will not exceed Rs 1,000.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently reduced the registration fees for individual real estate agents to INR 10,000 from INR 1 lakh. This move came after real estate agents and their associations in Maharashtra raised concerns over the high registration fees. The registration fee charged by MahaRERA is valid for five years. This decision has come as a relief to almost 40,000 real estate agents who are registered with MahaRERA.Read more

Real estate developer M3M has secured a debt facility of Rs 1,500 crore (approximately $200 million) from alternative investment firm PAG Credit & Markets to fund portfolio growth. The funds will be provided in four tranches and paid back within 18 months. M3M plans to use the funds for expansion, including new acquisitions. M3M aims to build a portfolio of 10 million square feet in one year with a top line of $2 billion. The company is expected to close FY23 with sales of Rs 10,000 crore.Read more

ASK Finance, the non-banking financial company (NBFC) division of the ASK Group, has announced the closure of a debt transaction of INR 40 crore with Sowparnika Projects & Infrastructure, a prominent affordable housing builder based in Bangalore. The investment has been made in Sowparnika Ashiyana, a mid-income affordable housing project located near Whitefield, Bangalore, that boasts over 750 homes. Sources indicate that the capital raised will be utilized for the project's construction and to enable Edelweiss to exit its investment.Read more

REITs and InvITs in India have approached the government to reconsider the proposal in the Union Budget for 2023-24 to tax income distribution through the mode of repayment of debt. While REITs have emphasized their attractiveness and steady rise in acceptance by retail investors, tax experts believe that the government is attempting to bring parity in taxation of incomes for investors of REIT and InvIT by widening the tax bracket. As India has witnessed robust investor interest in REITs from a diversified investor base, the proposed tax change could have an impact on the growth of the market.Read more

Godrej Fund Management, a private equity firm in the real estate sector that operates under the Godrej Group, has reportedly put up two of its main investee assets for sale. These marquee assets include a total of 200,000 sq ft of office space spread across three floors in the Godrej BKC commercial project, and the G: Corp Tech Park, an information technology park project located in Thane's Ghodbunder Road area. The combined estimated value of these assets is believed to be around Rs 1,500 crore based on the current office property rates in the areas.Read more

The West Bengal government has announced an extension of the existing 2 percent rebate on stamp duty and 10 percent rebate on circle rates of land/property for another six months, until September 30, 2023. The extension of the rebates is intended to benefit homebuyers and stimulate growth in the real estate sector. The reduction of stamp duty and circle rate had resulted in a record number of registrations, particularly by small flat holders, reaching 34,44,070 between July 2021 and December 2022.Read more