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Pune Municipal Corporation Tackles Tax Evasion

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    Pune Municipal Corporation Tackles Tax Evasion
    Pune Municipal Corporation Tackles Tax Evasion

    The Pune Municipal Corporation (PMC) has taken a significant step to improve tax compliance and revenue collection by involving housing societies in the monitoring of rented properties across the city. This initiative comes in response to challenges faced by PMC in verifying self-occupancy certificates from property owners. PMC officials have noticed a significant discrepancy between the number of properties that are supposed to submit self-occupancy affidavits and those that have actually complied.

    With approximately 3.5 lakh property owners yet to submit the required documents out of 4.5 lakh, the civic body has launched awareness drives to address this issue. A pilot project conducted in the Sinhagad Road ward office revealed instances where self-occupied properties were incorrectly benefiting from a 40% tax discount intended solely for owner-occupied residences. This misuse of tax benefits has resulted in substantial revenue losses for the PMC. To address this issue efficiently, PMC has decided to collaborate closely with housing societies. The objective is to gather comprehensive data on rented properties within their jurisdictions. This data will be cross-checked to identify properties that are illegitimately availing tax discounts meant for self-occupied units.

    Starting next week, PMC will communicate with housing society managements and utilize resources from its 15 ward offices to streamline this monitoring process. The civic body aims to ensure that properties correctly classified as rented are taxed accordingly, eliminating financial losses due to incorrect benefit claims. The saga of the 40% tax discount on self-occupied properties adds another layer of complexity to PMC’s efforts. Initially introduced in 1970 without state government notification, the discount was invalidated by Union government auditors in 2018-19. However, it was reinstated in 2022-23 following public and property owner objections. As PMC continues its drive to enforce tax regulations rigorously, property owners are urged to complete formalities promptly, including submitting PT3 forms and other required documents. This proactive approach aims to restore financial integrity to Pune’s property tax system and uphold transparency and accountability in civic governance.

    Delhi Railway Colony Redevelopment Project Launched

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    Delhi Railway Colony Redevelopment Project Launched
    Delhi Railway Colony Redevelopment Project Launched

    The Rail Land Development Authority (RLDA), a statutory body under Indian Railways, has initiated the bidding process for the lease and redevelopment of the Boulevard Road Railway Colony in Delhi. The 2.156-hectare site is set to be leased for a 99-year period with a minimum reserve price of INR 318 crore. Strategically located along Lala Hardev Sahai Marg/GT Karnal Road, the Boulevard Road Railway Colony enjoys proximity to key transport hubs like the Tis Hazari Metro Station and the Rani Jhansi Flyover.

    The area falls under the Residential Bungalow Zone and is earmarked for redevelopment in accordance with Delhi’s Master Plan and Development Control Regulations. The redevelopment project aims to optimize land utilization through a permissible floor area ratio (FAR) of 16,176.26 sq meters. This will facilitate the creation of modern residential and commercial spaces that meet contemporary urban living standards. RLDA’s initiative aligns with its commitment to revitalizing urban infrastructure while adhering to sustainable development practices. The invitation for bids presents a significant opportunity for developers and investors to participate in reshaping Delhi’s landscape and capitalize on the city’s robust real estate market.

    The project’s strategic location and long-term lease tenure are expected to attract competitive bids from prominent real estate firms. RLDA’s proactive approach in unlocking the redevelopment potential of railway colonies reflects a broader strategy to monetize railway assets, generate revenue, and contribute to urban renewal initiatives. By inviting private sector participation, RLDA aims to foster innovation in urban design, enhance infrastructure connectivity, and deliver sustainable development outcomes. The project promises to enhance the local environment, catalyze economic growth, and create employment opportunities in the region.

    Celebrity Couple Buys Luxury Mumbai Apartment

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    Celebrity Couple Buys Luxury Mumbai Apartment
    Celebrity Couple Buys Luxury Mumbai Apartment

    KL Rahul, a prominent Indian cricketer, and Bollywood actress Athiya Shetty have made a significant investment in Mumbai’s upscale real estate market. The couple has purchased a luxurious apartment in the coveted Pali Hill area for over INR 20 crore. The apartment, located in Sandhu Palace, a prestigious residential tower developed by Sandhu Builders, spans 3,350 square feet. The transaction, completed on July 15, involved a substantial stamp duty payment of INR 1.20 crore.

    As part of the deal, KL Rahul and Athiya Shetty will also have exclusive access to four dedicated car parking slots within the residential complex. This adds to the convenience and exclusivity of their new residence. Investing in real estate continues to be a popular choice for high-profile individuals, including Bollywood celebrities and sports personalities. These investments not only provide personal comfort but also offer a lucrative asset class for long-term financial growth. Recognizing the stability and potential appreciation of real estate, many celebrities strategically diversify their wealth into tangible properties.

    KL Rahul and Athiya Shetty’s acquisition of the Sandhu Palace apartment highlights the allure of Pali Hill as a prime residential destination in Mumbai. Celebrities continue to influence the city’s real estate landscape, and such transactions serve as benchmarks, reflecting both economic confidence and lifestyle aspirations among high net-worth individuals. The purchase by KL Rahul and Athiya Shetty signifies a strategic move within Mumbai’s competitive real estate market. Despite economic fluctuations, the demand for luxury properties in the city remains strong. Their investment not only augments their personal portfolio but also contributes to the broader narrative of celebrity-driven real estate trends shaping Mumbai’s skyline.

    KOPAQ Launches New Smart Home Products

    KOPAQ Launches New Smart Home Products
    KOPAQ Launches New Smart Home Products

    KOPAQ, a pioneer in the Indian smart home automation sector since its inception in 2022, has recently introduced a range of groundbreaking products designed to transform residential and commercial spaces across the country. The newly launched product line includes Touch Switches, characterized by their sleek design and efficient functionality. These switches offer users a stylish and intuitive way to control their lighting.

    Retrofit Switches provide a convenient solution for those who want to upgrade their existing electrical setups to smart systems without the hassle of extensive rewiring. KOPAQ’s Smart Locks offer keyless entry and advanced security features. These locks can be controlled remotely via smartphones or voice commands, providing added convenience and security. Additionally, the company has introduced Smart Curtains that automate the opening and closing of curtains based on schedules, creating the desired ambiance. Gate Automation systems from KOPAQ offer remote control over property access, enhancing both security and convenience. These systems can be integrated with other smart home devices for a seamless and connected experience.

    KOPAQ’s commitment to innovation is evident in its robust research and development efforts. The company’s smart home solutions deliver unmatched performance and user experience. Through a unified mobile application or voice commands, users can manage various devices, from lights and appliances to security systems. By integrating cutting-edge technology with practical applications, KOPAQ aims to redefine how individuals interact with their living and working spaces. The company’s vision is to create more connected and sustainable living environments that prioritize both safety and energy efficiency. With a trademarked presence and a clear focus on innovation, KOPAQ is well-positioned to continue its growth and influence in India’s burgeoning smart home sector. The company’s commitment to addressing the contemporary needs of modern homeowners and businesses underscores its role as a trailblazer in shaping the future of home automation solutions in India.

    YouTuber Bhuvan Bam Invests in Real Estate

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    YouTuber Bhuvan Bam Invests in Real Estate
    YouTuber Bhuvan Bam Invests in Real Estate

    Renowned YouTuber Bhuvan Bam has made a significant investment in Delhi’s real estate market. The comedian, writer, singer, and YouTuber has purchased a luxury bungalow in the prestigious Greater Kailash area for INR 11 crore. The transaction was completed on August 7, 2023. The bungalow, situated in Greater Kailash, boasts a land area of 1937 sq ft and a total built-up area of 2233 sq ft.

    This acquisition highlights Bam’s financial capability and strategic interest in premium residential properties within Delhi. Greater Kailash is a highly sought-after location in South Delhi, known for its upscale residences and central location. The area’s proximity to commercial hubs, premium amenities, and a vibrant social scene makes it a preferred choice among Delhi’s elite. Bhuvan Bam’s investment in Greater Kailash aligns with the growing trend of celebrities and affluent individuals investing in luxury properties in Delhi. Such investments not only reflect personal financial strategies but also influence market perceptions and trends.

    The transaction underscores the robust demand for exclusive properties in prime Delhi locations. The area’s appeal lies in its combination of luxury living, strategic location, and long-term investment potential. Bhuvan Bam’s acquisition of a bungalow in Greater Kailash serves as a testament to the area’s enduring allure and investment viability. It also highlights the continued demand for premium residential properties in Delhi, even amidst changing economic landscapes and consumer preferences.

    Amish Tripathi Buys Luxury Mumbai Apartment

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    Amish Tripathi Buys Luxury Mumbai Apartment
    Amish Tripathi Buys Luxury Mumbai Apartment

    Renowned author Amish Tripathi, celebrated for his globally renowned mythological fiction series, has made a significant investment in Mumbai’s real estate market. The author has purchased a luxurious apartment in the prestigious Worli area for a staggering INR 13.65 crore. The property, located in the esteemed World One project developed by Macrotech Developers Limited, spans approximately 251 square meters (2,700 square feet carpet area). It is a ready-to-move-in apartment, according to legal documents.

    The transaction involved a primary sale from Macrotech Developers and included additional costs such as stamp duty and transaction fees. The World One project in Worli is known for its exclusive 3 BHK and 4 BHK residences, featuring interiors crafted by the luxury brand Armani/Casa. Amish Tripathi’s literary prowess is well-established, with over 7 million copies of his books sold worldwide and translations into 20 languages. In recent years, he has expanded his entrepreneurial pursuits beyond writing, venturing into film production in 2020 with the adaptation of his novel “Legend of Suheldev: The King Who Saved India.”

    Macrotech Developers, under its Lodha brand, has been making headlines in Mumbai’s luxury real estate market. The developer has recently sold several high-value apartments in their projects, including Lodha Malabar on Walkeshwar Road. Amish Tripathi’s acquisition in Worli not only highlights his strategic investment in Mumbai’s upscale property market but also aligns with his expanding portfolio beyond literature. The purchase demonstrates his confidence in the long-term value and allure of Worli as a prime residential destination. It also underscores the robust demand for premium properties in Mumbai, driven by affluent buyers and developers catering to discerning tastes and lifestyle preferences.

    2024’s Top Real Estate Firms Transforming India

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      2024's Top Real Estate Firms Transforming India
      2024's Top Real Estate Firms Transforming India

      The 2024 Grohe-Hurun India Real Estate 100 highlights the most valuable real estate companies in the country, alongside the wealthiest entrepreneurs steering this dynamic sector. As of 31 May 2024, the rankings reflect a robust growth trajectory in India’s real estate market, buoyed by a burgeoning middle class, strong economic indicators, and increased foreign investment.

      India’s real estate sector is set for significant growth, with residential sales projected to rise by 10-12% in FY 2024-25. This expansion coincides with a middle-class population expected to reach 547 million by 2030 and an influx of foreign investments averaging around $4 billion annually. These trends signal a thriving market focused on sustainable and quality housing solutions. Leading the 2024 Grohe-Hurun list is DLF, valued at ₹2,02,140 crore, a remarkable 72% increase from the previous year. Under the guidance of Devinder Singh, DLF continues to shape urban development with a diverse portfolio that includes residential, commercial, and retail properties. The company plans to launch new projects worth approximately ₹30,000 crore in FY 2025.

      Macrotech Developers follows closely, valued at ₹1,36,730 crore, reflecting a 160% increase driven by record pre-sales of ₹14,520 crore in FY 2024. The Indian Hotels Company (IHCL), with its luxurious Taj brand, ranks third at ₹79,150 crore, marking a 43% increase and plans to open 85 new hotels in Tier 2 and Tier 3 cities. Godrej Properties, valued at ₹77,280 crore, has doubled its worth this year with a focus on green building practices. Other notable mentions include Oberoi Realty and Prestige Estates Projects, showing impressive growth rates. Adani Realty and K Raheja Group also feature prominently, with valuations of ₹56,500 crore and ₹55,300 crore, respectively. This ranking highlights not just financial success, but a strong commitment to sustainable development in India’s evolving real estate landscape.

      Supertech Seeks Court Approval for Debt Settlement Plan

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      Supertech Seeks Court Approval for Debt Settlement Plan
      Supertech Seeks Court Approval for Debt Settlement Plan

      Supertech, a key player in India’s real estate sector, has submitted a detailed resolution plan to the Greater Noida Authority, aiming to settle outstanding dues amounting to ₹900 crore. The proposal focuses on executing the registry of approximately 2,000 flats across three of its projects—Ecovillage 1, Ecovillage 3, and Czar Suites—all of which have received occupancy certificates (OCs).

      Supertech, a prominent real estate developer, is currently embroiled in insolvency proceedings initiated by the National Company Law Tribunal (NCLT) on March 25, 2022. Although the company’s suspended board contested the insolvency order, the National Company Law Appellate Tribunal (NCLAT) permitted Supertech to continue its projects, excluding Ecovillage 2, under an Interim Resolution Professional (IRP).

      In a recent move, Supertech submitted a resolution plan to the Greater Noida Authority, seeking to address outstanding dues of approximately ₹900 crore, a reduction from the initial claim of ₹1,103 crore. This adjustment includes a zero-period waiver on interest penalties incurred during the COVID-19 pandemic. The developer is pressing for the registry of 2,000 flats across Ecovillage 1, Ecovillage 3, and Czar Suites, which have received occupancy certificates (OCs). The proposal features an escrow mechanism for debt settlement, focusing on immediate principal payments while deferring interest until project completion. Additionally, Supertech seeks a three-year extension for project completion without incurring penalties and has requested the Authority’s approval for map re-validation and sub-leasing units.

      However, the Greater Noida Authority remains skeptical, insisting on upfront payments rather than instalments. Compounding the situation, residents express frustration over delays in flat registration, raising concerns about accountability in the sector. As Supertech navigates these challenges, the outcome of its resolution plan will significantly impact both the company’s future and the lives of homebuyers awaiting their properties.

      Indian Real Estate Market Booms with PE Investments

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        Indian Real Estate Market Booms with PE Investments
        Indian Real Estate Market Booms with PE Investments

        The Indian real estate market has witnessed a significant surge in private equity (PE) investments, reflecting growing investor confidence in the sector’s resilience and potential. According to a recent report by Knight Frank India, PE investments in Indian real estate reached $3 billion in the first half of 2024, a 15% increase compared to the same period last year. The warehousing sector emerged as the top investment destination, accounting for 52% of the total PE investments.

        This reflects the increasing demand for logistics and storage space driven by e-commerce growth and industrial expansion. The residential sector also witnessed a substantial increase in PE investments, surging by over 209% to $854 million. This growth is attributed to favorable economic conditions, rising urbanization, and strong consumer demand for quality housing. Mumbai and Bengaluru emerged as the leading cities for PE investments in real estate. Mumbai attracted the highest inflows, totaling $1.70 billion, while Bengaluru secured approximately 20% of the total investments.

        The report anticipates robust growth prospects for the Indian real estate market in the coming years. The country’s sustained economic growth, increasing urbanization, and continued investor interest in both commercial and residential properties are expected to drive further investment. The surge in PE investments not only highlights the confidence of investors in India’s real estate fundamentals but also positions the sector for sustained growth and development. As the market continues to evolve, it will be interesting to observe its resilience and adaptability amidst changing economic dynamics and regulatory landscapes.

        DLF Enters Mumbai and Goa Real Estate Markets

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          DLF Enters Mumbai and Goa Real Estate Markets
          DLF Enters Mumbai and Goa Real Estate Markets

          DLF, one of India’s most prominent real estate developers, is making strategic strides to expand its footprint into the lucrative markets of Mumbai and Goa. This move aligns with the company’s broader vision of capitalizing on growth opportunities and further strengthening its residential and commercial project portfolios. In his annual message to shareholders, DLF Chairman Rajiv Singh highlighted the company’s commitment to corporate governance and operational excellence.

          He also outlined the ambitious expansion plans that are driving DLF’s growth. Singh emphasized the success of the company’s residential business, attributing it to strong sales bookings and record sales collections in recent years. DLF has set a challenging target of achieving INR 17,000 crore in sales bookings for the current fiscal year, 2024-25. This target reflects the company’s optimism and proactive approach towards launching new luxury housing projects across various locations. The company’s entry into new geographies like Mumbai and Goa is a significant development. Singh underlined the encouraging market responses to DLF’s products in these regions.

          He reiterated the company’s strategy of diversifying its offerings to meet evolving market aspirations, while also continuing its project launches in Delhi-NCR, a core market for DLF. DLF is making significant investments in capital expenditure (capex) for new developments in Gurugram, Chennai, Delhi, and Goa. This underscores the company’s long-term vision and commitment to sustainable growth. Currently, DLF holds a substantial future development potential of 215 million square feet across residential and commercial segments. This reflects the company’s robust growth trajectory. Additionally, DLF maintains an annuity portfolio of over 44 million square feet, generating an annual rental income exceeding INR 4,000 crore. This stable income stream provides a balanced revenue model for the company. As DLF continues to expand its market presence and operational capabilities, Singh assured shareholders of the company’s unwavering focus on talent acquisition, strengthened internal policies, and adherence to its founding values.