2022-10-01
Realty portal Magicbricks searches of residential properties on its platform increased by 7.3 per cent year-on-year, while average asking price rose by 9.1 per cent. The listing of properties grew 6 per cent on its platform. After uncertainty in the past few years, 2022 has ushered in relative stability and recovery for the residential sector.
2022-10-01
Municipal commissioner Radhakrishnan B announced a 2% rebate in property tax to housing societies and individuals for setting up electric vehicle charging stations. According to the order, individuals will get a 2% rebate in property tax if they set up charging stations for their own vehicles and make the facility available to owners of other electric vehicles.
2022-10-01
Lodha Developers, now known as Macrotech Developers, has proposed to repay ₹125 crore high-cost borrowing from Yes Bank five months ahead of schedule. The real estate developer raised ₹625 crore secured bonds from Yes Bank in February 2018 at 12.5% payable every quarter for five years.
2022-09-30
Investors dumped shares and bonds of Chinese property developers, after a media report that CIFI Holdings (Group) Co had defaulted, adding to worries over the crisis-stricken real estate sector. Hong Kong-listed shares of CIFI Holdings tumbled 26% in morning trading to a record low, after credit intelligence provider Reorg reported that the Chinese developer had missed payment on certain non-standard debt.
2022-09-30
German transnational company Continental Automotive has bought 8.5 lakh sq. ft of office space in Bangalore for around Rs 850 crore. Earlier, Continental occupied the same building on lease and now it has bought it from the builder. The building was leased for 15 years in 2022 with an option to buy.
2022-09-30
The BMC's property tax collection in the first six months of the current financial year is Rs 665 crore, just 9.5% of the Rs 7,000-crore target it had set and announced in its budget for 2022-23. However, the property tax collection for the same period in the last financial year was Rs 603 crore.
2022-09-30
Dysfunctional streetlights on many stretches of the Pune Cantonment Board (PCB) limits have made commuting difficult at night. An internal survey by the electrical engineering section of the PCB revealed that about 20% (800) of the total 4,000 street pole lights in the area are not functional owing to a lack of maintenance.
2022-09-30
The state government has instructed the MHADA to waive charges to the tune of Rs 560 crore for 4,000 houses built under Basic Services for Urban Poor (BSUP) scheme in Kalyan-Dombivli. This will help the KDMC to allot 4,000 houses to the beneficiaries free of charge.
2022-09-30
Struggling Chinese property developer Sunac China is seeking to extend the repayment for a 4 billion yuan ($558.35 million) bond for the third time by pushing out the deadline by another 6 months. After the adjustments, Sunac will not pay the two remaining amortization payments scheduled for this year, and the last instalment will be delayed to March 31, 2024 from Sept 30, 2023.
2022-09-30
Police have registered a case of cheating against 27 property developers in Maharashtra's Thane district for allegedly fabricating documents for the registration of their constructions under the Real Estate Regulatory Authority (RERA). The accused developers had allegedly cheated home buyers from 27 villages and the Kalyan Dombivli Municipal Corporation (KDMC) as part of a racket.
