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Delhi Civic Body’s Property Tax Collection Falls to ₹2,137 Crore in FY24, Disappoints Officials

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Team iPropUnited
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In the fiscal year 2023-24, the Municipal Corporation of Delhi (MCD) witnessed a significant downturn in its property tax collection, recording a decrease of 11.5% compared to the preceding fiscal period.

During the previous fiscal year of 2022-23, MCD had successfully amassed Rs 2,417 crore in property tax revenue. However, this figure plummeted to Rs 2,137 crore in the fiscal year 2023-24, marking a notable decline of Rs 280 crore. Correspondingly, the number of taxpayers dwindled from 13.29 lakh to 12.58 lakh.

This shortfall in collection, substantially below the targeted amount of Rs 3,500 crore specified in the 2023-24 budget, has left MCD officials disheartened, as property tax constitutes a primary source of revenue for the corporation. According to authorities, the absence of an amnesty scheme this year contributed to the decline.

An MCD official elaborated, stating, “Unlike FY 2022-23, in the last financial year, we introduced the Samriddhi scheme, resulting in an additional collection of Rs 400 crore.” The absence of such initiatives in FY24 dissuaded taxpayers from clearing their dues promptly.

Efforts were made to boost collection, including stringent measures against major defaulters, expanding the taxpayer base, and thorough property assessments based on documentation like electricity bills.

Leader of the opposition and BJP councillor Raja Iqbal Singh criticized the situation, suggesting that the decline in collection exposed the inefficiency of the current administration. However, MCD’s revenue collection from sectors such as the Remunerative and Project Cell (RP Cell), public health, and advertisements witnessed an upsurge.

The RP Cell’s revenue soared from Rs 213.3 crore to Rs 254 crore, attributed to intensified efforts to tackle illegal parking and enforce payment regulations. Similarly, the advertisement department’s revenue surged from Rs 225.7 crore to Rs 304.5 crore, following strategic changes and crackdowns on illegal advertisements.

Furthermore, revenue from public health, including licensing fees from restaurants, escalated from Rs 34 crore to Rs 50 crore.

Meanwhile, the New Delhi Municipal Council (NDMC) recorded a property tax collection of Rs 1,025.6 crore in FY24 compared to Rs 931.2 crore in FY23, falling slightly short of its target of Rs 1,150 crore. The NDMC area boasts 16,500 taxpayers, of which 60% are non-residential, including 1,600 government or PSU assesses.

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Tata Projects Signs Long-Term Lease for Office Space in Powai, Mumbai

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Team iPropUnited
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Tata Projects, a prominent engineering, procurement, and construction entity within the Tata Group, has finalized a substantial lease agreement for over 1.2 lakh square feet of office space in Powai, Mumbai. According to informed sources, this strategic move aims to establish the company’s headquarters accommodating approximately 1,000 employees.

The leased space is situated within the commercial tower known as Cignus Powai, part of a project developed by Chalet Hotels under K Raheja Corp’s banner. The lease spans five years, with Tata Projects committed to paying rentals totaling nearly Rs 86 crores over the duration.

“While securing office space across two floors in this deal, the company is contemplating acquiring an additional floor to facilitate future growth and expansion plans. The lease agreement includes a three-year lock-in period and standard rental escalation clauses,” disclosed one of the aforementioned sources.

The commercial real estate landscape in India’s major urban centers is undergoing significant transformation, driven by evolving corporate requirements, rapid infrastructure development, and shifting workplace dynamics. Recent lease transactions indicate the emergence of new commercial hubs attracting businesses and investors alike.

Gautam Saraf, Managing Director – Mumbai at Cushman & Wakefield, commented, “India’s commercial property market is witnessing a shift towards newer, high-quality assets offered by established developers and institutional landlords. These assets provide amenities conducive to fostering a healthy work-life balance for employees. With declining vacancies and a growing premium on Grade A properties, this trend is poised to intensify.”

Notably, Powai has long been a favored location for corporate giants like Larsen & Toubro (L&T) and Tata Consultancy Services (TCS), alongside a presence of multinational corporations including Accenture, Nomura, JPMorgan Chase, and Cognizant, bolstering its reputation as a pivotal business destination.

Email queries directed to Tata Projects and K Raheja Corp by ET remained unanswered at the time of reporting.

The completion of the project is anticipated by the end of June, with Tata Projects scheduled to transition into the new premises by the third quarter of the year. Presently, the company operates from an office located within Powai.

Cignus Powai, a solitary commercial tower spanning 7.5 lakh square feet across 16 floors, is positioned adjacent to The Westin Mumbai Powai Lake, and Marriott Executive Apartments. This tower is part of a larger mixed-use development orchestrated by Chalet Hotels under the commercial arm of K Raheja Corp.

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India’s Buildings Sector Set to Exceed National Carbon Budget: Report

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Team iPropUnited
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A recent report reveals that emissions from India’s buildings sector are projected to surpass the nation’s carbon budget, posing challenges to achieving net-zero emissions goals. 

According to the report released on Monday, emissions from India’s buildings sector between 2020 and 2070 are expected to reach 90.85 gigatonnes of carbon dioxide equivalent, exceeding the carbon budget allocated for the entire country. This revelation comes amidst global efforts to achieve net-zero emissions and limit the rise in global average temperatures to 1.5 degrees Celsius.

India faces the unique challenge of balancing developmental aspirations with the imperative to curb greenhouse gas emissions. The Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC AR6) has estimated the global carbon budget for limiting global warming to 1.5 degrees Celsius, with India’s fair share estimated at around 89 gigatonnes of CO2 equivalent.

Currently, India’s buildings sector accounts for 25 percent of the country’s greenhouse gas emissions, a figure expected to rise significantly as the majority of buildings planned for the next three decades are yet to be constructed.

A study conducted by CSTEP developed net-zero pathways for India’s buildings sector, highlighting the challenges and potential interventions required to steer towards a net-zero future. The report outlines various scenarios, including a business-as-usual scenario, developmental goals scenario, buildings-led scenario, and integrated scenario, each offering insights into emission reduction strategies and challenges.

Interventions in the industry sector hold significant potential for reducing emissions, with up to 59 percent reduction achievable through targeted measures. However, even with aggressive decarbonization efforts, achieving net-zero emissions remains a challenge without the adoption of carbon capture and storage (CCS) technologies, particularly in industries such as cement, steel, and bricks.

While some experts advocate for the adoption of CCS technologies, others emphasize nature-based solutions and innovation in building materials as cost-effective and sustainable alternatives. As India grapples with the dual challenge of development and climate action, concerted efforts are needed to scale up data availability, green skilling, and technology-based innovations to effectively address emissions from the buildings sector.

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Mamata Banerjee Calls for Action on Illegal Construction Despite Personal Injury

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Team iPropUnited
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Chief Minister Mamata Banerjee of West Bengal, currently recuperating from a head injury, made a public appearance on Monday to address the Garden Reach building collapse. Despite her own medical concerns, Banerjee emphasized the need for stern action against those responsible for illegal constructions, standing in solidarity with affected families.

Since sustaining a forehead injury requiring four stitches on Thursday, Monday marked Banerjee’s first public appearance. Despite her condition, she prioritized addressing the aftermath of the building collapse, demonstrating her commitment to governance and public welfare.

Banerjee’s presence at the Garden Reach site prompted swift action, leading to the immediate arrest of the promoter responsible for the illegal construction, Md Wasim. Additionally, the state announced a compensation of Rs 5 lakh for each family of the deceased.

Addressing the media, Banerjee emphasized the importance of ensuring the safety of neighboring communities during construction activities. She urged the administration to take decisive measures against illegal constructions, emphasizing the need for accountability and adherence to legal protocols.

Expressing solidarity with affected families, Banerjee reiterated the government’s commitment to providing support and compensation to those impacted by the tragedy. She personally visited the local hospital to meet with the injured, ensuring that their needs were addressed and providing reassurance regarding their condition.

Despite her injury and subsequent hospital visit, Banerjee remained resolute in her duties, briefly stopping at SSKM hospital before returning home. Her proactive response underscores the state government’s dedication to ensuring public safety and accountability in construction practices.

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MHADA Lottery 2019-2020: Online Application, Eligibility, Results, Draw Date, Winner List

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Team iPropUnited
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The Maharashtra Housing and Area Development Authority (MHADA) conducts housing lotteries annually to provide affordable housing options to residents of Maharashtra. This article provides a comprehensive guide to the MHADA lottery for the years 2019 and 2020, including information on the online application process, eligibility criteria, results, draw date, and winner list.

Online Application Process:

The MHADA lottery application process is conducted online through the official MHADA website. Prospective applicants need to register on the website and fill out the online application form, providing all necessary details and documents as per the eligibility criteria specified by MHADA.

Eligibility Criteria:

To be eligible to participate in the MHADA lottery, applicants must meet certain criteria, including:

  • Must be a resident of Maharashtra
  • Must be at least 18 years of age
  • Must not own any property in Maharashtra
  • Must have a valid income certificate
  • Must fulfill other criteria specified by MHADA

Results and Draw Date:

Once the application process is complete, MHADA conducts a draw to select the winners of the lottery. The draw date is announced on the official MHADA website, and applicants can check the results online using their application number or other specified details.

Winner List:

After the draw is conducted, MHADA publishes the list of winners on its website. The winner list includes the names of the applicants who have been allotted housing units through the lottery, along with details such as the location of the property and other relevant information.

Conclusion:

The MHADA lottery provides an opportunity for residents of Maharashtra to own affordable housing units through a transparent and fair selection process. By following the online application process, meeting the eligibility criteria, and participating in the lottery draw, eligible applicants can fulfill their dream of owning a home in Maharashtra. For more information and updates on the MHADA lottery, applicants are advised to visit the official MHADA website regularly.

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SEBI Introduces Amendments to Regulations for Small and Medium REITs

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Team iPropUnited
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NEW DELHI: The Securities and Exchange Board of India (SEBI) has enacted amendments to regulations governing small and medium Real Estate Investment Trusts (SM REITs) under the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2024.

These amendments, applicable to the 2014 regulations, are set to take effect upon their publication in the official gazette.

A Real Estate Investment Trust (REIT) is defined as an entity that pools a minimum of Rs 50 crore for issuing units to at least 200 investors, with the objective of acquiring and managing real estate assets or properties. This allows investors to receive income generated from these assets without assuming day-to-day management control.

Key provisions include the requirement for the investment manager to possess a net worth of no less than Rs 20 crore and a minimum of two years’ experience in the real estate industry or real estate fund management. Additionally, at least half of the investment manager’s directors must be independent, with no ties to other REITs or SM REITs.

To safeguard investor interests, the board reserves the right to appoint an individual to oversee the records and documents of the SM REIT. Moreover, each SM REIT scheme must have a distinct name, free from any misleading implications regarding guaranteed returns.

Under these amendments, SM REITs must ensure that assets proposed for acquisition are valued between Rs 50 crore and Rs 500 crore, with a minimum of 200 unitholders, excluding the investment manager and its associates. Furthermore, at least 25 percent of outstanding units in each scheme must be offered and allotted to the public.

SM REITs are prohibited from engaging in transactions with related parties, including facility and property management arrangements. Investment conditions mandate that the Special Purpose Vehicle (SPV) exclusively own all assets acquired or proposed by the scheme, with at least 95 percent of the scheme’s assets invested in completed and revenue-generating properties.

These amendments aim to streamline operations and enhance transparency within the SM REIT sector, ensuring adherence to stringent investment criteria and governance standards.

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UP Government Greenlights Lucknow Metro’s Second Corridor Project

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Team iPropUnited
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In a significant move towards promoting green public transport, the Uttar Pradesh government has given the green light to the Charbagh-Vasant Kunj second metro corridor project in Lucknow. This ambitious project, with an estimated cost of Rs 5,801 crore, aims to enhance urban mobility with a modern and efficient metro network.

LUCKNOW: The Uttar Pradesh government has approved the construction of the 11.165 km-long Charbagh-Vasant Kunj second metro corridor project, with plans set to commence commercial operations on June 30, 2027. The corridor will feature 12 stations, seven of which will be underground and five elevated, as announced by state finance minister Suresh Kumar Khanna following the cabinet’s nod for the project.

The detailed project report is now slated to be sent to the Centre for further approvals.

Spanning from Charbagh to Vasant Kunj, the metro line will traverse beneath the earth’s surface, serving key locations including Gautam Budh Marg, Aminabad, Pandeyganj, City Railway Station, Medical Chauraha, and Nawazganj.

An official highlighted the rising demand for metro services in Lucknow, with over 8.70 crore commuters utilizing the existing metro corridor since its inception in 2017. The government’s focus on promoting a green public transport system to mitigate carbon emissions underscores the significance of this project.

The Charbagh-Vasant Kunj corridor will operate on the 750 DC traction system, offering efficiency and reduced maintenance costs compared to overhead electrification systems. The financing model for the project includes 60% funding from financial institutions and a 40% split between the state and central governments on a 20:20 ratio.

Nitin Ramesh Gokarn, additional chief secretary of the housing and urban planning department, expressed confidence in the project’s approval from the Centre, emphasizing its potential to revolutionize public transport in Lucknow. He affirmed the commitment to completing the project within 40 months, employing tunnel boring machines (TBMs) for expedited construction.

Despite challenges posed by the COVID-19 pandemic, the first corridor of Lucknow metro has witnessed a notable 35% increase in passenger ridership. With a robust operational model generating positive cash flow, the metro system is poised for further expansion and service enhancement.

The approval of the Charbagh-Vasant Kunj corridor underscores the state government’s commitment to modernizing urban transportation infrastructure and fostering sustainable development in Uttar Pradesh.

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Delhi Government Allocates Rs 500 Crore for Expansion of Delhi Metro

By
Team iPropUnited
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New Delhi: In its 2024-25 Budget presented on Monday, the Delhi government has earmarked Rs 500 crore for the expansion and improvement of the Delhi Metro, with Finance Minister Atishi highlighting that over 60 lakh individuals now utilize the service daily. Atishi revealed that in 2014, the daily ridership was around 24 lakh passengers.

Presenting the budget with a total outlay of Rs 76,000 crore, Atishi emphasized the government’s commitment to providing quality public transportation to every resident of Delhi.

Under the leadership of Chief Minister Arvind Kejriwal, significant strides have been made in enhancing the public transportation sector in Delhi, she noted.

From a total of 193 kilometers of metro network and 143 stations in March 2015, the Delhi Metro has expanded significantly over the past nine years, with the network doubling to 393 kilometers and the number of stations increasing to 288, Atishi added.

Highlighting the exponential growth, Atishi reiterated that while around 24 lakh passengers traveled daily on the metro in 2014, today, the number has surged to over 60 lakh commuters. The Delhi Metro now serves every corner of Delhi, extending its reach to areas such as the Tikri border, Samaypur Badli, Tikri Kalan, Badarpur border, and Shiv Vihar.

“In this financial year, I propose an outlay of Rs 500 crore for the Delhi Metro,” she announced.

The Delhi Metro stands as the largest and busiest rapid transit system in India, seamlessly connecting the country’s capital region with its satellite cities.

Operated by the Delhi Metro Rail Corporation, a public sector company established jointly by the government of India and the government of Delhi in May 1995, the metro system continues to be a vital lifeline for millions of commuters in the National Capital Region.

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Nitin Gadkari Pushes for Smart Village Concept to Foster Holistic Development

By
Team iPropUnited
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In Nagpur, Union Minister Nitin Gadkari emphasized the importance of establishing ‘smart villages’ alongside smart cities to ensure comprehensive development across the country. Gadkari highlighted his initiative to transform Bela village, located 30km from Nagpur, into a model smart village, expressing optimism about its potential replication nationwide.

Gadkari underscored the significance of generating employment opportunities in rural areas, citing innovative projects like the production of carpets from cloth waste materials as avenues for economic empowerment. He revealed the surprising affordability of these products, exemplifying the potential for rural entrepreneurship to thrive.

Addressing the bhoomipujan ceremony for various infrastructure projects, Gadkari advocated for the utilization of drones for urea spraying in farmlands, emphasizing the need for technological innovation in agriculture.

Furthermore, Gadkari emphasized the importance of empowering self-help groups and cottage industries in villages, envisioning financial independence as a norm for rural communities. He highlighted the success of projects like the cable-stayed bridge in Ambhora and announced plans for collaboration with business magnate Anand Mahindra to establish a resort in the area, showcasing the potential for rural tourism development.

Additionally, Gadkari assured improved transportation infrastructure to facilitate commuting between villages and urban centers, enabling youths to access employment opportunities in cities while residing in their native villages. This comprehensive approach, championed by Gadkari, aims to foster balanced development and inclusive growth across rural and urban areas alike.

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Housing Prices Surge by 20% in Major Indian Cities Over Past Two Years

By
Team iPropUnited
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Amidst a backdrop of positive economic indicators, housing demand has soared, propelling property prices upwards by approximately 20% across India’s top eight cities over the last two years, according to a joint report by Credai, Colliers, and Liases Foras.

The report encompasses Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune.

Bengaluru, Delhi NCR, and Kolkata have experienced the most significant spikes in average housing prices, registering an impressive 30% surge in 2023 compared to 2021 levels. This surge is driven by heightened demand, particularly in the mid and luxury housing segments.

In specific figures, Bengaluru saw a 21% year-on-year increase in 2023, followed by Delhi-NCR with a 9% rise and MMR with a 4% increase.

Despite a substantial influx of new supply, the unsold inventory notably decreased in 2021 and remained relatively stable until the end of 2023. Both 2022 and 2023 witnessed a surge in new property launches, particularly in the mid and luxury segments, across major cities.

Cities like Bengaluru, Hyderabad, Kolkata, MMR, and Pune experienced a 2-2.5 times increase in new supply over the past two years, reflecting robust market activity and enhanced developer-market confidence.

Boman Irani, President of CREDAI National, anticipates further momentum in housing demand and supply in 2024, not only in the top eight cities but also in Tier II and III regions.

According to Badal Yagnik, CEO of Colliers India, the real estate market saw a remarkable year in 2023, marked by significant growth in high-end and luxury segments, infrastructure-led development, and deeper price discovery across various markets.

Pankaj Kapoor, Managing Director of Liases Foras, asserts that the current real estate landscape is most productive when sales, supply, and prices experience balanced growth, emphasizing the importance of non-speculative price rises for a healthy market.

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