ESTATE DUTY
Bollywood actor Ronit Roy buys sea-view luxury apartment in Mumbai’s Versova
Bollywood actor Ronit Roy and his wife Neelam acquired a 4,259 sq ft sea-view apartment in Versova, Andheri from Macrotech Developers for nearly Rs 19 crore. The June 10 deal includes four exclusive parking slots and a stamp duty of Rs 1.14 crore. The 29-storey project will be completed by December 2026. High net-worth individuals, including Bollywood stars like Amitabh Bachchan, Shahrukh Khan, Shilpa Shetty, Akshay Kumar, Abhishek Bachchan, and Aishwarya Rai, are investing in real estate.
Marico’s Priyanjali Mariwala buys luxury apartment in Mumbai’s BKC for Rs 65 cr
Priyanjali Mariwala, from the promoter family of consumer goods company Marico, has purchased a luxury apartment in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 65.25 crore. The apartment spans nearly 8,300 sq ft and is located on the first floor of the super-premium residential tower Signature Island. Mariwala acquired the property from Starlight Systems, a part of the project's developer Sunteck Realty.
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
Amitabh Bachchan buys two luxury apartments in Mumbai’s Borivali suburb
The deal comes immediately after the veteran actor recently purchased three more office properties spread across three floors in a commercial project in Oshiwara locality of Mumbai’s western suburb of Andheri. Bachchan purchased apartments in Borivali worth nearly Rs 7 crores from Incline Realty, a subsidiary of Oberoi Realty. These apartments spread over 2,188 sq ft are located on the 57th floor of the tower, the same floor where his son Abhishek’s apartments are situated.
Amitabh Bachchan buys more office properties in Mumbai Andheri suburb
Bollywood legend Amitabh Bachchan expands his Mumbai property portfolio with the purchase of three office spaces in Oshiwara for Rs 60 crore. This acquisition adds to his existing commercial holdings, with a focus on real estate investments alongside other industry figures.
Nadir Godrej, family buy 3 luxury apartments in SOBO’s Malabar Hill for Rs 180 cr
Godrej Industries’ Chairman Nadir Godrej and his family have acquired three sea-view luxury apartments in South Mumbai’s Malabar Hill for a total of nearly Rs 180 crore from a real estate development subsidiary of the JSW Group. The under-construction super-luxury residential project, Ruparel House, on Ridge Road at the top of Malabar Hill with the view of Queen’s Necklace, is being developed by R House Realty, part of JSW Realty.
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High-rise skyline of the property market
India's property market is in an upcycle since the pandemic, driven by demand for larger living spaces during WFH. Real estate prices have climbed due to the wealth effect of stock market returns and incentives for affordable housing.
Should you buy a house now before property prices soar or wait for home loan interest rates to drop?
A favourable wealth effect, driven by a sharp rise in the equity markets, is enticing many first-time homebuy ers to take the plunge, while affluent buyers are looking for second homes. If you are a fence-sitter, still unsure about when to buy a house, this market presents a big dilemma. Is it the right time to buy a house?
Realty hopes reforms, infra development continuity as Modi 3.0 takes charge
Industry players and experts are emphasizing the need for tax rationalization and reduced approval costs to foster a more conducive environment for investment and development.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
Mumbai realty market breaks record for 10th month in row
Mumbai, India's commercial capital, has recorded its best performance on record for real estate deals in May, driven by brisk sales and high demand despite increased mortgage rates and rising property prices. The Mumbai property market saw over 11,917 property registrations, up 21.3% from the previous year. The market's sustained confidence in India's economic expansion has resulted in robust business activity in the industry.
Mumbai property market continues record-setting spree with best-ever May
The country’s commercial capital witnessed more than 11,917 property registrations during the month, up 21.3% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,029 crore through stamp duty collection, up 23.5% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
Indians pay more in down payments and home loan EMIs than Singaporeans! Entrepreneur explains the math
Entrepreneur Akshat Shrivastava compares buying a house in Singapore and India. In Singapore, a 1 million SGD house requires 27% upfront payment with a 4% home loan interest rate. In India, a 2.56 crore house demands 30% upfront payment and 8-9% home loan EMI.
Pune car crash: minor's grandfather arrested; family put pressure on driver to take blame, say cops
The teenager's grandfather was arrested for 'illegal confinement' of the driver, and a court subsequently remanded him in police custody till May 28. The minor's father, in judicial custody in another case registered in connection with the May 19 accident, too was named in the First Information Report.
Dvok Buildcon buys 18-acre land in Gurgaon for Rs 310 crore
In terms of total land area, Bengaluru saw 14 deals for 490 acres transacted, the highest among all the top 7 cities. Land deals in the National Capital Region (NCR) have peaked due to urbanisation, infrastructure development, and investment opportunities driving demand for land.
'Sleeping partner can't answer sitting...': FM Sitharaman stumps a stock broker when he raises multiple tax concerns
Union Finance Minister Nirmala Sitharaman gave a cryptic responses to concerns about high taxes on stock market brokers and real estate transactions, stating that the government benefits heavily from these taxes without sharing operational burdens. She urged the Bombay Stock Exchange to collaborate with SEBI to enhance investor confidence and warned retail investors of the risks associated with the derivatives market, stating that an unchecked explosion in riskier futures & options could potentially cause problems in household finances.
Radhakishan Damani’s DMart buys land in Mumbai’s Chandivali for Rs 117 cr
The billionaire Radhakishan Damani-promoted company has paid a stamp duty of Rs 7.03 crore for the transaction that was registered on May 6, according to documents accessed through real estate data analysis platform CRE Matrix.
We need a clear future growth path to sustain momentum over the next 20-25 years: Neelkanth Mishra
Neelkanth Mishra emphasizes the need for proactive policies and strategic infrastructure development to sustain India's growth amidst evolving global economic challenges, advocating for efficient tax reforms, energy transition, and enhanced construction industry strategies to drive long-term economic prosperity. Mishra says: "At this stage, the problem is dollar shortages and higher rates and therefore the risks are the reverse, but the moment the Fed restarts QE, I think the problems will turn to be on the other side."
Mumbai property market scales new peak with record April stamp duty collection
The stamp duty collection has recorded 16% on-year increase at Rs 1,047 crore, while the country’s commercial capital has witnessed registrations of over 11,475 property deals during the month, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
'Modi's steadfast adherence to lies': Congress slams PM Modi over his inheritance tax barb
The Congress refuted Prime Minister Narendra Modi's claims that former PM Rajiv Gandhi abolished inheritance tax to safeguard his family's wealth. Modi alleged that Congress now aims to reintroduce inheritance tax if in power. Congress leader Jairam Ramesh countered, citing Finance Minister VP Singh's 1985 budget speech where estate duty was abolished to ease procedural hassles and inefficiencies, not to preserve wealth.
Kolkata records 17% Y-o-Y surge in property registrations in March 2024
In March 2024, the Kolkata Metropolitan Region witnessed a significant increase in apartment registrations, with 3,936 units registered, marking a 17% year-on-year growth, as reported by Knight Frank. The real estate sector in Kolkata has been advocating for the extension of stamp duty rebate, which is expected to boost residential sales further. The data indicates a shift towards smaller apartment sizes, with units under 500 sq ft comprising 45% of total registrations, up from 24% in March 2023. The South Zone led in apartment registrations, followed by the North Zone, both offering affordable options in the residential market.
Congress attacks PM Modi, BJP on 'Inheritance Tax' issue
Congress while distancing itself from Sam Pitroda's "inheritance tax" remarks attacked BJP, saying that the latter was trying to sensationalise the comments to divert attention from Prime Minister Narendra Modi's "malicious" poll campaign.
Pullback rally soon? Sanjiv Bhasin on 4 stocks to bet on in this uncertain market conditions
Sanjiv Bhasin recommends strategic investments in HUL, LTI, and Indiabulls Real Estate. He advises reallocation from heavyweight stocks to capitalize on growth prospects. Opportunities also lie in ICICI Bank, Bharti Hexacom, Voda-Idea, and IDFC Bank. Bhasin further says: "We are looking at one pullback rally because all negatives are slowly getting priced in. "
Pune property registrations record 23% rise in February, stamp duty collection up 20%
In February, the registration of residential units priced between Rs 50 lakhs and Rs 1 crore constituted the highest proportion, accounting for 32% of all housing transactions.
Maharashtra govt’s stamp duty amnesty extension to help redevelopment projects
The scheme that allows property buyers, who have either not paid or paid insufficient stamp duty on their purchase agreements, to regularize the sale by paying duty with a nominal penalty, has now been extended until June 30.
Upfront cost on property registration goes up in Karnataka
Currently, the stamp duty in Bangalore is 6.6% of the property's market value. The advance stamp duty will be adjusted against this at the time of the registration of the property. For resale, there is no impact as property registration often happens in a month.
Actor Bhuvan Bam buys Greater Kailash property for Rs 11 crore
The 180 sq metre bungalow is near to the previous home of Bam family and he has paid Rs 77 lakh stamps duty for the transaction. According to the annual Luxury Outlook Survey 2023 by India Sotheby's International Realty (ISIR), over 75% of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) believe that real estate will perform well over the next two to three years.
Kolkata's real estate market shows robust growth in 2023: Report
In the residential sector, Kolkata's real estate market witnessed a robust demand throughout 2023, driven by the continuation of the stamp duty rebate. A total of 14,999 residential units were sold, showcasing a significant 16 per cent growth in sales volume over 2022. This represents a notable recovery from a 10 per cent decline observed in 2022 compared to 2021.
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