Adani News

Tag: Property

  • Pakula Municipal Corporation will crack down on property tax defaulters

    Pakula Municipal Corporation will crack down on property tax defaulters

    In a bid to recover property tax dues, MC Commissioner Sachin Gupta has directed officials to take swift action against defaulters with pending levy exceeding Rs 10 lakh.

    Gupta instructed MC Deputy Commissioner Apoorva Chaudhary and zonal taxation officer Akash Kapoor to issue notice to all defaulters within a week and demand payment within 15 days.

    On the list of defaulters are the UHBVN, the HSVP, Tau Devi Lal Stadium and Gymkhana Club
    Kapoor informed the MC Commissioner that a total of 119 private properties owed the civic body Rs 38.66 crore as tax. Some notable defaulters include Hotel Golden Tulip, Ramgarh Fort, Holiday Inn, Vintegrate Technology Private Limited in Sector 22 and St Teresa Public School in Sector 25. Additionally, there were 46 government properties with tax dues exceeding Rs 10 lakh and the total outstanding amount was Rs 32.19 crore. The list includes entities such as the UHBVN, the HSVP, Tau Devi Lal Stadium and Gymkhana Club in Sector 3.

    Kapoor said despite notices, defaulters had been slow on clearing their tax dues. Gupta emphasised the need for sealing action against those who would not pay up within the specified 15-day period.

    Gupta chaired a meeting on the matter at his office, focusing on addressing the issue of property tax defaulters. Joint Commissioner Richa Rathi and other officials were also present at the meeting.

  • Real estate in Hyderabad: Demand-supply mismatch increases property rates

    Real estate in Hyderabad: Demand-supply mismatch increases property rates

    Hyderabad: Real estate in Hyderabad has witnessed a significant increase in property rates due to a demand-supply mismatch, according to the Magicbricks PropIndex Report (January – March) 2023. The report revealed that residential demand in Hyderabad grew by 6% QoQ while supply decreased by 14.2% QoQ, resulting in a 5.8% QoQ increase in property rates. The localities of Gachibowli, Miyapur, and Kondapur in western Hyderabad experienced the highest residential demand due to their proximity to the Nehru ORR and major employment hubs.

    The demand for mid-segment properties (Rs 5000-7000 per square feet) has been increasing, accounting for approximately 50% of the demand and supply in the city. With a continued preference for spacious homes, 2 and 3BHKs commanded 90 percent of the total demand in the city.

    Elaborating on the trends of real estate in Hyderabad, Sudhir Pai, CEO of Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”