A federation representing 425 residents’ associations has urged the state government to withdraw the recent 6% property tax hike approved by the local civic body. They argued that taxes should not be collected from households lacking basic water and sewer connections.

During its second annual general meeting held over the weekend, the federation passed ten resolutions stressing the need for improved civic infrastructure before any tax increases are implemented. Members stated that essential amenities must be provided first and that the tax hike should be placed on hold.

Earlier, many residents’ groups had challenged the 2022 tax revision in court, arguing that the 50% to 150% increase was unreasonable given the inadequate civic facilities. The new tax hike was introduced before these petitions were resolved. Members raised concerns about damaged roads, ineffective stormwater drains, and the absence of proper water and sewer networks.

Worried about the ecological impact on a nearby protected wetland, the federation also passed a resolution opposing a proposed eco-park planned in a reclaimed dump yard. Additionally, they voted to create designated spaces for dogs and cattle away from densely populated areas and to ensure their regular feeding.

Starting in November, residents of the city must hire only trucks approved by the local civic body to clear construction debris. Those who dump debris in public places or water bodies may face fines of up to ?5,000.

The city generates about 850 tonnes of construction waste every day, and illegal dumping is widespread. On Saturday, the civic body fined several households and trucks a total of ?2.05 lakh for dumping waste in various areas.

To address this issue, the civic body will register and issue ID cards to around 1,000 construction and debris waste lorries. Association members have reportedly assured officials that they will deposit debris only at designated sites, especially after some were penalised during recent night inspections. Registration applications are now open, and a list of approved lorries will be released within a month.

According to the guidelines, debris may be deposited only at the civic body’s 15 authorised sites and only during working hours under supervision. Night-time dumping is prohibited. No fee will be charged for disposal during designated hours.

Residents and businesses can contact the approved lorries to transport debris to the designated sites in each of the 15 zones. A contractor agency, along with local workers, will then collect the waste and send it to processing units for crushing and reuse in construction.

Two city corporations located near a major metropolitan area are set to annex 37 surrounding villages and local bodies, expanding their boundaries. One corporation will incorporate 18 villages and residential areas.

Formed in 2021, this corporation will expand its area from about 85 sq km to over 170 sq km, becoming nearly one-fourth the size of the nearby larger metropolitan corporation. Its population will rise from roughly 7.2 lakh to just over 10 lakh following the merger.

A deputy mayor stated that the state government has approved the district administration's proposal to include the local bodies that were initially left out during the corporation’s creation due to earlier rural local elections.

For the second corporation, three municipalities will merge along with 19 village local bodies. After the merger, this corporation will grow from about 65 sq km to 188 sq km, and its population will increase from about 3.46 lakh to nearly 6.95 lakh.

An official from the state municipal administration department mentioned that the presidents of these village local bodies will remain in office until the end of 2024, after which the areas will be merged into the two corporations. The upgrade is expected between December 2024 and January 2025.

An Indian lender has sold a housing loan portfolio of about Rs 60 billion ($717 million), seeking to further lighten its credit load amid regulatory pressures on the industry. The portfolio was sold to about half a dozen state-controlled banks through private deals, according to people familiar with the matter, who asked not to be identified as the information is not yet public.

The Mumbai-based bank also unloaded another pool of car loans worth about Rs 90.6 billion, securitized in a fixed-income product called pass-through certificates, the people said. The lender had previously been in talks to offload the pool to about a dozen local asset management companies.

In June, the bank also sold a Rs 50 billion loan portfolio. Its credit-deposit ratio stood at 104% at the end of March, higher than the 85% to 88% rate in the previous three fiscal years, according to a domestic ratings agency.

The central bank has warned that deposit growth lagging behind credit growth “may potentially expose the banking system to structural liquidity issues.”

For its upcoming earnings report for the quarter ended September, the lender is expected to show deposit growth of 13% year-on-year, compared with an 8% increase in loans, according to a senior financial services analyst at a global research firm.

The fourth meeting of a ministerial group on boosting the real estate sector, held in Goa, has decided that no further exemption in GST should be granted on long-term lease of land by private entities or for sector-specific purposes such as tourism. The meeting was hosted by the state’s chief minister.

Several deputy chief ministers, state finance ministers, and central taxation officials attended the meeting.

A statement issued after the meeting said there were deliberations on various issues related to the real estate sector. While reviewing the value limit of Rs 45 lakh for defining an affordable residential apartment in metropolitan regions, it was decided that additional consultations with key states would be required before reaching consensus.

The issue of determining land value for calculating the value of construction services in apartment sales has been deferred for further examination.

The next meeting of the ministerial group is expected to be held on October 25.

A Tamil Nadu–based cement producer on Friday said it has increased its cement grinding capacity by nearly one million tonnes per annum (MTPA). The company has carried out debottlenecking of cement grinding capacity at its Kalavathala Plant in Andhra Pradesh, resulting in an increase of capacity from 1.5 MTPA to 2 MTPA. In addition, at its Valapady Grinding Unit in Salem District, Tamil Nadu, it has carried out debottlenecking of cement grinding capacity, leading to an increase of capacity from 1.6 MTPA to 2 MTPA.

"The company's total cement grinding capacity has increased by 0.9 MTPA, from 23.14 MTPA to 24.04 MTPA with an aggregate investment of Rs 58 crore," according to a regulatory filing. It has received consent to operate from the competent authorities for the increase in capacities.

The company’s revenue for the financial year ended on March 31, 2024, was Rs 9,349.83 crore. It operates five integrated cement units and six grinding units.

The Noida Metro authority has issued an expression of interest (EOI) for the commercial development of three plots totaling 44,151 sqm near a metro station close to the Okhla Bird Sanctuary. These plots, located near high-rise buildings and educational institutions, are available for development.

Currently, the metro line stretches 29.7 km from Sector 51 to Depot Station in Greater Noida. Since its launch in January 2019, daily ridership has grown from 18,000 passengers in 2019 to 55,000 in 2024.

The authority stated that it owns properties adjacent to the metro station. The EOI emphasizes the need for sustainable project operation through innovative revenue strategies and project structuring. The process aims to attract experienced firms, developers, and institutions with proven expertise in commercial real estate development, including project management, financing, marketing, design, leasing, and management.

The plots are designated for commercial use under the Noida Master Plan and Noida Building Byelaws 2010, with a lease period of up to 60 years from the execution date. Developers are expected to design buildings with a lifespan of 100 years or more.