South Korea's realty tax law revision to help govt collect $4.8 bn

30 Nov 2021 CW Team

An update to South Korea's real estate holding tax law will assist the government in collecting $4.8 billion in such taxes in 2021, the finance ministry said on Monday, a three-fold jump as against last year.

The government updated the law in 2020, raising the holding tax rate for homeowners, as part of efforts to calm the nation's red-hot real estate market.

The revisions took effect in 2021. Since President Moon Jae-in took office in 2017, his government has launched dozens of loan curbs and tax rules that have done little to calm the property market.

The average cost of a flat in the capital city Seoul has roughly doubled since 2016 to 1.18 billion acquired as of August, Kookmin Bank data revealed. Park, who is among the 947,000 people or 2% of South Korea's 52 million population subject to the tax hike this year, said he owes 6.3 times as much taxes on his real estate holdings in 2021 as against 2020 due to the tax rise.

Park told the media that the tax increase would not have the wanted effect of forcing him to sell one of his many properties. Under the changes, the holding tax rate that various property owners have to pay per year was increased to as much as 6% from 3.2% earlier.

Image Source

Real Estate

05 Dec 2025

RBI Rate Cut Boosts Confidence Across Housing Market

Industry Context and Market DynamicsThe real estate industry has welcomed the RBI’s rate cut as a timely boost to affordability and demand. With home prices having risen steadily across major markets, even a marginal reduction in interest rates meaningfully strengthens purchasing power, especially for first-time and mid-income buyers.Ashish Jerath, President – Sales & Marketing, Smartworld Developers, observes:“The RBI’s 25-basis-point cut, bringing the repo rate down to 5.25%, is a timely boost for the real estate sector. Lower interest rates reduce borrowing costs, enabling homeb..

BMC Resumes Rs 170 Billion Road Works, Targets 80 per cent By Jan 2026

Following the withdrawal of the southwest monsoon in October, the Brihanmumbai Municipal Corporation (BMC) has restarted work on 645 roads—covering 297.49 kilometres—under its large-scale concretisation programme. Data shows that more than 60 per cent of the resumed works are located in the western suburbs. Officials said the civic body aims to complete concretisation on 80 per cent of the roads where fresh work has begun by January 2026. Launched in 2022, the Rs 170 billion project seeks to concretise 700 kilometres of roads across Mumbai. All civil works were halted during the monsoon ..

India Pushes Digital Shift In Urban Land Mapping

The Department of Land Resources (DoLR) under the Ministry of Rural Development has convened a National Symposium on NAKSHA – the National Geospatial Knowledge-based Land Survey of Urban Habitations – to advance India’s transition to modern, technology-driven land mapping. Speaking at the inaugural session, Secretary Manoj Joshi underscored the urgent need to move revenue departments away from outdated, tape-based methods and rough hand-drawn sketches. He stressed that adopting latitude–longitude-based digital mapping and GIS-linked registration systems is essential for economic stabi..