Delhi-NCR
The Delhi high court has allowed the Capital’s land-owning agencies to execute “deeds of apartment” for home buyers in case a builder fails to do so. Allowing a PIL which sought a direction for enforcement of the Delhi Apartment Ownership Act, a bench of Acting Chief Justice A K Sikri and Justice Rajiv Sahai Endlaw [...] Continue Reading »
Assocham study reveals that the real estate industry is attracting substantial investments in seven of the 20 top well-performing states even as the property market is facing slowdown. Almost 50 percent of Haryana’s investment is being done in realty sector since December 2011. The services sector accounted for about 34 per cent of its total [...] Continue Reading »
The government has given more time to 33 special economic zone developers, including Uttam Galva Steels Ltd, Unitech Infracon and GMR Hyderabad International Airport Ltd, to execute their projects. The Board of Approval (BoA), a 19 member inter-ministerial body that deals with SEZs, at a meeting headed by Commerce Secretary, also allowed three SEZ developers [...] Continue Reading »
In order to conduct a survey of all properties in the city, officials of civic agencies propose to hire a private agency. Property tax department officials have suggested that a private agency should be hired to prepare the database and find out which house owners are evading tax. It is suggested that a team should [...] Continue Reading »
East Delhi Municipal Corporation (EDMC) is to send property tax notices to over six lakh properties under its authority as it is having a financial crunch. The corporation did not have a database on the number of properties liable to pay taxes in East Delhi, therefore, it turned to power discoms and the data received was shocking. [...] Continue Reading »
Properties in North Delhi Municipal Corporation are to get identity numbers as the corporation incurred huge losses due to the absence of database of the number of properties that are liable to pay taxes. In order to improve the Corporation’s finances, it is mandatory that all properties pay taxes. This year it earned only Rs [...] Continue Reading »
In a recent report, Jones Lang LaSalle India (JLL) suggested that as compared to some major cities like Mumbai, NCR, Bangalore, Pune and Chennai, cities like Ahmedabad and Kolkata have an advantage due to high proximity of affordable housing projects to city center. At 15-20 km Ahmedabad and Kolkata offer the closest proximity to central [...] Continue Reading »
According to a recent Cushman & Wakefield report, the Indian retail real estate market recorded a delay of more than 30 percent of retail mall space against the projected supply for the first two quarters of the year. Approximately, 1 million sq. ft. of expected mall supply was delayed to later part of the year [...] Continue Reading »
It may have become the case that it is cheaper to buy a flat abroad such as in Dubai than at a posh location in Mumbai or in Delhi. The property price deflation in foreign countries since 2009 has given opportunity for Indians to buy houses abroad. Of late, most Indians seem to buy under-construction [...] Continue Reading »
The Central Bureau of Investigation (CBI) is likely to close its investigation in two cases related to large scale alleged corruption during the Commonwealth Games, of which, one being the Barapullah flyover case and the other is bailout package given to Emaar MGF for construction of 1,168 flats in the Commonwealth Games Village. Sources from [...] Continue Reading »
