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Land rates in Bihar continues to soar. However, the volume of revenue collected by the registration department from sale of land and apartments has registered a 50 per cent growth compared to corresponding period last year. According to the statistics of the registration department, the state has earned Rs. 653.51 crore as revenue from the [...] Continue Reading »
The Madhya Pradesh state government‘s decision to levy Narmada tax has come under fire from various builders and property owners. The property owners are to pay tax prior to getting building permission for any construction is bound to put an additional burden on those constructing new house, as well as on those who had bought [...] Continue Reading »
The Standing Committee of the Nashik Municipal Corporation (NMC) presented the Rs 1,810.82 crore civic budget for 2012-13 in the general body meeting(GBM). The standing committee, while modifying the budget worked out by the former municipal commissioner, had rejected proposals to hike house and water taxes. The former commissioner had proposed 10 per cent hike [...] Continue Reading »
Big house owners in Chandigarh will have to pay more in house tax as compared to those of smaller houses. The Chandigarh Municipal Corporation has decided to impose higher taxes on big houses once the house tax is imposed. The municipal corporation compiled details of the size and number of houses in the city. There [...] Continue Reading »
The Nagpur Municipal Corporation (NMC) has asked property owners who do not have water connections to pay extra property tax to make up for the delay in hiking general water tax. Owners in some localities do not have the water connection. As NMC has started to distribute property tax bills for this fiscal, property tax [...] Continue Reading »
Himachal Pradesh has halted plans of over 60 builders and developers to sell flats and cottages in the state. The developers whose projects are in limbo include DLF, Janta Land Promoter Ltd, Omax Construction Pvt Ltd, Optima Construction Pvt Ltd, Amar Nath Aggarwal Builders Pvt Ltd and Surya Builders. Most of these developers’ projects are [...] Continue Reading »
Slowdown in the real estate sector has badly affected Punjab’s revenue collection from stamp duty and registration fee. There has been a decline of 15 per cent in receipts, compared to the same period in the previous financial year. Property dealers have been badly affected due to the slowdown of market as deals have decreased. [...] Continue Reading »
Developers in Punjab has opposed the state government’s move to levy social infrastructure cess on property transactions. Confederation of Real Estate Developers’ Associations of India (CREDAI), Chairman, Anil Chopra stated that it would hit demand in the real estate sector which is already undergoing slowdown. Poor demand in real estate sector can be gauged from [...] Continue Reading »
The new property tax policy of the state government of Punjab has not gone down well with the citizens of Ludhiana. The property tax rates fixed at 1 per cent for residential, 1.5 per cent for institutional, 2 per cent for industrial and 4 per cent for commercial property are being considered very high by [...] Continue Reading »
In order to earn additional revenue of about Rs 1000 crores, Punjab Cabinet has decided to impose property tax on vacant lands among various other measures. Along with built up buildings, vacant plots and semi-built up units have also been brought under the purview of the proposed tax. All vacant plots would attract 25 per [...] Continue Reading »
