Cities
The residential property sales have become strong with developers launching new projects at lower rates and offering incentives. According to Liases Foras Real Estate Rating and Research, housing sales in top six cities have witnessed a growth of around 30% year on year in three months. While in Mumbai, the sales volume of the most [...] Continue Reading »
Three trees were felled without the permission from the concerned officials in a residential area in Singanallur city, despite the promises made to protect the green cover. It is said that in order to widen the roads, the trees were felled. The contractor was planning to cut more trees, but due to strong resistance from residents [...] Continue Reading »
Jharkhand’s land registration department’s revenue is overflowing with increasing land rates. The government received Rs 171 crore in revenue in 2008-09, and in 2010-2011, the department has crossed 100%. With the coming of big brands and many educational institutions, demand is soaring, said realtors. The department already received Rs 418 crore and achieved 92 per [...] Continue Reading »
As the city of Bangalore grapples with loads of garbage being dumped on streets and BBMP failing to find a place to dump them, finally a solution seems to be on the horizon. The BBMP council approved a proposal for purchasing 400 acres of land at Bagepalli in Chikkaballapur district for waste disposal. The civic [...] Continue Reading »
The Greater Visakhapatnam Municipal Corporation (GVMC) is planning to develop the city but before that it has to tackle the debt due to government departments defaulting on property tax. Around 30 government wings owe property tax of Rs 4.18 crore to the civic body, with the APTransco leading the defaulters list owing Rs 80.03 lakh [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) has handed out contracts to new contractors. As Bangalore is reeling under uncleared garbage dumps, contracts go to new hands to clean up the city. The BBMP council has accorded approval to the new garbage tenders. As a result, the corporation got rid of the old garbage mafia and [...] Continue Reading »
South Delhi Municipal Corporation (SDMC) has attached rent of 50 properties in Omaxe Square – an office centre in South Delhi. The 50 properties of different owners on second floor of Omaxe Square have been rented out to Wipro. The officials said 50 property owners collectively owe Rs 19,14,616 to the corporation. The property tax [...] Continue Reading »
Confederation of Real Estate Developers Association of India (CREDAI) has called for the one per cent norm related to VAT payment to be adopted for the retrospective period between 2006 and 2010. The issue is pending with the Supreme Court, which had issued an interim order asking that the VAT on properties sold between the [...] Continue Reading »
After the Reserve Bank of India’s decision to hold the rates, real estate developers say that although they welcome the reduction in cash reserve ratio (CRR), they are disappointed with the fact lending rates have remained the same. In the policy announcement, RBI cut banks’ Cash Reserve Ratio (CRR) by 25 basis points (bps), while [...] Continue Reading »
With the extension of the deadline to pay the Value Added Tax (VAT) dues by the Supreme Court, now the buyers and the developers are quite relieved. The deadline has been extended October 31 for the VAT on flats purchased in Maharashtra between 2006-2010. Also the SP has directed the Sales Tax Department to waive [...] Continue Reading »
