Cities
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 »
Real estate companies in Maharashtra are facing a stern directive from Supreme Court to clear value added tax dues by the end of October. As a result, most of them are almost turning into collection agents, as they have to rush to comply with the Supreme Court directive. Any body who bought a home in [...] Continue Reading »
The recent Supreme Court ruling against Sahara Group implies an indictment of not only Sahara but the regulatory system as a whole. Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) were instructed by the Supreme Court to refund over Rs 24,000 crore collected through optionally fully convertible debentures (OFCDs). Sahara case [...] Continue Reading »
There has been considerations regarding verticalisation of Delhi in the new master plan for 2021 by allowing higher floor area ratio (FAR) in the city. The aim behind such plan is to increase housing stock and rejuvenate some old commercial areas. Property rates in Delhi, especially in the south and central parts, have soared to [...] 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 »
Chintels India Ltd., a real estate development company, has announced the launch of over five million square feet of residential and commercial development projects recently. The projects are valued at around Rs 3500 crore in current market rates. Chintels has an extensive presence in Delhi and NCR. The launched projects spread across Sectors 106, 108 [...] Continue Reading »
Unitech, a New Delhi-based real estate developer, has expressed apprehension about various regulatory measures to be taken up to regulate real estate industry. He stated that various bills related to land and real estate sector may impact the sector’s growth if proper balance is not maintained between the various stakeholders’ interests. Land Acquisition, Rehabilitation and [...] Continue Reading »
Emphasis on energy efficiency seems to be shifted to smaller buildings of late. In order to help smaller buildings in Delhi to reduce their carbon footprint, a special programme has been devised. An offshoot of GRIHA – the green rating for integrated habitat assessment – SVAGRIHA has been conceptualised especially for buildings that are less [...] Continue Reading »
Housing demand in Khargar, Navi Mumbai, is largely being driven by the 1BHK and smaller sized 2BHK segment. More and more customers are demanding smaller units in the range of approximately Rs 30-35 lakh. City based developers have established a strong foothold in Khargar, by offering affordable flats. These developers are catering to the high [...] Continue Reading »
