Cities
JnNURM directorate under the Ministry of Urban Development has issued a circular to the principal secretaries of urban development departments of all the states and union territories to adopt BBMP’s model of the property identification (PID) system. Based on Geographic Information System(GIS), BBMP has developed PID numbers to be allotted to properties for property tax [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) is all set to issue Property Identity (PID) numbers to all property owners from September 15. The aim is to bring 16 lakh properties in Bangalore under the tax net to increase the revenue collection. Palike sources state that PID scheme is in the final stages. Properties in the [...] Continue Reading »
Major relief is provided to around 40 lakh people in Delhi, as the Centre has given green signal to Delhi Government to regularise around 900 unauthorised colonies. These colonies were given provisional regularisation certificates ahead of assembly polls in 2008. CM Sheila Dikshit‘s Parliamentary Secretary Mukesh Sharma stated that Delhi Government would issue a notification [...] Continue Reading »
The Bombay Chartered Accountants Society (BCAS) has urged the state government to levy a uniform one per cent tax on buyers who purchased flats between 2006 and 2010, and those after 2010. The sales tax department and developers are yet to arrive at a mutual agreement over the quantum of Value-Added Tax (VAT) leviable, the [...] Continue Reading »
In a influential verdict, the Delhi High Court has ruled that in case of employees living in company-leased accommodation, money spent on repairs and renovations of such residences is not taxable. The ruling is set to have far reaching impact. If unchallenged in the Supreme Court, it implies those living in company-provided accommodation will not [...] Continue Reading »
Although the development authorities in Mumbai expects to finish off the Wadala-Jacob Circle Monorail corridor by the end of next year, doubts still remain whether it would be completed within time. The Mumbai Metropolitan Region Development Authority (MMRDA) is yet to secure space to set up the supporting infrastructure, like sub-stations, staircases and fire-fighting rooms. [...] Continue Reading »
Maharashtra finance minister has indicated that the state government will provide a waiver on 15 per cent interest as penalty on value-added tax (VAT) levied on property transactions between 2006 and 2010. The news comes as a relief for the property developers and buyers. The government further clarified that VAT will be levied only on [...] Continue Reading »
The tax department of the Pune Municipal Corporation (PMC) has launched a drive to recover property tax dues from property holders. The department collected dues worth Rs 5 crore over the last few days. In a press statement issued by the tax department, it has been stated that the department will form 10 squads to recover [...] Continue Reading »
In the past two decades real estate has witnessed rapid growth in Gurgaon. Its boundary expanded by a radius of nearly 8-10km. The past five years saw three master plans, announced successively – master plan of 2021 in 2007, of 2025 in 2011 and of 2031 in August 2012. However these plans have failed to [...] Continue Reading »
Prestige Estates has received a favourable review from Bank of America Merrill Lynch. The investment bank has initiated a coverage on Bangalore-based real estate firm Prestige Estates Projects with a “Buy” rating and estimated an upside potential of 38 per cent from current levels. BoAML also estimated that Bangalore real estate sector growth would remain [...] Continue Reading »
