Cities
The buyers of property are further relieved in Delhi. In relation with the granting of the “deed of apartment” to landowners, the Delhi High Court has observed that the land owning agencies such as the Delhi Development Authority can execute the deed of apartments if builders fail to do so. It will help property buyers [...] Continue Reading »
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year. For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated [...] Continue Reading »
In a verdict ensuring that the city’s home buyers can have exclusive ownership rights and they do not have to struggle to sell it, obtain loan on it or leave it to their children as legally accepted endowment, the Delhi high court directed the land-owning agencies of the city to execute for flat buyers a [...] Continue Reading »
In the wake of over 50,000 objections raised by the residents regarding house tax, the Municipal Corporation of Gurgaon has decided to deal with the issue finally. The corporation is to hold meetings in a daily basis in which, they will be inviting those who have filed objections and take necessary steps to resolve the [...] Continue Reading »
The Nashik Municipal Corporation (NMC) has planned to hike the property taxes for commercial establishments by 25 per cent exempting residential properties from the tax hike. The tax hike will come into action from the next financial year 2013-14. The standing committee chairman Uddhav Nimse cancelled NMC’s proposal to raise house and water taxes for [...] Continue Reading »
While making his position clear on tackling the alleged nexus between the BMC officials and construction lobbies, the Maharashtra Chief minister Prithviraj Chavan admitted that development charges of Rs. 102 crore is yet to be recovered from the developers. It is to be noted that the usual procedure is that BMC recovers this charge from [...] Continue Reading »
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that the market watchdog, SEBI, should categorize housing finance companies (HFCs) as a separate sector from Non-Banking Financial Companies (NBFCs) to attract more fund flows. It suggested SEBI not to club HFCs with NBFCs for the purposes of sectoral limits proposed for investments by [...] Continue Reading »
In a move to generate more revenues for the Bruhat Bangalore Mahanagara Palike (BBMP), a new proposal has been forwarded to garner an additional Rs. 140 crore by bringing malls under the tax net. The 107 malls in the city would be divided into groups on the basis of area they cover in sq. ft. [...] Continue Reading »
In India, where the bureaucracy is often criticized to be working under political pressure or in nexus with the lobbies, a bureaucrat’s action would be appreciated to work out a solid construction approval system in Mumbai. The influence of the powerful builders’ lobby in Mumbai has been curtailed due to the firm steps taken by [...] Continue Reading »
Punjab is all set to become the first state in the country to start online registration of property and land records. Pilot projects have been undertaken in two districts. The revenue department will soon implement online registration of property and land and Mohali would be the first district in which this project would be implemented [...] Continue Reading »
