Property Tax
The Chennai Municipal Corporation had distributed Property Tax Cards valid for the period between 2007 and March 2012, to 6.5 lakh owners of houses in Chennai and other properties under the old city limits, for records of property tax payments. After the merging of new areas, the city now has 200 wards and the civic [...] Continue Reading »
The Gujarat government has planned to drastically reduce the impact fee. The impact fee is a registration charge for legalizing illegal structures in the state’s urban areas. According to sources the state urban development department has decided to fix a “nominal fixed value” for regularizing illegal properties in Ahmedabad and other cities by charging the [...] Continue Reading »
The property tax department of Pune has started a short message service (SMS) that will inform citizens about their tax dues on their properties at Pune. The municipal commission has declared that those who wish to get details of their dues by text messages should type NI, followed by their property number, and send it [...] Continue Reading »
The Haryana Government is planning to increase the property registration rates for the financial year 2012-13. The expected hike in the property registration rate may be around 15%. The rate of registration cost for the properties in Gurgaon has witnessed several hikes in last one year. 20-33% hike in registration cost was announced by the [...] Continue Reading »
The Supreme Court has declared the sale of immoveable property in Delhi through the use of a power of attorney will not be considered as a valid mode of transfer of immovable property. This judgment will have a negative effect on the residential real estate market of the national capital. The Power of attorney is [...] Continue Reading »
The Reserve Bank of India has brought about many new directives and guidelines for taking Home Loans. The most controversial decision was the exclusion of stamp duty, registration fees and all other allied charges while calculating the loan to value when taking a home loan. The loan to value is the loan amount taken against [...] Continue Reading »
The capital value-based regime and contending new property tax rule of Mumbai goes to High Court for proper justice. In a petition the applicant has said to the court that the present tax hike for the properties in Mumbai is unequal and is injustice to certain property-owners in the city. Under the new tax regime, [...] Continue Reading »
As there is no regulator in the real estate industry, the home buyers suffers a lot by the delay in project. Often builders refuses to listen to the buyers for the delay in Projects in India. To overcome the scenario, a regulatory bill is essential to enhance transparency in the real estate industry and promote [...] Continue Reading »
As the state government of Maharashtra has proposed a hike in the stamp duty of the property transaction, the buyers of the residential and non-residential properties in Mumbai will have to pay a five per cent stamp duty on the market value of the property. Earlier, the stamp duty in Mumbai was charged at Rs [...] Continue Reading »
The Nagpur Municipality has decided to fast track the assessment work of properties in Nagpur. The work is pending for many years and this delay is causing a huge loss to the NMC. According to the Municipality there are 5.5 lakh properties in the city. It is necessary to reevaluate the properties in every five [...] Continue Reading »
