Realty News
Volume of home sales dropped in most micro markets across the country in the first quarter of the year. An Edelweiss research report states that home sales dropped the most in NCR, followed by Chennai and Hyderabad. Most developers across the country reported a seasonal decline. Revenues of 13 listed real estate firms declined by [...] Continue Reading »
The corporators in Pimpri-Chinchwad have demanded that the penalty being charged by the property tax department from citizens for unauthorised constructions after January 2008 be reduced. The PCMC property tax department has started sending notices to the owners of the unauthorised constructions directing them to pay a penalty equivalent to the property tax of the [...] Continue Reading »
Civic authorities in Delhi have taken a strong stand against property tax defaulters. The South corporation has attached the bank accounts of 114 properties, which have been defaulters. People and organisations with the highest amount of pending payments have been targeted by the authorities. Most of them had not paid taxes for years despite repeated [...] 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 »
