Realty News
East Delhi Municipal Corporation (EDMC) is planning to issue passbooks to property tax payers to preserve all property tax correctly and to maintain a records up to date. The proposal was kept before the Standing Committee meeting and it was approved by other members. MK Ahuja said that by issuing passbooks there will be proper [...] Continue Reading »
Godrej Properties Ltd (GPL), the real estate arm of the Godrej group, said on Monday it had created a Rs 770-crore development fund to develop residential properties in India with a clutch of global investors, including Dutch pension services provider APG and Sparinvest Property Fund II. The fund will invest and develop three to five [...] Continue Reading »
The district collector of Madurai, Anshul Mishra, warned the local bodies, including the Corporation, against granting individual and random approvals to building plans because of which the government is losing revenue. He also said that if they continued to do so then their authority will be withdrawn. As per Section 49 of the local planning [...] Continue Reading »
The approval of the Greater Noida master plan by the statutory body of NCR Planning Board is all set to push the real estate prices in the region amid indications from developers that they would go for a price revision once the draft gets approved by the board. New buyers may have to end up [...] Continue Reading »
The Bruhat Bengaluru Mahanagara Palike, in April 2011, had considered to lease out its assets only through public auctioning in order to enhance the finance resources. But no action has been taken till now to enhance the lease amount or to call for public auction while leasing the BBMP’s properties. Also the BBMP’s recent budget [...] Continue Reading »
The Tamil Nadu Housing Board (TNHB), after finding irregularities in the allotment of flats in its ongoing project at Nerkundram, has planned to reallot them. The All India Service (AIS) officers were allotted with flats under the ‘Own Your Housing Scheme‘. Later the housing board had cancelled 29 flat allotments following allegations that some AIS [...] Continue Reading »
Bruhat Bengaluru Mahanagara Palike (BBMP) has taken up some steps to provide better service for property tax payers. Corporation Bank is also included along with IDBI Bank for tax payment. Khata will be issued only after taking fingerprints as a biometric system will be introduced from this year, in order to curtail the duplicate khata [...] Continue Reading »
Godrej Properties Ltd (GPL) has formed a residential development platform with Rs 770 crore of equity commitment. The platform mainly aims towards the development of the middle-income residential space in Mumbai, Delhi NCR and Bangalore, apart from looking for opportunities in Chennai and Pune. GPL would contribute 29 per cent in the investment platform while [...] Continue Reading »
The Karnataka Housing Board (KHB) incurred a loss of more than Rs. 7.2 crore for wrongly measuring the floor area of buildings it rented out in a prime location in Bangalore. Before renting out any property owned by state-owned boards and corporations, it is crucial to correctly measure the floor area of the property and [...] Continue Reading »
According to a recent report by property consultants PropEquity, the property sales across the Mumbai Metropolitan Region (MMR) have witnessed a fall of more than 50 per cent. In the first quarter of 2012, absorption of residential property has fallen to 11,473 units compared to 27,676 units in Q1 of 2011. The total residential supply [...] Continue Reading »
