Realty News
A day after it announced a modest budget, endeavoring to explore fresh sources of revenue, the BMC Mumbai on Saturday issued a circular, raising the penalty on illegal constructions by four times. According to source, unscrupulous builders and tenants carrying out irregularities in their flats and buildings now must get ready to pay a heavy [...] Continue Reading »
Even as the saga over the Adarsh Housing society scam is still unfolding, the defence ministry on Thursday decided to computerise records of 1.7 million acre of defence land across the country. Defence Minister A K Anthony said that to avoid Adarsh-like scandals, in which defence land is believed to be transferred for the construction [...] Continue Reading »
Developers are reeling from the after-effects of the Adarsh scam. After-effect of Adarsh Society Scam, BMC and state government departments refusing to clear files seeking approvals for major construction projects. New municipal commissioner Subodh Kumar has also tightened the screws on the manner in which files are being cleared and is believed to be working [...] Continue Reading »
City-based developer said that realty prices could rise by 10 per cent. Builders say if suppliers of raw materials don’t reduce prices, they will be forced to pass on the royalty burden to property buyers. The Gujarat Government on Thursday has passed a resolution to charge royalty on minor minerals used as building materials from [...] Continue Reading »
The building under construction was an illegal structure.The engineers collected samples and said it looked like substandard construction. The construction site on Bannerghatta Road-200-foot wide and 30-foot high wall-came crashing down. Five crushed under wall debris and five labourers were injured. Food & civil supplies and power minister Shobha Karandlaje visited the spot and announced [...] Continue Reading »
Even the death of five persons in the building collapse incident at Kalupur and a so-called crack down on unscrupulous builders has failed to deter illegal constructions from resuming. AMC woke up to the illegal building business after five people were killed in the building collapse on Friday. Civic authorities have demolished more than 25 [...] Continue Reading »
The police are investigating the activities of fraudsters involved in a racket to cheat several banks and apartment buyers. Preliminary investigation revealed that the fraudsters sold the same property to multiple buyers, before registering it in the name of one of the gang members.The fraudsters have been accused of submitting multiple mortgage documents(fake ones) to [...] Continue Reading »
The tax, which is being collected through Self Assessment Scheme (SAS), will be hiked for 2011-12 as the three year block period will end this March. The Bruhat Bangalore Mahangara Palike (BBMP) property tax is likely to be hiked by at least 15 per cent for the next financial year. The Bruhat Bangalore Mahangara Palike [...] Continue Reading »
RBI’s decision to hike policy rates will affect the sentiment of the property market, but will not have any major impact on demand The hike in repo and reverse repo rates by 25 basis points will have a sentimental impact on demand. Real estate developers and consultants on Tuesday said RBI’s decision to hike policy [...] Continue Reading »
A survey taken up by the civic authority has exposed various fraudulent practices employed by builders to construct buildings illegally in the walled city. According to Ahmedabad Municipal Corporation officials, the first two days of the survey in the walled city – primarily Khadia, Raipur, Dariapur, Kalupur and Shahpur – has exposed several frauds by [...] Continue Reading »
