Realty News
In an important order, the Bombay High Court has said developers cannot construct new buildings—not part of the original plan which was disclosed to buyers—unless they take the consent of apartment owners. The Judge said that if the promoter wants to make additional construction, which is not a part of the layout placed before the [...] Continue Reading »
The services such as construction, erection, commissioning or installation, repair services provided prior to 1 June 2007 made taxable with effect from 1 June 2007. In case a contract where the provision of service commenced prior to 01.06.2007 and any payment of service tax was made under the respective taxable service before 01.06.2007 – No [...] Continue Reading »
The steep rise in property prices over the past three-four years, particularly in larger cities such as Mumbai, has placed one category of homebuyers in a very fortunate situation. Those who booked yet-to-be-constructed flats three or four years ago, made payments over the past few years at the old booking rates and are now getting [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) has increased the period of making suggestions and objections in connection with the proposed circular of evaluation of the new property tax system by a month. The property tax will be computed on the basis of capital-value system. Earlier, property tax was computed on the basis of rent paid by [...] Continue Reading »
The Bruhat Bengaluru Mahanagara Palike has decided to re-launch its drive against building violations. The BBMP has issued a circular to its engineers of Town Planning Department to act tough against violation of building byelaws.The Mahanagara Palike has asked ward-level engineers to carry out regular inspections and those at Town Planning Division to send the [...] Continue Reading »
The Municipal Corporation of Delhi has launched a new amnesty scheme to settle property tax issues under the old method of property tax assessment called Rateable Value (RV) method.The old system continued up to March 31, 2004, after which the Unit Area Method was introduced from April 1, 2004. According to MCD, there are more [...] Continue Reading »
RBI introduced a ceiling on “loan to value” (LTV) ratio for home loans. The central bank has said that the loan to value ratio for home loans cannot exceed 80 per cent of the value of a house as housing loan.This in effect means that you will have to shell out more from your own [...] Continue Reading »
Members of Gangaputra Society alleged that some of the houses under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) scheme were allotted to those not eligible under the scheme. They also brought to his attention the encroachment of 5.38 acres of the society’s land by some washer men. Responding to a representation from Gangaputra Society at [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) is making it compulsory for builders to submit the building plan based on carpet area only.The concerned departments, Revenue and Urban Development, have been given instructions in this regards. Making it tough for builders to flout norms while selling flats, Maharashtra Government would make compulsory submission of building plan to [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) is finally girding up to tighten its property tax collection process.The BBMP has formed 385 crack teams who will survey all properties in the Palike’s jurisdiction to ascertain whether they have been accurately assessed under the self-assessment scheme (SAS) and appropriate amount has been paid in tax. As on [...] Continue Reading »
