Realty News
The Chennai Metropolitan Development Authority (CMDA) is asked to give details of unauthorized residential flats constructed in the city and the action taken by the agency against such constructions. The Madras High Court has directed the CMDA to file an affidavit giving the details. The affidavit should be filed by November 12. The matter has [...] Continue Reading »
Builders across the state have decided to stage a one-day strike on Thursday protesting against the unprecedented 100% hike in the price of cement in the last one month. The hike in the prices of cement and other raw material had already hit the construction sector badly. Confederation of Real Estate Developers’ Association of India [...] Continue Reading »
Betterment charges might soon be reintroduced as ‘improvement charges’ at reduced rates. The proposal was approved by the Palike’s tax and finance committee on Tuesday. As per the revised tariff, rates will be Rs 50-60 lesser than what were fixed earlier. These improvement charges will be collected from all converted lands in the outer areas. [...] Continue Reading »
The Karnataka High Court pulled up the Bangalore Development Authority (BDA) for not taking any action against erring officers responsible for irregularities in allotment of sites. The division bench was hearing a writ appeal filed by the BDA against a single-judge bench order dated December 14, 2009. Muni Reddy had filed a petition before the [...] Continue Reading »
By January 2011, all property owners of Bangalore will get their updated unique Property Identification (PID) numbers.The new PIDs will be a complete identity of your property. Currently, only properties in core areas have PIDs – majority of them still have the old ward numbers and there’s no uniformity in digits.After January, one can access [...] Continue Reading »
The Delhi Development Authority (DDA) will take over the entire Games Village Complex. The flats will be ultimately put up for sale some time early next year. According to DDA officials, the process of taking over will involve a complete inspection of every flat in the Village after the organizing committee (OC) has removed the [...] Continue Reading »
The income tax department has sent notice to property buyers and sellers who undervalued property deals to evade stamp duty and capital gains tax.They came across nearly 80,000 cases of people undervaluing their property. The scrutiny process began last year with I-T commissioner, Central Information Bureau, writing to the inspector general of registration (IGR) seeking [...] Continue Reading »
The sales tax department has threatened to take action against many builders after having come across several cases of tax evasion. The Builders have already collected Tax on under-construction property from the property buyers. But only a few have deposited it. Construction projects in the city and the state are once again under the scanner. [...] Continue Reading »
The new changes in zonal regulations may restrict TDRs and ancillary use of buildings in residential areas.The use of transfer of development rights (TDR) might be restricted to only large properties along wide roads. These new changes in zonal regulations are subject to government approval to recommendations for the revised Master Plan 2015. If approved, [...] Continue Reading »
The Maharashtra Chamber of Housing Industry (MCHI), the apex body of real estate business in the state, has directed all its members not to book flats without receiving the commencement certificate (CC) from the authorities. This move will ensure that people buy flats only in approved projects. With a view to curb unethical practices, MCHI [...] Continue Reading »
