Realty News
After two years of work, the BBMP is finally hopeful of completing its first GIS-based property database in another three months. The Palike plans to ask the electricity board to share its database of household meters to cross-verify property details recorded in its property tax database that is currently being updated on the Geo Information [...] Continue Reading »
As the city spread and grew out of the central business district (CBD), many homeowners are renting out their residences to retailers as there is a huge demand for commercial property around residential areas. According to a survey, a mere 4-5 million sqft of ready retail space is currently available for retailers in the country. [...] Continue Reading »
Pimpri-Chinchwad Municipal Corporation is the first civic body in Maharashtra to implement the free parking norm. On June 11, 2009, the Pimpri-Chinchwad Municipal Corporation (PCMC) declared that no building permission plans will be sanctioned if the builders refuse to provide free parking space to apartment buyers across the twin industrial township. As per section 16 [...] Continue Reading »
The Supreme Court has that ruled builders/promoters cannot sell parking areas in the stilt area as independent units as the same is to be extended as “common areas and facilities“ for the owners. The apex court passed the judgment while dismissing the appeal of the promoter, Nahalchand Laloochand Pvt Ltd, challenging the Bombay High Court [...] Continue Reading »
Kukatpally is a major residential and commercial suburb in Hyderabad. Low rents attracts city techies to Kukatpally. The rent difference is largely rooted in the excess supply of new constructions in these areas and poor demand among buyers. Newly-constructed apartments in Kukatpally, and even Towli Chowki for that matter, are being let out at rock [...] Continue Reading »
BBMP is going tech savvy and introduce an automated building plan approval system. The Bruhat Bangalore Mahanagara Palike (BBMP) in its budget, has proposed to introduce an automated building plan approval system that would curtail the time in obtaining plan approvals. The proposal is expected to serve two purposes firstly – avoid delay and enable [...] Continue Reading »
The much-awaited direct tax code bill, aimed at simplifying the country’s archaic direct tax laws, was passed by the cabinet on Thursday.Those who have a home loan also have reason to cheer, as the interest exemption would continue for up to 150,000 rupees annually.The first draft of Direct Tax Code (DTC) was silent on exemption [...] Continue Reading »
The Bombay High Court has granted an interim stay on service tax levied by the Union Government on buildings under construction. The interim stay was granted by Justice V C Daga and Justice S J Kathawala, who admitted a petition filed by Maharashtra Chamber of Housing Industry (MCHI). The MCHI challenged the constitutional validity of [...] Continue Reading »
After recent media reports claimed that malaria is now also affecting heart and is causing strokes in patients with no history of heart ailments, guardian ministers Naseem Khan (suburbs) and Jayant Patil (island city) held meetings to review the situation and Khan directed the civic body to carry out precautionary measures to curb malaria which [...] Continue Reading »
According to the current law, properties can be acquired for road-widening only under TDR.Transfer of Development Rights (TDR) is a certificate from the Municipal Corporation that the owner of a property gets where his/her property (either part or whole) is reserved for the purpose of public utilities such as road, garden, school etc. TDR can [...] Continue Reading »
