Pune
A proposal suggesting a one-time tax on properties had been submitted by Congress corporator Aba Bagul. He had suggested that the tax would be equivalent to tax collected over a period of 15 or 20 years. Property owners would be happy to pay the one-time tax, Bagul had said. However, the administration last month stated [...] Continue Reading »
India’s largest real estate company, DLF steps up the disposal of non-core assets to pay down debt of almost $5 billion. It will sell its shareholding in two IT SEZs in Pune and Noida, for a combined value of Rs1300 crore. The transactions have not yet closed. Two partners, Ackruti City and The 3C Company, [...] Continue Reading »
Property prices in seven cities across India dropped by 2.63 per cent to 17.6 per cent during the January to March quarter, according to the latest data released by the National Housing Bank (NHB). As demand came back with gradual economic recovery in India, realtors, some of whom were facing severe debt problems, started raising [...] Continue Reading »
Market regulator SEBI on June 23 had directed two Sahara group companies — Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) — to refund the money raised from investors through optionally fully convertible debentures (OFCDs) with an annual interest of 15 per cent from the date of receipt of money. Sahara [...] Continue Reading »
The Pune Municipal Corporation’s (PMC) general body approved proposal to impose a fine to regularize constructions as per the Maharashtra Regional and Town Planning (MRTP) Act, 1966. The PMC Pune has approved to impose a fine according to the total construction cost of the building. According to the approved proposal, to regularize one illegal residential [...] Continue Reading »
The Pune Special Cell held gang of fraudulent real estate managers for cheating more than 200 people in Delhi and Pune of crores of rupees. The fraudulent real estate managers tricked people into buying land in Masharashtra towns at ‘low rates’ and fled. “With the arrest of one Arvind Kumar, a resident of Paschim Vihar, [...] Continue Reading »
The slack in demand due to slower sales and tardy implementation of infrastructure projects has slowed demand for cement used to build reinforced concrete roads, dams, bridges and houses. Leading cement manufacturers have started offering discounts of as much as Rs 10-20 per 50 kg bag in the last two months as slow sales begin [...] Continue Reading »
Sensible economics suggests that if developers can’t sell at high prices, they should cut rates and find buyers. Anecdotal evidence suggests that many builders are selling land holdings to finance loans, rather than cut prices. This too is good, because it will bring more land back into the market, creating further pressure for property prices [...] Continue Reading »
The revenue department has proposed an amendment to the Indian Stamp Act, 1899 to capture the huge change in the Indian economy over the past century. The draft law will be taken up by the cabinet soon. The new stamp duty law worked out by the government says the benefit will lapse one year after [...] Continue Reading »
Residents of Model Colony area want the work of culvert to be expedited before the onset of the monsoon since it could lead to water logging. The Pune Municipal Corporation (PMC) has begun constructing a culvert in Model Colony to prevent water logging this monsoon. According to the Pune Police (traffic branch), the road-Hare Krishna [...] Continue Reading »
