Realty News
The Hyderabad Metropolitan Development Authority (HMDA), in an attempt to bring in transparency in allotment on lease basis has revamped the system. Till now, the allotment of shops and office blocks in the commercial complexes of Swarna Jayanthi, Maitrivanam was done on first-come-first served basis. Now the Authority has launched an IT-enabled system. The new [...] Continue Reading »
Mumbai property owners will not only be getting a final property tax bill, but also a special notice reflecting the property’s capital value in September. The area of the building for which property tax being charged, the new tax calculated, the old tax rate, method of the new capital value-based tax are mentioned in the [...] Continue Reading »
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year. For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated [...] Continue Reading »
In a verdict ensuring that the city’s home buyers can have exclusive ownership rights and they do not have to struggle to sell it, obtain loan on it or leave it to their children as legally accepted endowment, the Delhi high court directed the land-owning agencies of the city to execute for flat buyers a [...] Continue Reading »
In the wake of over 50,000 objections raised by the residents regarding house tax, the Municipal Corporation of Gurgaon has decided to deal with the issue finally. The corporation is to hold meetings in a daily basis in which, they will be inviting those who have filed objections and take necessary steps to resolve the [...] Continue Reading »
The Nashik Municipal Corporation (NMC) has planned to hike the property taxes for commercial establishments by 25 per cent exempting residential properties from the tax hike. The tax hike will come into action from the next financial year 2013-14. The standing committee chairman Uddhav Nimse cancelled NMC’s proposal to raise house and water taxes for [...] Continue Reading »
While making his position clear on tackling the alleged nexus between the BMC officials and construction lobbies, the Maharashtra Chief minister Prithviraj Chavan admitted that development charges of Rs. 102 crore is yet to be recovered from the developers. It is to be noted that the usual procedure is that BMC recovers this charge from [...] Continue Reading »
In India, where the bureaucracy is often criticized to be working under political pressure or in nexus with the lobbies, a bureaucrat’s action would be appreciated to work out a solid construction approval system in Mumbai. The influence of the powerful builders’ lobby in Mumbai has been curtailed due to the firm steps taken by [...] Continue Reading »
Ahmedabad may have been one of the fastest growing cities in the country but it has topped the list in terms of vacant space in shopping malls. According to a retail market report released by real-estate consultants Cushman & Wakefield, between April and June 2012, the overall mall vacancy in the city stood at 34 [...] Continue Reading »
Knight Frank Research, a property consultancy firm, analyzed residential market comprising projects with a sales potential of above Rs 30 crore in Mumbai Metropolitan Region. Their analysis shows that Mumbai real estate market for high-end homes has stagnated during financial year 2012. Absorption numbers for high-end homes in 2011-12 are estimated to have dropped by [...] Continue Reading »
