Under-construction buildings
The under-construction buildings which were purchased by buyers in the past six years will not attract any VAT (Value Added Tax). It was told by the legal and tax consultants that residents under Mhada will not have to pay any VAT as Mhada does not enter into any sale agreement with its buyers unlike in private transactions. As per [...] Continue Reading »
In order to give a boost to the real estate sector, financial services secretary D K Mittal has asked banks to focus on funding of partially completed residential projects on a priority basis. Funding projects in small towns has also been asked to prioritise. In a meeting with Indian Bankers’ Association (IBA) and developers body [...] Continue Reading »
Developers and builders in Hyderabad has to follow up a mandatory procedure of displaying a building house plan in front of the under-construction buildings. These building plans are to be approved by Greater Hyderabad Municipal Corporation (GHMC). The main idea is to display the plan for public view and this would also ensure transparency of [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) will henceforth not grant building plans/licences without a no-objection certificate from the Fire and Emergency Services. The notification directs the BBMP not to issue occupancy certificates to buildings if fire safety measures had not been provided under the building byelaws, zonal regulations, etc. As directed by the High Court, [...] Continue Reading »
