Punjab realty comes to a halt as buyers wait for stamp duty reduction
July 23, 2017

Property transactions in Punjab have come to a complete stop as buyers wait for the government to notify the proposed reduction in stamp duty. This could hurt the state government’s revenue collection targets for this year. Last month, while releasing this fiscal’s budget, the state government had announced a three percent reduction in stamp duty charges on urban properties. This brings the stamp duty on registration of properties down to six percent from the earlier… Read More

Chandigarh civic body to send property tax alerts on mobile phones in 2018
July 15, 2017

From June 2018 onwards, the Municipal Corporation Chandigarh (MCC) will send out property tax alerts and notifications to around 23,000 commercial tax payers on their mobile phones. A mobile application will be launched soon to pay taxes, too. The civic body has also contacted a Noida based Geographic Information System (GIS) company, Consortium India Pvt Ltd to formulate a system to locate residential and commercial properties in the city. A sum of Rs 1 crore… Read More

No approval of revised building plans in Chandigarh without parking space
June 18, 2017

Chandigarh authorities will no longer approve plans for building revisions in the absence of adequate parking space. In case of houses measuring 1 kanal and above, it will be mandatory to have parking space or their revision plans will not be approved. The authorities have taken this decision to curb the ever-increasing problem of parking in residential areas. With about 12 lakh registered vehicles in the city, Chandigarh is believed to have the highest density of vehicles… Read More

Haryana ponders sops for builders of affordable housing
May 15, 2017

Haryana government is considering offering some relief to developers of affordable residential projects in an attempt to promote affordable housing in the state. Finance Minister Capt Abhimanyu Singh shared that industry stakeholders have suggested waiving off stamp duty for such projects and the proposal will be analysed for feasibility. Stamp duty is decided by the state government and tends to vary between four and 12 percent. The latest Union Budget has accorded infrastructure status to affordable… Read More

Punjab to rationalise prices of government housing projects
May 8, 2017

In order to revive the real estate market in the state, Punjab government has decided to go for realistic prices in its housing projects. Experts point out that unreasonably high prices prevailing in the sector are a major reason for the slump in Punjab’s real estate. Officials have shared that the housing and urban development department is working on a plan to rationalise realty rates in the state. The proposal made by the Chief Minister… Read More

Chandigarh Housing Board to be impacted by RERA
May 3, 2017

The implementation of the Real Estate (Regulation and Development) Act (RERA) has brought a wave of relief among property buyers in Chandigarh, especially the ones who had taken up units in projects being undertaken by the Chandigarh Housing Board (CHB). With RERA in place, CHB will have to complete its projects in time or face action as per the revolutionary Act. Homebuyers in the region have been complaining of delayed constructions and delivery of flats… Read More

Chandigarh: Building plans of commercial property to undergo self-certification
April 29, 2017

The Chandigarh Administration has recently introduced self-certification for passing the building plans of any commercial property in the Union Territory (UT). The self-certification for residential buildings has already been adopted in Chandigarh. In order to save the applicants' time, the provision has been added to the draft Chandigarh Building Rules (Urban) 2017, which will be notified after calling objections from the UT residents. To avoid applicant’s harassment at the hands of the UT estate officials,… Read More

Chandigarh civic body cuts property tax slabs
April 26, 2017

After offering a rebate for two financial years, Chandigarh civic body will now ask the city's residents to pay more property tax on their houses. The Chandigarh Municipal Corporation (MCD) has recently reduced the rebate on tax, cutting the slabs from three to one. After introducing the property tax on residential property in FY 2015-16, the civic body introduced tax rebates of 40, 30 and 20 percent. While the 40 percent rebate was available for… Read More

Chandigarh to initiate GIS mapping of properties
April 20, 2017

Chandigarh administration has recently invited tenders for Geographic Information System (GIS) mapping of properties and other public infrastructure in the Union Territory (UT). By floating the tenders for the project, which has been approved by the government of India, the administration is looking forward to hiring an agency, which will also conduct Aerial and Light Detection and Ranging (LIDAR) data survey. Through the project, the administration will initiate GIS mapping of all residential, commercial and… Read More

Chandigarh approves rates for leasehold to freehold property conversion
February 4, 2017

Owners of 50,000 leasehold residential properties in Chandigarh can soon become the sole owners of the houses. The Union Territory (UT) administration has recently proposed rates for converting leasehold residential properties to freehold. Following the green signal of VP Singh Badnore, UT administrator, the proposed rates have been sent to the Ministry of Home Affairs (MHA) for the final approval. According to the proposed regime, things will remain unchanged for properties up to 50 sq… Read More

Chandigarh to exempt big buildings from separate environmental clearance
February 2, 2017

Big buildings and housing projects in Chandigarh will no longer have to get separate environmental clearance from the authorities. Currently, buildings with built-up area of 5,000 sq m and above need to acquire environment clearance from the Union Ministry of Environment. However, according to the new rules of the Ministry of Environment, if the environment conditions are integrated into the building byelaws, separate environment clearance for individual buildings will not be necessary. Thus, Chandigarh’s Department… Read More

Finance ministry denies grant to Chandigarh under Smart City project
January 7, 2017

The Ministry of Finance has denied the first grant of Rs 100 crore under the 'Smart City' project to Chandigarh for the current financial year (2016-2017). However, the ministry has given a verbal commitment to the Chandigarh Administration about giving the same amount of grant in the next financial year. Chandigarh Administration was set to receive total funds of Rs 200 crore for its Smart City project. While Rs 100 crore had to be allotted… Read More

Chandigarh Housing Board plans e-auction of vacant properties
December 28, 2016

Chandigarh Housing Board (CHB) intends to carry out e-auctions for its vacant properties starting January 2017. The auctions will offer residential as well as commercial properties once a week. This plan was initially supposed to commence from August 2016 but got delayed due to certain issues. CHB officials stated that the authority has identified the properties to be offered in auction. The plan is to offer a commercial property once a week and a residential… Read More

Chandigarh forms Real Estate Regulatory Authority
November 1, 2016

Chandigarh has formed a provisional Real Estate Regulatory and Development Authority (RERA) making it the first city in the country to do so for addressing homebuyers’ grievances pertaining to delay in project possessions and plots. The charge was handed over to Maninder Singh Bains, Chairman, Chandigarh Housing Board (CHB) and UT Housing Secretary. The move was taken after the Centre notified the RERA rules, directing all the Union Territories (UTs) to implement the Act in… Read More

New policy in Punjab allows commercial projects on industrial plots
September 19, 2016

According to the new conversion policy announced by Punjab, land owners having industrial plots of 1,000 sq yard or more will be able to use the land for buildings hotels, hospitals, or educational institutions. The policy specifies plots must have been allotted to five years ago from the notification of the policy in order to be eligible. The policy allows land owners to develop 40 per cent of the total area of such plots and… Read More

Centre announces Delhi-Amritsar Expressway
September 15, 2016

In a major infrastructural announcement, the Delhi-Amritsar Expressway has got the nod from Nitin Gadkari, Union Minister for road transport. This expressway will reduce the travel time between Delhi and Amritsar to two hours and 30 minutes from the current seven hours. The 450 km distance will also be reduced by 117 km. The estimated cost of the project is around Rs 60,000 crore and the work is expected to start from January 2017. The expressway will further extend… Read More

Punjab abolishes stamp duty on power of attorney for real estate
September 14, 2016

Punjab Cabinet has abolished the stamp duty applicable on power of attorney for real estate properties. This decision is expected to bring immense relief for the potential homebuyers. Until now, a two per cent stamp duty was applicable on power of attorney transactions on immovable properties. With the new rule, only a nominal Rs 1,000 and Rs 5,000 would be charged as stamp duty on the General Power of Attorney and Special Power of Attorney,… Read More

Rural infrastructure in Haryana gets Rs 204.67 crore loan boost
August 30, 2016

In a first-of-its-kind move, the rural infrastructure in Haryana which is in a very bad shape got a major boost after the National Bank for Agriculture and Rural Development (NABARD) agreed to sanction a loan of Rs 204.67 crore as part of the 22nd tranche of the Rural Infrastructure Development Fund (RIDF) for the financial year 2016-17. Of the total Rs 204.67 crore announced, Rs 147.18 crore will be allocated to the state government for constructing three… Read More

Page 1 of 48