Kolkata Municipal Corporation to streamline new property tax system
December 6, 2017

The Kolkata Municipal Corporation is set to revise the Unit Area Assessment (UAA) method for determination of property tax amidst poor response from the property owners. Recently, Sovan Chatterjee, Mayor, Kolkata, held a high-level meeting with the top civic officials of the authority to choose the future course of action and boost the confidence of tax payers’ by rationalising the present structure of UAA. He even expressed his concern for the poor response received for the new method of property tax calculation. Out of the estimated 7.5 lakh assesses in the city, just over 40,000 tax payers have applied for…

West Bengal to provide homes to minority families
November 1, 2017

The West Bengal government has announced the construction of affordable residential units to families belonging to Scheduled Castes (SCs), Scheduled Tribes (STs) and minorities without their own residences. All families having female members and with monthly income within Rs 10,000 will be given houses under the scheme named 'Banglar Bari'. The information was stated by the West Bengal Education Minister, Partha Chatterjee. Under the housing scheme, the state government is planning to grant a total sum of Rs 2.79 lakh for the development of housing units. Considering the limited land parcels, it is decided to construct G+3 buildings to accommodate…

Financial technology hub proposed in Kolkata’s New Town
September 24, 2017

Kolkata will soon get a dedicated financial technology hub in New Town. The Housing Infrastructure Development Corporation (HIDCO) has identified a 10 acre plot in New Town for the project. Financial technology, popularly referred to as fintech, is an emerging industry. It consists of companies that use digital technology to offer financial services, such as automatic digital banking, digital payments, share market analytics, asset management, insurance predictions, etc. The sector witnessed a turnover of $1.2 billion in 2015 and is expected to double by the year 2020. HIDCO will invite applications from companies interested in taking up space in the proposed hub by the…

Kolkata civic body to form committee to look into unsafe buildings
September 10, 2017

The Kolkata Municipal Corporation (KMC) has decided to form a special committee that will work towards finding an effective a solution to the problem of unsafe buildings in Kolkata. This decision was prompted by the recent collapse of building at Shibtala Street in Posta area. Three lives were lost in the unfortunate incident. Officials share that the committee will be formed at the borough level and will be headed by the local chairperson. The civic body will identify unsafe structures in a particular ward and attempt to motivate the tenants to evacuate the buildings. Mayor Sovan Chatterjee stated that KMC councilors would be directed…

Kolkata housing societies to get tax exemption in lieu of waste management initiatives
August 26, 2017

The Kolkata Municipal Corporation (KMC) has announced its plan to offer tax exemptions to housing societies that take the initiative of waste segregation and recycling in their premises. Debabrata Majumdar, Mayor-in-Council, KMC solid waste management department, has announced the tax exemption in order to manage Kolkata’s growing waste problem by encouraging citizens to set up small composting machines on their properties. A similar model is being successfully followed by several residential buildings across Kerala. KMC officials shared that the alternative method to reduce dumping of waste by installing a garbage-to-fertiliser unit at Dhapa failed to solve the issue. Another initiative…

West Bengal RERA tabled, includes additional clarifications
August 18, 2017

While West Bengal missed the July 31 deadline for implementing Real Estate (Regulation and Development) Act (RERA), it has come forward with West Bengal Housing Industry Regulation Bill 2017. Approved by the assembly, the bill intends to protect consumers from errant and fraudulent operators in the real estate sector. Once notified, the Act will require all residential projects over 500 sq m or eight units to be registered with the state regulator called Housing Industry Regulatory Authority (HIRA). Promoters of all ongoing projects without completion certificates will have to apply to to HIRA for registration within three months from the date of commencement…

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Siddha Group announces Independence Day offer
August 4, 2017

Siddha Group announces Independence Day offer4th Aug 2017 Siddha Group, has announced special offers for homebuyers to mark India’s 71st Independence Day. Under this offer, buyers can book a flat for Re 1 at various Siddha group projects including Siddha WaterFront, Siddha Happyville, Siddha Seabrook and Siddha Aangan Heights across Kolkata, Mumbai and Jaipur. In addition, buyers can get a cashback of up to Rs 10 lakh.

West Bengal government expects to approve RERA, GST in monsoon session
August 4, 2017

West Bengal government has announced that it will discuss the Goods and Services Tax (GST) Bill and the Real Estate (Regulation and Development) Act (RERA) during its monsoon session. The monsoon session will begin on August 7 and is expected to last till August 17. It should be noted that while 23 states and Union Territories (UT) have already notified RERA rules, West Bengal is one of the few states that failed to do so within the set deadline of July 31. States like Himachal Pradesh, Goa, and West Bengal had prepared the draft rules under the Act but did…

GST impact: Construction cost of Kolkata Metro to increase
July 25, 2017

The Goods and Services Tax (GST) is expected to increase the construction cost of East-West metro corridor in Kolkata. Officials of the Kolkata Metro Rail Corporation (KMRC) have stated that the new unified tax regime would escalate the Kolkata Metro project cost. As of now, a total sum of Rs 4,874 crore has been utilised for the construction of the 16.55 km long stretch. Rolled out on July 1, GST subsumes a multitude of indirect taxes, such as Value Added Tax and service tax, under a single tax rate. The rate would depend on the category of the good or…

Kolkata plot owners to face legal action if land remains unused
July 23, 2017

Plot owners in Kolkata who have not commenced construction on the allotted lands are likely to get in trouble with the authorities. The Housing Infrastructure Development Corporation (HIDCO) has issued notices to 200 owners of such plots. The plots in question are situated in Action Area II. Officials share that HIDCO had earlier issued notices to 200 plot owners in Action Area I who had been allotted the plots before 2011 but had failed to carry out construction. In December 2016, HIDCO had met with the holders who had not commenced construction on their plots. They had been asked to…

Kolkata’s new property tax system finds few takers
May 29, 2017

The new property tax computation system, Unit Area Assessment (UAA), announced in Kolkata appears to have few takers. Out of the 7.5 lakh taxpayers in the city, less than 5,000 have signed up for the new regime which is scheduled for a May 31 rollout. The reasons vary from technical incompetency to lack of unawareness among the public. Citizens complain that the faulty online application is creating issues in filling up forms. Further, the system appears too complex to many, involving multiplicative factors for deriving reasonable rent of a property before computing the tax under the new system. Even KMC officials…

West Bengal to allow residents to purchase government housing units
May 27, 2017

In a surprising move, West Bengal government has announced that the present and former government employees staying in government housing estates can now purchase the flats. This offer is also being extended to those illegally residing in government-owned buildings as the state does not want to evict them. The rate of purchase is yet to be fixed by the state. Once the government decides the purchase value, the occupants will have to pay the amount within 180 days to continue staying in the building. Additionally, co-operatives can be formed to avail this opportunity. As the state has decided not to…

Kolkata to have country’s first underwater metro tunnel
April 21, 2017

The underwater tunnel, for the Phase II of East-West Metro Project in Kolkata, will be built below the Ganga river bed and is going to be the first of its kind in the country as building a tunnel under the river had never taken place in India before. Afcons-Transtonnelstroy, the agency to build the tunnel between Howrah Maidan and the upcoming Mahakaran metro station has already started the construction work on the tunnel, which will be 32 m below the river water. As confirmed by Babul Supriyo, the Union Minister of State for Heavy Industries and Public Enterprises, the entire…

Kolkata to invest Rs 1,650 crore for port development
April 8, 2017

Competing with Orissa’s Dhamra Port which recently started inaugurated its container terminal, the Kolkata Port Trust (KoPT) is planning to invest Rs 1,650 crore for port development in the state. The authority is worried that Dhrama Port may claim business from the state’s ports and is taking steps to avoid such a situation from arising. Haldia port is set to see investments worth Rs 1,650 crore to construct additional berths outside the lock gates over a period of three years. These additional berths outside the lock gates will reduce waiting time for the ships and the shippers will be able…

Townships at Rajarhat, Amtala in West Bengal get one step closer to execution
April 1, 2017

The West Bengal government recently granted the provisional permission to two private players to develop township projects in the state. These ambitious projects will be executed in Rajarhat and in Amtala. While the project near Amtala requires almost 233 acres of land, the Rajarhat township will cover 80.29 acres. The state government has asked the Housing and Urban Development Corporation Ltd (HIDCO) to issue provisional certificate to Forum Properties, which has been selected to develop the Rajarhat township project. The certificate is subject to payment of necessary fees and fulfillment of statutory obligations. The other theme-based township near Amtala will…

Kolkata witnesses a revival in office space demand
March 31, 2017

Industry experts state that the office space market in Kolkata appears to be moving towards a demand-driven scenario. The city is witnessing a rise in office space demand on the back of the stable government and ample investment opportunities. Stable supply of quality space has also contributed to the rise in demand. The year 2016 recorded a supply of 4.7 million sq ft of office space in the city with hardly any new launches in the main city area. The peripheries currently hold about 20 lakh sq ft of vacant office space with Topsia, Salt Lake Sector V, EM Bypass,…

West Bengal considers levying betterment fee on commercial plots near infra projects
March 12, 2017

West Bengal government is thinking of announcing a betterment fee on large plots around infrastructure projects being sold for big-ticket commercial projects. Landowners near major roads and flyovers tend to reap hefty profits with the land prices soaring after the announcement of infrastructure projects. The government intends to claim a share of this profit via the direct levy which has been proposed in the draft West Bengal Town and Country (Planning and Development) Amendment Bill, 2017. The municipal affairs department has suggested that the fee be set at half of the land appreciation cost. Appreciation here refers to the difference between the…

Redevelopment deals in Kolkata surge by 30% in 3 years
February 27, 2017

Redevelopment deals in Kolkata’s real estate have jumped by about 30 percent in the last three years, even though realty traction remained sluggish over the same period. Industry experts have welcomed this trend as it would likely revive the city’s realty sentiments. Samantak Das, Chief Economist and National Director, Knight Frank, commented that while residents had been holding on to ancestral properties due to emotional reasons, redevelopment is finally picking up in Kolkata. This has led to residential structures constructed before the 60s are being replaced by newer developments especially in especially from posh localities such as Bhowanipore, Ballygunge, Alipore,…

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