Indian real estate news

NMC to launch mobile app for paying property tax online
February 9, 2018

After getting an overwhelming response to its online facility of paying property tax, the Nagpur Municipal Corporation (NMC) is all set to launch its mobile app which will further speed up the tax paying process and motivate more people to carry out online transactions with the civic body. As per data released by the tax department, online payment is gradually getting popular. The NMC collected Rs 7.06 crore property tax through online payment mode in 2016-17while it has collected Rs 7.59 crore in this fiscal till February 5. An NMC officer said that not only the app will enable locals…

About 52% of notified SEZ land vacant: Commerce Ministry
February 9, 2018

In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry C R Chaudhary informed the Parliament that post the enforcement of the Special Economic Zones (SEZ) Act, 2005, 357 of the 423 approved zones have been notified and 221 are currently operational. He further went on to say that around 52 percent of the notified SEZ land is presently vacant in the country adding that setting-up of these zones is a long term process. Getting approvals from statutory/state government bodies, adverse business climate due to changed global economic situation and changes in fiscal incentives are…

Jaipur to levy one-time urban development tax on property owners
February 9, 2018

To eradicate the complicated process of depositing urban development (UD) tax annually, the Directorate of Local Bodies (DLB) has decided to levy one-time UD tax for property owners in Jaipur, post which, residents can pay it for 99 years. If DLB sources are to be believed, an official notification in this regard is anticipated to be issued on Thursday. Presently, UD tax is levied on properties constructed on and above 300 sq yd. Like earlier, residents do not have to pay eight times of current UD tax to receive no dues from the government.  According to a senior DLB official,…

Centre’s growing focus on infra hikes labour cost in realty sector
February 9, 2018

According to industry experts, Centre’s increased emphasis on infrastructure is one of the key reasons for rising labour cost in the real estate sector. Ashok Verma, CEO (International Business), Rudrabhishek Enterprises opines that the last three years have seen a rise in labour cost to the tune of 15-20 percent owing to the increased demand for labour force in the infrastructure sector as well as the massive scale of construction in real estate itself. During the same period, the government’s investment in infrastructure has surged by over 150 percent. In 2016-17, the government increased investment in infrastructure to Rs 2.18…

Noida DM directs sub-registrars to check OCs of housing societies
February 9, 2018

Noida District Magistrate (DM), B N Singh has recently directed sub-registrars of the Stamps and Registration department to physically inspect homes in residential towers of housing societies to verify if they have obtained Occupation Certificates (OCs).  The news has arrived less than a week after the DM ordered FIR against seven Noida and Greater Noida based developers for breaching the Stamp Act. Three officials from the stamp department of Noida and one from Greater Noida have also been instructed to click photographs as proof in each tower and submit a detailed report to the DM for further action. The seven…

Maharashtra to soon rationalise ready reckoner rates
February 8, 2018

The Maharashtra government will soon rationalise the Ready Reckoner (RR) rates for all regions including rural, peripheral, municipal council and municipal corporation areas. It is expected that the government is more likely to rationalise the RR rates by April 2018. The ready reckoner rate is the foremost method to calculate the value of the immovable property, such as commercial or residential buildings or land. Homebuyers have to pay stamp duty equivalent to five percent of the RR value. Property tax computations are also attached to the RR rates. Officials have stated that rates will be rationalised considering several factors such…

Rajasthan housing board to construct 23000 homes under PPP model
February 8, 2018

The Rajasthan Housing Board (RHB) will develop around 23,000 houses on public-private partnership (PPP) mode under 'Housing For All' scheme in seven cities across the state. The Board has recently got in-principle approval from Urban Development Housing (UDH) minister, Shrichand Kriplani for the construction of houses under the scheme. Officials have informed that the proposal to construct houses has been forwarded to the UDH department for administrative approval. RHB will grant funds per housing unit to the private firm which will be responsible for the construction work on the RHB's land. The State housing board officials will monitor, inspect projects…

Punjab to exempt taxes for ‘Housing for All’ beneficiaries
February 8, 2018

The Punjab government has decided to exempt beneficiaries of the Government's one of the most ambitious housing projects, 'Housing For All', from paying property-related taxes. The Central Government had initiated 'Housing for All' scheme in order to provide houses for homeless people in different parts of the country. Navjot Singh Sidhu, State Cabinet Minister, has stated that the concerned authorities are preparing a list of eligible beneficiaries, which is expected to be completed by the end of March 2018. Till now, about 4.73 lakh people have applied for the houses under the housing scheme. The Authority will verify the eligibility of…

Madhya Pradesh govt to regularise over 4700 illegal colonies
February 8, 2018

The Madhya Pradesh government has decided to regularise all unauthorised colonies across the state established before December 31, 2016. The decision was made to provide adequate housing facilities to the residents of illegal settlements to slum dwellers. In Indore and Bhopal, the current ask rate in illegal colonies varies from Rs 300 per sq feet to Rs 1,000 sq feet. The recent move by the State government is expected to go north by up to 300 percent. In Madhya Pradesh, there are overall 4,759 unauthorised colonies settled under 378 civic bodies. Out of all illegal colonies, Indore has the maximum…

Home loan for pre-April 2016 borrowers to get cheaper
February 8, 2018

With a recent directive issued by the Reserve Bank of India (RBI) to link older home loan rates with the present market-linked formula, marginal cost of lending rate (MCLR), homebuyers who had taken loan prior to April 2016 would now have to pay less interest on loan amount borrowed. In its bi-monthly policy review, RBI has directed banks to link the base rate to MCLR from April 1, 2018. Earlier, home loans taken before April 1, 2016 are linked to the bank's base rate at around 10 percent. However, the average MCLR ranges around 8.75 percent or even less. The…

Press Release

Shivalik Ventures launches its most-awaited premium residential project in Mumbai
February 8, 2018

Shivalik Ventures launches its most-awaited premium residential project in Mumbai08th February 2018 Mumbai-based real estate developer, Shivalik Ventures launched its premium residential project, ‘Bandra North’. Spread across 6,617 sq m of land in Bandra, Khar and Santacruz, the project will comprise houses in all the budget categories, including affordable, mid-income group and premium. The expected date of completion of Phase I is 2022.

No GST on housing society maintenance up to Rs 7500
February 8, 2018

The Goods and Services Tax (GST) Council has revised the tax exemption limit for co-operative housing societies and resident welfare association (RWA). Residents will not attract GST if they pay less than Rs 7500 to their housing societies as monthly maintenance charges. The revised limit is applicable from January 25, 2018. In September 2017, GST was applicable if the monthly bill exceeds Rs 5000. However, there is no modification in the GST registration requirement for such housing societies. Co-operative housing societies (CHS) are required to register if their annual turnover crosses Rs 20 lakh or more. This implies that smaller…

VUDA to construct housing & IT space under PPP model
February 7, 2018

The Visakhapatnam Urban Development Authority (VUDA) has started focusing on three of its land parcels for mixed-use development, situated in Siripuram and Madhurawada areas which are proposed to be developed under the Public-Private Partnership (PPP) model. Officials of the civic body are presently considering the model of PPP funding that will suit these projects. International property consultancy firm, CBRE has already done a feasibility study of the land parcels and submitted its report. A multi-level car parking (MLCP) along with space for commercial space will be built on the 1.35-acre plot situated next to the VUDA office. Currently, a 2.15-acre…

Allottees of DDA housing scheme surrender 6,500 flats
February 7, 2018

Housing and Urban Affairs, Hardeep Singh Puri informed the Lok Sabha in a written reply that allottees of the Delhi Development Authority (DDA) Aawasiya Yojana-2017 have surrendered around 6,500 flats last year. Out of 6,500 flats, 4,500 were allotted to organisations such as Central Industrial Security Force (CISF), Border Security Force (BSF), Sashastra Seema Bal (SSB) and Central Reserve Police Force (CRPF) for housing their personnel deployed in various parts of Delhi. Puri added that the allottees gave no specific reason for surrendering these flats while some of the applicants admitted that built-up area of the allotted flat did not…

RBI keeps repo rate unchanged at 6 percent
February 7, 2018

In its monetary policy review, The Reserve Bank of India (RBI) has kept the repo rate and reverse repo rate unchanged at 6 and 5.75 percent, respectively. In its policy statement, the central bank has lowered economic growth prediction to 6.6 percent for 2017-18 from 6.7 percent while it estimated 7.2 percent growth in the next fiscal. The RBI said that with the GST stabilizing and the economic activity picking up, there are early signs of investment revival. It further added that the exact intensity of MSP rise on inflation cannot be completely analysed at this stage. The monetary policy…

Press Release

MAG Lifestyle Development to approach Indian investors in ‘Global Luxury Realty Conclave’
February 7, 2018

MAG Lifestyle Development to approach Indian investors in ‘Global Luxury Realty Conclave’7th February 2018 MAG Lifestyle Development (MAG LD) aims to reach out to Indian investors during the ‘Global Luxury Realty Conclave’. The event will be held on February 9-10, 2018 in the JW Marriott Hotel in Aerocity, New Delhi. Talal Moafaq Al Gaddah, CEO, MAG LD, professed “Indian investors are very important demographic for us at MAG LD as…they invest a total of AED 20 billion into our real estate market annually”.

Vadodara civic authority recovers Rs 1.14 crore from telecom operators
February 7, 2018

The Vadodara Municipal Corporation (VMC) has collected Rs 1.14 crore as property tax from major telecom operators in the city. The amount paid by the telecom operators to the civic body was towards the towers installed by them in different parts of the city. According to VMC officials, the revenue earned was mainly from the three established private sector telecom operators - Idea, Airtel and Vodafone. They further added that the cellular phone operators in the city can pay their property taxes till the end of this month. The civic body is anticipated to receive another Rs 50-60 lakh towards…

Greater Noida authority conducts audit of 25 builders
February 7, 2018

The Greater Noida Industrial Development Authority (GNIDA) has commenced auditing the second lot of 25 builders and is contemplating to push them to sell off their property in order to complete long-delayed residential projects. Prior to this, the GNIDA had already finished the audit of 25 builders involving 63,000 flats before submitting a report to the UP government. The second phase of the audit is being conducted by international firm, Currie & Brown where it was found that these builders have dues amounting to more than Rs 4,000 crore. The developers have been ordered to prepare mitigation plans on how…