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Now get e-sanction of building plans in Kolkata in 45 days
Source: The Times of India Aug 25, 2015
The long awaited initiative to sanction building plans online has now become a reality in Kolkata with Mayor Sovan Chatterjee launching the initiative on 19th August.Online sanctioning of plans is expected to reduce the time taken to sanction a building's plan. With this initiative the existing time to acquire approval for building plan would be reduced from the existing limit of 3 months to 45 days. Three applicants have already received online sanctions for buildings in Swinhoe Lane and Canal Road (south) on 19th August. ... more
Government plans two immersed tunnels through sea, river in Andaman & West Bengal
Source: The Economic Times Apr 14, 2015
India may get the first two immersed tunnels through sea and river in the next few years. The shipping ministry has envisaged these projects — one between Kakdwip and Sagar island in West Bengal and the other connecting Chatham and Bamboo Flat in Andaman Nicobar islands. ... more
Industry welcomes Real Estate Regulatory Bill
Source: The Times Of India Apr 09, 2015
Manoj Gaur, MD Gaursons India Ltd. & President CREDAI Western UP: We welcome the nod on the Real Estate bill from the cabinet as it will send out the positive signs. This bill will help in keeping a check on the developers who are indulge in the malpractices which is effecting the image of the sector among the buyers and investors as well. It would have been much appreciated if the Real Estate Regulatory Authority was granted limited controlling authority. However, we will propose our inputs to the government which can be added in the bill to make it more effective from the buyers and developers point of view? ... more
Now, no stamp duty on transfer of flat, land to heirs
Source: The Times Of India Mar 28, 2015
Immovable property - land, house or flat - can now be transferred to one's children or blood relatives without paying stamp duty for registration. This will come as a major relief as families won't have to pay a 5% of the ready reckoner rate of the property as stamp duty. Making the announcement, revenue minister Eknath Khadse said an affidavit on a Rs 100 stamp paper would suffice. He later changed it to Rs 500 as the government no longer deals in Rs 100 stamp paper for property matters. ... more
Union Budget 2015: A roof for all in India by 2022 with 24-hour power and clean water
Source: The Economic Times Mar 02, 2015
"A roof for each family in India by 2022" was the call given by the finance minister who announced a grand plan to build two crore houses in urban and four crore in rural areas by 2022. It would be led by the states and guided by the Centre. Arun Jaitley wanted each house to have 24-hour power supply, clean drinking water, a toilet, and be connected to a road. ... more
Transit-oriented realty gets the nod from DDA
Source: The Economic Times Feb 17, 2015
One of its most ambitious plans for vertical growth, transit-oriented development was approved by Delhi Development Authority on Monday . The policy incentivizes people living around Delhi Metro corridors for clubbing their lands and creating mixed-use, high-rise development pockets. Lakhs of Delhi's residents are expected to benefit and property rates along the Metro, already going at a premium, are expected to shoot. ... more
MoEF eases green norms for big bldgs
Source: The Times of India Jan 17, 2015
In a major simplification of rules, the building construction industry will no longer need to make trips to Delhi for environmental clearances (EC). This means a huge saving in terms of time, money and human resources spent on following up clearances for projects in Delhi. ... more
RBI signals turn in rate cycle with repo cut, hint of more
Source: The Hindu Business Line Jan 16, 2015
The Reserve Bank of India (RBI) on Thursday sprang a surprise, trimming the repo rate by 25 basis points, signalling a turn in the rate cycle. However, not all banks were sure they would be cutting lending rates soon given how a lower yield could hurt margins at a time when cheaper credit was not expected to stimulate demand in the near future. ... more
Real Estate Bill to be reality soon: Venkaiah
Source: The Hindu Business Line Nov 25, 2014
The Real Estate Development and Regulation Bill is in the final stage of consultation after talks with various stakeholders, Urban Development Minister M Venkaiah Naidu said on Monday. “I have gone through the draft yesterday. Once the Cabinet approves the Bill, I am hoping for early clearance. If not this Winter session, then by Budget session of Parliament, the Bill will be a reality,” he said. ... more
KMC to waive 50% interest on property tax dues
Source: The Times of India Nov 08, 2014
Those who missed out on the property tax waiver scheme offered by Kolkata Municipal Corporation in February 2012, needn’t lose heart. Desperate to win citizen’s favour before the civic polls, the Trinamool Congress-run KMC board is all set to offer another waiver to the property tax defaulters. ... more
KMC building rules
Source: The Times of India Aug 05, 2014
Get your facts corrected before you want to submit your building plan before the Kolkata Municipal Corporation for necessary sanction before you begin the construction. And don’t plan to start construction before submitting your plans though the construction may be of minor nature. ... more
Individual 'can buy' immovable properties aboard under LRS
Source: Business Standard Jul 17, 2014
The Reserve Bank of India (RBI) clarified on Thursday resident individuals can buy immovable properties outside the country under the Liberalised Remittance Scheme (LBS). Under the scheme, remittances of $125,000 per year was allowed by the regulator last month, which was increased from the earlier $75,000 per year. The central bank had reduced the limit from $200,000 last year as the rupee weakened sharply against the dollar. ... more
Now, no penalty for pre-paying your loans
Source: The Hindu Business Line May 07, 2014
Now you can pre-pay your home loans, vehicle loans or personal loans without having to worry about what your bank might charge you as penalty. The RBI has directed banks to not levy any penalty on individual borrowers pre-paying floating rate term loans. ... more
Tata Capital offers special home loan rates for women
Source: The Hindu Business Line Feb 10, 2014
Tata Capital Ltd’s housing finance subsidiary, Tata Capital Housing Finance Ltd, has announced a special home loan offer for women. “This special scheme offers an interest rate of 10.15 per cent for loans up to Rs.40 lakh obtained till Women’s Day, that is, March 8, 2014, the normal rate of interest being 10.50 per cent,” Tata Capital said in a statement. ... more
ANMI Convention on sustaining growth in turbulence
Source: The Times of India Jan 06, 2014
Focusing on the twin issues of domestic investors’ role and challenges for regulators, the Association of National Exchange Members of India (ANMI) will hold its 7th annual international convention on January 10 and 11, 2014 in the capital with the theme being “Sustaining investment growth in turbulent economic scenario”. ... more
Idle Rajarhat plots in Kolkata to attract 10% penalty
Source: The Times of India Dec 16, 2013
In an effort to buck the trend of keeping commercial land in Rajarhat New Town idle for years, Hidco will impose 10% of the land price as penalty for each year of delay after keeping the plot unutilized for three years. ... more
Land Acquisition Act to come into force from January 1
Source: The Economic Times Dec 16, 2013
The new Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1, Rural Development Minister Jairam Ramesh said. He said that the rules of historic legislation replacing a 119-year-old act have been approved by the Law Ministry. "They (rules) will be put into the Gazette tomorrow and the Land Bill will be notified as of January 1, 2014," the minister said. ... more
CMC nod to building growth
Source: The Telegraph Oct 31, 2013
The civic body on Wednesday passed a resolution to allow 25 per cent additional construction in two-storey buildings and 15 per cent in three-storey buildings against a token payment of Rs 100. The additional construction will be based on the total floor area of the original building plan. The owner has to submit a plan to the civic body for approval before beginning the additional construction. ... more
Reserve 20% area for low-income housing
Source: The Times of India Oct 07, 2013
A year after the state stalled its draft notification following objections from developers, it is set to issue a the final notification making it mandatory for developers to reserve 20% of areas of more than over 2,000 sqm for affordable housing. While the chief minister is yet to give his nod, the final notification may see some more changes pertaining to the minimum plot area and incentive FSI offered to developers under the scheme. Sources said the government may increase the plot area on which the scheme can be implemented from 2,000 sq m to over 3,000 sq m by increasing the incentive floor space index The government is learnt to be firm on purchasing the 20% per cent reserved area in form of land or flats from the developers on cost of construction and not market rate. ... more
Real estate: Supreme Court order to hike home prices
Source: The Financial Express Oct 07, 2013
In a recent judgement, the Supreme Court has upheld VAT for property under construction. While developers gear up to pay, buyers should be prepared for the additional bill and be ready to ask critical questions. This week the Supreme Court held that state governments can levy a value added tax (VAT) on the cost of building a flat when property developers sell it to buyers. The decision has rocked developers, given enough reasons for tax firms to hold con calls like the way they did for the Vodafone retrospective tax judgement case and made the price of a flat just that much more costly for buyers. The issue is again retrospective impact but this time it is the courts that have held that past purchases can be re-opened too. ... more
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