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MC commissioner Sachin Gupta revealed that a staggering amount of Rs 38.66 crore in property tax is owed by 119 commercial private properties, encompassing esteemed establishments such as Hotel Golden Tulip, Ramgarh Fort, Holiday Inn, Vintegrate Technology Private Limited in Sector 22, and St Teresa Public School in Sector 25. Emphasizing the gravity of the situation, he urged officials to adopt a stringent approach when dealing with those who default on their property tax obligations. It is noteworthy that an additional sum of Rs 32.19 crore remains outstanding from 46 government properties, including UHBVN, HSVP, Tau Devi Lal Stadium, and Gymkhana Club in Sector 3. ...
Allcheckdeals India (AIPL), a completely owned subsidiary of Info Edge (India), has commenced a forensic examination of the activities concerning 4B Networks. In connection with this matter, the company has enlisted the services of Deloitte Touche Tohmatsu India LLP as the designated forensic auditor, while Saraf and Partners Law Offices will offer their support and assistance. Over time, AIPL has made substantial financial investments and provided periodic funding to 4B Networks, which totals approximately Rs 288 crore. ...
Wave Mega City Centre Private Limited, a prominent real estate developer, has deposited a substantial sum of Rs 96 crore to the district administration as a part of settling the recovery certificates (RCs) issued by UP-Rera, with a combined value of Rs 136 crore. In response to the developer's failure to fulfill its obligations towards UP-Rera, the district administration had previously issued an order to auction off 38 shops constructed within a commercial project located in Sector 18. However, with 70.5% of the outstanding dues now settled, it is likely that the district administration will defer the e-auction of the shops at Wave 1st Silver Tower in Sector 18. ...
NBCC, a government-owned construction company, has decided to allocate an investment of Rs 67 crore towards the reinforcement and strengthening of buildings in six Amrapali projects. The decision came after a comprehensive structural audit highlighted significant concerns regarding the current condition of these structures. The projects identified with structural deficiencies include Sapphire Phase 1, Sapphire Phase 2, Princely Estate, Zodiac, Platinum, and Titanium. ...
The Economic Offence Wing of the Delhi Police has served a formal notice to Mohamed Ali Alabbar, the visionary founder and managing director of Emaar Properties, a renowned real estate company based in Dubai. The notice mandates his presence for interrogation on Friday, regarding a serious and grave accusation of forgery and criminal breach of trust in connection with a residential development undertaking in Gurugram. In response to the query made by PTI, a representative of Emaar India acknowledged the receipt of the aforementioned notice. ...
A prominent association of real estate developers, CREDAI, has put forward a strong request to the government to eliminate the Goods and Services Tax (GST) on flats that are provided free of charge to current residents as part of redevelopment projects. The objective behind this plea is to enhance the economic feasibility of such projects, particularly in the Mumbai region. A delegation comprising members from both CREDAI and CREDAI-MCHI had the honor of engaging in a meeting with the esteemed Union Finance Minister, Nirmala Sitharaman. During this significant encounter, the delegation presented a formal representation, shedding light on the paramount issue at hand. ...
During the two-month rebate period, which concluded on Wednesday, the municipal corporation (MC) has collected a substantial amount of Rs 42.47 crore as property tax. Notably, Panjab University and the UT administration made significant contributions of Rs 1 crore each, while the PGI contributed Rs 88 lakh, and the civic body itself contributed Rs 50 lakh. Out of the approximately 1.42 lakh taxpayers in the city, a commendable number of 64,000 residential property owners and 16,000 commercial property owners fulfilled their tax obligations by submitting their payments in April and May. ...
The esteemed Municipal Commissioner, Iqbal Chahal, has granted approval to a proposal that permits the Transfer of Development Rights (TDR) for the revitalization of old buildings located on internal roads, specifically private layout roads. However, this provision applies only if the width of the road is a minimum of 9 meters and it is situated at a distance of 50 meters from a public road. Additionally, the TDR will still be permissible even if the width of the private layout road diminishes in certain sections. ...
On Tuesday, the Noida Authority conducted an e-auction for four duplex villas, and interestingly, three of them were sold at prices higher than the base price of Rs 1.79 crore. One of the villas fetched a price of Rs 2.08 crore, according to officials. Among the four units put up for auction, the HD-223 unit located in Sector 135 had a reserve price of Rs 1.79 crore but was eventually sold for Rs 2.08 crore. The sale of this unit saw a significant increase of Rs 29.50 lakh, equivalent to a 16.45% surge over the reserve price. ...
A government resolution has stipulated that if a residential community successfully passes a self-redevelopment resolution with a majority vote and proceeds to apply for deemed conveyance or land ownership, they will be granted the same within a month. It should be noted that, as per the previous resolution, the decision regarding the application for deemed conveyance was expected to be finalized within six months from the date of submission. ...
According to individuals familiar with the matter, Aurum PropTech, a prominent proptech company, is preparing to acquire NestAway Technologies, a managed rental home company that has received backing from Goldman Sachs, Tiger Global, and Ratan Tata. In addition to the founders, the shareholders of the company consist of global institutional investors and notable business figures, including the former chairman of Tata Sons. ...
The department of town and country planning (DTCP) took action to demolish six illegal colonies that had been recently established by offenders without obtaining the necessary permissions from the authorities. These violators had constructed 18 farmhouses, 30 additional structures, and offices within these unauthorized colonies. Additionally, the enforcement team demolished the road network that had been developed in connection with these colonies. ...
On Monday, the state government approved an ordinance to align the local housing regulations with the provisions of the Real Estate (Regulation and Development) Act, 2016. This measure aims to enable the resumption of apartment registrations that have been on hold for over a year since May 17, 2022. During a state cabinet meeting led by Chief Minister Naveen Patnaik, the decision was made to implement the Odisha Apartment (Ownership and Management) Ordinance, 2023, which involves repealing the Odisha Apartment Ownership Act, 1982. ...
With the aim of promoting cluster redevelopment in the city, the state cabinet granted approval on Tuesday to a 50% reduction in premiums. Deputy Chief Minister Devendra Fadnavis, who also oversees the housing portfolio, clarified that this reduction in premiums would be applicable for a duration of one year. Domnic Romell, President of CREDAI-MCHI, a representative organization of the housing industry, expressed that this decision discourages the fragmented development of standalone buildings that lack adequate infrastructure, while simultaneously fostering the adoption of cluster redevelopment. ...
On Monday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) issued a directive stating that all advertisements or social media displays related to registered housing projects must feature QR codes along with their respective registration numbers, starting from August 1. Since March, the authority has been issuing QR codes for registered projects. By scanning the QR code, prospective homebuyers can access crucial information about a project, including its commencement and completion dates, records of registered complaints, and necessary approvals. Additionally, any modifications to approved plans and project renewals are also incorporated into the QR code. Currently, MahaRERA boasts a registration count of approximately 40,000 projects. ...
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