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The GVMC collected 421.5 crore in property taxes, including proceeds from the unoccupied land tax, for the just ended 2022–2023 fiscal year. The Vizag civic authority has never received tax income this high. By doing this, the GVMC exceeded its own goal of 375 crore in tax revenue for the 2023 fiscal year. The interest waiver offered by the state government for long-term defaulters or for the accumulated debt, as a one-time action, the GVMC officials claim, worked in the municipal body's favour. After the disturbance brought on by the Covid-19 outbreak, the state administration granted the request of several politicians and authorities of the populace. ...
In a letter to police commissioner Kala Ramachandran, the department of town and country planning (DTCP) requested that a FIR be filed against Malibu Estate Pvt Ltd, the company that developed Malibu Towne, for unauthorised building and encroachment. The developer, according to DTCP, encroached on the park area and carried out unauthorised development in the club building. Manish Yadav, the district town planner (enforcement), wrote to the police chief requesting the filing of a FIR and the prosecution of the builder and any accomplices in the unlawful conduct. ...
A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Ltd, a real estate firm based in Noida, claims that Vatika Limited entered into a deal with them in 2012 to build a group housing society on 10 acres of property in Gurgaon. A Vatika spokesperson refuted the charges, claiming that Assotech owes them money, including payment for the land as well as fees paid to DTCP on its behalf by Vatika. ...
A one-time 20% rebate has been proposed by the Greater Chennai Corporation for high-profile property tax defaulters who collectively owe the civic body more than 346 crore. However there are certain restrictions on the GCC's offer. Defaulters are only eligible for the concession if they pay all of their debts at once and do so within three months of the council enacting a resolution to that effect. At least 44,436 of the 1.12 lakh defaulters have not paid property tax for more than ten years, and they alone owe the GCC 245 crore. The programme, which has been submitted to the state government for approval, is aimed at those whose overdue accounts have been open for more than five years. ...
The Bombay High Court ruled that the legal mechanism for regularisation "cannot be a weapon to be utilised by the petitioner in every case of rank unlawful building." The HC turned down a hotelier's request for an injunction to stop a civic organisation from tearing down the unlawful buildings and provide time to file a regularisation application. The petitioner, Saqib Khan, agreed to dismantle the unauthorised commercial structure himself in four weeks after the High Court rejected the argument in the morning session on March 15 and allowed for civic action. ...
The controversy surrounding tax theft at zonal offices has actually worked in the municipal corporation's favour. According to the most recent numbers included in the budget paper for 2023–24, an updated database of tax dues and vigorous promotion of online payment of property tax have generated a sort of record in collection, with the corporation earning Rs 115 crore as property tax in 2022–23. The city authority set a goal of Rs 100 crore in 2022–2023. According to statistics, the city's property tax collection climbed by 167% during the previous five fiscal years. ...
The NCLT has ordered that Mantri Developers, a real estate company with offices in Bangalore, begin bankruptcy proceedings after allowing the claim made by Indiabulls Housing Finance Ltd. A two-member panel has also suspended the Mantri Developers board and named Ahsan Ahmad as the organization's temporary resolution specialist. Mantri Developers, a member of the Mantri Group of Companies operating in the real estate sector in Bengaluru, had been accused of defaulting by Indiabulls Housing Finance Ltd (IHFL), according to a complaint filed with the NCLT's Bengaluru bench by IHFL. As of January 1, 2022. ...
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has sent 261 projects show cause notices because less than 40% of the work has been completed despite the flats' projected possession date of December 2023. There are 45,539 flats altogether in the developments, 26,178 of which have been reserved by house purchasers. As part of its monitoring effort, the regulatory authority has been reviewing projects that have been registered with it. MahaRERA has sent the developers show-cause warnings to find out how they plan to finish these projects in the following nine months. ...
The Greater Chennai Corporation has managed to reduce its income shortfall while maintaining critical infrastructure projects like as storm water drains, roads, bridges, and buildings, thanks to increased revenue from the property tax hike and smart budgeting. The corporation predicted a deficit of '788.5 crore for fiscal year 2022-23, but the actual deficit was 517.6 crore. The revenue shortfall is predicted at '334.5 crore in the budget for 2023-24, which was announced on Monday, and officials believe they can reduce it further. According to Vishu Mahajan, deputy commissioner of revenue and finance, the corporation got a significant increase in revenue from property taxes and state financial handouts. ...
A city-based builder and its directors have been charged with forgery, fraud, and criminal conspiracy. Assotech Limited, a real estate firm based in Noida, claims that Vatika Limited entered into an agreement with it in 2012 to build a group housing society on 10 acres of land in Gurgaon. "Assotech paid Vatika around Rs 133 crore, but they did not honour the agreement," the Noida firm claimed in a police complaint. ...
The MahaRERA allows promoters to de-register their projects if they are unable to begin or finish construction of a project, or complete a component or a phase of a project, for a variety of reasons such as a lack of funding, the project not being economically feasible, litigation, disagreements, and so on. Yet, according to MahaRERA's requirements for de-registration of a project, the project must have zero allottees or no bookings. ...
In connection with the Heera gold scam, the Enforcement Directorate on Saturday provisionally attached 24 movable properties owned by Nowhera Shaik and the Heera Goup of companies, totaling Rs 33 crore, in accordance with the Prevention of Money Laundering Act. Investigations showed that Nowhera Shaik and her Heera Group of companies used some of the profits of crime to buy diverse real estate under their names and the names of their businesses. ...
In the state capital, the effort by civic bodies to collect property and water taxes is in overdrive. The local body authorities are now going door to house standing to collect every penny owing from city residents after weeks of focusing on huge defaulters. Since November, the Bhopal Municipal Corporation (BMC) has published the names of people who have threatened to put their homes up for sale in order to avoid paying taxes. ...
Soon, prospective homeowners will be able to view all pertinent project information by just scanning a QR code located on the project registration certificates. In the whole state of Maharashtra, developers' registration certificates are now being given QR codes by the Maharashtra Real Estate Regulatory Authority (MahaRERA). With a project registered in the Wagholi district of Pune, the procedure has already started. "Smartphone users can scan the QR code to instantly access the basic information about each project. Also, anyone would be able to view any grievances filed against the project, "added the top MahaRERA representative. ...
Sani Francis, the MD of Holy Faith Builders and Developers Pvt Ltd, will have his immovable properties put up for auction for the third time by revenue officials on May 12 at the conference room of the Ernakulam collectorate. There will be 13 properties up for auction, and each plot's value has also been determined. This time, an auction will be conducted plot per plot. Due to Francis' failure to pay the Rs 42 crore he owes to the owners of Holy Faith H2O, one of the four flat complexes razed at Maradu for breaking CRZ regulations, the government has already attached these assets as a result of a Supreme Court order. ...
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