Category: Mumbai

The law committee of Pune Municipal Corporation objects to the recovery of property tax relief.

August 27, 2019

By Abhay Shah, Realty Quarter In spite of removing the relief following a directive from the state government, the municipal authority may not recover a 40% discount granted to self-occupied property owners for almost 50 years. The Pune Municipal Corporation (PMC) Law Committee told the municipal administrative authorities, to withdraw the retrospective recovery of the tax scheme. “Tax recovery will […]

The law committee of Pune Municipal Corporation objects to the recovery of property tax relief.more

MahaRERA penalised housing society and builder for violating the Act.

By Abhay Shah, Realty Quarter A housing society in Vidyavihar, which possessed the land and performed a redevelopment contract with a builder in 2011 but ended the deal, last February, is a co-promoter of the project under the real estate regulatory act and accountable to customers who booked free-sale unit flats, MahaRera retained in a substantial […]

MahaRERA penalised housing society and builder for violating the Act.more

Puravankara Ltd is going to launch its first co-living space project in Goregaon, Mumbai.

August 26, 2019

By Abhay Shah, Realty Quarter The real estate company Puravankara Ltd is entering in a co-living segment and is developing its first project, which includes more than 1,000 beds, in Mumbai, said a top official. The company based in Bengaluru has identified a project for this growing segment in Goregaon, Mumbai, said MD Ashish R Puravankara. The firm still has to […]

Puravankara Ltd is going to launch its first co-living space project in Goregaon, Mumbai.more

Government of Maharashtra to strict the building rules near to the Pune Indrayani Riverbed areas.

By Abhay Shah, Realty Quarter The State Department of Urban Development has begun the process of integration of blue and red flood lines along the Indrayani River into the District Regional Plan. In the regional plan (RP), non-incorporation of the flood lines has been seen as a cause of uncertainty in the legality of constructions and structures of the Indrayani Riverbed, especially near Lonavla, often leading to the flooding of the neighbouring areas during monsoon showers. Over the years, the structures were built on the banks of Indrayani, originating from the village of Kurvande near Lonavla and flowing downstream to the Dehu and Alandi pilgrim centres. On […]

Government of Maharashtra to strict the building rules near to the Pune Indrayani Riverbed areas.more

Mumbai experiences change in property price in H1 2019.

August 24, 2019

By Abhay Shah, Realty Quarter In the residential market, Mumbai has allegedly seen a decrease in capital rates, QoQ. The property market in the maximum city is being pressurized and prices are corrected, owing to multiple factors such as liquidity crunch, a decrease in land acquisition and delays in government policy. Mumbai saw good momentum in real estate activity for the first quarter of 2019. Nevertheless, several factors resulted in a […]

Mumbai experiences change in property price in H1 2019.more

Goregaon Industrial area, major fire breaks out at two godowns.

By Abhay Shah, Realty Quarter On Saturday morning, a senior official said, a major fire broke out at two godowns in an industrial region in suburban Goregaon. During the fire-fighting procedure, two firemen were wounded, he said. At 6:57 am the fire broke out in Plot no 7, in Goregaon, Udyog Nagar Industrial Estate. “It was […]

Goregaon Industrial area, major fire breaks out at two godowns.more

50% cut-down in salary if projects are delayed says BMC Officials.

August 23, 2019

By Abhay Shah, Realty Quarter To ensure that civic works are carried out on time, the chief Praveen Pardeshi of Brihanmumbai Municipal Corporation (BMC) recently issued circular asking officers to get the projects carried out on time or to lose 50% of their pay. In addition to the officials, the circular also warned civic contractors that they […]

50% cut-down in salary if projects are delayed says BMC Officials.more

The Urban Development Department announced cess relief for ongoing real estate projects in Mumbai.

By Abhay Shah, Realty Quarter The concessions in development cess and premiums announced by the state government can not be used on real estate projects which are ongoing in the city. On Wednesday, the Department of Urban Development published its notice of the relief under section 154 of the Maharashtra Regional Town Planning Act dated August 20. Coming into effect instantly, they will be in force for two years. “Imagine my shock when my architect called me this morning’s from the building proposal office to tell me the concessions are not applicable to ongoing projects,” a developer from south Mumbai said. He said that he had given Rs 1 crore of the Rs 4.5 crore that he owed to BMC and that because of of the credit crunch he could not manage to pay the remaining amount. “Rs 1.1 crore would have been saved from the concessions. Today my architect went to pay the balance, but the agent of the BMC denied,” he said. A […]

The Urban Development Department announced cess relief for ongoing real estate projects in Mumbai.more

ITAT declares tax exemption available for capital gains even if loan used for a new house.

August 22, 2019

By Abhay Shah, Realty Quarter Recently, the Mumbai Bench Income Tax Appellate Tribunal’s (ITAT) held that the investment-linked capital gains tax exemption available on the purchase of a new house cannot be refused simply because the taxpayer used a home loan instead of his old house’s sale proceeds. Under the Income Tax (I-T) Act, capital gains […]

ITAT declares tax exemption available for capital gains even if loan used for a new house.more

The cabinet of Maharashtra approves Rs 891 crores for the Mumbai’s traffic management system.

By Abhay Shah, Realty Quarter A new traffic situation report in 56 countries claims that traffic flows in Mumbai is the worst in the world, while Delhi is nearest to fourth. In India’s financial capital, a rush-hour journey requires 65% longer. It’s 58% longer in Delhi, the study submitted by location technology expert TomTom on June 4, […]

The cabinet of Maharashtra approves Rs 891 crores for the Mumbai’s traffic management system.more

Category: Mumbai

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