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Tag: #Maharashtra

Real estate

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

August 23, 2019

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
Mumbai Traffic

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
Redevelopment buildings for Cops

The Police Commissioner of Mumbai proposes to sell 50% of redeveloped apartments to cops.

August 21, 2019

By Abhay Shah, Realty Quarter Mumbai police have submitted the State government with a plan to rebuild the Naigaon police quarters and the Light Armed Constabulary headquarters. The plan is primarily designed to sell 50% of the new residential apartments to constables and officers in order to tackle severe housing shortages experienced by the police, proposed by a Police Commissioner, Sanjay Barve. Home Department sources said the Mumbai police are collectively developing the Naigaon estate with the state […]

The Police Commissioner of Mumbai proposes to sell 50% of redeveloped apartments to cops.more
Home Loan

How to get a loan on a let-out property? Eligibility, Interest rate, Tenure Explained:

By Abhay Shah, Realty Quarter Nearly all the public sector and private banks provide loan for potential rentals. With this component, the owners of a house can take advantage of a credit line based on the rent received on the house property. Eligibility criteria for Individuals: Anyone who owns a commercial or residential estate may obtain the benefits of this scheme. The property may be owned jointly or by a single owner. All owners will have to become loan applicants in the event of joint ownership. This loan scheme option is available for properties that have already been rented out or for which a lease contract has been concluded. Loan amount utilisation: The fund raised through the loan against potential rents can be used for any intent […]

How to get a loan on a let-out property? Eligibility, Interest rate, Tenure Explained:more
ICRA

Inventory of Rs 45,000 crore in Central Mumbai stayed unsold – ICRA Report.

August 20, 2019

By Abhay Shah, Realty Quarter According to ICRA, a rating agency, inventory worth Rs 45,000 crore stayed unsold in Central Mumbai as on June 2019. Considering the large value of inventory on the micro-market, its underperformance has seriously affected Mumbai’s real estate industry, it said. “Central Mumbai has been witnessing significant high-value inventory build-up due to weakened demand over the past two […]

Inventory of Rs 45,000 crore in Central Mumbai stayed unsold – ICRA Report.more
Durga Shanker Mishra

The government can consider RERA amendments to make them more effective: Urban Affairs Secretary.

By Abhay Shah, Realty Quarter The government may consider changes to the RERA real estate law, if required, to make it more effective, Durga Shanker Mishra, Housing and Urban Affairs Secretary, said on Monday. He said that the Ministry for Housing and Urban Affairs will quickly adopt the model tenancy law for Cabinet approval at NAREDCO’s real […]

The government can consider RERA amendments to make them more effective: Urban Affairs Secretary.more
Mumbai Potholes

Thane resident takes down a silent protest for the issue of Potholes.

August 19, 2019

By Abhay Shah, Realty Quarter Anand Nagar residents, fed up with the pothole outbreak on Ghodbunder Road in Thane, gathered for a silent protest on Sunday, requesting a solution to the problem that has created their lives hell over the past few months. Civic officials, meanwhile, retained that work is underway to fill potholes on roads […]

Thane resident takes down a silent protest for the issue of Potholes.more
Flood Affected Area

The government of Maharashtra allocates Rs 7.14 crore in flood-affected districts.

By Abhay Shah, Realty Quarter The Pune division commissioner allocated Rs 7.14 crore in the context of compensation for flood aid announced by the State Government to the flood-ravaged districts of Pune, Satara, Sangli, Kolhapur and Solapur. The study and evaluation undertaken by the authorities noted that 22,962 families have been impacted in that division. Of […]

The government of Maharashtra allocates Rs 7.14 crore in flood-affected districts.more


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