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Bombay High Court halts property demolition & property auctions until 31st March.

March 20, 2020

On March 19, the Bombay High Court recommended that civic bodies in Maharashtra temporarily refrain from carrying out demolition or auction of property as courts, which are often shifted for relief in such matters, are already operating for restricted hours owing to the coronavirus epidemic. A Division Bench of Justices S J Kathawalla and R I […]

Bombay High Court halts property demolition & property auctions until 31st March.more
Interest Rates

CREDAI plans to reset the interest rate along with rescheduling debt repayment.

March 19, 2020

Against the backdrop of the Coronavirus outbreak and its effects on the economy, the body of real estate developers, the Confederation of Real Estate Developers’ Associations of India (CREDAI), seeks to delay the debt repayment scheduled for the next 3 months and to be permitted to recover in installments over the next 12 months. The developers’ […]

CREDAI plans to reset the interest rate along with rescheduling debt repayment.more
Co-working Space

US-based company Kovorks partnered with Marvel Infrabuild to develop India’s largest co-working space in Bengaluru.

US-based flexible office space provider Kovorks collaborated with city-based Marvel Infrabuild to create India’s largest coworking facility with a capacity of around 25,000 desks. The new luxurious co-working space would extend across 15,000,00 sqft at Whitefield main road. Kovorks already runs versatile offices in seven locations in the US and Malaysia. “India’s co-working market has […]

US-based company Kovorks partnered with Marvel Infrabuild to develop India’s largest co-working space in Bengaluru.more
Financial crisis

Credai –MCHI reports about 65% of home buyers defaulting on installments.

March 18, 2020

The coronavirus disease has had a crippling impact on the real estate sector with approximately 65% flat buyers defaulting on installments since last week, said Credai -MCHI, the apex body comprising more than 1,400 builders in the Mumbai metropolitan region (MMR). Worse, there are also reports of the closing down of malls that retail stores will […]

Credai –MCHI reports about 65% of home buyers defaulting on installments.more
office

JLL Report: Approx 30% of the Office buildings in the top three cities need refurbishment.

March 17, 2020

As per property consultancy JLL India, approximately 30% of office buildings in Mumbai, Delhi-NCR and Bengaluru are at least a decade old and require refurbishment that might cost over Rs 5,500 crore. The consultancy said in a report ‘Futureproofing 2.0 Upgrading commercial properties to build sustainable value’ after upgrading, rents might increase by up to […]

JLL Report: Approx 30% of the Office buildings in the top three cities need refurbishment.more
Redevelopment

Gujarat co-operative society’s residents can now apply for redevelopment.

Residential buildings incorporated under the 1962 Gujarat Co-Operative Societies Act and intending to conduct redevelopment can now apply to the Paldi Co-operative Registrar, according to an urban development department notification. There are 6,714 housing societies established under the GCS Act of 1962 in Ahmedabad and over the last three months, several of this demonstrated an unwillingness […]

Gujarat co-operative society’s residents can now apply for redevelopment.more
Tax Relief

South Delhi announces tax exemption for residents of the illegal colonies.

March 16, 2020

An amnesty scheme has been declared by South Delhi Municipal Corporation to provide relief for inhabitants of unauthorized colonies. SDMC Mayor Sunita Kangra clarified that, under the terms of the scheme, the unpaid tax in respect of residential property in unauthorized colonies would be exempted from payment by paying just the current year’s tax. “In […]

South Delhi announces tax exemption for residents of the illegal colonies.more
K Chandrasekhar Rao

Telangana CM plans to hike property tax following improvements in Villages and Cities services.

March 14, 2020

Days after hinting at jacking up the power tariff and other taxes, chief minister K Chandrasekhar Rao declared on Friday at the assembly that property tax would be hiked in gram panchayats and municipalities. According to the chief minister, the TRS government had the guts to first tell the people and then raise the tax […]

Telangana CM plans to hike property tax following improvements in Villages and Cities services.more


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