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
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
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
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
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
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
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
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
By Abhay Shah, Realty Quarter The Greater Noida Industrial Development Authority (GNIDA) found officials responsible for unauthorized construction in Shahberi in the first step towards setting accountability. It also finalized IIT-Delhi to perform a structural audit of the area’s buildings and began sealing the empty ones. Meanwhile, 12 of the 29 protesters arrested after August 14 disputes with officials and police, who were not able to be made in a court on a holiday, were in prison on August 15. Nine people were killed in July last year when two six-story buildings collapsed in Shahberi. This was followed by a crackdown […]
GNIDA arrested officials who were involved in illegal construction in Shahberi.more
By Abhay Shah, Realty Quarter The donor cannot revoke a gift of a property that is valid and accepted by a donee, other than in specific circumstances. We look at the feasible instances of a revocation. With many children choosing to leave India for work and the gradual disappearance of the common family system, it […]
Is it possible for parents to take back gifted property from their children?more