Land deals in Mumbai and its suburbs have dried up as buyers, wary of legal and regulatory hurdles, refuse to pay up the money demanded by sellers, industry officials and analysts said. The demonetisation exercise and the crackdown on black money haven’t helped either. Last month, drugmaker GlaxoSmithKline Pharmaceuticals Ltd cancelled bids to sell 64 acres… Read More »
Buckling under pressure from industrial associations and the realty sector, the government on Wednesday decided to do away with the system of allotting land on a 99-year lease condition through the Karnataka Industrial Areas Development Board (KIADB). Hence forth, absolute sale deeds will be issued. A decision to this effect was taken during the cabinet… Read More »
Joint development agreement (JDA), which is currently the most prevalent form of land development in the real estate sector, will get a boost following the key tax reforms announced by finance minister Arun Jaitley in the Union budget on Wednesday. This is also likely to help improve land transactions and bring in more supply of… Read More »
“We also propose to make a number of changes in the capital gain taxation provisions in respect of land and building. The holding period for considering gain from immovable property to be long term is three years now. This is proposed to be reduced to two years. Also, the base year for indexation is proposed… Read More »
Calling for a comprehensive solution to address the menace of unapproved layouts and indiscriminate conversion of farmlands into housing plots, the Madras high court has, yet again, declined to vacate its September 9, 2016 order imposing blanket ban on registration of unapproved layouts in Tamil Nadu. Source: Times of India
Ending ambiguity over criteria for issuing occupation certificate (OC) for residential plots, Huda has made it mandatory to have construction to the extent of 50% of the permissible ground coverage to receive OC, for residential plots in Huda sectors across the state. As per the allotment rule for residential plots, Huda allottees had to start… Read More »
The Supreme Court asked the Centre and a clutch of state governments on Monday to submit their responses to a PIL (public interest litigation) seeking return of 90% of the 4,842 hectares of land to farmers, which was acquired for setting up of special economic zones (SEZs) but has been lying unused. A bench, headed… Read More »
The state government has come up with an amendment in Maharashtra Land Revenue Code, following which non-agriculture certification will no longer be required for a land for which development plan is finalised. Unless an agricultural land is converted into non-agricultural, development work can not be started. With the new amendment in the Maharashtra Land Revenue… Read More »
The earlier regulations prohibited transfer of plots with partial building construction, but the new rules have removed the clause. For those instances where transfer of plots were permitted, GIDC used to levy a penalty of 10% per year for the entire plot area transferred based on the prevailing rate per square metre. The new regulations… Read More »