The Gautam Budh Nagar district administration has proposed to hike the circle rates of property in Noida by 10-30%. The authority of the finance department has granted a preliminary approval to the new rates. Circle rate is the minimum rate at which stamp duty is charged on transaction of a property. And the authority has [...]
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Circle rates of properties in Noida will be increased
Monday, May 28th, 2012Residex index of property market for different cities in India
Monday, May 28th, 2012According to the National Housing Bank‘s Residex index, the cost of houses and apartments in Chennai are rising sharply. The index for the city raised by 39.5 per cent in the last quarter of 2011-12 compared to the same period last year. This is recorded as the highest jump in residex index for any city [...]
Builder’s relief: Cement is likely to become little cheaper
Monday, May 28th, 2012The real estate sector in India will find it helpful for their growth as the Indian cement companies are looking at reducing the costs of cement. The cement industry has found that in last three months, higher inflation and the lower demand for property in India due to costly home loans have impacted real estate [...]
Power shutdown in Chennai
Monday, May 28th, 2012The Chennai electricity board has announced that on 26th May Power supply will be suspended in following areas for maintenance work. The notice has been given so that the residents of houses and apartments in Chennai will be aware of the power cut and manage their daily work properly. The duration of the power cut [...]
800 residential property in Chennai will be developed by Lancor Holdings
Monday, May 28th, 2012Chennai-based real estate developer, Lancor Holdings Limited has planned to invest around Rs 300 crore in the next two years to develop around 800 residential units in Chennai. Lancor Holdings so far developed around 3 million sft with focus on residential space. Their new planning will construct five projects in and around the city to [...]
Pets are not allowed in Mumbai apartments
Monday, May 28th, 2012Radhe Krishna housing society in Sanpada has banned pet dogs in the apartment. There are residents in the apartment who had taken a flat on rent, but were unaware that pet dogs are not allowed there. Those residents who have pet dogs were given notice by the society to vacate the flat within a month. [...]
IT parks in Bangalore are not paying property tax properly
Monday, May 28th, 2012Bruhat Bangalore Mahanagara Palike (BBMP) has identified sources from where it is losing revenue. In a survey to reassess buildings in tech parks for property tax at Mahadevapura revealed that the Palike has been cheated of crores by commercial and IT buildings, which do not pay tax according to the law. BBMP found that 10 [...]
Maintaining Escrow account will be must for builders
Monday, May 28th, 2012The draft Real Estate (development and regulatory) Bill has suggested that every builder must maintain escrow account for customer advances and all third-party liabilities so that proper monitoring and use of proceeds is ensured in real estate projects. Last year, the Reserve Bank of India, too, asked banks to put in place an escrow mechanism [...]
Cost of house on rent in Indore is increasing
Monday, May 28th, 2012Professionals from outside Indore are having a hard time getting a suitable accommodation in the commercial capital. The cost of staying is unaffordable in some posh areas like Palasia, Saket and Zanjeerwala crossing. The rental apartments in Indore are way beyond their means. As cost of rental properties in Indore are increasing, tenants are forced [...]
Largest office space in Bangalore taken by Goldman Sachs
Monday, May 28th, 2012US banking group Goldman Sachs has agreed to take on lease 1.6 million sq ft of office space in Bangalore. This will be the biggest recorded commercial property deal in India. In the first phase of the transaction the investment bank initially taking up one million square feet. Another 600,000 square feet will be taken [...]
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