Goa housing board led to Rs 66 lakh loss to state
Nov 05, 2013
Source : The Times of India


PANAJI: The state exchequer lost Rs 65.70 lakh due to discrepancies in fixing rates for construction of row houses by the Goa housing board.

The Goa housing board decided to construct 16 row houses at first in March 2007 at Ambaji in Fatorda. As 43 applications were received for purchase of the row houses, the board decided in December the same year to construct 20 more row houses and increase the cost of minimum plot area from Rs 1,600 to Rs 3,500 per sq meter.

The board also decided to send letters to the purchasers informing them about the increase in price of houses due to the increase in the cost of land and obtain their willingness.

The row house construction was completed in April 2011 and 36 of the 43 applicants were requested to select the row house of their choice on first-come-first-serve basis.

The Comptroller and Auditor General of India in its latest report has observed that allottees raised objections to the differential rates being charged over the notified/advertised rates. The then housing minister later observed that the Goa housing board had failed to convey the new rates to the intending purchasers and obtain their acceptance as it had earlier decided to do.

The revised rate was therefore brought down by the chief minister from 3,500 per sq meter to Rs 2,000 per sq meter.

The audit report notes that this resulted in a loss of Rs 68.79 lakh to the state exchequer in allotment of the 35 row houses on 4,586.32 sq meters of land.

Latest Realty News

Gera Developments to venture in Bangalore real estate market
Oct 31, 2013
PANAJI: Pune-based Gera Developments will have their footprints outside western India for the first time next year, with the development of a residential property in Bangalore.
Cabinet approves scheme to lease out unused government buildings, land
Sep 19, 2013
PANAJI: The state cabinet on Wednesday approved a scheme to provide government land and unused government buildings to registered cultural, social, educational institutions, professional institutions, etc.
CII: Emerging investment hotspots
Jun 25, 2013
DELHI: India has its own unique and integral complexities and business is not an exception to it. Corporations strive for increased efficiency and productivity amidst these complexities. Real estate is an integral ingredient in the formation and growth of all businesses and steadily maturing into a big business itself.
Buying a property just got a bit more cumbersome
Jun 25, 2013
MUMBAI: A common saying goes, to know "stress", organize a person's marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been
Bangkok cheapest office location in Asia; Hong Kong most expensive
Jun 25, 2013
BANGKOK:Bangkok was the cheapest city for office rents in Asia this year, while Hong Kong was the most expensive, an international property consulting company said on Monday.
CREDAI bats for realty reforms with Girija Vyas
Jun 24, 2013
DELHI: Praising the Union Government’s efforts towards real estate reforms, realtors’ apex body Chairman Lalit Jain expressed the hope that the new Housing and Urban Poverty Alleviation Minister Ms. Girija Vyas will continue with the unfinished task of her predecessor Mr Ajay Maken.
How new real estate bill could reshape the realty ecosystem?
Jun 20, 2013
MUMBAI: 1) Project Registration When the Real Estate (Regulation and Development) Bill 2013 comes into effect, all projects will have to be registered with a real estate regulatory authority.
The Bill will be a boon for homebuyers
Jun 19, 2013
MUMBAI: The Real Estate Regulator Bill which was recently approved by the union cabinet, has been several years in the making now and hasn’t had smooth sailing from the start. Apart from inordinate delays, it faced much resistance from the real estate fraternity at initially who were afraid that this Bill would prove to be yet another regulatory bottleneck, rather than a regulation that would empower the industry and its homebuyers.
Road building revival offers rare hope for India infrastructure overhaul
Jun 18, 2013
MUMBAI/DELHI: K. Ramchand, managing director at one of India's biggest road builders, is doing something unusual to help dispel the gloom pervading much of the country's infrastructure sector today: bidding for new projects.
Realty Bill will make homes costlier, says Credai chief
Jun 18, 2013
MUMBAI: The proposed Real Estate Regulatory Bill is “welcome”, but it may make homes more expensive. Mandatory registration of property before advertising is likely to impact smaller players, says C. Shekar Reddy, National President, Confederation of Real Estate Developers Association of India (CREDAI). But pushing for amendments to the Bill is not his only issue. Staving off taxes charged on deemed profits (the differential amount that arises when the registration value of a property is higher

Latest Realty News Of State

Realty Talk's