Uniform stamp duty on joint development projects in Bangalore
Feb 17, 2014
Source : The Times of India

 

BANGALORE: This is good news for real estate developers and landowners. The budget has proposed a uniform stamp duty of 2% on joint development projects, bringing down land registration cost.

Due to an anomaly in the previous stamp duty rate on joint developments, developers and land owners had to fork out a 6% stamp duty charge on the value of their respective land share in a development.

This anomaly, which the industry has been asking the government to change, put on hold many joint developments. Some developers and landowners even looked at alternative methods of development to circumvent paying the stamp duty charge.

“The revised stamp duty rate is excellent news and will definitely benefit the real estate industry,” said SV Naresh Kumar, CMD, Fortuna Projects.

Overall, the budget didn’t alter existing stamp and registration duty on flats and land, given the recent hike in guidance value that the government had announced. “With input costs of construction increasing, leaving stamp and registration duties unchanged is a welcome move,” said Prashanth Sambargi, partner, Mars Realty.

The CM is looking to mop up Rs 7,450 crore as revenues from stamp and registration duty on properties in the next fiscal, a growth of 15% over Rs 6,500 crore collected in the year ago period.

Latest Realty News

CM sets roads rolling to nowhere
Feb 17, 2014
BANGALORE: CM Siddaramaiah's allocation for Bangalore's roads - a surprising Rs 8,800 crore - is enough to beat Singapore's smooth network. The funds are earmarked for roads and related infrastructure, including road widening, elevated corridors, grade separators etc. But look close, and there's nothing concrete about the plans.
Karnataka Budget: Thrust on infrastructure
Feb 17, 2014
BANGALORE:The State government’s budget for 2014–15 proposes projects worth Rs. 9,476.86 crore for Bangalore to remove traffic bottlenecks, expand the public transport network, increase water supply lines and create new drainage pathways.
Demand for commercial space on uptrend in PBDs of Bangalore
Feb 16, 2014
BANGALORE: With its landlocked area, competitive property rentals and infrastructure initiatives, Bangalore is an attractive destination for occupiers. While the Peripheral Business Districts (PBDs) of Outer Ring Road (ORR) and Whitefield have been performing well, more recently, north-east and north Bangalore have come into prominence.
Two teams to probe realtors’ murder
Feb 15, 2014
BANGALORE: The police on Friday formed two teams to investigate into the murder of two Bangalore-based realtors whose bodies were found with heads severed in Kollegal forest of Chamrajanagar district on Tuesday.
Real estate businessmen from Bangalore found murdered in Kollegal forests
Feb 15, 2014
BANAGALORE: Two real estate businessmen, who had gone missing from the city last week, have been found brutally murdered in Kollegal forest region in Chamrajanagar district.
Demand for commercial space on uptrend in PBDs of Bangalore
Feb 15, 2014
BANGALORE: With its landlocked area, competitive property rentals and infrastructure initiatives, Bangalore is an attractive destination for occupiers. While the Peripheral Business Districts (PBDs) of Outer Ring Road (ORR) and Whitefield have been performing well, more recently, north-east and north Bangalore have come into prominence.
Jones Lang LaSalle India's PE arm makes final close of maiden fund
Feb 12, 2014
BANGALORE: Global real estate services firm Jones Lang LaSalle Indian arm has raised Rs. 161 crore through its first fund focused on residential sector in India, a development that marks a cautious return of risk capital to the country's beleaguered property market.
Infosys chief’s daughter to invest ?150 crore to expand hotel venture
Feb 11, 2014
BANGALORE: Infosys CEO SD Shibulal’s daughter Shruti Manchanda, who turned an entrepreneur two years ago, is set to expand her hospitality venture.
Land loser has a say in acquisition, compensation
Feb 11, 2014
BANGALORE: The new land acquisition law that came into force on January 1 has sweetened the deal for landlords who may have to give up a portion of their property or land for public sector infrastructure projects in Bangalore city.
After 10-yr wait, BDA may allot 5,000 sites
Feb 11, 2014
BANGALORE: The long wait to get a site in layouts developed by Bangalore Development Authority (BDA) may finally be over: The authority plans to invite applications for 5,000 sites in Kempegowda Layout from March this year.

Latest Realty News Of State

Realty Talk's