‘Govt willing to relax norms on deemed conveyance’
Some MLAs alleged that developers were being asked to pay bribes to government officers to record a property card variation
Jul 18, 2013
Source : The Times of India

 

MUMBAI: The Maharashtra government on July 17 promised a string of reforms in the existing law on deemed conveyances to give relief to thousands of flat owners in old housing societies who are eager to complete the formality of conveyance.

The minister of state for housing announced in the legislative assembly that the government was willing to do a rethink on the existing formula to calculate stamp duty, which is currently assessed on the basis of market rates. It is also open to giving exemption from paying additional local body cess and LBT on the value of flats. The issue of unsold flats would also be looked into apart from taking action against builders for non-execution of conveyance deeds. “While no final decision has been taken on these measures, we are keen to consider these issues going forward in future,” said Ahir.

There are 23,496 housing societies in the city. Of these, less than a thousand had obtained their conveyance deed before a special drive started in 2012. Of the 903 societies that applied, 549 were issued the conveyance instrument. After 2012, 398 applied and 87 have been given conveyance so far.

The anomalies in the conveyance law and the ongoing special drive were discussed in the assembly with several MLAs pointing out that flat owners were facing hardship in completing the formalities. The poor response to the state’s scheme would continue if the government did not relax the existing norms, they said. Some MLAs alleged that developers were being asked to pay bribes to government officers to record a property card variation. Flat owners and housing societies cannot afford to pay and are seen as resisting the scheme, they said.

“Many of these flat owners in Navi Mumbai and Thane live in fear that once they move out, they will lose the ownership of their land forever. The chief minister must make sure that the title of the land passes to the government in cases of dilapidated and dangerous buildings seeking conveyance while going for redevelopment,” said NCP MLA Jitendra Awhad.

Ahir replied that the government was willing to consider changes, such as coming up with a new formula to calculate stamp duty for housing projects built before 1985 when the ready reckoner rate system was not in force.This duty, several members demanded, should be charged at the rate applicable at the time building was constructed.

“At the existing rates, some flat owners could end up paying more duty than the original value of the flat,” said BJP MLA Yogesh Sagar.

Latest Realty News

Recession-struck real estate developers pitch clients on Facebook, Twitter for buyers
Jul 18, 2013
MUMBAI: For many real estate developers one good thing about the recent slowdown in demand is that it has helped them find a cost-effective medium to sell housing projects: social media.
Worli in Mumbai is a realty market to reckon with
Jul 17, 2013
MUMBAI: From being a traditional textile mill location a few decades ago, Worli has come a long way to emerge as one of the prime real estate destinations in the country’s commercial capital.
Pune’s smart homes revolution
Jul 17, 2013
PUNE: Over the last two decades, Pune rapidly developed a strong IT culture. In the beginning, this culture was limited to employees of the many IT/ITES parks it is home to. However, today it has touched almost everyone who lives in the city. The cyber revolution in this city is inescapable – those who do not own computers visit internet cafes to access the online world. The younger generation below the age group of 30, is defined by connectivity and these are the people who will define Pune’s f
Borivali-Goregaon projects: Offering décor delight
Jul 17, 2013
MUMBAI: The Borivali-Goregaon west stretch has witnessed rising property prices for the last six months. Most of the home buyers are looking for smaller sized units – 2 and 3-BHK configurations because of the rising property prices. Depending on the budget, developers are offering various décor features – both, internally and externally, in their new projects.
Hinjewadi faces an ever-increasing demand for 2-bhk apartments
Jul 17, 2013
PUNE: Hinjewadi, once looked upon as a sleepy countryside area, has been fast evolving into a real estate hotspot. The locality, situated towards the west of Pune city, offers all types of properties for every segment of the society. According to the Data residential properties such as plots and apartments in Hinjewadi, are available within a wide range of Rs 13 lakhs to Rs one crore and above.
Mumbai sees highest office space absorption this year
Jul 16, 2013
MUMBAI: About 2.4 million sq ft (msf) of office space was absorbed in Mumbai in the first half (H1), (January-June), the highest across India, according to a new data released by global property consultant Cushman & Wakefield (C&W) on Monday. But this absorption was still 10% less compared to the first half of 2012.
Capital values rise along the Borivali-Goregaon West belt
Jul 15, 2013
MUMBAI: The 10-kms stretch, extending from Borivali west to Goregaon west, is high on the list of buyers looking for capital appreciation. With Kandivali west falling along the corridor, the area has 13 per cent of the total new properties (as per data with MagicBricks.com) being constructed there. Out of these, Goregaon west and Borivali west would be delivering 50 per cent and 20 per cent of the supply respectively, most of which is scheduled for possession in the coming three years.
Prime land deals expected this year despite slowdown
Jul 15, 2013
MUMBAI: The sluggish economic climate notwithstanding, big-ticket land sales are expected to see a spurt this year as some aggressive developers look to buy plots in anticipation of a revival of the property market.
ASK Property to invest up to Rs 500 crore by fiscal-end
Jul 15, 2013
MUMBAI: Private equity firm ASK Property Investment Advisors plans to invest up to Rs 500 crore in mid-income residential projects by this fiscal end, a top company official said.
Capital values rise along the Borivali-Goregaon West belt
Jul 15, 2013
MUMBAI: The 10-kms stretch, extending from Borivali west to Goregaon west, is high on the list of buyers looking for capital appreciation. With Kandivali west falling along the corridor, the area has 13 per cent of the total new properties (as per data with MagicBricks.com) being constructed there. Out of these, Goregaon west and Borivali west would be delivering 50 per cent and 20 per cent of the supply respectively, most of which is scheduled for possession in the coming three years.

Latest Realty News Of State

Realty Talk's