Latest Realty News

Tardy BMC to pay Rs 18 crore as property tax refund
Mar 01, 2014
MUMBAI: The tardiness of civic officials has resulted in the cash-strapped BMC paying around Rs 18 crore as interest for the delay in refunding the extra money citizens had paid as property tax.
Haryana announces major relief in property tax
Feb 28, 2014
CHANDIGARH: Chief minister Bhupinder Singh Hooda, while presiding over the State cabinet meeting, yesterday announced one time rebate of 30 per cent for those property owners who clear all their dues or arrears upto year 2012-13 by March 31, 2014.
50% cut in property tax for flat owners in Haryana
Feb 27, 2014
CHANDIGARH: Ahead of the Lok Sabha elections, the Haryana government on Wednesday announced 50% cut in property tax for owners of flats up to 2000sqft.
Rs 120 cr in tax dues from over 1,000 properties: NDMC
Feb 24, 2014
DELHI: Property tax worth Rs 120 crore is due from over 1,000 commercial and residential properties in north Delhi, the North Corporation has said while warning of measures to name and shame defaulters.
Thane Municipal Corporation budget proposes 2% surcharge on Property Tax
Feb 24, 2014
THANE: Thane Municipal Corporation in its Rs 2166 crore Budget (2014-15) today has proposed a 2 per cent surcharge on property tax to finance 'Shelter Fund' which is aimed at constructing tenements for residents of dilapidated buildings.
Property tax offices to remain open on Sat, Sun in March
Feb 24, 2014
THANE: Property tax offices under the North Delhi Municipal Corporation will remain open on all Saturdays and Sundays in March to facilitate tax payment transactions, the municipal body said today.
Rs 403-crore property tax still due
Feb 20, 2014
PUNE: Civic body-appointed brass bands will need to play louder next fiscal. The Pune Municipal Corporation has not been able to recover Rs 403 crore pending property tax despite its many efforts. At the general body meeting, the administration in a written reply to the elected members stated that property tax worth Rs 403 crore has to be recovered from the defaulters in 2014-15.
Rs 55.22 lakh fines on builders
Feb 20, 2014
AHMEDABAD: The estate department of AMC has issued notices in 34 cases and slapped fine to the tune of Rs 55,20,000 to builders and developers for violating various norms in their projects.
Nashik Municipal Corporation panel rejects tax hike proposal
Feb 19, 2014
NASHIK: The standing committee of the Nashik Municipal Corporation (NMC) on Tuesday rejected the municipal commissioner's proposal to increase water and property taxes, which have not been touched since 1992.
Save on taxes by investing in an under-construction property
Feb 17, 2014
MUMBAI: It is true that buying a property in a project under construction offers greater advantages than purchasing a ready property. To begin with, the price of a property under construction is lower because there is no immediate possession. For a ready-property, the seller charges a premium for ready possession. In under-construction property, buyers get time to arrange for funds.
40.72 lakh high spenders in the country under tax scanner
Feb 17, 2014
DELHI: Over 40.72 lakh high value spenders are under the scanner of the Income Tax department which plans to check potential evasion instances before the closing of the financial year on March 31.
Nashik Municipal Corporation gives 20,000 property owners 5 days to pay taxes
Feb 17, 2014
NASHIK: The civic administration has sent notices to 20,000 property tax defaulters in the city, giving them a five-day period to pay up. These property owners are from across the six divisions of the Nashik Municipal Corporation (NMC).
Greater Visakhapatnam Municipal Corporation to speed up property tax collection
Feb 11, 2014
VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has a daunting task ahead. The civic body has just 50 days left to collect more than 50 % of property tax for the current financial year. GVMC officials will race against time from Monday to recover tax arrears of about Rs 86 crore before March 31 to complete the civic body's financial commitments.
No change in property tax
Feb 08, 2014
NAVI MUMBAI: The general body approved NMMC's proposal of not hiking property tax for 2014-15. The proposal for retaining last year's rates was the sole agenda discussed in the Friday meeting, as the Nerul cylinder blast dominated the discussion. The remaining proposals were set aside for the next time.
No water for tax defaulters: Municipal corporation
Feb 08, 2014
COIMBATORE: The city municipal corporation is resorting to stringent measures to ensure that property tax defaulters of the second half of 2013-14 financial year pay up the arrears without further delay.
BMC sends attachment notice to netas' societies
Feb 08, 2014
MUMBAI: The BMC has issued a property attachment notice to the Sukhada and Shubhada housing societies for non-payment of property tax.
Ahmedabad Municipal Corporation extends incentive scheme for tax defaulters
Feb 07, 2014
AHMEDABAD: Ahmedabad Municipal Corporation (AMC) has decided to extend the incentive scheme for tax defaulters till March 31. The decision to extend the scheme was taken after the AMC recovered Rs 125.03 crore as property tax after announcing incentives on interest for those who had not paid their property taxes.
BMC to double fine on illegal additions in flats
Feb 07, 2014
MUMBAI: The Brihanmumbai Municipal Corporation will soon start collecting penalty for unauthorized constructions or extensions at twice the property tax levied on the entire illegal area.
Decision to blacklist Cyprus for not providing tax data will hit developers and realty funds
Feb 06, 2014
MUMBAI/BANGALORE: India's recent decision to blacklist Cyprus for not providing tax data will hit developers and realty funds. Investors who have routed their funds through Cyprus are likely to face a big decline in returns as developers will now be expected to withhold higher tax amounts. So far, these investments were structured around 10% withholding tax, which is likely to jump to 30%.
Defaulters pay property tax to MCC
Jan 27, 2014
MYSORE: Commercial property owners in Mysore on Monday paid a part of property tax after authorities warned of action against defaulters.
SMC rejects the proposal for unit-based property tax
Jan 27, 2014
SHIMLA: The Shimla Municipal Corporation today rejected the proposal of the state government to impose property tax on unit basis and urged the government to suitably amend the Act.
Now, PCMC tax defaulters to face music
Jan 27, 2014
PUNE: After Pune, it is now the turn of the property tax defaulters in Pimpri Chinchwad to face the music, literally. The Pimpri Chinchwad Municipal Corporation will start sending brass bands to play music in front of the defaulters’ houses from January 27 onwards till March 31.
250 new properties found evading property tax
Jan 25, 2014
KOLHAPUR: The civic body has found 250 new property owners to be evading taxes. They have not registered with the Kolhapur Municipal Corporation's property tax department.
Civic staff will be held accountable for unassessed properties
Jan 21, 2014
PUNE: After the success of its drive to recover dues from defaulters of property tax, the Pune Municipal Corporation (PMC) has decided to make the ground level civic staff accountable for failing to identify properties that have not been assessed for tax.
NMC property tax dept hit by assessment scam
Jan 17, 2014
NAGPUR: After revenue collection scam, Nagpur Municipal Corporation (NMC) property tax department has been hit by an assessment scandal. Of total 26 units, the officials of NMC Dharampeth Zone assessed only three units 10 years ago, forgetting to assess the sprawling Naivedyam Hall and 22 shops in Nagpur Improvement Trust (NIT) complex at Ambazari. Now, the property tax of only the hall has been assessed at Rs 1.09 crore, with the process of assessing the remaining shops in progress.

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