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News Updates

05 Feb24

Scheme Offers Hope for Small Homes on Kolkata Outskirts

Real estate industry leaders stated that a special housing scheme aimed at the middle class, including those living in rented houses, slums, and unauthorized colonies, could help boost sales of affordable homes. This comes after Union finance minister Nirmala Sitharaman hinted at the scheme during the budget speech, as home loan interest rates have risen and home prices have increased, impacting sales negatively. Developers also mentioned that the introduction of a specific scheme for

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18 Jan24

West Bengal: New Home Stamp Duty Rule

The state has now updated the registration process for flats and houses to align with RERA guidelines. Instead of the previous norm of registering based on super built-up area, homes will now be registered based on carpet area. The state has now updated the registration process for flats and houses to align with RERA guidelines. Instead of the previous norm of registering based on super built-up area, homes will now be registered based on carpet area. The super built up area, which includes

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18 Jan24

MahaRERA: Single Registration for Each Project

The Maharashtra Real Estate Regulatory Authority (MahaRERA) now requires each standalone project to have a single registration number in order to protect the interests of homebuyers. The regulatory authority implemented this measure in response to instances where developers obtained two or more MahaRERA registration numbers for the same real estate project or parts of it. The directive, issued on Wednesday and effective immediately, aims to prevent fraudulent practices and protect homebuyers

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11 Jan24

Sebi Proposes New Rules for REITs and InvITs

On Wednesday, Sebi released a consultation paper that includes recommendations for altering the terms and conditions of subordinate units by Real Estate Investment Trusts (REITs) or Infrastructure Investment Trusts (InvITs) after they have been issued. The consultation paper contains further proposals for the proposed framework for issuing subordinate units by REITs and InvITs. In December of last year, Sebi requested public comments on the framework for issuing subordinate units by REITs and

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29 Dec23

2024 and Beyond: The Evolution of Indian Real Estate

As we approach a new year, it's a good time to look back on the path the Indian real estate sector has taken in 2023 and consider what lies ahead for us in 2024. In 2023, the residential housing market in India experienced an upward trend. The decision of the Reserve Bank of India to maintain stable interest rates empowered homebuyers to invest in their dream homes, making homeownership accessible to a larger segment of the population. In 2023, the residential housing market in India

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27 Dec23

Which is More Profitable: Residential or Commercial Property Investment for Rent and Returns?

Property investment has increased in recent years due to attractive returns. Many are seeking excellent real estate investment opportunities. The question remains: which is better for investment, residential or commercial property? The goal is to secure a good rental income or resale value in the future. Real estate market experts suggest that both residential and commercial properties have their own advantages and disadvantages. Therefore, it's important to carefully consider the advantages

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23 Dec23

Bidhannagar Police seek PG info from New Town RWAs

Bidhannagar Police has begun requesting Resident Welfare Associations in New Town to pinpoint flats converted into paying guest accommodations. They aim to create a database of non-resident paying guests in the housing complexes. Additionally, they are urging owners to keep a record of paying guests' documents and furnish them when required. In October, a 21-year-old aspiring MBBS student, who was preparing for NEET while residing as a paying guest in the city, was drugged and murdered by an

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12 Dec23

Haven’t linked your PAN with Aadhaar? Pay 20% TDS for Property Purchase

If you're planning to buy a property, make sure to link your Aadhaar and PAN cards. Additionally, confirm with the seller that they have also linked their documents. Otherwise, you may need to pay a 20% TDS on your purchase, instead of the standard 1%. As per the Income-Tax Act, if you're buying a property worth Rs 50 lakh or more, you're required to pay 1% TDS to the central government. The remaining 99% of the total cost must be paid to the seller, who can later claim it as credit. After

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29 Nov23

Big Property Projects must pay for Water Infrastructure Development

The Kolkata Municipal Corporation has announced that it will impose a charge for water infrastructure development on medium and large real estate projects in the city. This charge will be collected from developers and will be the first of its kind to be introduced by the civic body. The money generated will be used to improve water supply in areas where housing or commercial projects are being planned. The proposal to impose a water infrastructure development charge on mid and large real

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20 Nov23

Telangana RERA issues notices to builders for violations

The Real Estate Regulatory Authority (RERA) has taken strict action against real estate firms selling unregistered open plots and flats. Notices have been issued to several firms as a result. Neemsboro group, Excellence Properties, Prestige Group projects, Urban Yards, Happy Dream homes, Seven Hills, Kavuri Hills, Rivendell Farms, Sumadhura Infra Projects, and other companies have received notices from RERA chairman N Satyanarayana. These notices were issued due to their advertising of

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