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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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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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12 Oct23

Reasons to Buy a Property During Navratri

Navratri, the nine-night festival celebrated with zest and fervor in India, is not just a time for religious rituals and vibrant cultural celebrations. It is also an opportune time to consider purchasing a property. Whether you are looking for a new home or an investment opportunity, here are some compelling reasons why Navratri can be an ideal time to make your move in the real estate market. 1. Auspicious Time Navratri is considered an auspicious period in Hindu culture. It is believed that

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09 Oct23

West Bengal Govt Prohibits Night Demolition in Congested Areas

The department in charge of urban development and municipal affairs has released a set of 19 guidelines to ensure that proper precautions are taken during the demolition of buildings located in densely populated residential areas. In the past, developers have demolished buildings without taking any safety measures, which has resulted in air and noise pollution. According to the new regulations, it is prohibited to carry out any demolition work during nighttime, and it is mandatory to maintain

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16 Aug23

MahaRERA Mandates Real Estate Developers to Set Up Redressal Cells for Homebuyers' Issues

MahaRERA has mandated real estate developers to establish grievance redressal cells to address homebuyers' complaints. At least one grievance redressal officer is expected in these cells for developers' projects. Compliance with this provision will be a crucial evaluation criterion proposed by the regulatory authority. During the property purchase or registration process, homebuyers typically interact with the sales and marketing team. However, if issues arise later, they are often

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02 Aug23

Relief for Thika Tenancy Applicants in Kolkata

Thika tenancy is a unique system of land tenure in West Bengal, India, where tenants are granted the right to cultivate and occupy land owned by others. In Kolkata, the capital city of West Bengal, thousands of people have been waiting for years to get their Thika tenancy rights. However, their wait has finally come to an end as the government has recently announced a relief package for Thika tenancy applicants. Under the new relief package, Thika tenancy applicants who have been waiting for

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22 Jul23

MahaRERA Fines 90 Builders For Ads Without Registration Number

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 90 builders for advertising their projects without a valid registration number. This move comes as part of the authority's ongoing efforts to regulate the real estate sector and protect homebuyers from fraudulent practices. Under the Real Estate (Regulation and Development) Act, 2016, all real estate projects must be registered with MahaRERA before they can be advertised or sold to the public. The registration number serves

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