News Updates
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Kolkata Mayor warns officials of suspension over illegal constructions
The Kolkata Mayor is taking a tough stance on illegal constructions and has warned officials that they could face suspension if they are found to be involved in such activities. It is important to follow the rules and regulations when it comes to construction to ensure the safety of the residents and the environment. If buildings department officials in boroughs fail to report illegal constructions in their jurisdictions or neglect to take action, they can be suspended without a showcause
The Benefits of RERA for Home Buyers
The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation that has brought transparency and accountability to the real estate sector in India. The Act was introduced to protect the interests of home buyers and promote fair play in the real estate industry. Here are some of the benefits of RERA for home buyers: 1. Transparency: RERA mandates that all real estate projects must be registered with the regulator and provide complete details of the project, including
From April1 UAA Property tax system launch plan For Sec V
After New Town, Kolkata the Unit Area Assessment (UAA) system of property tax collection is all set to be introduced at the IT hub of Sector V this year. The Nabadiganta Industrial Township Authority (NDITA) is planning to introduce UAA in 2023-24 — from April 1. Officials said that the West Bengal Valuation Board, which had earlier come up with a draft scheme on the UAA system of tax collection for Sector V, has finalised the proposed structure, based on which NDITA will start
India’s housing market hit a 9year high in 2022
The year 2022 saw the demand for apartment in India increase by 34% reach a nine-year-high in a trend driven primarily by a post-pandemic need for security, increased savings and income disruption for middle- and higher-income groups, according to a new report. The report says house sales stood at 312,666 units in 2022, adding that the growth was particularly noticeable in the higher-income segments. For comparison, the sales in 2021 stood at 2,32,903 units, according to the report. Also shows
Kolkata Records Highest Residential Registrations Oct 2022
Stamp duty and Circle rate relaxation has boded well with Kolkata as the city recorded significant sales volume in October 2022. The Kolkata Metropolitan Area expects the ongoing homebuying momentum to continue. Read on to know more about the city’s realty performance in October 2022. Ongoing relaxations have led to an improvement in registrations across Kolkata. The city has witnessed highest property registrations this year in October 2022, and the second-highest since the relaxations
Diwali: Good time to Invest in Real Estate Sector
Diwali is an auspicious celebration that is rooted deeply in the rich cultural tradition of our country. The festival brings with it lots of hopes for new happiness and beginnings. Many people prefer buying property during this time of year since it symbolises wealth and progress. The festive season brings appraisals, bonuses, and other workplace benefits, leaving property buyers with extra money to spend on their dream homes. Here are some reasons why buying property during Diwali is
Institutional investments in Indian real estate touch $3.6 billion in Jan-Sep.
Institutional investments in Delhi-NCR's real estate market jumped 2.5 fold year-on-year to USD 754 million during January-September. The total investments in Indian real estate rose 18 per cent to USD 3.6 billion during January-September this year, from 3.03 billion in the corresponding period of the previous year. The inflows were driven by the office sector that accounted for 50 per cent share. As per the data, Delhi-NCR attracted institutional investments worth USD 754 million
Reasons to Buy a Property During Navratri 2022
Navratri is celebrated with nine days of divine power devoted to the manifestations of the idol Durga. There has never been a better time to buy a apartment. Real estate purchases during Navratri are considered highly auspicious and give more value for your money. What is Navratri? Navratri is a Sanskrit word meaning ‘nine nights’.It is a Hindu festival dedicated to Goddess Maa Durga and her nine incarnations. According to the auspicious calendar, these nine days are the best time
7-point homebuyer’s checklist for 2022
After several years of tardy growth, a surge in demand for residential property has led to a smart uptick in real estate prices across the country. Delhi NCR saw the biggest jump in prices, with prices in Noida Extension and Greater Noida shooting up smartly (see chart). Despite the sharp rise, prices are still within reach in these micro markets. A 2-BHK house measuring 800 sq ft would cost roughly Rs.34-38 lakh, which makes the property affordable for the middleincome group. In Ahmedabad,
India house price index goes up by 3.5% in Q1 of 2022-23
During the first quarter of 2022-23, the pricing index for homes in India went up by 3.5 per cent year-on-year, data released by the RBI showed. It is based on transaction-level data obtained from the housing registration authorities in 10 major cities in the country. The cities are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. Large-scale variance was observed in the year-on-year movement of the index across the country's cities and regions, RBI
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