Category: Uncategorized

BENGALURU: Property prices in the state may largely go up soon as the government is looking at revising guidance values.

A Central Valuation Committee (CVC) comprising senior officials of the revenue department is assessing guidance values in all districts and could submit its report this month, said a senior revenue department officer.

Guidance value is the base price of properties fixed by the government, and property registrations cannot go below it. Karnataka collects a duty of 5.65%, including cess and surcharge on transaction value, and a 1% registration fee on guidance value.

Mohan Raj, inspector-general of registration and commissioner of stamps, said, “Revision of guidance value is scheduled every year, but it didn’t happen over the last two years due to Covid-19. Now, it’s course correction to fix the gap between guidance value and prevailing market rates.’’

Though the quantum of increase is not finalised, revenue department sources said it could increase by at least 5%-10 %. In some places, it may drop as it has reached saturation point.

The revision is expected to boost revenue that has seen a decline in stamp duty fee of property registration due to the pandemic and lockdown, said another officer. For 2020-21, the revenue department’s target is Rs 12,655 crore.

The real estate sector was taken aback as it hoped for a cut in both guidance value and stamp duty of properties above Rs 45 lakh. Former revenue minister R Ashoka has often said his department will cut guidance value by 15%-20% in sync with corrections in property prices.

The Bengaluru chapter of the Confederation of Real Estate Developers’ Association of India (Credai) sought a 30% reduction in guidance value, citing Maharashtra and Delhi which slashed guidance value to encourage transactions.

Shabeer Sait, executive head of operations, Irshads Property Matters, said guidance values in some places are slightly lower (15% to 20%) than market rates and higher (20% to 25%) in some places.

“Necessary corrections are needed and a uniform reduction across all zones, even if it’s small, will help drive up sales and result in savings for customers. These savings will come back into the market via other expenditure by consumers, so effectively the government won’t lose much,” he added.

Monica Mathias, director, Hoysala Projects, said: “Reduction of guidance value helps buyers reduce overall price burden via lower stamp duty payment and sellers (in second transactions) benefit from reduced capital gains bill.’’

The real estate sector which has been stressed for quite some time now has started showing signs of improvement since the first quarter of the current fiscal and its contribution to the country’s GDP is expected to reach 10 percent by 2025 from the current 7 percent, a top government official said on Thursday.

Union Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra also said that the National Urban Digital Mission has taken up steps to connect nearly 2,535 cities across India to improve connectivity.

The real estate sector’s contribution to the GDP is 7 percent now and it is expected to reach 10 percent by 2025. The sector in India is set to be valued at USD 1 trillion in the next few years as the country aims at USD 5 trillion economy, he said at an interactive session with Bharat Chamber of Commerce.

Mishra said that construction of 725 kilometres of metro railway tracks has been completed while 1,060 kilometres of tracks are being constructed in 18 cities.

One lakh houses in urban areas were constructed last year to provide rental accommodation to poor street vendors and migrant workers, he added.

The authorities are in the process of making the necessary modifications in the building rules. NKDA has already developed rooftop gardening in some of its market complexes.

KOLKATA: The New Town Kolkata Development Authority (NKDA) will soon issue the final notification for all high-rise buildings in the township to have mandatory provision for rooftop gardening and rainwater harvesting, along with a few other rules.

The authorities are in the process of making the necessary modifications in the building rules. NKDA has already developed rooftop gardening in some of its market complexes.

NKDA had issued an advisory in March, urging residents to take up rooftop gardening and develop rainwater harvesting systems in their housing complexes, along with a few other measures, like planting trees in all plots, setting up electric vehicle charging points at car parking spaces inside housing complexes and developing waste water recycling systems.

NKDA officials said the aim of mandatory provisions for rainwater harvesting and rooftop gardening is to have a green and clean New Town and develop a sustainable environment for the township to keep up with its ‘green city’ tag. New Town has been awarded the ‘platinum-rated Green City certificate’ by the Indian Green Building Council (IGBC) for its initiatives on creating a sustainable environment.

According to the advisory, a waste water recycling system should be developed in all buildings, including group housings, that have a minimum discharge of 25,000L and above per day for flushing of toilets, gardening, car wash-ing and other uses. The roof area of each building should also have reflecting paint and solar panels to minimize heat absorption.

NKDA has also proposed a maximum permissible limit of potable water supply of 120 litres per capita per day for the residential population and 40 litres per capita per day for the floating population. To increase the green cover, NKDA has set a target of planting 10,000 trees this season.

The Kolkata Municipal Corporation has decided to impose fines because of blocking the roads and pavements with construction materials which are not acceptable. With the declarations of Mamata Banerjee (chief minister), they have started issuing warning notices and even started to provided stop working notices to the builders and developers. The Kolkata civic body has started taking drastic and rapid actions to clear out the obstruction made on roads which are hampering the drainage system of the city by blocking it and thus leads to waterlogging.

The municipal commissioner announced that the official of KMC should make the list of such builders who let their building materials stuck the roads and drainage system and hand it over to the solid waste management. He also said that a circular should be provided where the civic body has the authority to seize the building materials which are stacking out the roads and impose spot fines on the builders.

The KMC has an amendment provided to the solid waste management civic body in which it is clearly mentioned that they can impose fines starting from Rs.5000 to Rs.10000 depending on the number of offenses. Under this KMC act, the civic body will calculate the offenses done by the builders and then to take spot fines and grab the construction materials which is blocking the pavements and roads.

This will be the lesson to the arrogant builders who repeats their offenses knowingly. They will be charged fine in the first attempt of the offense, the civic body of the KMC will seize the building materials after the second and lastly, if the builders are not correcting themselves then the body will issue the stop-working notices.

As per the directives of the KMC, the builders are allowed to keep the building materials until the time of making the ground floor of the construction. But after that, the materials should be shifted into the construction sites. If any builders do not obey the rules of KMC they have to give fines and face the legal obligations as per the statement of solid waste management officials.

In the monsoon, water logging is becoming a huge problem in some areas because the drainage system is getting choked with the building materials like stone chips and sand. The municipal commissioner of the KMC department is going to receive the circular from the state municipal affairs of the department which clearly states that the Kolkata Municipal Corporation and Howrah Municipal Corporation will definitely aware and warn the builders about the offenses of road blocking. 

Investors and homebuyers should make an investment in Flats in Rajarhat because the drainage system and the roads are well maintained which makes the suburbs beautiful with cleanliness. Living in such flats and apartments is always a dream come true.

Investments in the real estate industry have become a trend in recent times. As compared to other cities, Kolkata is becoming the best in providing residential units. This city individually giving a push to the Indian economy with a positive intention. Kolkata real estate serves all kinds of housing segments, along with commercial segments. As there is a huge growth in population, people are showing interest in buying homes to upgrade their lifestyle.

Nowadays, information on real estate is available on respective websites and huge realty experts have their website for making the property buying precise and hectic-free.  Kolkata consists of some places which are upgrading day by day and also shown a drastic improvement in infrastructural facilities. Maximum homebuyers are now believed in a comfortable lifestyle with all facilities. They are very much known to these facts that they can get high returns in the coming times. Kolkata is providing several condominiums and high-rise projects with different amenities to make residents’ lives more comfortable. The best apartments in Kolkata are growing up and being constructed in the western part. Some of the suburbs like Howrah, Hooghly, and many other places in these suburbs.

There are some places in Howrah like Shibpur, Salap, Bandaghat, etc are the best places where different types of residential units and projects are growing up to serve the updated lifestyle. The most demanded project in Howrah is ESSENSE which is a high-rise residential unit in Shibpur, Howrah. It is a treasury of luxury apartments and also has facilities with smart setups. The dimensions of the bedrooms are huge which provides free spaces for convenience. All the amenities are also present in the projects where kids can separately feel their spaces for playing and recreating new ideas.

Another attractive project in Howrah in Salap is Joyville Howrah which is mostly comprised of different apartments that are available at affordable rates. People should invest in this project as different deals and discounts are being offered on booking. Amenities like 24 Hrs Security, 24 Hrs Water Supply, Banquet Hall, Car Parking, Community Hall, Fire Fighting System, Indoor Game, Kid’s Play Area, Passenger Lift, Swimming Pool, Amphitheatre, Volley Ball Court, etc are present in the project which are well-maintained. People will have a business-class living in their dream flat and even they can earn a huge profit on the resale of the properties.

In west Kolkata, another best area for buying a residential apartment is Merlin Gangotri which is located in Konnagar, Hooghly. The most attractive feature of this project is the natural view of Ganga from the apartments. This is one of the most beautiful projects within your budget comprises of comfortable and luxury apartments. The amenities of the project redefine the ultimate comfort as the environment and green spaces make the health and mind healthy. The proper connectivity of the transport always makes the journey hassle-free. 

Homebuyers should invest in 3 BHK Apartments in West Kolkata and should enjoy the extreme happiness of living life in highrise and affordable apartments with high standards.