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The Ahmedabad Municipal Corporation (AMC) has adopted a "zero tolerance policy" against property tax defaulters and has started putting liens on properties whose owners have not paid their taxes. The move is expected to compel defaulters to pay their dues along with the 18% interest rate mentioned in the lien, and to reduce the number of tax defaulters. The AMC is currently drawing up a list of tax defaulters and will prepare a standard operating procedure for imposing liens.Read more
The Hubballi-Dharwad civic body has started a drive to recover unpaid property taxes from individuals who have been evading them. Officials have also discovered that many people have constructed houses illegally but have only paid taxes for the disclosed sites. The goal is to recover unpaid taxes and penalties amounting to approximately Rs 22 crores. The civic body has disclosed the methodology it will use to ascertain the amount of tax due, which includes a penalty of 200% added to the tax amount, and an interest of 2% until the owner pays their dues.Read more
The government of Uttar Pradesh has announced a 100% stamp duty exemption for the purchase or lease of land to set up logistic parks, IT parks, and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022. The exemption will be valid for ten years from the date of notification and will be applicable to all land allotted or leased by the industrial development authorities. The district magistrate or deputy commissioner of industries will confirm the instrument of conveyance or lease under the prescribed format of the policy.Read more
Vanguard Emerging Markets Stock Index Fund has increased its stake in Indiabulls Real Estate Limited by 0.1%, according to a BSE document outlining shareholding patterns. The fund's holdings grew from 1.19% to 1.20% between December 2022 and March 2023. Another Vanguard fund, the Vanguard Total International Stock Index Fund, maintained its 1.14% ownership of the corporation. The stock has returned a negative 42.30% over the past year, compared to a 3.01% return for the BSE Sensex.Read more
The Department of Registration and Stamps has announced that the total of 1.4 lac properties, including plots, were registered across Gautam Budh Nagar (Delhi) in the financial year 2022-2023, which has generated revenue of Rs. 3,018 crores in stamp duty and registration fees. In the financial year 2021-22, a total of 1.2 lac properties were sold, generating a revenue of Rs 2,377 crores indicating a 27 percent increase in collections. At present there is 5% stamp duty and 1% registration fee in Gautam Budh Nagar and for properties in Yamuna’s control area, the stamp duty is 7% and registration fee is 1%.Read more
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Recently, the Executive Director of DBS Bank India announced that the bank plans to introduce home loans for the affordable housing sector. The loans will be targeted towards individuals living in Tier 2 and Tier 3 cities and is likely to be officially available from the last quarter of the current financial year. This decision is in the line with the bank’s larger goal of expanding its retail portfolio. The company also announced a partnership with Indiafilings to provide end-to-end financial services and a proprietary credit card catered to the affluent to be launched in June this year.Read more
Secunderabad Cantonment property owners are likely to face increased property tax rates due to the ongoing triennial revision. Revised rates are expected to be 27.6% for residential properties and 30.3% for commercial establishments, up from the current 24.6% and 27.6% respectively. Officials anticipate generating revenue of Rs 30 to 32 crore through the revised tax rates, which will contribute to infrastructure development and public services. The Secunderabad Cantonment Board (SCB) plans to issue a public notice inviting property owners to submit their objections to the proposed tax rate increase.Read more
The Nashik Municipal Corporation (NMC) has experienced a boost in property tax collection within the first 12 days of April, thanks to its revised tax rebate initiative. Over 50,000 residents have already paid Rs 10 crore in property taxes, with officials expecting collections to reach Rs 45 crore by April 30. The civic body offers an 8% rebate for payments in April, 6% in May, and 3% in June. Additionally, a 5% rebate is provided to residents who install eco-friendly facilities such as EV charging stations or rainwater harvesting systems on their property.Read more
The revenue department of Ahmedabad Municipal Corporation (AMC) has introduced a scheme to encourage people to pay their property tax in advance. This scheme offers a 12% tax interest rebate for those who pay their property tax between April 18 and May 17, and an additional 1% rebate if the payment is made online. Those who have paid their taxes in advance in the last three years will benefit from an additional 2% rebate. Additionally, those who have paid their advance taxes through online methods for three years will receive a 1% additional rebate.Read more
The financial stability of a major real estate company in Vietnam, No Va Land, has been questioned by PricewaterhouseCoopers (PwC) due to difficulties in the real estate market in Vietnam. No Va Land is facing significant bond payments this year, and the market has been struggling due to a surplus of high-end property, high debt, stricter rules on bond issuance and refinancing, and the arrest of high-profile business executives.Read more
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