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Nagpur Best place for Real Estate Investment

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  • Rajesh Dhote
    started a topic Nagpur Best place for Real Estate Investment

    Nagpur Best place for Real Estate Investment

    One of the fastest growing Tier III cities in India -Future IT and Aviation city - Companies like Boeing, Satyam computers, HCL, Dell, Hexaware, DLF, Ascendas etc. has already finalized their projects. Adjacent to IT SEZ(Wardha Road – NH7) is Proposed International Cargo HUB(MIHAN – Multimodal International Hub Airport at Nagpur, (www.madcindia.org ), which is first and only such kind of project in the country being developed in Nagpur by a joint venture between Maharashtra Airport Development Corporation (MADC) and the Airport Authority of India (AAI). Second Capital and third big city in Maharashtra. Nearby is the new VCA cricket stadium.
    Last edited April 25 2007, 08:46 AM.

  • MANOJa
    replied
    Nagpur civic body takes action against only 337 out of 1,348 illegal buildings

    The zonal offices have acted against 337 property owners, who have either violated sanctioned plan or constructed without seeking permission from the NMC’s town planning department, while 731 such property owners have escaped action so far.
    NAGPUR: The Nagpur Municipal Corporation (NMC) has identified 1,348 unauthorised constructions in the city. Assistant municipal commissioners of all 10 zones have issued notices to all such property owners — both residential and commercial — under relevant sections of the MRTP Act.

    After conducting a survey to identify unauthorised structures, all 10 zones have submitted the report to the NMC’s anti-encroachment department for further action.

    The zonal offices have acted against 337 property owners, who have either violated sanctioned plan or constructed without seeking permission from the NMC’s town planning department, while 731 such property owners have escaped action so far. Of the remaining, 90 property owners have approached the court, while 60 have submitted revised sanction plan and 125 have moved the state urban development department in Mumbai to get their illegal structures regularized.

    As per the survey, Laxmi Nagar zone accounted for the highest number of illegal structures at 288, while Ashi Nagar zone 286, Gandhibagh 177, Mangalwari 167, Dharampeth 143, Satranjipura 78 and Dhantoli zone 65 (for list of all 10 zones please see box).

    Gandhibagh, Dharampeth and Mangalwari zones have a huge chunk of illegal commercial structures, the survey revealed.

    Though the state government had in December 2020 implemented unified development control and promotion regulations (DCR) paving way for regularizing illegal constructions, it received poor response. Only 60 property owners — mostly from Laxmi Nagar (15) and Ashi Nagar (19) — got their illegal constructions regularized by paying the requisite fee and penalty.

    Most unauthorized buildings have been constructed trampling on the prevailing DCR and dusting off all construction criteria due to political patronage and disregard to the town planning department, sources alleged.

    Apart from bending FSI rules, in most cases unauthorized constructions were found violating the sanctioned plans. Therefore, it is impossible to redevelop these buildings as per rules, once they are in disrepair.

    “The unified DCR provides an increased FSI required for redevelopment and paves the way for providing a secure shelter to the beneficiaries of illegal constructions,” said an official from the civic body.

    A senior official claimed the civic body will launch a special drive against illegal properties soon.








    Nagpur civic body takes action against only 337 out of 1,348 illegal buildings, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur civic body offers 10% rebate for paying property tax before June 30

    Meshram said the NMC will either refund the excess money or adjust the same in the next year’s (2022-23) tax bill of property owners who have paid the tax before the GB’s decision.
    NAGPUR: In a bid to attract more citizens to pay their property tax early, Nagpur Municipal Corporation (NMC) has offered 10% rebate in the total tax amount to those who pay the dues before June 30.

    The decision to provide 10% rebate was taken at the May 31 general body meeting and those who have already paid the tax in advance (before the GB decision) will also be entitled to the benefit, said standing committee chairman Prakash Bhoyar and deputy municipal commissioner Milind Meshram on Tuesday.

    Meshram said the NMC will either refund the excess money or adjust the same in the next year’s (2022-23) tax bill of property owners who have paid the tax before the GB’s decision.

    Bhoyar said the NMC’s revenue from property tax collection was satisfactory in the first two months of the current financial year (2021-22).

    Against Rs9.22 crore property tax revenue generated in 2020-21, the NMC has received Rs19.5 crore in April and May this year, which is almost 112% increase, said Meshram.

    Around 38,000 property owners have paid property tax, which included 9,000 owners who had cleared their arrears.

    NMC yet to implement standing panel’s budget

    Bhoyar said municipal commissioner Radhakrishnan B has not yet implemented the standing committee’s budget even after a fortnight. He was, however, quick to say that the civic chief will implement the budget within a couple of days as the delay was due to some clerical mistake.

    “The ruling BJP has approached former chief minister Devendra Fadnavis for getting back Rs58 crore deducted from the NMC’s GST grant of April month,” said Bhoyar.

    The state government had revised the GST grant this financial year and the NMC should get Rs108 crore per month. However, in April, the NMC had received only Rs50 crore, while it had received Rs108 crore each in May and June.









    Nagpur civic body offers 10% rebate for paying property tax before June 30, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur: 61% owners didn't pay property tax in 2020-21

    For 2020-21, the NMC had issued tax invoices to 7,31,420 property owners and calculated total property tax at Rs261.60 crore.
    NAGPUR: A total of 4,45,798 out of 7,31,420 property owners (61%) in the city did not pay a cumulative Rs135.98 crore municipal corporation tax in financial year 2020-21. Only 2,85,622 owners paid their property tax totalling to Rs114.46 crore.

    A senior official attributed this to Covid pandemic, which has severely affected financial condition of the people and it might have led to poor recovery of property tax.

    For 2020-21, the NMC had issued tax invoices to 7,31,420 property owners and calculated total property tax at Rs261.60 crore.

    The department’s data reveals that the biggest number of unpaid tax is from Laxmi Nagar zone where 45,138 property owners owe Rs23.16 crore to the NMC, followed by Mangalwari zone (52,454 property owners, Rs21.42 crore), Ashi Nagar (96,901 property owners, Rs19.92 crore), Dhantoli zone (10,755 property owners, Rs 6.74 crore).

    According to the data, the NMC had collected Rs241.23 crore property tax in the last fiscal. Of this, Rs114.46 crore was tax for 2020-21, while the remaining amount was arrears.

    Sources in the NMC’s accounts and finance department pointed out that the civic administration needs to strengthen property tax collection as it is the main source of revenue for the civic body.

    Sources also added that intervention by corporators too was responsible for mounting property tax arrears. “Many a times, elected representatives, including office-bearers in the civic body, succeed in preventing the civic administration from taking any punitive action, resulting in mounting of property tax dues,” admitted the senior official from the tax department, who did not wish to be named.

    With the civic body’s deteriorating financial situation, sources stressed that the reason for such a high outstanding revenue needs to be addressed urgently and stringent efforts should be made to reverse the trend of increasing arrears. According to the data, the NMC’s property tax arrears have already crossed Rs526.43 crore.

    Even the amnesty scheme launched in December, 2020, had evoked poor response. Around Rs400 crore property tax arrears were due from more than 3.73 lakh defaulters. Of which, only 50,548 property owners, who had defaulted on tax for years, had paid Rs43.88 crore dues.

    Sources pointed out that the NMC should adopt a two-pronged strategy to reduce such huge dues — focus on optimizing disposal in terms of numbers and allocate development funds on the basis of tax paid in every prabhag.











    Nagpur: 61% owners didn't pay property tax in 2020-21, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur: Co-operative registrar suspends Anandam Society's president, secretary & treasurer

    Arora, 76, had purchased a flat in the upmarket flat scheme in 2018. He got the order in his favour some 2.5 years after he filed a case with the joint registrar for cooperative housing societies.
    NAGPUR: The joint registrar of cooperatives has ordered a housing society to charge only Rs25,000 as transfer fee for a flat sale. Registrar RD Kausadikar also suspended the president, secretary and treasurer of ‘Anandam Tower-A Housing Society’, for allegedly harassing Charanjit Singh Arora and his wife, and forcing them to pay Rs1.74 lakh as transfer fee on purchasing a flat in their scheme.

    The registrar also declared the three office bearers ineligible for occupying any post till end of their tenure. They were charged with not complying with earlier orders of the deputy registrar, who also ruled in the flat owner’s favour.

    Arora, 76, had purchased a flat in the upmarket flat scheme in 2018. He got the order in his favour some 2.5 years after he filed a case with the joint registrar for cooperative housing societies.

    Arora, who did not appoint a lawyer for his case, told TOI such issues are rampant in housing societies, with many senior citizens harassed under one or the other pretext. He is now set on helping other citizens facing similar issues.

    Anandam Society president Rajendra Choudhari, however, termed the registrar’s order ‘faulty’, claiming Arora had failed to pay maintenance charges since 2018. “The charges were towards maintenance dues, and it was the collective decision of society members to stop their services for recovery, and not to allot them share certificates till then. Till date, he hasn’t paid the maintenance even after being directed by the registrar. We were surprised by the registrar’s order,” he told TOI, adding they will again approach Kausadikar with more proof.

    Arora had purchased Flat no. 1504 from builder Goldbricks Infrastructure Limited on August 13, 2018, with his retirement savings. It had been earlier allocated to Amit Agrawal, but the registry wasn’t completely, so it was sold to Arora. Four days later, the society issued him notice to pay Rs1.74 lakh as transfer fee. Even after he pointed out that he had purchased the flat directly from the builder, the society office-bearers rejected his claims and stopped his garbage collection and other services.

    Arora approached the deputy registrar’s office contending that transfer fee should either be 2.5% of the price or Rs25,000. In December, the deputy registrar directed the society not to charge more than Rs25,000 from the applicant. The society was also told to transfer the security deposit, corpus fund and other amounts in Arora’s name as early as possible and also enrol him in the members’ list.

    After the society failed to comply with the orders, Arora moved an application before the joint registrar, who summoned its office bearers on March 3. Their lawyer informed that the deputy registrar’s decision had been challenged in the high court.

    Kausadikar then sought the opinion of Nagpur District Cooperative Housing Societies Federation, which granted no objection for action against Anandam Society, since the latter wasn’t its member. Anandam Society also failed to produce any record of its claim that registrar’s order was challenged in the HC.

    Kausadikar then asked Arora to deposit maintenance charges with the society, which would not charge any transfer fee from him and restore all services to him available to other flat members.












    Nagpur: Co-operative registrar suspends Anandam Society's president, secretary & treasurer, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur civic body seeks cyber cell help in property tax reduction scam

    NMC has filed a complaint with Nagpur police cyber cell and also suspended two employees of tax departments from Gandhibagh and Hanuman Nagar zones – Sanjay Khadgi and Gaurishankar Rahate, deputy municipal commissioner Milind Meshram informed the NMC general body on Thursday.
    NAGPUR: MLC and former mayor Pravin Datke exposed a scam by Nagpur Municipal Corporation (NMC) employees, who would reduce property tax in Dhantoli and Hanuman Nagar among other zones in the city.

    NMC has filed a complaint with Nagpur police cyber cell and also suspended two employees of tax departments from Gandhibagh and Hanuman Nagar zones – Sanjay Khadgi and Gaurishankar Rahate, deputy municipal commissioner Milind Meshram informed the NMC general body on Thursday.

    Datke exposed how Khadgi’s login and password was used to reduce Rs2.30 lakh property tax of a commercial establishment under Dhantoli zone to Rs70,000. However, Khadgi was posted in Gandhibagh zone. Khadgi had allegedly reduced the assessed tax even though the property owner had approached the high court against NMC.

    Similarly, Rahate too was involved in a similar scam, said Datke. Similar misappropriation was also unearthed in Dharampeth and Laxmi Nagar zones through user IDs and passwords of employees of other zones.

    “After the property tax department learnt about the misuse of user IDs and passwords for lowering assessed taxes, the NMC’s property tax department approached the Nagpur city police cyber cell and filed a complaint in this regard,” Meshram informed the House. Besides this, the department has also suspended Rahate and Khadgi in the case.












    Nagpur civic body seeks cyber cell help in property tax reduction scam, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Work on Nagpur Metro phase II to begin in mid-2021

    MoHUA will then prepare a detailed note for the cabinet and submit the DPR to it for approval. “MoHUA officials have told us that the second phase will get cabinet approval before March 31,” said the official.
    NAGPUR: MahaMetro plans to start work on Nagpur Metro phase II in June or July, well before the completion of phase I, which is scheduled in December. Allocation for phase II has been made in the Union Budget for 2021-22 even though it has not been cleared by the cabinet yet.

    A MahaMetro official said that getting cabinet approval was just a formality. “Union ministry of housing and urban affairs (MoHUA) has already cleared the second phase. It had sent copies of the detailed project report (DPR) to other concerned ministries like finance, road transport, railways, home, environment etc. These ministries sent us some queries. We have prepared the replies and will submit them to MoHUA on Saturday,” he added.

    MoHUA will then prepare a detailed note for the cabinet and submit the DPR to it for approval. “MoHUA officials have told us that the second phase will get cabinet approval before March 31,” said the official.

    The official also said that MahaMetro had decided to complete phase II faster than the first phase. “We will secure finance from foreign agencies immediately after the cabinet approval and then float tenders for all four reaches of the second phase. For the first phase, tenders for the four reaches were floated one after another,” he added.

    Phase II has a length of 43.8 kilometres with 32 stations.

    The corridors include one from Automotive Square to Kanhan – 13km length and 12 stations. The corridor will cater to the areas like Khasara, Lekha Nagar, Kamptee, and Dragon Palace.

    Second corridor will be from Mihan to Butibori MIDC ESR – 18.7km length and 10 stations. The corridor will have the catchment area of Jamtha, Dongargaon, Mohgaon, Butibori, Mhada Colony, Indorama Colony.

    Third corridor is from Prajapati Nagar to Transport Nagar – 5.5km length and 3 stations. The corridor will cater to areas in the vicinity of Ambe Nagar, Kapsi, Transport Nagar and Asoli.

    The fourth corridor is Lokmanya Nagar to Hingna – 6.6km length and 7 stations. The corridor will pass through Nildoh, Gajanan Nagar, Rajiv Nagar, Lakshmi Nagar, Raipur, and Hingna village, including surrounding MIDC areas.

    Very little land needs to be acquired for the second phase. “The viaducts will be built on the median of roads and the area of land required to be acquired for the second phase is one-tenth of the first one,” said the official.

    The cost of phase II is Rs6,708 crore. Contribution of government of India (GoI) and government of Maharashtra (GoM) is Rs998.2 crore each. In addition both will pay Rs197 crore as subordinate debt towards central taxes. The foreign loan component is Rs3,585.60 crore. The remaining amount will be paid by MIDC and Maharashtra Airport Development Company (MADC).











    Work on Nagpur Metro phase II to begin in mid-2021, Real Estate News, ET RealEstate (indiatimes.com)


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  • MANOJa
    replied
    Nagpur: NMC proposes 15-fold hike in fee for regularisation of Gunthewari plots

    Nagpur Improvement Trust (NIT) had transferred hundreds of Gunthewari layouts to NMC, which had been given the powers of plot regularization from November 1, 2020, by the state government.
    • TNN
    • Updated: February 13, 2021, 11:28 IST

    NAGPUR: The town planning department of Nagpur Municipal Corporation (NMC) has proposed a 15-fold hike in fee for regularization of plots in Gunthewari layouts. The proposal will be tabled before the NMC general body in its meeting on Thursday.

    Nagpur Improvement Trust (NIT) had transferred hundreds of Gunthewari layouts to NMC, which had been given the powers of plot regularization from November 1, 2020, by the state government.

    NIT used to charge a regularization fee of Rs1,000 per plot since 2002. Now, the cash-strapped NMC has decided to charge Rs15,000 instead. According to the town planning department, there has been a phenomenal rise in real estate prices over the past 20 years and hence a paltry regularization fee of Rs1,000 was not justified.

    The officials said thousands of plot owners have not got plots regularized during these years. However, they used civic amenities provided by NIT. Now it was no longer possible to provide civic amenities at old rates and hence regularization fees needed to be increased.

    The town planning department has also proposed a 100% hike in development charges levied during sanctioning building plans in Gunthewari areas. At present the rate is Rs56 per square feet.

    If the two proposals get the nod from the general body then residents of Gunthewari layouts will have to shell out a lot more money.

    Along with this, the civic administration has also submitted a proposal to run 75 private health care centres with the help of non-government organisations.

    After becoming mayor, Dayashankar Tiwari had announced they would mark the country’s 75th year of independence in 2022, and he aims to create 75 new clinics across the city. These hospitals, which will be known as Vande Mataram Urban Health Facility Centre (VMUHFC), will come up with the help of NGOs.

    Currently, NMC has 65 medical treatment facilities, including four hospitals and 28 primary health centres, which were insufficient during the coronavirus pandemic. As per the establishment department’s proposal, NMC will provide infrastructure to establish VMUHFCs, while NGOs will provide MBBS doctors, assistants and class IV employees. Providing basic amenities like water, power and maintaining hygiene will be NMC’s responsibility, the proposal stated.












    Nagpur: NMC proposes 15-fold hike in fee for regularisation of Gunthewari plots, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur: Stamp duty collection dips in January after rate hike

    The duty is paid on registration of sale deeds after purchase of real estate and it is borne by the buyer. A fall in collection means reduction in realty transactions.
    NAGPUR: Stamp duty collection has taken a dip as the rate is being rolled back to the normal level by slowly withdrawing the post Covid incentive.

    The duty is paid on registration of sale deeds after purchase of real estate and it is borne by the buyer. A fall in collection means reduction in realty transactions.

    In a bid to help the real estate sector that was hit badly by the pandemic, the state government reduced stamp duty rate to 3% from 6% in September last year. It was applicable till December 31.

    The plan was to slowly rollback the cut. From January 1 to March 31, the rate is 4%. Regular rate of 6% will be charged from April this year.

    Stamp duty collections had improved soon after the cut. The property registration in September doubled to 6,500 deeds as against 3,000-odd in August last year. The stamp duty collection. however, improved only by Rs5 crore reaching Rs40 crore.

    The number of deeds getting registered increased steadily with moderate improvement in amount collected as duty too.

    There was a sharp increase in December last year when the 3% duty was applicable. More than 14,000 deeds were registered bringing in Rs172 crore as stamp duty. This was an increase of 43% and 66% in terms of deeds registered and duty paid, respectively.

    There was a quick decline in January when the 4% stamp duty rate came into effect. The number of deeds getting registered came down to 10,000 with Rs57 crore of stamp duty collections. As against a growth of 66% in December, the January collections fell by 66%.

    Figures for February are yet to be compiled.

    There was a similar trend in the Nagpur rural. The collection had reached a high at Rs36 crore in December. This was more than double than the earlier month’s collection. In January the collection fell to Rs16 crore.

    In the meantime, the state government increased the targets which were eased considering the pandemic.

    From Rs430 crore it was taken to Rs700 crore for Nagpur urban in December. Sources say it is exceptional to hike the target in middle of the year. This was done considering the higher collections when rates were down so that government’s requirement for funds could be met too.

    The collections that had exceeded the earlier target now lag by 33% of the new estimates. The revised target for 2020 is lower by Rs80 crore as compared to that for 2019.

    In Nagpur rural, over 83% of the revised targets have been met.

    Builders say this means that tax collection is better when the rates are low. A similar hike is expected in March, the last month for 4% rate following which it may fall.

    Gaurav Agrawala from the Confederation of Real Estate Developers’ Associations of India (Credai), Nagpur branch said, “The low rates had spurred activity. Even the government stands to gain in the form of GST if construction activity gets a push.”










    Nagpur: Stamp duty collection dips in January after rate hike, Real Estate News, ET RealEstate (indiatimes.com)

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  • MANOJa
    replied
    Nagpur civic body mops up only Rs 25 crore out of Rs 500 crore property tax arrears

    The amnesty scheme for property tax defaulters was launched on December 14 midnight to recover pending dues. Currently, NMC’s outstanding demand from property tax is around Rs810 crore which includes arrears.
    NAGPUR: The Nagpur Municipal Corporation’s (NMC) amnesty scheme for property tax defaulters providing 80% waiver in penalty has received a lukewarm response. Against Rs500 crore arrears, the civic body could mop up only Rs25 crore in the one-month window to avail the scheme.

    Given the poor response, the NMC has extended the last date of the scheme till January 20.

    The amnesty scheme for property tax defaulters was launched on December 14 midnight to recover pending dues. Currently, NMC’s outstanding demand from property tax is around Rs810 crore which includes arrears.

    As per Abhay Yojana 2020 (amnesty scheme), the civic body had announced 80% waiver on interest for tax defaulters if they pay the dues between December 15 and January 14. But with the new extension, the waiver will be reduced to 50% if the dues are paid between January 21 and February 14.

    According to property tax department data, 23,956 tax defaulters paid their arrears and current year’s property tax. The department has collected Rs13.30 crore arrears and Rs7.99 crore as current property tax. The defaulters have also paid 20% of their penalty, which comes to around Rs1.65crore.

    The highest number of taxpayers were from Ashi Nagar zone where 3,484 property owners cleared their outstanding arrears amounting to over Rs1.98 crore and Rs96.96 lakh in current tax. Similarly, 3,241 property owners from the Nehru Nagar zone cleared their arrears of Rs1.46 crore and current tax of Rs88.88 lakh.

    About 3,013 property owners under Mangalwari zone paid Rs2.18 crore arrears and current property tax of Rs1.30 crore.

    Deputy municipal commissioner Milind Meshram said that the dates were extended as citizens complained about their inability to avail the scheme due to non-working or slow working of the NMC site.

    The decision to extend the deadline for the amnesty scheme was taken by mayor Dayashankar Tiwari, standing committee chairman Vijay Zalke and municipal commissioner Radhakrishnan B. They have appealed to tax defaulters to avail the scheme to clear their outstanding tax.











    Nagpur civic body mops up only Rs 25 crore out of Rs 500 crore property tax arrears, Real Estate News, ET RealEstate (indiatimes.com)

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