Announcement

Collapse
No announcement yet.

Punjab RE Updates

Collapse
This is a sticky topic.
X
X
Collapse

Punjab RE Updates

Last updated: 6 days ago
539 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Punjab RE Updates

    Punjab cabinet reduces stamp duty on property registration

    Local Bodies Minister Navjot Singh Sidhu said he was already working on the proposal and will present in the next meeting for considerationPTI | August 05, 2017, 07:52 IST

    CHANDIGARH: The Punjab Council of Ministers (CoM) on Friday in-principle decided to lower circle rates, while reducing stamp duty on registration of property in urban areas to give an impetus to the real estate sector in the state.

    Chairing a CoM meeting here, Chief Minister Captain Amarinder Singh directed a formal proposal on reduction in circle/collectorate rates to be presented in the next cabinet meeting, with the DCs to be instructed to formulate the new circle rates.

    Local Bodies Minister Navjot Singh Sidhu said he was already working on the proposal and will present in the next meeting for consideration.

    To boost the languishing real estate sector in the state, the cabinet also gave approval to reduction in stamp duty on the registration of property in urban areas from 9 to 6 per cent till March 31, 2018.

    According to a spokesperson of the Chief Minister's Office, the cabinet, chaired by Singh, decided to remove the 3 per cent additional stamp duty chargeable as Social Security Fund for this period through an amendment to Section 3-C and schedule 1-B of the Indian Stamp Act, 1899, as announced by the finance minister in his Budget speech in the state assembly.

    In another decision to propel the realty segment, the CoM also decided to grant exemption from 10 per cent increase in Change of Land Use (CLU), External Development Charges (EDC) and License Fee (LF)/Permission Fee from April 1, 2017 to March 31, 2020 for real estate projects.

    The cabinet also in principle agreed to lower/rationalise circle/collectorate rates, which it felt was essential to give an impetus to the real estate sector.

    Sidhu said he was already working on the matter and would soon bring in a formal proposal for consideration.

    The CoM also approved a new Marriage Palace Policy for regularisation of unauthorised marriage palaces, besides granting approval for such construction across the state.

    The new policy is also aimed at facilitating construction of new marriage palaces, thereby mitigating the problems faced by owners of marriage palaces, besides ensuring safety and parking facility for the people gathering at such venues.

    The cabinet decided to condone violations in building bylaws to the extent of 10 per cent.










    http://realty.economictimes.indiatim...ation/59924919
    Download our Android App! | Please Read IREF Rules | FAQ's

    Comment


    • Re : Punjab RE Updates

      Plot delay to cost realtor 3 crore

      Kamini Mehta| TNN | Updated: Aug 15, 2017, 11:46 AM IST
      CHANDIGARH: The state consumer disputes redressal forum in a combined order has directed Manohar Infrastructure and Constructions Private Limited to refund money more than Rs 3 crore to 11 complainants for the delay in giving possession of the residential plots and also for violating Punjab Apartment and Property Regulation Act, 1995 (PAPRA).

      They were also directed to pay litigation cost of Rs 2.64 lakh as well as compensation of nearly Rs 15.50 lakh. Since, the issues involved 11 complainants, a consolidated order was passed to dispose them. They were also directed to refund money along with 13% interest per annum to each complainant along with compensation and litigation cost

      As per the complainants, they had purchased residential plots under the project named 'Palm Garden' situated at Mullanpur, New Chandigarh, Punjab.

      The realtors insured that possession of the fully developed plot under the said project will be handed over by December 2014 to the clients. However, the same was not offered to them on time, as promised.

      It was alleged that there was complete violation of the provisions of Section 6 of PAPRA, which prohibits sale of any plot etc., in a project site, before necessary permissions are available in the hands of the project proponent.

      As per provisions of PAPRA, in no case, more than 25% of the sale consideration can be received by the project proponent, before signing the buyer's agreement.

      It was further stated that assurance given by the opposite party in 2011 when project was launched that it had all necessary permissions was 'false'. It was also stated that the project was not approved by the competent authority.

      As per terms and conditions, the relators moved application on September 12, 2011 to the competent authorities, so that their project can be exempted from the provisions of PAPRA and also other necessary clearances could be obtained. However, the same was delayed by the competent authorities, on account of 'political and business rivalry'.

      It was stated that the project was approved on March 22, 2013. A formal agreement was signed with the government on June 14, 2013. Thereafter, some more land was added to the project, for which completion period was given up to June 13, 2018. It was stated that exemption from the applicability of provisions of PAPRA already stood granted by the government concerned in favour of the opposite party on January 25, 2017. It was further added that delay in delivery of possession of plots occurred on account of shortage of building material and ban on mining by the government, which could be termed as force majeure circumstances, as such, time cannot be taken to be the essence of the contract.

      The forum after hearing both sides held that "it is evident from the facts mentioned above that when the project in question was sold neither CLU nor any other permission was available." It was added that "nothing has been placed on record, by the realtor, to prove that it was unable to procure the said construction material, in adequate quantity."








      http://timesofindia.indiatimes.com/c...w/60070523.cms
      Download our Android App! | Please Read IREF Rules | FAQ's

      Comment


      • Re : Punjab RE Updates

        Relief of 3% in stamp duty in Punjab only for six months

        The same is now announced to be reduced by 3% that is to 8%Barinderjit Saluja | TNN | August 31, 2017, 16:00 IST

        MOHALI: The relief in stamp duty of 3% is only for six months as notified in the Punjab gazette dated August 28 by department of legal and legislative affairs Punjab. This ordinance shall be called Indian Stamp (Punjab Amendment) Ordinance 2017, read the gazette notification.

        Explaining the benefit of the reduction in stamp duty, former president of property dealers association in Mohali Shailender Anand said if a person buys property worth Rs 1 crore then he is liable to pay stamp duty of 11% which computes to Rs 11 lakh.

        And the same is now announced to be reduced by 3% that is to 8%. Following this, one can save Rs 3 lakh on the property worth Rs 1 crore as he has to pay only Rs 8 lakh. Secondly, the buyer with his 3% benefit can use up the same as instalment for the property.

        Anand said, “Though no one in past two days has got property registered in Mohali but 3% reduction in stamp duty will definitely give boost to the real estate sector. Mohali has major stake in property which was plagued by recession and the real estate dealers expect an uplift after the notification.

        In Punjab, according to our information, first person to get the benefit was in Hoshiarpur where property was registered after gazette notification. The duty reduction is only for six months period after which fresh decision will be taken in the next financial year.”

        In Mohali, if a property is to be registered in the name of a male then the stamp duty payable is of 9% and the same becomes 7% if the property is to be registered in the name of a female. If the property has been jointly registered in the name of male and female both, then the stamp duty payable is 8%. After the new notification, all the components will see a reduction of 3% giving much respite to the buyers.

        Even after the reduction, the stamp duty in the state is higher than that in Chandigarh, where it is 5%. In Panchkula, Haryana the stamp duty is charged at 7% from males, 5% from females and 6% is charged jointly within the limits of municipal corporation (MC).

        The stamp duty is 5% for males, 3% for females and 4% jointly outside MC limits.










        http://realty.economictimes.indiatim...onths/60304510

        Download our Android App! | Please Read IREF Rules | FAQ's

        Comment


        • Re : Punjab RE Updates

          UID plates: Only 3,000 of 4 lakh houses in Ludhiana covered in 3 months

          The civic officials blamed the residents for not showing response for the installation of UID number plates despite the fact that it is of great usageTNN | September 21, 2017, 15:30 IST

          LUDHIANA: Three months after the authorities started installing unique identity number (UID) plates outsides every house in the city, the civic officials have covered only 3,000 households so far.

          The civic officials blamed the residents for not showing response for the installation of UID number plates despite the fact that it is of great usage. However, the company which is handling this project has claimed since the MC did not provide them the data of entire city, they are facing tough time in covering all blocks.

          According to the survey conducted by the MC officials, there are more than 4 lakh properties falling in 37 blocks. The MC officials have been claiming that they did not get complete data from Punjab Remote Sensing Centre (PRSC) and this is the reason they could not provide the complete details of all properties to the company.

          The installation of UID number plates was kicked off from block 26 in Ward 49 on June 23.

          One of the representatives from the private company shared that when they go door-to-door for collection of Rs 110 (fee for the UID plates) people do not show any response. Earlier they were getting help from the councillors, but now even the councillors are busy with MC elections, so it will become all the more difficult. He revealed that MC officials did not support this project as they neither advertised the project and its importance among residents, nor they imposed it strictly.

          On the other hand, MC joint commissioner Kulpreet Singh said that they are busy with property tax collection but they are planning to organise special camps to attract residents to get these number plates for their properties.

          Notably, the project has remained at a slow pace since the beginning of a survey for the properties in February 2014 and it was at that time they had announced the installation of UID number plates outside the properties. But, first the survey remained at tardy pace and then they took almost two years to finalise the contract with a private company for installation of the number plates.

          What is UID number?

          The UID number is an 18 digit number which comprises zone number, block number, road ID, property ID and property sub ID but on this number plate only 5 digits property number will be written and rest of the numbers are for officials records. UID number plates will give single identity to any property. Apart from this, MC has plans to connect property tax, water and sewerage and even TS- 1 with this UID number and people will get details about their tax amount and dues at just one click.

          GST effect over number plates

          As per the company earlier they were paying 18% tax on the number plates but after the imposition of GST the tax is 28% and in a way their cost of one plate has increased up to Rs 32. The company has also requested the MC to allow them to increase the rate of plate so as to cover their loss.











          http://realty.economictimes.indiatim...onths/60777473


          Download our Android App! | Please Read IREF Rules | FAQ's

          Comment


          • Re : Punjab RE Updates

            Greater Ludhiana development body fetches Rs 17.36 crore from maiden e-auction

            Of the total 20 properties situated in Dugri and Dhandari Kalan, department has auctioned nine properties while for one property there was single bidder.Nidhi Bhardwaj | TNN | October 12, 2017, 14:30 IST

            LUDHIANA: In the maiden e auction the Greater Ludhiana Area Development Authority(GLADA) has become successful in finding bidders for half of the properties it had kept for the auction. The department generated Rs 17.36 crores from the auction of its properties.

            Of the total 20 properties situated in Dugri and Dhandari Kalan, department has auctioned nine properties while for one property there was single bidder.

            While giving the information chief administrator GLADA Parminder Singh Gill said, “While it was a new initiative of government to go digital, the maiden e-auction has received good response from buyers of the properties. A whooping Rs. 17.36 Crores have been received from the said bid." The possession will be given within 90 days from the date of auction after completing the payment procedure, he added.







            http://realty.economictimes.indiatim...ction/61046444

            Download our Android App! | Please Read IREF Rules | FAQ's

            Comment

            Have any questions or thoughts about this?
            Working...
            X