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Home Authors Posts by Aishwarya Raj Singh

Aishwarya Raj Singh


Raipur- Date for filing property tax extended in urban bodies

According to the order issued, the last date for payment of property tax and filing returns in urban bodies was fixed until March 31 but now citizens can pay property tax in urban bodies till April 15.

For the convenience of people, a special relaxation of 15 days has been given in urban bodies for payment of property tax and filing returns.

Urban administration and development department has issued instructions to all the district collectors, divisional commissioners, chief municipal officer, municipal council and nagar panchayats. Citizens will now be able to pay property tax in urban bodies till April 15.

According to the order issued, the last date for payment of property tax and filing returns in urban bodies was fixed till March 31.

The order states that people coming to the office for property tax payment must mandatorily follow physical distancing. Besides, the employees of civic bodies must ensure physical distancing during the door-to-door collection of property tax.

Why you should be investing in International Property

Investors are always looking for good investment opportunities whether it is in their home land or even a foreign location. If we look at the current economic and political scenario that is building, investing in international properties look like a wise thing to do and a good way to put your money to its best use. Especially with the recession of the past many years, international real estate is at an all-time low, which could add up to stellar appreciation in years to come.

There are so many different options available if one decides to invest in an international property such as a beachfront villas, modern cottages, hillside villas, modern glasshouses, condominium and so on.

Purchasing international property allows the investor to diversify their portfolio into other economies and currencies.  This is your best hedge against the finance bubbles that have run rampant in previous times.  No matter what happens, you can always have access to something that you can use and that will retain some sort of intrinsic value.

But before jumping in headfirst one must do complete due-diligence for any investment option but it is particularly important for real estate investment opportunities overseas. That pristine property showing online could be a hurricane ravelled disaster now. However, more than just understanding property value fluctuations for the area, as a foreign investor, what can affect you more when buying property internationally are factors like property ownership laws, taxes and selling stipulations. In some countries, it is easy to invest but then nearly impossible to sell, which takes money out of the local economy.

While there is a risk with any investment, buying international property can be a fantastic way to have your cake and eat it too when looking to take your assets international.

Unit of China Evergrande Group: Construction has resumed at 95% of China Evergrande projects

A unit of troubled property developer China Evergrande Group said construction work has resumed at 95% of Evergrande’s projects across the country as of late March.

According to a post on Saturday on the official WeChat of the developer’s Pearl River Delta business unit, as of March 27, Evergrande has resumed work at its 734 development projects in all of China, which includes 424 projects recovering to normal construction levels. The post did not give a figure for Evergrande‘s total number of developments.

With over $300 billion in liabilities, Evergrande is the world’s most indebted property developer. It is struggling to repay bondholders, banks, suppliers, and deliver homes to buyers, epitomizing a bloated industry suffering from the Chinese government’s deleveraging campaign.

According to the post, “Evergrande will continue to maintain the normal construction of the projects in order to deliver the buildings to the owners with guaranteed quality and quantity at all costs.”

Hui Ka Yan, company’s Chairman has pledged multiple times since 2021 that the company would resume construction work at full steam to ensure home deliveries.

Hui told staff in February that the company aimed to deliver 600,000 apartments in 2022, according to a source with direct knowledge of the matter and media reports. “With the strong support from the provincial government, Evergrande’s Pearl River Delta business worked to accelerate the resumption of work and production,” Pearl River Delta said in the WeChat post.

Six-floor building razed by the Lucknow development department reclaims land worth Rs 60 crore

On Wednesday, the bulldozers of Lucknow development authority returned to action, razed illegal structures, and reclaimed government land worth Rs 60 crore in the city.

A pair of bulldozers pulled down six-floor tall under construction illegal residential apartments on Nazul land at Prag Narayan road. The building had a basement also.

LDA officials said that construction on 2,800 sqm land was going on since 2016 without the approval of its map from LDA, following which an FIR was lodged.

Several notices were served to Sayem Yazdani, owner of real estate firm Yazdani Infracon Private Limited, to stop the illegal construction in vain. “Several opportunities were given to the builder to present evidence that land belongs to him, but he failed to present any so his appeal against the demolition was rejected,” said an official.

The land recovered by LDA is worth Rs 60 crore.

Similarly, LDA sealed an illegal 300-sqmtr basement constructed in Daulatganj area by Abdul Salam Khan.

In Kanchal Market, Chowk, the bulldozer demolished illegal construction of shop extensions encroaching footpath, public toilet and common road.

Housing market of Taiwan growing stronger

In 2021, Nationwide real house prices soared by 11.96%, strongly up from the previous year’s 6.44% growth and its strongest showing since 2013. Quarter-on-quarter, house prices increased by a robust 5.84% during the latest quarter.

After dramatic government measures to curb speculative house purchases, the housing market slowed in recent year.

In 2021, housing transactions in Taiwan’s six major cities rose by 7% to 268,000 units from a year earlier – the highest level in seven years. The six major cities accounted for around 75% to 80% of Taiwan’s total real estate transactions, and nationwide sales hit about 360,000 units last year.

To prevent speculative buying, the government unveiled amendments to the Income Tax Act, which came into force on July 1, 2021. Under the new regulations, a tax of 45% will be paid on gains from the sale of property within two years of purchase and 35% for gains made after two years. Moreover, the central bank imposed a fourth round of selective credit controls in December 2021 to slow the housing market.

Last year, Taiwan’s economy grew by 6.28%, its fastest pace in more than a decade, mainly driven by strong tech exports during the COVID-19 pandemic to support people working and studying from home, as well as improved consumer confidence. However, even the previous year, in 2020, as the pandemic hit, the Taiwanese economy grew by 2.98%.

With rapidly improving economic conditions, the Directorate General of Budget, Accounting and Statistics (DGBAS) has recently upgraded its 2022 economic growth forecast for Taiwan to 4.42%, slightly up from its previous estimate of a 4.15% expansion.

Godrej Properties signs deal to develop 33-acre project in Bengaluru

Developable potential of Godrej Properties new project approximately 3.4 million sq ft of saleable area with an estimated revenue of approximately Rs 2,000 crore.

The company informed in a BSE filing that Godrej Properties has entered into an agreement to develop a 33 acres land parcel along Bannerghatta Road in South Bengaluru. The agreement is for an outright purchase with about 5% area share to the landowners.

Mohit Malhotra, MD & CEO of the company, said, “This will further expand our presence in South Bengaluru and fits with our strategy of deepening our presence in key micro markets across India’s leading cities.”

The company had registered a growth of 171% in its net consolidated profit during the quarter ended December 31, 2020. It recorded profit after tax (PAT) of Rs 38.95 crore in Q3 FY22 as against Rs 14.35 crore it reported in the corresponding quarter previous fiscal. Its net consolidated income stood at Rs 466.91 crore in Q3 FY22.

Sales of U.S. new home dropped as mortgage rates rise

As per the reports, sales of new U.S. single-family homes unexpectedly fell in February amid rising mortgage rates and higher house prices which is squeezing out some first-time buyers from the market.

Despite the second straight monthly decline reported by the Commerce Department on Wednesday, sales remained above their pre-pandemic level.

Economists saw reduced affordability curbing activity in the near-term, but expected the new housing market to plod along this year given pent-up demand, a record low inventory of previously owned homes and strong wage gains.

“With interest rates climbing further because of the negative supply shock emanating from the Russian invasion of Ukraine, home sales are likely to trend lower in coming months,” said David Berson, chief economist at Nationwide in Columbus, Ohio. “But unless mortgage rates spike or the economy stalls or worse, the falloff in new home sales should be modest.”

Sale of new homes decreased by 2% to a seasonally adjusted annual rate of 7, 72,000 units last month. If we talk about January’s sales, pace was revised down to 7, 88,000 units from the previously reported 8, 01,000 units. Sales surged 59.3% in the Northeast and increased 6.3% in the Midwest. However, they fell 1.7% in the densely populated South and tumbled 13.0% in the West.

New homes are a leading indicator for the housing market as they are counted at the signing of a contract.

Economists polled by Reuters had forecast new home sales, which account for 11.4% of U.S. home sales, would rebound to a rate of 810,000 units. Sales declined 6.2% on a year-on-year basis in February. They peaked at a rate of 993,000 units in January 2021, which was the highest since the end of 2006.

In February, the mortgage rates surged and have continued to push higher after the Federal Reserve last week raised its policy interest rate by 25 basis points, the first hike in more than three years, and laid out an aggressive plan to push borrowing costs to restrictive levels by 2023.

According to the data from the Mortgage Bankers Association showed on Wednesday, the 30-year fixed rate vaulted 23 basis points to a three-year high of 4.50% last week. Stocks on Wall Street were trading lower as oil prices rose. The dollar gained versus a basket of currencies. U.S. Treasury yields fell.

Rs 1,300 crore set aside by Delhi government to provide basic amenities to unauthorized colonies

Chief Minister Arvind Kejriwal said that except a few colonies that were yet to be regularized, all other colonies would have water pipelines, sewer network, roads and drainage connectivity within a year.

Delhi government has set a budget of Rs 1,300 crore to provide basic amenities in all unauthorised colonies by March 2023.

There are 1,797 unauthorised colonies that, as per estimates, houses more than one-third of Delhi’s two-crore population. These colonies, which are largely located in the outer part of the city, have been in a dismal condition with lack of basic amenities.

Kejriwal said the condition of these colonies would be completely overhauled. “We are working on transforming the state of unauthorised colonies. By March 31, 2023, unauthorised colonies will have good quality roads, drainage connectivity as well as water and sewer pipelines. Only a handful of colonies that need the permission from ASI, forest department and similar agencies will have to wait a bit,” he added.

“The move will not only help and support the residents, but also increase their standard of living. It will help them lead a life of respect and dignity. I remember how residents would tell us during elections that their marriage proposals kept getting rejected because of the drastic condition of the colonies,” said the CM.

In his budget speech, deputy CM Manish Sisodia said the AAP government had always given importance to infrastructure development in unauthorised colonies and slums. “Before our government came to governance, this work was being done on a very small scale in only 895 unauthorised colonies. Since 2015, these facilities are being provided at a rapid pace in each such colony. Till date, construction work in 1,414 out of 1,797 colonies has either been completed or is in progress. I propose Rs 1,300 crore for this in the budget for financial year 2022-23,” Sisodia added.

Sisodia said overflowing drains, waterlogging and poor sanitation were some of the basic problems being faced by the residents of these colonies. He added that construction work of roads, sewers, parks, etc., including installation of CCTV cameras and streetlights was being completed on a priority.

10 FIRs lodged against 51 illegally developing colonies in Sultanpur & Farrukhnagar

In Sultanpur and Farrukhnagar 51 people have been booked for allegedly carving out illegal colonies on more than 45 acres land.

On the complaint of department of town and country planning (DTCP), 10 FIRs have been lodged against the offenders who were developing 10 illegal colonies ranging from two to eight acres on prime agricultural land.

District town planner RS Batth said, “four illegal colonies were detected in Sultanpur where 24 offenders have been booked. The offenders were developing colonies on a land measuring around 17 acres.”

According to the DTCP complaint, the land falls within the urban area limit of Gurgaon. “The offenders are deliberately continuing with the contravention of provision of Act of 1975 and rules,” Batth added.

In Farrukhnagar Nagar five other illegal colonies were being carved out, where 25 offenders were booked. One more illegal colony was developed in Tajnagar on 2.5 acre land where two offenders were booked.

The department, after serving show cause notices and restoration orders, has now recommended an FIR against 51 persons.

Batth said, “violation of these rules is a punishable offence with imprisonment up to 3 years, and therefore, police should stop the development of those colonies.”

FIR filed against the directors of Gurugram’s real estate company Sai Aaina Farms

On Wednesday a FIR was registered by Badshapur police against the directors of real estate company Sai Aaina Farms and its licensee firm based on a complaint from the Department of Town and Country Planning (DTCP) for allegedly continuing work on an affordable housing colony on a 9.9-acre land in Sector 68 despite orders to stop.

The district town planner (DTP) restrained the builder from further construction or development work in March 2020 at the site and sale and transfer of property after objections by another real estate company. In February when DTCP team visited the site, they found the builder continuing its work.

District town planner (enforcement) RS Batth said, “A license was granted to Sai Aaina Farms Pvt Ltd in 2017 for building an affordable housing colony in Sector 68… But immediately after the grant of license, another real estate company DS Estates and Constructions claimed that the license fee was paid to the landowners by his company and demanded the authorities cancel the license given to Sai Aaina.”

Batth further said, “Sai Aaina was restrained from undertaking any further work at the site till the issue of appropriate orders from the department. But on February 18 this year, planning wing officials informed that the company was not abiding by the directions.”

Batth added the same is a violation of Section 10 Act no. 8 of The Haryana Development and Regulation of Urban Areas Act, 1975. So, the department wrote to the police and an FIR has been registered under Section 10 of the Act against the firm.

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