web stats
Facebook Instagram Linkedin Twitter
Home Authors Posts by Ankur Maheshwari

Ankur Maheshwari

Ankur Maheshwari
202 POSTS 0 COMMENTS
https://www.ncrguru.com

Maharashtra: MMR notification for societies under scanner

By
Ankur Maheshwari
-

The administrators cannot take policy decisions such as redevelopment and major refurbishments except for day-to-day maintenance as per the rule.

While the tenure of 462 administrators of various housing societies in Mumbai metropolitan region (MMR) is already under the scanner for indulging in alleged irregularities and illegal redevelopment deals in connivance with the builders, a recent gazette notification has extended their earlier six months tenure to one year.

The tenure extension at this hour is under the scanner because firstly as per rules, administrators cannot take policy decisions such as redevelopment and major refurbishments except for day-to-day maintenance.

The administrator’s role is to ensure the formation of a new committee of resident members which will rule and then leave the society at the earliest as informed by the experts in the cooperative sector. So, looking at the connivance their tenure should have been reduced to three months, they add.

The amendment in the cooperatives Act has thus raised eyebrows among the society federations. Mumbai region alone has 70000 housing societies of which around 40000 are belong to island city and suburbs while rest 30000 are in Thane , Kalyan, Dombivli, Navi Mumbai and all other distant suburbs in MMR.

“Administrator is an uninvited guest in the society. He cant take policy decisions. Neither can he take legal actions. His core job is to bring the new committee in place and while doing so carry out the society’s routine tasks. TO get the new body in place, it takes two months. I think instead of extending, the term should have been reduced to three months. There seems no logic behind extending their tenure,” said Ramesh Prabhu, chairman of Maharashtra societies welfare association, an umbrella organization of societies and their unions.

“Ideally registrars should appoint a board of administrators from within the society in case of a stand off. However, they use this opportunity to appoint a person known to them. Despite having no crucial powers, they misuse the law provisions, employ their staff, get indirect benefits, issue permission to members such as for passport and for inspection of society records. It has been seen that majority have abused their positions and siphoned of lakhs of money from the society. There is no check on their expenses. They have their own managers whom huge amount is paid as salary or against travelling,” said advocate Vinod Sampat, expert in housing laws.

In the month of August last year the commissioner of cooperatives in Pune had directed his Konkan region joint registrar to conduct a thorough inquiry of around 462 administrators to know if they had played any role in major financial decisions such as redevelopment with the help of builders. The investigation, the report of which is yet to come, was to inquire into ex-gratia amount administrators had been receiving from the societies, the amount disbursed by them to their subordinates in the society office, the crucial decisions related to building revamp in the absence of management committees, the letters or documents pertaining to their decisions, and irregularities or corruption in all financial dealings they were responsible for during their tenures.

Tamil Nadu CM- Government is constrained to revise property tax in the state

By
Ankur Maheshwari
-

In a bid to justify the government decision, TN CM Stalin said, “nearly 83 percent of the households in urban Tamil Nadu will not be affected by the present revision.”

CHENNAI Tamil Nadu Chief Minister M K Stalin on Wednesday said his DMK government had to take a tough call to revise the property tax. It was done to ensure funds needed for the newly elected civic bodies can be generated to enable developmental activities work stay in progress and he appealed to the political parties not to politicise the issue.

Turning down a plea by various political parties, including his allies, in the Assembly, to either roll back the recently announced revision or announce a cut, the Chief Minister said the property tax revision was not deliberate but had to be done to financially empower the civic bodies.

“I wish to state that the government does not derive pleasure in revising property tax but is constrained to do so to ensure funds to the cash-strapped local bodies,” Stalin stated while responding to the issue being raised in the Assembly House.

“Nearly 83 percent of the households in urban Tamil Nadu will not be affected by the present revision.” He mentioned while justifying the government decision.

While explaining the reason for the hike, the CM stated as the local governing bodies were starved for funds since elections did not take place and the cash-starved civic bodies did not have the much needed resource to meet the basic requirement of the people.

The civic body representatives elected newly in the system expect funds from the state government to take up new development projects or finish the existing ones. “Hence, the property tax revision was announced, proposing various slabs, without affecting the people and considering the development of the civic bodies,” Stalin said.

“I appeal to the opposition (AIADMK, BJP) parties and our allies (Congress, left parties) not to politicise but stand by the government in facilitating the local bodies to take up pro-people initiatives,” he said.

Replying to the parties, Municipal Administration Minister K N Nehru claimed that about 83 percent of the households in the urban areas will see a tax hike of 25 – 50 percent. Compared to other metros in the country, the tax slab proposed for Chennai is the lowest.

Of the 11.03 lakh houses in the Chennai Corporation area, 25 percent increase has been proposed for 1.52 lakh houses, while 3.46 lakh and 3.12 lakh houses will have an increase by 50 and 75 percent, respectively. The guideline value of land in both core and extended areas were increased manifold.

Of the 77.87 lakh houses in Tamil Nadu, only 1.09 lakh will see 150 percent increase in tax. Of the 44.53 lakh households, 58.48 percent will witness an increase of 25 percent while 24.70 percent will have a 50 percent hike, he noted. The new tax slabs will come into effect from the first quarter of 2022 – 23.

“The tax rates were revised based on the recommendation of the 15th Finance Commission to fix minimum floor rates for property tax as mandated by the Centre,” Nehru said and accused the AIADMK regime of hiking the rates of up to 300 percent in 1987.

Later, the AIADMK and BJP members, staged a walk out from the house, separately, protesting against the government for not rolling back the proposed hike.

New Delhi Municipal Council achieves highest ever property tax collection in FY22

By
Ankur Maheshwari
-

The New Delhi Municipal Council (NDMC) said that it has exceeded its revenue targets for the financial year 2021-22 with a net surplus of Rs 534.71 crores. On April 1, the NDMC had declared its provisional results for the financial year 2021-22.

It claimed that NDMC has achieved the highest ever collection of property tax and said it has maintained a continuous streak for the last few years as a financially well governed municipal organization.

According to an official statement, the results show increased receipts on both revenue and capital account. The total receipts are Rs. 4,019.08 crores, 5.37 per cent more than the revised estimates for the year.

“The collections show a significant growth on both revenue and capital accounts. The revenue receipts at Rs 3,494.21 crore are 4.73 per cent more than its revised estimates for the year and 11.76 per cent more than the actuals of the previous year. The capital receipts at Rs. 524.87 crore are also 9.84 per cent more than the revised estimates,” the statement read.

NDMC officials stated, the major contribution has come from the property tax collections which stand at the highest ever figure of Rs. 942.32 crore, 36.41 per cent more than the previous year’s collection and 47.6 per cent more than the collections in 2018-19. The statement said, “These results have been achieved in an otherwise less encouraging economic scenario in the last two years affected by COVID-19. NDMC had not increased the tax rates as also extended various reliefs and time extensions to their citizens during Covid times.”

Innovative designs for balcony

By
Ankur Maheshwari
-

Balconies are always highly useful then why should not they be more appealing looking with the befitting design and aesthetics that brings life to the space. There is a lot one can choose from between innovative grills, textured flooring, colorful awnings and other conventional designs. We have created a list of ideas for you to consider if you are either making a new house or in the process of renovating your home. A balcony is a place where one likes to spend leisure time alone or with the family or friends. There are very beautiful and unique ideas that can be put to practical use to brighten up the look of your balcony and there is so much to choose from. Let’s have a look at many options available today to give your balcony the care and looks it deserves.

Fully covered grill for balcony

Fully covered balconies are one of the popular styles and likely one of the favourites of design and decor specialists. The balcony is surrounded by a steel cage that may be adjusted based on aesthetic preferences. Despite being fully closed, it does not obstruct the fresh air and intake of light in any way. This is simply an addition to your existing privacy and security measures.

Iron grilled balcony

One of the simplest grilled balconies, one of the most prevalent designs you can see in Indian houses. These are straight iron bars that protects your balcony. They are either entirely white or all black.

Metal grilled balcony

The metal grilled balcony makes a big style statement with modern decor and is a favourite with house buyers who enjoy the contemporary look. Instead of standard grills, metal sheets are used to design metal grills. The motifs and patterns are personalised. If you looking for something unique for your balcony grill then it will surely interest you.

Glass sheets balcony with metal frames

These are lovely and modest balcony, which is designed with glazed glass sheets used as grills and covered with running iron rods. The steel finish of the grills enhances its attractiveness. If you are searching for something elegant this is the perfect choice for you.

White iron grilled balcony

One of the most difficult design choices on the market, the grills of the balcony are painted white to offer a nice decorative element to your balcony. It appears to be a wooden railing when viewed from a distance.

Netted grilled balcony

The netted grill balcony here is encased with netting iron sheets. These sheets are attached to the running cable. It drastically alters the appearance. This style can be seen at vacation hotels or resorts.

Condo style grills for balcony

Simple thin grills are covered the whole space in this design. One particular element of this design is that, unlike typical grills, the vertical and horizontal rods are not extremely large in diameter, which gives the balcony look larger.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

UP government to form a panel to know why builders are going bankrupt

By
Ankur Maheshwari
-

Yogi Adityanath government has decided to find out reasons behind the bankruptcy of the private developers. According to the sources, committee would be constituted soon to look into reasons compelling private developers to file for bankruptcy.

There are multiple well-known brands of the real estate industry like Amrapali, Jaypee Group, Three C Homes, Unitech and Sahara who have faced insolvency proceedings in the past.

Since the Yogi government 2.0 has come to power, two companies Supertech Limited and Logix City have also filed for bankruptcy voluntarily before the National Company Law Tribunal.

Wave real estate group was a large player in March 2021 but they have also filed for bankruptcy voluntarily.

While companies have been declaring themselves bankrupt, urging the tribunal to liquidate their assets to arrange for funds, buyers have been in a quandary in the absence of time-bound delivery of units.

An officer said that in Noida and Greater Noida, lakhs of homebuyers are waiting for their units even after making payment to developers and there is no clarity on the delivery schedule. “Even after RERA came into force, things have not been streamlined. What is prompting developers to declare themselves bankrupt is something we need to probe. ” RERA came into force from May 1, 2017.

“In Noida and Greater Noida, majority of projects, that are stuck or lying incomplete, were launched between 2009 and 2014. Framework under RERA became effective long after that. After realizing payments for the units from buyers and banks, developers are the ones who have made the highest profit. It is much easier for them to exit the project instead of fulfilling their obligations.

“Insolvency proceedings and liquidation are a complex process and take a lot of time. Before taking any adverse action against developers, authorities need to think of ways that can protect the third party’s rights and insulate homebuyers and other stakeholders,” said Manish Kumar, senior vice-president of Noida Extension Flat Owners’ Welfare Association.

Best localities to live in Gurugram

By
Ankur Maheshwari
-

When buying or renting a property, safety parameter holds a central place. Most people prefer locations that not only provide infrastructure but also proximity to commercial hubs and also make up a safe refuge for their families.

Gurugram is also known as the Millennium City of India and it is a major real estate hub. However, in terms of safety standards, all the localities in Gurugram vary. Demography, typically, infrastructure facilities, and connectivity play an important role in defining safety standards in localities.

Palam Vihar

Palam Vihar is one of the well-established locality in proximity to DLF Cyber City, industrial hubs, and Dwarka Expressway. Multiple city buses ply on this route, the nearest metro station Moulsari Avenue is 7.5 km away on the Rapid Metro Line. It is a locality with property values averaging Rs 7,200 per sq. ft. Over 60% of inventory available for sale in Palam Vihar is encompassing 3 BHK units, independent builder floor units and many more.

Sector-4

Sector-4 in Gurugram is one of the oldest sectors which has spacious homes, wide roads, and ample greenery. Many good & reputed hospitals, schools, and shopping complexes are also in proximity. In this area, homes are available at Rs 6,100 per sq. ft., with 2 & 3 BHK units in gated societies. Major residential inventories are available between Rs 1 crore to Rs 1.5 crore.

DLF City Phase-2

DLF City Phase-2 is a premium area to live which is located on Gurgaon-Delhi Expressway. Majorly there are multi-storey apartments, builder floors, and plots, with home prices averaging around Rs 12,500 per sq ft. The area has four metro stations, namely Sikandarpur and MG Road Metro Stations on the Yellow Line Metro and Belvedere Tower and Phase Metro Stations on the Rapid Line.

Sector-57

Offering high-end apartments and builder floors, Sector-57 in Gurgaon is a popular locality. Sector-54 and Sector-55/56 Metro Stations on the Rapid Line Metro serve the area. Besides, Delhi-Gurgaon Expressway, Golf Course Extension Road, Gurgaon-Faridabad Road, and Southern Peripheral Road, also boost the connectivity nexus. On average property prices here are Rs 8,200 per sq. ft. with over 5% YoY growth in the last year.

Sushant Lok-1

One of the best things about Sushant Lok-1 is that it enjoys proximity to DLF Cyber City-housing offices of major companies like Expedia, KPMG, Ericsson, Ernst and Young (EY) and many more. Tenants and homebuyers prefer the area due to ample supply of ready-to-move 2 & 3 BHK builder floors and proximity to HUDA City Centre Metro Station on the Yellow Line. Average property prices in Sushant Lok-1 is around Rs 9,950 per sq. ft.

Conclusion

While safety is the most important factor for people looking to rent or buy a home, other elements like connectivity, neighbourhood, and key facilities should not be overlooked. It is necessary to visits and explores the locality multiple times before signing on the dotted line.

NMC aims to collect Rs 50 crore in property tax

By
Ankur Maheshwari
-

Ramesh Pawar, who is administrator of Nashik Municipal Corporation has set property and water tax collection target of Rs 60 crore during the last three days of the current fiscal.

The civic chief set the target during the meeting of all department heads of the civic body according to which the total target includes Rs 50 crore property tax collection and remaining Rs 10 crore through water tax.

Nashik Municipal Corporation (NMC) officials said that they have already started recovery of tax dues from the property and water tax defaulters. NMC has collected the revenue of Rs 138 crore through property tax and Rs 61 crore through water tax during the current fiscal.

NMC had collected property tax amounting to Rs 110 crore and water tax of Rs 48 crore, during the financial year 2020-21.

NMC had issued warrants to 586 defaulters for defaulting property tax payment. Of which, 78 defaulters paid full payment and 57 defaulters made a partial payment amounting to Rs 1.46 crore.

NMC has also snapped 124 water connections of the water tax defaulters during the last few days. Meanwhile, the municipal commissioner also directed the officials to start pre-monsoon works like cleaning of nullahs, stormwater drains, manholes. He said that the departments involved in pre-monsoon works should do work with proper coordination.

Modest house price rises in Norway

By
Ankur Maheshwari
-

In 2021, the nationwide house price index (inflation-adjusted) rose by 3.31%, a slowdown from a y-o-y growth of 5.75% in 2020. Yet quarter-on-quarter, house prices were down 3.05% in Q4 2021.

In last 3 years, the housing market had been more or less static, with house prices rising by a meagre 0.95% in 2019, and falling by 1.05% in 2018 and 0.6% in 2018 after the implementation of stricter mortgage rules on January 1, 2017 focused on cooling Oslo’s house prices.

According to Statistics Norway, residential property sales in Norway, in 2021, rose by 6.8% to 106,882 units from a year earlier, following a 3.6% rise in 2020.

Despite strong demand, construction activity remains weak. In 2021, dwelling starts rose by a minuscule 0.7% y-o-y to 30,126 units while completions dropped 2.6% to 28,398 units.

In January 2022, Norges Bank held its key rate unchanged at 0.5%, following consecutive rate hikes of 25 basis points in December and September 2021, amidst improving economic conditions.

According to Statistics Norway, in 2021, Norway’s mainland economy grew by 4.2% from a year earlier, in contrast to the previous year’s 2.3% contraction. Since 2007, this was its best performance.

According to IMF forecast, the Norwegian economy is projected to grow by 4.1% this year and by another 2.9% in 2023.

LDA razes, seals illegal structures in city areas- Lucknow

By
Ankur Maheshwari
-

On Saturday, Lucknow Development Authority continued its sealing and demolition drive for illegal structures in city areas.

Illegal construction in Khojoli market in Gosainganj was demolished by the enforcement wing of LDA, while structure erected at Hanuman Mandir in Aminabad was sealed by it.

These constructions were being carried out without map approved by LDA. Also, authority received complaints regarding illegal construction here.

At Aminabad Hanuman temple, nearly 110 square foot area was being constructed for professional use.

While in Gosainganj

near Khojoli Bazar construction was carried out for plotting purpose without approval from LDA.

Spokesperson of Lucknow Development Authority Sameer Mishra said, “Notices have already been issued to the owners/ caretakers of the properties earlier in this month. When they failed to remove the illegal constructions, we took this action.”

Maharashtra -Builders seek six months extension from MahaRERA to complete projects

By
Ankur Maheshwari
-

Input cost inflation in the industry has been on the rise and Maharashtra developers have requested MahaRERA to extend the deadline of their projects by 6 months since they are finding it difficult to complete the project due to raw material issues countrywide.

As per the current situation, there is some glitch going between the Maharashtra real estate developer and the government. Maharashtra builders are upset and are threatening to stop the construction. On the other hand, due to rise in the raw material cost including steel and cement, many real estate associations have stop buying raw materials like steel, cement, wire, cable, etc. 

According to a report, there has been a big jump of 40%-50% in the cost of raw materials like steel, cement, wire, brick, etc. Therefore, real estate developers want some relaxation.

The developers quantify that the prices per square foot have increased by Rs 400 – Rs 600. And the cost effect is being clearly seen here.

All real estate developers reported in Q3 that sales were great everywhere including Mumbai city but are now seeing a 40%-50% increase in the cost of expenditure, and this could prove to be a major challenge.

Hence, the analyst recommended paying special attention to Mumbai-based real estate stocks like Macrotech Developers, Oberoi Realty, Kolte Patil, Raymond, Mahindra LifeSpaces to check how their margins will be impacted when the Q4 results come out.

1...111213...21Page 12 of 21

Latest News

© Copyrights Reserved iPropUnited.com - A DNA Ventures Company