More than 60% of sub-registrars in Karnataka fail to meet revenue targets

Bengaluru: Out of 240 sub-registrar offices in Karnataka, over 60% have failed to reach the fixed revenue target for the initial seven months of the current financial year, causing a permanent decline in the real estate division in the state.

Reacting to this, the government has written a letter to 146 sub-registrar offices in the last week of November, recording a reduction of 17% for the period between April 1, 2019 and October 31, 2019.

Someshwar Reddy, Quick Past Chairman (Karnataka), Builders Association of India (BAI), said, "A compound of circumstances, tax rates ranging from demonetization to rectification, economic downturn and lack of price rise in the market, everything on sale. There has been impact, which is speculation on registration in the state. "

Out of 146 offices, 33 are in Bengaluru urban district, four in Bengaluru rural and 13 in Mysuru. And, in these offices which do not meet the 100% revenue target, some like Shiva ji nagar have less than 1%, while others like Doddaballapur have a deficit of 35%.

Nevertheless, in its letter to the sub-registrars, the Stamps and Registration Department has advanced requests about the valuation of the property. "It has been directed that sub-registrars, as in practice, assure that they accumulate funds, because they have been incurred due to valuation and due to incorrect order of documents."

Demonstrating how the wrong ordering of documents could harm the government treasury, an official said, "For example, if the document of commercial property is classified as residential, the change in services paid Will happen."

Both Realtors and officials acknowledged that the real estate regulatory authority could have an impact. He said, "Now, before construction starts, they panic to enroll a property for sale when construction is nearing completion,” one of them replied.

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Southern states have seen a huge decline in revenue through tickets and registrations

HYDERABAD: The economic downturn has generated revenue within stamps and registrations in southern states including Telangana and Andhra Pradesh this year. By October this year, Varna, when sent for a comparable session last year, saw a decline of at least 5% in revenue in some of these states.

The report given by the states to the Comptroller and Auditor General of Andhra Pradesh present in India is the lowest hit among all states with a loss of 18% taxation associated with the previous year. As of October this year, AP distributed 48% of the budget estimates from stamps and registration revenue, while it received 58.17% of the full budget estimate last year.

The state of Telangana is more reliable than its neighbor, but despite Hyderabad's stagnant real estate sector, the state saw a 6% drop in revenue when it belonged to October last year. The state approved 60% of the budget estimates for tickets and registration revenue, as of October last year, the state projected 66% of the budget estimates.

With an 8% revenue deficit related to the previous year, Kerala has got a great deal. While this figure was 45% this year, it was 53% last year.

Tamil Nadu managed more profitably than Andhra Pradesh and Kerala, with a decrease of 11% this year as opposed to the previous year. Tamil Nadu reported 58% of income in the current year, which came down to 47% by October this year.

Karnataka was the smallest success among the five southern states with a decrease of only 5%. As of October last year, it recorded 57% of the total budget estimate, which was reduced to 53% for the same period this year.

Banking and Financial Specialist. Narasimha Murthy said that focusing on more reliable results, Hyderabad is essential for Telangana as investors in the city are often interested.

Tamil Nadu has a plan for portability in registration of properties in sub-registrar offices

CHENNAI: In an effort to safely secure the registration of properties, the state government is plotting to allow all sub-registrar offices in a proper registration district to monitor properties falling under its jurisdiction. Hitherto, sub-registrar offices can only control assets that appear to support their personal revenue jurisdiction.

Tamil Nadu, is divided into 50 registration districts and which has 37 revenue districts. The Chennai zone is divided into five registration districts embracing the revenue districts of Chengalpattu, Kanchipuram, Chennai and Thiruvallur.

The Chennai zone, which values ​​for 45% of the entire revenue produced in TN within property transactions, is estimated to be the most significant successor. Residents, who can travel 30 km from the core city areas to register properties set up in outlying cities, can now visit the sub-registrar office adjacent to their homes.

Kanchipuram and Thiruvallur districts will also benefit the people as the official boundary of the Kanchipuram District Registrar Office covers the entire Thiruvallur's district. Cross-registration of properties from one (registration) district to another, however, will not be allowed.

'Proposal under consideration of government'

For example, a person residing in the core city area who needs to sell a tract of land in Padappai is not required to inspect the sub-registrar office of Padappai. Alternatively, he can manage the sales deed at Adyar or Guindy registration offices.

Currently, district registrars in particular have the ability to provide land registration in any office in their (registration) district. Another official said, "This is decentralization of these capabilities for all registrars." The system is currently supported beyond the Pune region in Maharashtra, the source continued.

The movement will also help boost the number of property registrations in sub-registrar offices that prevent some land registrations. While some sub-registrar offices execute up to 100 transactions through the day, others record only several transactions in the respective registration district. The district registrar said, "With this facility in the community, people can estimate the registration offices of their choosing based on free time slots." This will definitely reduce the waiting time in offices, he continued.

Approval of JEWAR airport from UP cabinet

Zurich Airport International, Switzerland, appeared as the largest bidder for the recommended international airport at Jewar, Uttar Pradesh (JewarAirport), on the outskirts of Delhi, dreaming for a major delayed project. Was and for the development of localities with it. The original duration of the project is expected to be operational by 2023 when it manages 12 million passengers a year.

Zurich Airport is included in another three bidders-GMR Group-led consortium comprising Delhi International Airport Limited (DIAL), Adani Enterprises Limited and Anchorage Infrastructure Investments Holdings Limited.

Meanwhile, Zurich Airport accumulated a revenue share of 400.97 per passenger, the first refusal by GMR Group led DIAL, which took place at Airport 351. The Adani Group and Anchorage were individually priced at ₹ 360 and each 205 for each passenger.

The final tender, however, should be given by the airport's Project Audit and Operations Commission on 2 December, but is expected to be an irrelevant conventionality. Zurich Airport will design, promote and operate the latest green field airport in Jenner after 40 years of authorization. It will finance 650 million Swiss francs (₹ 4,663.731 crore) for the opening of the first phase, which will require about four years to finish.

Jewar Airport will be the third National Capital Region (NCSR) after Ghaziabad's Hindon and Indira GandhiInternational Airport (IGNA). The new airport will be 100 km from Delhi Airport operated by GMR Group, which is the international airport of the capital.

The next phase of Jewar Airport is scheduled to end by FY 2016 and it will expand its capacity and capacity to 30 million passengers per year, in the meantime, the third and fourth phases are expected to be completed by FY 2014 and FY40, In addition, with a capacity of 50 million and 70 million passengers, sequentially.

Fugfen Zurich AG is delighted to have a new presence in India, a focus market for the company, next to the prosperous sales of its remnant at the airport in Bengaluru in 2017. While the expansion is a positive for the aviation department, it will be necessary that visual connectivity stands in a war and an unconnected area for development is also further supplied to the concessionaire.

Another airport is required in NCR due to the geographical area of ​​NCR. Property prices rise once the project's foundation and infrastructure are advertised. In the case of Jewar Airport, we can now see extraordinary growth, appreciation and recognition. These may extend the Noida-Greater Noida area to a standard with Gurgaon in the future.

Developing story are:-

Timeline: The plan for an airport at Jewar was established in 2001 when Rajnath Singh was the Chief Minister of Uttar Pradesh. His follower Mayawati also upheld the order and his government procured over 2,000 acres for the project.

However, in December 2018, it was that the UP cabinet headed by Chief Minister Yogi Adityanath gave its permission for the development of the airport. The central government also granted site approval permission for the project in July last year.

Estimated cost: The development of this international airport will require approximately 5,000 hectares of land which will be finished in four phases. The expected cost of the project, which will be borne by the Yamuna Expressway Industrial Development Authority, is divided into Rs 20,000 crore. This cost does not include connectivity methods.

Capacity: According to PWC, the firm that has presented a techno-economic feasibility record for the project, Jewar Airport is accurate to manage 60 million passengers by 2022-23, when the initial phase of the project is determined . According to the agency's report, managing more than 10 crore passengers by 2050 would be pure.

Connectivity: Passengers could fly from Jewar Airport to international destinations to essential domestic destinations.

Impact: The Ministry of Civil Aviation believes that this airport is meant to expand connectivity in western Uttar Pradesh, which will also boost the tourism and economic potential of localities. This airport will cater to the aviation requirements of not only Delhi Airport, but also cities like Mathura, Bulandshahr, Agra and Meerut. The arrival of this airport will undoubtedly develop property possibilities in the neighborhood. A high-speed network will only overcome impulse.

Green Touch: The Noida government has also confirmed an agreement with individual entities that a parcel of 92 acres of land will be developed for its afforestation plan. This would mean that buyers would tolerate a huge green area.

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Reduction of stamp duty by 0.5% in Nagpur

NAGPUR: A relief for all property builders, buyers and developers, the Stamp and Registration Department has reduced the stamp duty in Nagpur by 0.5%, which has been revived for NagpurImprovement Trust (NIT) for the last 83 years.

Nevertheless, the decision is a major hurdle for the Nagpur Municipal Corporation (NMC), as it still has to receive revenue as it has sprouted all areas of the NIT (Nagpur Improvement Trust).

An administrator of the Department of Stamps and Registration said stamp duty is now 7% vs. 7.5%,

with stamp duty coming into force from 1 December. "This stamp is made according to the representative's rules," the official said.

In a letter, Ughde said, "There was a requirement in section 77 of the NIT Act 1936 to get a 0.5% stamp duty from all activities and transactions in the neighborhood that is developing under the jurisdiction of the NIT. Filed on 27 August Within the information, the state government had distributed the overall NIT areas, particularly seven projects, to the NMC. There is no area of ​​NE. Therefore, the stamp duty charged for NITs needs to be discontinued. "

The Stamps and Registration Department collected a 0.5% stamp duty from all transactions beyond the city and submitted it to the NIT. After a few court orders, the department started to discharge the stamp duty from the areas, especially after NIT jurisdiction. NIT has spent 12.50 crores annually.

The reduction in stamp duty is huge news for property builders, buyers, and developers, as it was one of the greatest in the state.

The government took the entire neighborhood of the NIT to the NMC from August 27, as per the requirements in the NIT Act. The areas transferred by NIT to NMC are mainly unauthorized and under-developed. This is observed as a massive financial hardship over the remaining NMC, which has been erupting earlier under a financial emergency. But the civic body has not received stamp duty raised for NIT.

NMC is also receiving stamp duty of 1% from the abolition of Octroi in April 2013.

The primary stamp duty is 5% of the entire amount of the property. The government had added a 0.5% stamp duty for the NIT, an additional 1% for the NMC and 1% for the metro rail project. Thus, the stamp duty in the city was 7.5% 

Ghaziabad Development Authority (GDA) start working on Indirapuram Housing Scheme

Ghaziabad: After developing the layout plan for the upcoming Indirapuram Extension Housing Project, the Ghaziabad Development Authority (GDA) has started a ground review of the property and it is said that work is proposed to start in the following six months.

Single-unit houses and group housing communities will be developed on 130 acres of land near CISF Road, along with Kanawa in Indirapuram.

GDA Chief Architect and Municipal Administrator Ashish Shivpuri said, “The scheme has been distributed to the engineering department to exclude the examination in this area. Now, the violation will be recognized and murdered".

To ensure that the project does not cover any supply emergency, 10 pockets will be expanded in a phased exercise. In a particular situation the money produced from the sale of plots and houses would later be employed to explain the following pockets.

We will not use all the products at once because it is forced to create capital crisis before or after. Alternatively, we will appropriate investors' funds in producing more additional funds,” specifies Shivpuri. The authority will focus on houses built on plotted land in the area of ​​200 square meter to 350 square meter.

Some group housing communities will also be allowed. About 50% of the area will be allocated for housing, while 5% will be used for commercial purposes. Roads and related foundations, schools, and other facilities will be accepted on the outstanding portion of the land.

In the instant, the GDA has about 62 acres in its dependency, but in a dissemination application. To include the land, it would buy an additional 70 acres from farmers immediately or under a land-pooling exercise. It will be used to provide services such as roads, parks and schools. However, a layout plan has been prepared for the entire 130 acres of land.

According to administrators, the project was conceived in 2005 on 229.5 acres of land at Kanwa in Mahiuddin Pur village. Nevertheless, the project did not gain much momentum due to prosecution by farmers over the payment amount.

Realtors challenge the constitutional validity of the National Anti-Profiteering Authority

Mumbai: The government claimed by some real estate developers to practice in the court of the National Anti-Profiteering Authority (NAA) of constitutional validity and claimed that the body does not have the authority to engage on punitive penalties for it.

This happens after the NAA slapped notifications on 50 real estate developers beyond India to benefit from the Goods and Services Tax (GST). According to a warrant appeal registered in the Delhi High Court, the NAA is on a standard with a tax bench, but it is not actually a judicial member as a part of it.

Through the GST framework, the benefits of rate reduction have to be passed on to customers. If a firm is inadequate to do so, it can be fined and invested for profiteering from tax management. Split with anti-profiteering requirements in the GST Act: “A reduction in the price of tax on any supply of property or assistance or input tax credit shall be passed on to the beneficiary (consumer)." This same reduction in prices.

Input tax credit applies to a mechanism supporting the GST framework, in which the company when purchasing funds when it purchases raw materials or any other charges can be levied on the buyer when marketing assets or services is done.

Many real estate developers based in Mumbai, Chennai, Delhi and Bengaluru had to pay fines as they did not run on the benefits of input tax credit to customers.

According to inquiries by the NAA, developers are not spending on the advantages of input tax credit to customers. Real estate developers are investigating the NAA's jurisdiction to raise concerns over fines.

Khaitan & Co. partner Abhishek A. Rastogi said, "What is of concern is that the legal requirements (section 171) do not exist for interest," it said.

This is when the vested tax department initiated the developers' investigation on the development credit to which they were entitled. Real estate professionals had initiated taxes paid under the pre-tax regime on their GST responsibilities and the tax department directed them to change their activities.Many real estate developers had sought transaction credits on under-construction flats and were entitled to property or inventory for these, but the tax department denied the allegations by sending notifications. Taxes for some of the best players are in the hundreds of crores.

The NAA has also examined some additional divisions, such as FMCG and Pharma, for profiting from GST rate cuts in the past. The NAA investigated tax administrators and CFOs of about 150 Buyer Goods and Pharma Corporation to find that their stock was sold at low rates after the GST rollout on June 30, 2017, with publishers and stockists.

Some organizations also engaged the government and the complex tax department above GST on these occasions which could put long-term land lease agreements at risk.

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Notice to more than 130 Illegal buildings by Chennai Civic Body

CHENNAI: To avoid incidents similar to the example in Mettupalayam on Monday morning where a fragile wall fell and 17 people died, the Greater Chennai Corporation recognized 354 dilapidated buildings beyond the city that needed to be destroyed, But only 139 of them broadcast a notification.

Two-thirds of these houses, reputed in pre-monsoon review, have been set up in the Royapuram area, which disrupts the trader's Sowcarpet district. “The bulk of the rotting buildings are in Sowcarpet area. A senior corporation official said that despite the apparent danger”, there is a strong opposition to the destruction of these buildings.

These buildings are used and in poor condition; The officer said that if the building or unusual part bothers passers-by, it could cause serious harm or the person could be removed. Earlier - Current events have taken place in North Chennai, T-Nagar and Nandanam.

Corporation representatives and engineer engineers review magnificent buildings to monitor cracks and for additional signs of decay. The life of the buildings is also examined. Complaints of residents are also considered.

"Based on this, a motion is sought on whether a building needs to be slanted," said an official. A demolition notification is rescinded, which is accepted by the concerned tenant within 15 days to a month. If the tenant does not despise the building, the civic body can produce and disassemble its separate equipment, while the costs must be supported by the tenant, an official said.

The official data register that 15 cases have gone out of court. 354 buildings were overlooked. Alternatively, the tenant may apply for notice in the court or get a certificate from licensed surveyors working with the ChennaiMetropolitan Development Authority (CMDA) that the building is safe to live in.

Out of the 140 demolition notices approved, 82 were in Royapuram area, where 236 buildings were considered dilapidated. In the Anna Nagar area, 42 buildings were classified, but only nine demolition notices were canceled. In the Kodambakkam zone, 27 buildings were classified and 22 were given notices.

A civic official recommended stating that they begin the review and issue the announcements in September before the rain. A senior corporation official said that they would consider cutting the water, sewage and power associations in line with the Chennai Metro water Supply and Sewerage Board(CMWSSB) and TANGEDCO. "Since we grant planning permission, we are authorized to do so," the official said

2 lakh or more affordable housing by central government

On 9 April, the Minister of Urban Development and Housing in Ahmedabad M.Venkaiah Naidu has launched around 2.03 lakhs affordable houses at a function organized by CREDAI (Confederation of Real Estate Developers Association of India).

The hard work put in by the Union Government has started showing results in the construction sector. The maximum dwelling unit size will be a carpet area of ​​643 square feet which is equivalent to approximately 900 square feet of built up area.

Getamber Anand, president of CREDAI, and CMD of NCR-based ATS Infrastructure, also said that the association has decided to play a major role in engaging its members for affordable housing projects. He also mentioned that CREDAI intends to work as a nodal agency to avail the benefits announced by the Central Government under the Pradhan Mantri Awas Yojana (PMAY).

Jaxay Shah, MD, Ahmedabad-based Savy Infrastructure, who was appointed as the chairman of CREDAI at the investment function on 9 April, said that with several measures announced by the central and state governments, affordable housing will be the main area in the coming times. “The condition of affordable housing infrastructure would help the developer to get a construction loan at very affordable rates” said by Shah.

A budget of Rs 70,000 crore has been allocated for 375+ new affordable housing projects. Such projects are spread across India, with the development of a total of 60 million sq ft of land and construction of 20.80 crore sq ft, for the construction of a total of 23,000,000+ houses.

On this occasion Jaxay Shah also mentioned that India has registered a shortage of 20 million houses and is an attempt to overcome the housing shortage by placing consumers at the center of all our efforts. "Our 375+ affordable housing projects will fulfill the dreams of millions of Indians who own a house."

On top of that, expanding the 80IB benefit that would make the profits earned by an affordable housing project tax-free would make the cost of affordable housing units very reasonable. The prices of an affordable housing unit will decrease from Rs 12 lakh to Rs 35 lakh depending on location and cities.

A senior official in the ministry said that developers are the second most important stakeholder in the housing sector after the buyer, with the government deciding to rope them in to distribute various benefits to the end users.

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