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.

UP-RERA 1200 realtors informing them about the stress fund

New Delhi: The UttarPradesh Real Estate Regulatory Authority (UP - RERA) has posted a letter to 1227 real estate authorities across the state detailing the benefits other pressure fund scheme issued by the central government.

"Classification has been practiced to ensure that the developers of the previously mentioned projects are knowledgeable about the plan. Projects are executed, and home buyers of such projects are able to acquire their home,” said the authority in a media release.

The authority held a conference in November in which all promoters informed them of the plan so that they would be able to appeal for the supply of current miles under pressure and in a strange way.

Eligibility that a project should be able to take advantage of the stated funds:

1. Project must be RERA registered

2. Project is postponed due to lack of funds

3. The project comes in affordable and middle income segment

4. The net worth of the project should be fixed

5. If the project is set up in the NCR region and is less than Rs 1 crore for the rest of the country, the parts will not cost more than Rs 1.5 crore.

6. Preference for projects very close to completion

7. Carpet area of ​​the dwelling should not be beaten more than 200 square meters

In November, the central government started a supply of Rs 25,000 crore to complete imminent reality projects. In all, the government has basically deposited funds up to Rs 10,000 crore and has to be offered by additional banks, and additional sources.

The fund will be settled with SEBI as a nominated Tier-II AIF(Alternative Investment Fund) loan fund and will be professionally stable. For the initial AIF after individual window pans, SBI CAP Ventures wants to become an investment administrator.

If there is any need to modify the developer for the project, the investment administrator will receive a call. They will also report revenue based on the outline and specifications of each project prospect.

The fund will manage the expenditure of assets and control the achievement of projects by the developer immediately or with the help of third parties. Permanent lenders will be interviewed as a component of the permitting process.

Net-worth positive frameworks are those projects where the charge of receivables linking the preference to the unsold index is more extensive than the full cost and outstanding contracts at the project level.

Home-buyers have been encouraged to exclude their individual lending organizations for significant personal supervision for supplemental financing or preaching of their actual home loans within the current legal and regulatory structure, and the Regulation Committee has approved lending Processes of organizations are recommended.

Mihan is yet to be paid for the land for the metro

The Maharashtra Airport Development Company (MADC) has collected more than Rs 2525 crore from the allotted land in the Special Economic Zone (SEZ) and non-SEZ parts of Mihan while developing the Mihan project.

Meanwhile, anticipating economic growth tied to the Mihan project, 21 of the 112 investors allocated to the area have not paid their dues.

The highest amount is owed by Maha metro (Nagpur Metro Rail Corporation), which was awarded 92 acres. MADC has not yet received Rs 9 crore from Maha metro for the cost of the land.

Maha metro was allotted land in the non-SEZ area two years ago to set up stations and townships but no amount has been given to MADC.

A spokesperson for Maha metro confirmed that this amount was pending but the said payment was to be made through book adjustment. The state government will have to pay the amount in the MADC account. Once the book is adjusted, the amount will be available in the MADC's overall corpus.

Other organizations whose funds are due to non-SEZ area have been allotted land in the range of 1 to 2 acres. There are 36 investors in the non-SEZ sector, out of which 5 have not paid their dues for land costs. The total outstanding dues from the allottees in the non-SEZ sector is Rs.97 crore.

The Patanjali Group is the largest and only investor in the non-SEZ segment which has cleared all its dues and its unit is under construction.

The Mihan project has 76 investors in the SEZ region. Of these, 16 have not paid their dues, amounting to Rs. 1515 crore and the land has been allotted to them only on paper. They have not yet taken physical possession. The final transfer will take place only after payment of the entire amount. It is expected that MADC may take a decision on ending their allotment soon.

On the other hand, SEZ has 40 investors who have not yet started their project even after paying the full amount for the land.

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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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