Track2Realty-Agencies: Those selling immovable property without disclosing their permanent account number (PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions.
Track2Realty: Opposing the Maharashtra government’s decision to impose local body tax (LBT) in lieu of octroi, developers’ apex body CREDAI Chairman Lalit Kumar Jain said the new levy will result in rise in corruption and be detrimental to business as well as consumers. There is a potential threat of it becoming breeding ground of corruption.
Track2Realty-Agencies: West Bengal did not receive any investment, either foreign or domestic, in the real estate sector in the financial year 2012-13, according to a report by industry body ASSOCHAM.
Track2Realty Exclusive: Consumer rights advocate Lakhendra Singh is even more forthright when he says if CCI has to establish its credibility in the collective conscience; it must make its economic analysis more scientific and full-proof. There can’t be different parameters of defining relevant geographic market and product category for different real estate companies. According to him, CCI instead of being seen as an anti-monopoly watchdog and inspiring confidence has, of late, been in the news for consumer activism.
Track2Realty Exclusive: When the Competition Commission of India (CCI) alleged that DLF misused its dominant market position and imposed unfair conditions on home-buyers at two of its many projects, the real estate fraternity, legal experts and others strongly questioned the basis of the CCI order and the enormous penalty of Rs 630 crore levied on the real estate major. However, within a year the real estate sector itself approached the CCI through its associations against the cement cartel, and got them nailed as well. Consumers too are approaching repeatedly the anti-monopoly body. Track2Realty wonders whether the CCI has become the new regulator in the sector by default.
Track2Realty Exclusive: Developers have also been trying to get the government to introduce the concept of single window clearance. It is common knowledge that time taken to grant approvals directly affects property prices. It has been found that delays in approval processes alone increase sale value of houses by 40%.
Track2Realty Exclusive: While the concept is being touted as the next big thing for the realty industry, there are both pros and cons to be weighed with integrated townships. There, of course, is the flip side too. Long gestation periods for these projects to take off and reluctance on the part of people to move to an isolated location are challenging from the developers perspective.
Track2Realty-Agencies: Government has said on Friday, April 26, that complaints were received against 27 real estate firms across the country for alleged forgeries and dubious investment schemes, out of which 18 are being probed by different regulatory and enforcement agencies for further action.
Track2Realty Exclusive: The case of Japan is one of the most inspiring and creative as conviction of betterment leads the policy and practical solution formulations. Gate Tower Building is a 16-story office building in Fukushima-ku, Osaka, Japan. And what makes it notable is the highway that passes through the 5th-7th floors of this building. The highway is part of the Hanshin Expressway, a network (239.3 km) of expressways surrounding Osaka, Kobe and Kyoto, Japan. The Gate Tower Building is Japan’s first building to have a highway pass through it. And it had been nicknamed “beehive” referring to its appearance as a “bustling place”.
Track2Realty Exclusive: Not all large developments can however, be called townships. A development comprising only budget apartments is an incomplete township. So is one that has only luxury housing. It is essential for a township to have an inclusive character.