Monthly Archives: August 2009

Notices have been put up in building for lifts operating without license

Chennai: Nearly 40 notices have been put up in buildings, including residential structures, at K.K.Nagar, Virugambakkam, Kodambakkam and Ashok Nagar since Tuesday. According to the notice, lift owners are advised to operate the facility after obtaining licence under the Tamil Nadu Lifts Act 1997 within two months.The Tamil Nadu Electrical Inspectorate is serving notices.

According to the official, there are nearly 7,000 licensed lifts in the city. Licences of only 30-40 per cent of lifts had been renewed. About 1,000 lifts have identified, whose licences have not been renewed, and 500 that are being operated without licence.The inspection is carried out for the lifts in use for which permission have not been obtained based on petitions received by the department.It is for the first time that such a drive is being conducted.Earlier, owners of such buildings cautioned by placing an advertisement in the media.

As per the Tamil Nadu Lifts Act 1997, the defaulters would be levied a penalty up to Rs.1,000 and those who continue to flout the rules would have to pay Rs.50 for every additional day of use.
Reference:
Notices for lifts without license in city

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People Friendly Scheme for Depositing Stamp Duty

Haryana government has introduced a people-friendly scheme for depositing stamp duty at State Bank of India counters by substituting stamp papers. In a move to bring relief to property buyers and make transactions hassle-free, Haryana government has introduced a people-friendly scheme.

State revenue secretary Urvashi Gulati says that under the new scheme, an executant will have to deposit the amount of stamp duty at authorized counters of SBI branches. Under the present system, the executant has to shuttle between the treasury, treasury banks and tehsil offices many times while executing a transaction.

Under the new scheme, an executant will have to deposit the amount of stamp duty at authorized counters of SBI branches after filling the requisite challan form in triplicate. The bank will then issue a receipt on specially designed security paper, duly signed by an authorized officer for the amount deposited. The depositor has to then paste this receipt on the deed that is to be produced for registration.

The registration officer would accept the document after verifying the deposit of stamp duty from SBI over internet. The bank would charge nominal service charges ranging between Rs 20 and Rs 1,000 based on the value of stamp duty leviable. The instruments cannot be prepared and executed by an executant on a plain paper in the absence of a stamp paper.

Reference

Times Of India Stamp duty made easy

Small Size home loan are encouraged with cut in interest rates

In the last one year, interest rates of home loans have cut down with falling property price. Interest rate for home loan less than Rs 30 lakhs have fallen from 12 per cent to 8 and 9 per cent. This has led to a fall in the EMI by 24 per cent on a 20 year loan.

With onset of the festival season, banks like State Bank of India (SBI) and Punjab National Bank (PNB) have not only cut interest rates but have also waived the processing fees. Other lending institutions like HDFC Ltd and ICICI Bank are also giving loan at a competitive rate. In a scheme launched by SBI, the interest rate for the first year is charged at 8 per cent and for the next two years at 8.5 per cent. In fact, the aggressive posture of SBI has forced other banks to follow suit.

After the SBI’s announcement, PNB cut its home loan rate to 8.5% for the first three years and then will link it with the then prevailing market condition. HDFC Ltd is also giving loan between Rs 30 lakh and Rs 50 lakh at 9 per cent for the entire duration of the loan repayment period. If the present condition remains the same and the bank does not change the prime lending rate, the new rate will be 9 per cent as against 10.25 per cent earlier.

High-end customers will also find an advantage in SBI Advantage Home Loan for loans above Rs 50 lakh. The SBI loan will come with a fixed rate of 8% per annum (unchanged) for the first year, and 9% for second and third year — down from 9.5% earlier. With lower repayment obligations during the initial fixed rate periods of 3 years, the customer can buy a new house without compromising on the lifestyle of the family. Even if the interest rates go up marginally by half percentage after three years, income level of borrower will also increase and it will not affect his repayment capacity much.

Builder will pass benefit of tax holiday to consumers

Union Finance Minister has clarified that profits from housing projects, qualified under Section 80IB(10) of the Income Tax Act and approved by a local authority between April 01, 2007 and March 31, 2008, will be tax free, if they are completed before March 31, 2012. The project need to meet following criteria or conditions to get the benefit of tax holiday.

  • The project should be having at lease one acre land
  • The project should be within 25 km from local municipal limits
  • The built-up area of each residential unit should be less than 1,000 sq.ft. in metros and 1,500 sq.ft. in other places.

If you are planning to buy a property or apartment, it is likely that your property price will be affordable or much lesser price. If you are planning to buy a property from such projects, builders will pass benefit of tax holiday to your property price.

Reference:

Make full use of the home loan subsidy