Category Archives: Delhi

Discount on registration from fourth to the seventh floor

The Stamp and Registration Department has decided to give discounts during registration of flats from the fourth to the seventh floor.In order to boost the reality sector in Greater Noida and Noida, it has been decided to relieve the purchasers of flats/apartment by giving discounts during registration.

Any purchase of flat on the fourth floor will get 5% discount on the actual price. Similarly purchase on the fifth floor will earn 10% discount, sixth floor will get 15% and seventh floor will get 20% discount.All floors after the seventh will be given upto 20% discount. The purchasers will also get 20% discount on the purchase of stamp paper. “This discount can be availed only if the purchasers buy a flat or apartment as per the circle rate” said S.N Rai, Assistant General Manager, Stamp and Registration Department.The discount on buying at less than the circle rate will be decided on the basis of the circle rate itself.

The discount on buying at less than the circle rate will be decided on the basis of the circle rate itself. In such a scenario the registry will also be done on the circle rate itself. Then the stamp duty will be paid on the basis of the agreed sum between the buyer and the builder.Inspite of the fact that builders charge more money from the clients for choosing their own flat, this decision by the Stamp and Registration Department has been welcomed with open arms.

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India Showcase unimpressive show at Shanghai World Expo

You’d imagine it would parade its tech and IT muscle in World Expo 2010 at Shanghai China. But the Indian narrative is predominantly centred around street food and handicrafts. An emerging India put an unimpressive showcase at the at the World Expo 2010. On entry, one is confronted by stalls, mainly empty, selling samosas, naan, rotis, lassis and a bunch of boxy booths peddling brassware and other bric-a-brac, the staple of our dull state emporia.

The World Expo is a large-scale, global, non-commercial Expo. Expo aims to promote the exchange of ideas and development of the world economy, culture, science and technology, to allow exhibitors to publicize and display their achievements and improve international relationships. This year China owes its successful bid for the World Exposition in 2010 to the international community’s support for and confidence in its reform and opening-up. World Expo 2010 Shanghai China is the first World’s Fair to host an online platform that allows viewers to take a glimpse of all of the pavilions.

In stark contrast was the neighbouring Saudi Arabia pavilion. The Saudis have spent a lavish $150-million (Rs 675 crore) on a tech-savvy pavilion in which a 4D experience is created and visitors taken on a conveyor belt ride. Pakistan has in fact beaten India in footfalls during the early days of the Expo by claiming the Buddhist legacy for itself.

If India wanted to showcase itself as a competitor to China and an economy that will define the 21st century, a country with immense talent, technology and youth, a nation ambitious of attaining double digit growth, it didn’t come through. On the other hand, if the intent was to sell its 5,000-year history, culture, arts, crafts, music and dance, that didn’t find expression either. What is most visible instead is the heavy hand of officialdom, whether in the names of stalls or on the T-shirts of yoga instructors. For example, instead of labeling stalls as ‘Handicrafts’, one read the mouthful ‘Ministry of rural development, Government of India and CAPART, ‘Council for Advancement of Peoples Art and Rural Technology’. Good for Pragati Maidan may be, definitely not Shanghai.

The displays on the first floor were crammed cheek by jowl. The displays — mainly pictures of people ranging from CV Raman to N R Narayana Murthy — were mounted on panels framed by beautiful saris. Visitors assaulted by so much information and clutter walked by without pausing to look.

One got the sense that if the saris used for backdrops had been the exhibits they would have drawn more attention than what was mounted. India Showcase unimpressive show at Shanghai World Expo,Showcasing well neither the past nor the present to the 70 million visitors expected to visit the Expo over six months, India may have lost a golden public relations opportunity.

Source: Times of India

Capital’s citizens will have to shell out more for public transport

Indraprastha Gas Ltd (IGL) announced an over 25 per cent increase in the prices of compressed natural gas (CNG).The steep hike follows the Manmohan Singh Government’s decision to raise natural gas prices from Rs.3.2 per cubic meter to Rs.7.5 per cubic meter.Effective from Wednesday midnight, CNG rates go up by Rs.5.60 per kg. IGL, however, has decided not to increase the price of piped natural gas being supplied to homes for cooking purposes.

IGL might go in for an increase in piped gas if the Government hikes LPG cooking gas prices. Effective from Wednesday midnight, the Capital’s citizens will have to shell out more for use of public transport now.The new CNG price in the Capital will be Rs.27.50 per kg against Rs.21.90 so far, while in neighbouring townships of Uttar Pradesh it will be Rs.30.60 per kg.

“We are constrained to increase the retail selling price of CNG in Delhi, Noida, Greater Noida and Ghaziabad due to the increase in the input price of gas procured by IGL along with its corresponding taxes and duties,” said IGL Director (Commercial) Manmohan Singh. The increase in CNG prices will marginally impact the per km running cost for vehicles, he added.

Source: The Hindu

A draft new law on the much-awaited real estate regulator

The government has unveiled a draft new law on the much-awaited real estate regulator.The draft bill makes it mandatory for builders to register their projects with the regulator before marketing them.The biggest relief would be that a property buyer would know exactly what he is buying. The draft bill also makes it mandatory for the builder not to accept any advance from home buyer before a sale agreement is put in place.

According to the draft, a builder will have to register a project with the regulator before he can market the properties.The builder will have to submit a documentary proof of land ownership and the mandatory licences to the regulator for registration.This process will ensure the legitimacy and the viability of the project, ending the current practice of realty firms launching projects without land ownership or mandatory approvals.

The builders will have to submit a bank guarantee of 5% of the total cost of the project, which will be encashed by the regulator in the event of the builder not completing the project in time or violating any other condition agreed upon at the beginning.

Reference

Buying home to get safer, new real estate bill mooted

Not paying your property tax can land you behind bars

According to MCD, only nine lakh people pay property tax, while according to its estimate, there are more than 30 lakh properties in the city. The Municipal Corporation of Delhi (MCD) has launched an amnesty scheme. The amnesty scheme will be open from Tuesday to October 31.

The Municipal Corporation of Delhi (MCD) has launched an amnesty scheme under which tax defaulters can clear their dues without having to pay a penalty or the interest amount. But those who fail to pay the tax by October will not only face penalties like sealing of bank accounts and attachment of property but may also be jailed for a period of seven years.

Under the scheme, all the property tax payers in the city will get a special identification number similar to Permanent Account Number from the civic agency. In future, the facility will be extended to other property owners too.The agency said that in future, property owners who submit pay the tax will get benefit in getting the building plan sanctioned.

The 30% penalty will be waived off for those paying property tax dues
before October 31. In addition to this, 1% interest levied every month on unpaid amount will not be charged from them. For the scheme, the civic agency has constituted special teams in all the 12 zones and the property tax headquarter at Lajpat Nagar.