Category Archives: Mumbai

India tops Asian real estate investment markets for 2010

Mumbai: According to a study by PricewaterhouseCoopers (PwC) and Urban Land Institute, a global non-profit education and research institute,India leads the pack of top real estate investment markets in Asia for 2010.The study is based on the opinions of over 270 international real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants.

Residential properties are viewed as more promising than other sectors and Mumbai, Delhi and Bangalore top the pack in the hotel ‘buy’ prospects as well.The report,points out that India, particularly Mumbai and Delhi, are good destinations.The relatively stronger fundamentals and the lack of dependence on foreign demand are seen as key advantages as India has managed to mitigate the severe recession that has hit most other Asian countries.

Reference:

http://www.thehindubusinessline.com

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One Thousand Locks to Seal the Properties of Defaulters

Tax collection department in Pune Municipal Corporation (PMC) has demanded for 1000 locks to seal the property of defaulters. June 30 is the last date for tax payers to pay off their arrears. It has issued tender for the purchase of these locks. By the end of this month list of defaulter will be available to PMC and stern action will be taken against defaulters.

PMC has launched a scheme for citizen to file their property tax by June 30 and avail a rebate of 10% who clears all the tax arrears on their property. The rebate amount will be deducted from the tax for the next year. Department reports that response to this scheme has been good from citizen and 2.5 lakh property owners have paid their property tax so far, amounting Rs 130 crore.

Tax collection department will issue the list of defaulters in each ward offices and distributes the lock. Officers will go and lock the property of defaulters. However, defaulters will face action after the end of the deadline. PMC had dispatched the tax bills by March to enable early payment of tax and get the benefit of 10% rebate. The saved amount will be deducted from next year’s property tax.

Tax dues

6.4 lakh registered properties.

Rs 130 cr property tax collected from March.

June 30: last date of 10 per cent rebate scheme.

Links to refer

property tax: 1000 locks to shut out defaulters