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.
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.
Posted in Delhi, News
Tagged amnesty, apartment, flatowners, housing complex, India, property, property owners, property tax, real estate, Real estate in India
SBI had reduced its Benchmark Prime Lending Rate by 75 points in January 1, 2009 and SBI had reduced deposit rate by 25 points across all maturities to bring down cost of funds. SBI cuts its BPLR rate by 50 basis points effective from June 29, 2009.
SBI rate cut comes within a fortnight of Finance Minister Pranab Mukherjee asking state-owned banks to soften rates. Other lenders will soon follow SBI and borrowers will get car loans, home loans and other loans for cheaper rate.
SBI has recently reduced its deposit rate by 25 points. The rate of deposit for 1000 days tenure was reduced from 7.75 to 7.50 per cent, for deposit 2 years or less than 1000 days the rate was cut from 7.50 to 7.25 per cent. The rate for deposit from 1 year to less than 2 years was reduced from 7.25 to 7 per cent and the deposit for tenure of 181 days and less than one year the rate is 6.25 against 6.50 per cent.
The new rate for BPLR will be 11.75 per cent against current rate of 12.25 per cent. This will be effective from June 29, 2009.
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