Apartment Exchange Scheme for Senior Citizen

Chennai based L&T Arun Excello Realty(a joint venture between an L&T subsidiary and a local real estate group)has offered an apartment exchange scheme exclusively to senior citizens. For them, the builder has reserved the ground and first floors of Estancia, an integrated township being promoted 18 km from the Chennai airport on the Madurai route. They have also tied up with international realty consultant Jones Lang LaSalle Meghraj (JLLM) to guide elderly customers through the nitty-gritty of the transaction, including evaluating the worth of their old apartments.

Senior citizens quite often feel out of place in the din of city life. They would have put up with hardships for decades, for the sake of their children’s education. In retired life, instead of living alone, feeling insecure and coping with daily challenges in managing the household, they were invited to gated community that provides a secure environment. They will not be neglected or left alone, but will form part of a community, including children. Elder-friendly amenities or features such as anti-skid flooring, ramp, stretcher lifts and grab bars in toilets would form part of the project.

Since senior citizens are not eligible for home loans to buy a dream house, they often have to liquidate other assets. Hence exchange scheme can be best utilized by them. If people want to sell their flats directly to end customers, JLLM will guide them through the process.

For more details refer:

• On offer in Chennai: Get new flats for old

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Chennai based L&T Arun Excello Realty(a joint venture between an L&T subsidiary and a local real estate group)has offered an apartment exchange scheme exclusively to senior citizens. For them, the builder has reserved the ground and first floors of Estancia, an integrated township being promoted 18 km from the Chennai airport on the Madurai route. They have also tied up with international realty consultant Jones Lang LaSalle Meghraj (JLLM) to guide elderly customers through the nitty-gritty of the transaction, including evaluating the worth of their old apartments.

Senior citizens quite often feel out of place in the din of city life. They would have put up with hardships for decades, for the sake of their children’s education. In retired life, instead of living alone, feeling insecure and coping with daily challenges in managing the household, we invite them to our gated community that provides a secure environment. They will not be neglected or left alone, but will form part of a community, including children.

Since senior citizens are not eligible for home loans to buy a dream house, they often have to liquidate other assets. Hence exchange scheme can be best utilized by them. If people want to sell their flats directly to end customers, JLLM will guide them through the process.

Surcharge on Stamp Duty Proposed By State Government of Tamil Nadu

For generating revenue for local bodies and source funds for urban road infrastructure projects, the state government proposed a surcharge on stamp duty. Property transaction will get costlier in limits of Chennai Corporation, municipal and town panchayat.

A bill “The Tamil Nadu Duty on Transfers of Property (in Municipal Areas) Bill, 2009” was introduced by deputy chief minister M K Stalin in the Assembly. According to the bill, the surcharge would not exceed 5% of the stamp duty. The buyers on purchase of Rs 30 lakh apartment would get a surcharge that would work out to Rs 12,000.

Final Notification of 198 wards issued by BBMP-Bangalore

Final notification on BBMP wards issued

The number of wards in the final notification remains the same as in the draft, and the number of wards whose names have changed are over 45. The number of wards in which the areas have either been included or excluded are over 30. The draft notification, issued by the Urban Development Department on June 17, was subject to suggestions and recommendations before June 30. After looking into over 1,500 suggestions, the Urban Development Department finalised the delimitation.

Contact PMC for property tax bill 2009-10

Pune Municipal Corporation (PMC) has received complaints from citizen on not receiving the property tax bill for 2009-10. PMC has told citizen of Pune who have not received the property tax bill for 2009-10 to approach PMC and write a letter mentioning their present address to deputy commissioner/ tax department chief, PMC building, Shivajinagar – 411005.

PMC has launched a drive to reach maximum tax payers and collect property tax. The general body of the PMC has set a target of collecting Rs 511.11 crore for 2009-10. The PMC has recently assessed 918 new properties whose ARV (Annual Ratable Value) is Rs 1.99 crore. Citizen who have paid property tax and still received bill showing the dues should also contact deputy commissioner/ tax department chief on same address.

Form IV and Form V for filing property tax 2009-10

Tax payers can pay property tax 2009-10 from July 1 at respective help center. BBMP accepts property tax from payers in two different forms. Form IV is property owners who made no change to their property. The property owners who made change from previous return can file their property tax in form V.

Form is available at Citizen Help center. Form IV is available in white and Form V in Blue. The change in property can be extend of built-up area, usage, occupancy or category.

Tax payers paying DD or Pay order will be issued the receipt on the spot and tax payers paying property tax by cheque will get receipt of return only on realization of cheque. They can get acknowledgement for receipt of return. The property tax payers paying tax for whole year on or before July 30 will get tax rebate of 5 per cent. Last date for paying tax for whole year or first half-year without penalty will be on August 30.

Link To Refer:

File your property tax return 2009-10

Integrated Housing Complex for Industrial workers

Haryana State Industrial and Infrastructure Development Corporation Ltd (HSIIDC) gave go ahead for the development of integrated housing complex for industrial workers. The scheme to be funded under Economic Stimulus Package announced in the budget 2009-10 by the state government.

The scheme is announced for housing for industrial workers at IMT Rohtak, IMT Faridabad, Kundli, Rai and Barhi. The state government will allot Rs 30 crore in three equal installments of Rs 10 crore each. HSIIDC reports, the draft project report of the project is under finalization. The first installment for the project will be released immediately to the corporation. The project would be completed in 18 months.

The industrial estates with entrepreneurs either of fully operational or in production industrial projects would be eligible for this scheme. If there is application exceeding the number of dwelling units, allotment will done on draw of lots. Under the industrial housing scheme, dormitory units having covered area of 114.30 sq mtrs and dwelling units covering 29.14 sq mtrs would be constructed. The dormitory units would be allotted as one unit for 12 persons to the existing industrial units. An industrial unit could apply for a maximum of four dormitory units. Individual dwelling units would also be allotted to the existing unit in the industrial estate.

The allotment would be made on a deferred payment scheme wherein the applicant would pay ten per cent with the application, 15 per cent after allotment and balance 75 per cent in five equated half-yearly installments carrying nominal interest. The application exceeding the number of dwelling units, allotment will be done on draw of lots.

BPLR down by 50 bps for State Bank of 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.

Reference:

• Loans To Become Cheaper- SBI Cuts BPLR Rate By 50 Basis Points

Opportunity To File Revised Returns For Property Tax 2008-09

Deadline for property tax payers for filing property tax 2008-09 is on June 30. It is mandatory for all tax payers to pay property tax irrespective of whether or not they hold khata. Property Index Number (PID) can be known from BBMP website. If you have made mistake in calculating your property tax 2008-09, you can file your return now.

You can file your revised return at BBMP help center and get the acknowledgment of the same. BBMP tax calculator will enable you to calculate your property tax and interest payable for delayed payment. Second installment of property tax 2008-09 can be filed without fine or penalty up to June 30.

To avail the services from BBMP, tax payers have to make prompt payment and furnish the details of tax paid. Therefore ensure prompt payment to enjoy the benefit or services offered by BBMP to its citizen.

All help centers of BBMP will work from 9:30 Am to 12:30 Pm and 3:30 Pm to 7:00 Pm on all working days

June 30 last date for property tax 2008-09

Pay your property tax in time and avoid penalty or fine. June 30 is the last date for paying property tax 2008-09. Property owners can avoid paying penalty or fine on property tax if paid on or before June 30.

If property owners had made any default in first installment for property tax 2008-09, property owners will have to pay 2% interest per month. This is right time to file your return if you have wrong amount. Property owners who made wrong payment can file their return without any penalty or charges on or before June 30.

You can see property owners in Bangalore rushing to pay their property tax 2008-09 in June. If the property owners make any default, BBMP will charge penalty of double the property tax or issue distress warrant to attach movable property in the house towards property tax.

Property owners can make payment of property tax 2009-10 from July 1. July 30 is deadline for availing rebate for tax paid in full for 2009-10. August 30 will be last date for paying property tax 2009-10 without fine or penalty.

Reference:
Pay Your Property Tax or Pay Double

Water Supply and Sewerage Can Be Disconnected For Whole Apartments If Your Neighbor Defaults

Madras court says metrowater is vested with statutory right to cutoff water for whole apartment complex if the owner makes default. Two apartment owners in Cosmo Tower made default to pay arrears of water and sewerage connection  tax and charges. Chennai metrowater’s gave notice to association if the owner in apartment fails to pay arrears, water supply and sewerage connection will be disconnected for a whole of apartment.

Association of Cosmo Tower, a residential in T-Nagar Chennai, filed a petition seeking forebear the disconnection of water supply and sewerage connection due to default made by two flat owners. Justice N Paul Vasanthakumar by dismissing the writ petition filed by association stating that metrowater’s has statutory right to cut off water supply to the whole complex.

Association says it has 30 members and two flat owners are not considered as owners as they were using their flat for commercial purpose against the byelaws of the association. However two owners said the association itself had disconnected water supply to the flats of two owners. One of them had paid dues to board but Metrowater said it can disconnect the water supply if any one of them makes default.

Metrowater says association could pay arrears and recover the same from the flat owner. On the disconnection of water supply by association to two owners of the flat, court says association is not entitle to disconnect the water supply to its owner.

Reference:

Your water supply can be snapped if apartment neighbor defaults