Developments You Must Know About Before You Invest In Kolkata Real Estate

Planning to invest in the City of Joy? Well, before you do so, know what is happening in the city. You may have already heard about the city adopting new unit area method to calculate property tax. Here are some more such developments you need to know:

Benami caught in the noose

More than 233 cases valued Rs 813 crore have been reported under the benami properties in the country, out of which Kolkata region accounted for Rs 477 crore. The Benami Transactions (Prohibition) Amended Act, 2016 empowers the authorities to attach properties in such cases as also confiscate it. As per the law, the accused may even be sentenced to a jail term ranging between one to seven years, or pay a penalty of 25 per cent of the fair value of the property.

Breaking rules of the road? Pay a hefty fine

The West Bengal Motor Vehicles Rules, 1989 has undergone an improvisation. The Kolkata administration has proposed a 5-10 per cent hike in penalties imposed on rash drivers, effective from the first week of August, 2017. The move will also help people take road safety more seriously and follow the rules.

The traffic cops can now penalise offenders for multiple violations in one go, making offenders cough up more. For example, stunts on the road could qualify both as violating speed rules as well as qualify for a penalty for dangerous driving. In a country where road accidents and deaths are touching peak numbers, this comes as a smart move.

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Authorities undertake health monitoring

In Kolkata, you are not the only one thinking about your health. Yes, the Bidhanagar Municipal Corporation officials screened government offices and schools under the vector control programme. The authorities are reviewing such buildings in a bid to alert concerned owners and departments to clean up their environment and escape dengue.

Nabadiganta authorities at work

The Nabadiganta Industrial Township Authority (NDITA) in a recent review meeting has encouraged officials to expedite work. Reports claim that of the work undertaken, the progress comprises of the commencement of construction of a bus terminus, footpath near Technopolis, use of recycled water for cleaning the roads, use of street signages, multi-storied car parking, administrative building of NDITA and Town Hall, introduction of bike taxi services, real-time updation on web of property tax payments, among others are the works undertaken or ongoing.

Old construction misses the attention

Despite the fact that in September 2016 the Kolkata Municipal Corporation (KMC) had set up a Standing Committee to look into old constructions in the city and enact a law for these to remain habitable and safe, a recent building collapse in the city has shocked many.

As per rules, KMC can just issue notices to such residents of buildings that aren't safe to inhabit but cannot enforce them to vacate. This made it necessary to have new, stringent law in place. As of 2016, 3000 old, dilapidated buildings were identified but with the recent incident in Taltala area surfacing in the reports, it calls for a heavier hand on the issue.

Mutation rates hiked

Depending on the size of the land parcel, mutation charges have been hiked to the tune of 40-100 per cent. This was in a bid to feed the government revenue coffers. The biggest leap is in the case of commercial properties while agricultural land bears the minimum brunt of this development. The administration justifies the hike on the grounds that it hadn't been revised for a long time. Also, it required to be in tandem with the high property prices.

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