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#RealtyNewsRoundup: Benami Bill Notified, 7 Years In Jail For Undisclosed Property

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Realty News Roundup is PropGuide’s selection of daily top stories from the real estate sector.

The Benami Transactions (Prohibition) Amendment Act, 2016, which has recently been notified by the government, mandates that people keeping 'benami' properties to evade taxes will get up to seven years’ rigorous imprisonment. Apart from this, a fine may also be imposed which may extend to 25 per cent of the fair market value of the property.

Binani Group has plans to invest around Rs 10,000 crore in cement, power and infrastructure, including ports, in West Bengal. The company, which has its presence across India, East Africa, China, Indonesia and the UAE, will prepare a detailed proposal and submit it to the state government.

To accommodate the extra rush of flyers at the Mumbai International Airport, the aviation ministry is in a rush to create slots by making the airport in Juhu operational, apart from setting 2019 deadline for the completion of the Navi Mumbai airport. The plan is to shift general aviation operations and regional flights operations to the Juhu airport, which will help decongest the existing airport.

Infrastructure major Larsen & Toubro has been shortlisted as the implementation partner to make Nagpur the first integrated smart city of the country. The scope of work in Phase-I will include the laying of 1,200 km of optical fibre network, creating 136 city wi-fi hotspots at key locations, setting up 100 digital interactive kiosks and developing city surveillance systems with 3,800 IP-based cameras.

Source: Media reports

Tags: India, Video, UAE, China, Nagpur, Larsen & Toubro, propguide, Indonesia, 2016, Benami Transactions (Prohibition) Amendment Act, Binani Group, East Africa

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