#RealtyNewsRoundup: Delhi Set To Implement Real Estate Act
Realty News Roundup is PropGuide’s selection of the day’s top stories from the real estate sector.
National capital Delhi is likely to be ready to implement the Real Estate (Regulation & Development) Act, 2016, by November 27. The Urban Development Ministry is planning to notify the rules in this regard for the national capital, and is looking to simplify procedures for project registrations. The deadline for notifying the regulations has now been extended to November 27 from October 31. Meanwhile, Delhi municipal corporations have extended the deadline till November 24 for paying property tax and other charges using Rs 500 and Rs 1,000 notes.
In the largest transaction in Mumbai’s Nariman Point’s history, Singapore’s multinational financial institution DBS Bank is set to pick up one lakh sq ft of prime office space spread over total five floors in Blackstone Group’s commercial property, Express Towers.
As it allowed taxpayers to submit their old Rs 500 and Rs 1,000 currency notes, the Greater Hyderabad Municipal Corporation has collected a whopping Rs 110 crore in taxes in the past three days. This comes days after the Central government announced the withdrawal of the Rs 500 and 1,000 denominations. Official sources said that while the municipal body’s monthly average expenditure was Rs 200 crore, it got only Rs 30 crore from property tax collections, building fees and other taxes.
Maharashtra has become the first state to adopt the Fly Ash Utilisation Policy. The state will use fly ash to make construction materials. Earlier, use of fly ash was allowed only within a 100-km radius of power plants. Now, it has been extended to 300 kms.