#RealtyNewsRoundup: HC Scraps BMC’s Property Tax Assessment Rules
Description
The Bombay High Court on April 24 scrapped three rules enacted by the Brihanmumbai Municipal Corporation (BMC) to levy property tax based on capital value of the property and not the rateable value on standard rent. With this HC order, all the assessments and bills issued under these rules stand squashed, too.
***
The Greater Noida Industrial Development Authority (GNIDA) is expected to increase the floor area ratio in areas falling within half-a-kilometre radius of the Aqua Line to 4 up from the existing 3.5. The new FAR will applicable to both commercial and residential projects here. The proposal for this is expected to get a final go-ahead from the GNIDA in June.
***
Fund-related issues have led to over 730 residential projects across Uttar Pradesh missing their completion deadline of March 31, the state Real Estate Regulatory Authority (UP-RERA) has said. Over 60 per cent of these projects are in Noida, Greater Noida, Yamuna Expressway, Ghaziabad and other parts of western UP.
***
The Gautam Buddh Nagar administration on April 24 sealed the office of Gurgaon-based Orris Infrastructure over pending dues worth Rs 1.16 crore. The authority had earlier issued the developer a recovery certificate. Orris Infrastructure has nearly eight projects in Gurgaon and Noida, of which four are under-construction.
Source: Media reports