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#RealtyNewsRoundUp: Property Tax Collections Go Up Across Indian Cities, Thanks To Demonetisation

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

Reports show there is a surge in property tax collections across Indian cities, as civic bodies are accepting demonetised currency. So far, Delhi civic bodies have fetched over Rs 7 crore, while that in Pune collected Rs 33 crore in two days. However, long queues were seen in most of the tax counters of the civic bodies, with banks witnessing heavy rush.

Donald Trump's victory in the US Presidential elections has given a fillip to his India business partners, while the brand continues to scout for growth opportunities in the country. Trump currently has five luxury projects in India, including a ready twin tower 46-apartment block in Pune, and an under-construction 300-apartment project in the heart of Mumbai. Trump’s target cities for the future growth of his brand in India might include Mumbai, Pune, the National Capital Region, Bengaluru, Chennai, Hyderabad, Goa, and other locations with good demand for super-luxury properties.

The Maharashtra government has increased the stamp duty on property registrations in Nagpur by one per cent to fund the city’s Metro project. The increased duty will be applicable across the city, instead of only on properties located 500 metres on each side of the Metro corridors, as announced earlier. Besides, the raise is applicable with retrospective effect from June 30      

Credai Bengal, the state chapter of the Confederation of Real Estate Developers' Association of India, organised ninth edition of the Realty Expo 2016 between November 11 and 13. The expo brought 40 eminent developers under one roof, and displayed products and best service deal to customers.

Source: Media reports

Tags: Video, CREDAI, Maharashtra, property tax collection, Nagpur


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