#RealtyNewsRoundUp: Rajasthan RERA Hikes Penalty On Unregistered Projects
Description
The Real Estate Regulatory Authority (RERA) in Rajasthan will impose 10 per cent of the project cost on developers, who have failed to register their ongoing projects in September. The authority had given September 30 as the deadline to register ongoing projects after paying two per cent of project cost as penalty.
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Unlike their counterparts in state capital Mumbai, owners of small houses in Pune may not get a property tax waiver. A proposal that talked about waiving of taxes for houses below 600 sqft has been rejected by the city administration. The city has around 8.3 lakh properties that have to pay tax.
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Real estate developer Godrej Properties has entered into a joint venture with Royale Builders and Developers to develop a 13-acre land parcel on the Bellary Road (NH-7) in North Bengaluru. Godrej Properties is planning to develop a residential group housing project of around 1.34 million sqft on this land parcel.
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Delhi-based real estate developer Ashiana Housing has signed a memorandum of understanding with a Pune-based developer for building of a group housing project near Hinjwadi in Pune. Spread over 19 acres, the project will be developed on a revenue-sharing basis.
Source: Media reports