#RealtyNewsRoundup: SC Orders Forensic Audit Of Unitech
Description
The Supreme Court has ordered a forensic audit of real estate giant Unitech and its subsidiary companies be carried out to probe the alleged financial irregularities and diversion of homebuyers' funds by the company. The company is in process of building as many as 74 housing projects across the country, but work has been stuck due to cash crunch.
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Property buyers in Delhi who use over Rs 20,000 cash during the transaction might get notices from the Income Tax Department as it has started a drive against such deals. Under the existing law, all real estate transactions should be carried out through account payee cheque or real-time gross settlement or electronic funds transfer, if the amount involved is Rs 20,000 or above.
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Residents in the areas will now have to pay property tax as the Panvel City Municipal Corporation (PCMC) has passed a resolution in that regard. The civic body, which was formed only two years ago, will charge residents 32 per cent of the rateable value of their property as tax. Those who live in spaces less than 300 sqft, the property tax will be 12 per cent of the rateable value. The move comes into effect from April 1.
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The last hurdle in the way of the Dwarka Expressway has been cleared as the Haryana Shahari Vikas Pradhikaran (HSVP) has cleared a 30-metre stretch near Kherki Daula. Due to legal issues, the body was not able to allot alternative plots to the existing owners.
Source: Media reports