Weekly #RealtyNewsRoundUp: Land Allotment Rates To Rise By 15 Per Cent In Noida
Realty News Weekly Roundup is PropGuide's selection of top stories of the week from the real estate sector.
The Noida Authority is set to announce a rise in land allotment rates by about 10 to 15 per cent across all categories of land use, other than commercial. A source said commercial land allotment rates have been kept unchanged to encourage investment. Read more
The Delhi High Court has ruled that home buyers cannot be charged service tax on payments made towards the purchase of under-construction apartments from developers, if the total value of an apartment includes the land value. However, service tax can still be levied on preferential location charges (PLC) that developers take from buyers. The court also said that if the developer had already collected service tax, buyers would be refunded the amount with a six per cent rate of interest by the revenue department. Read more
Telangana has decided to regularise land parcels under encroachment in Hyderabad. According to Secunderabad's Estate Office, about 70 acre of vacant land in the district of Hyderabad is encroached by around 800 people. Read more
The Union Ministry of Urban Development started a week-long workshop in Delhi for Bidhannagar, Durgapur and Haldia and the other shortlisted smart cities to help them upgrade their proposals to be submitted by June 30. Read more
The Art of Living (AOL) foundation has deposited Rs 4.75 crore 'environment compensation' with the Delhi Development Authority. The National Green Tribunal had slapped a fine on the AOL for damaging river Yamuna's biodiversity during its World Culture Festival held in March this year. Read more