#WeeklyNewsRoundup: Demonetisation Boosts Property Tax Collection Across Country
Weekly News Roundup is PropGuide’s selection of the week’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, Greater Hyderabad Muncipal corporation has collected Rs 110 crores, 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.
The Uttar Pradesh government has allowed payment of land registry fee with the demonetised Rs 500 and Rs 1,000 currency notes till November 24. At present, the highest registration fee payable, depending on the size of the land or house being purchased in the state, is Rs 20,000.
National capital Delhi is likely to be ready to implement the Real Estate (Regulation & Development) Act, 2016, by November 27. The Urban Development Ministry is planning to notify the rules in this regard for the national capital, and is looking to simplify procedures for project registrations. The deadline for notifying the regulations has now been extended to November 27 from October 31.
In a bid to develop Sohna as an industrial town, Haryan