GHMC has proposed to give tax incentives for the buildings which adopted eco-friendly techniques, based on their green rating. It has said that the buildings using solar water heater equipment would get a 10% concession of property tax and the ones which have water harvesting infrastructure will have an additional 10% concession on property...
Real Estate – Major Developments
In this section, we update significant developments related to Real Estate with an emphasis on Hyderabad city.
Concession on Property Tax for Eco-Friendly Buildings
AP Building Rules 2012, Came in to Effect
The Andhra Pradesh Government has issued new building norms, called Andhra Pradesh Building Rules, 2012, which replace 19 GOs issued in the last decade. These rules apply uniformly to municipalities, municipal corporations and urban development authorities. The important rules include: For plot sizes ranging between 50 sq.m to 300 sq.m., reduction of setbacks has...
External Commercial Borrowing Will be Permitted Only for Low Cost Buildings
The government is all set to curb the menace of land mafia by enacting new laws for the developers in raising overseas funds. According to the ministry of housing and urban poverty alleviation, only genuine developers who wish to develop affordable housing in which 75-90% of the units are reserved for low-cost housing units...
City’s AS Rao Nagar Records Sharp Hike in Retail Rentals across the Country
Moving ahead of the all the metropolis cities like National Capital Region (NCR), Bangalore, Kolkata and Chennai, the AS Rao Nagar area of Hyderabad recorded the steepest hike in the retail monthly rentals. According to a retail real estate market study for the Jan-Mar quarter of 2012 conducted by Cushman & Wakefield, a real...
Hyderabad Ranked 3rd in the List of World’s Most Affordable Office Locations
Hyderabad, the fifth largest Metropolis of India is now emerged as a world’s third most affordable office locations in 2011. In a list prepared by DTZ, Hyderabad stood in the third place followed by Chennai and Pune among the top five such positions. DTZ, a realty consultant firm, has recently conducted a study named...
TDS on Property Sale May Impact Property Prices
In the budget proposed for the current fiscal year 2012-13, the government has proposed one percent TDS (Tax deduction at source) on the sale of immovable property. According to the new provision, sale of all the immovable properties other than agricultural lands attract 1% TDS, if the sale value exceeds Rs. 50 lakh in...
Hike in Excise Duty and Service Tax Will Impact Property Prices: NAREDCO
In the Budget for the current fiscal 2012-13, Finance Minister has proposed to raise excise duty and service tax by 2%. Highlighting this point the president of National Real Estate Development Council (NAREDCO) mentioned that the property prices are going to rise by a minimum of 2% due to the hikes proposed in the...
No Power, No Drinking Water for Unauthorised Buildings: GHMC
As per the common building rules laid by GHMC, drinking water connection as well as the electricity connection should not be given to the buildings which do not have Occupancy certificates (OCs). But so far, it is only the Hyderabad Metropolitan Water Supply & Sewerage Board (HMWSSB) which has denied water supply to many...
Unregistered Sale Deeds Valid: High Court
The high court on March 25th stated that even an unregistered sale deed can become valid evidence in property dispute cases. While delivering the final judgment in a property dispute case, the high court justice mentioned that under section 49 of the Registration Act, 1908 unregistered sale deeds are recognized as valid proofs of...
Hike in Property Tax from 1st May: GHMC Commissioner
Seems like GHMC is all set for the five year revision of property tax once again after 2007. According to the sources, GHMC commissioner told the tax officials to get prepared for the revision of property tax, during the meeting convened to review property tax status. Hoping that Tax revision will bring more revenues,...