Page 3 - Property Tax

DLF sells all 292 luxury homes in new project at Gurugram for Rs 1,800 cr

Realty major DLF has sold all 292 luxury homes in Gurugram for over Rs 1,800 crore within few days of the launch of the project, signalling strong demand despite rise in interest rate on home loans and property prices. On September 26, DLF had launched its project 'The Grove' located at DLF phase-5 in Gurugram, Haryana. The company has advertised in leading newspapers that "'The Grove' is now sold out". According to sources, the project has been completely sold out in just eight days of the launch. The total sales revenue from this project is over Rs 1,800 crore. Housing sales across all segments -- affordable, mid-income, luxury and super luxury -- have revived significantly after the second wave of the COVID pandemic, which hit India during April-June 2021. "We have launched a new project which will be low-rise luxury development comprising 292 residences. The total developable area in this project is 8.5 lakh square feet," DLF Group Executive Director and Chief Business Officer

How to pay MCD property tax online? A step-by-step guide to the procedure

Property tax is one of the major sources of revenue for local governments/Urban Local Bodies (ULBs)

Section 54 benefits available on house built on contiguous plots: Experts

If adjacent apartments are purchased from a developer, make the modifications to convert them into one unit

Planning to buy a house in Delhi? Check factors to consider, other details

What is the procedure to buy a house in Delhi? From home loan to location, here is a step-by-step guide on how to plan such an investment

AAP expects property tax hike by MCD, warns civic body against such move

The AAP on Tuesday warned the Municipal Corporation of Delhi (MCD) against any move to increase property tax, asserting that such a step will get stiff opposition from the party.

MCD introduces uniform property tax rates; to be applicable from July 16

The new rates of property tax will be applicable from July 16 and no additional surcharge will be levied on tax payers who have already paid their taxes

MCD extends last date for filing property tax for availing rebate to Jul 15

The Municipal Corporation of Delhi has extended the last date for filing property tax for 2022-2023 for availing rebate of 15 per cent to July 15, officials said on Friday. Previously, the last date was June 30. MCD provides a rebate of 15 per cent in property tax if the amount due for current financial year is paid in lump sum. "MCD has taken this decision to provide relief to citizens who failed to avail this rebate by not filing their property tax till June 30 due to some reasons. "MCD has ordered all concerned officials in this regard and property tax offices have also been made aware about the decision so that citizens don't face any inconvenience," the civic body said in a statement.

Don't lose the plot while buying land: Hire a lawyer to verify legal title

Plots don't age, offer better RoI than apartments

Maha cabinet waives off property tax for houses up to 500 sq ft in Mumbai

The Maharashtra cabinet on Wednesday approved the state government's decision to waive property tax on houses upto 500 sq ft in Mumbai.

Mumbai: No tax on residential properties up to 500 sq ft, says Uddhav

Property tax on residential units of up to 500 sq ft, located within the Mumbai municipal area limits, will be waived off, Maharashtra Government said on Saturday. Chief Minister Uddhav Thackeray announced the decision at a meeting of the urban development department earlier in the day, an official release said. The waiver comes ahead of Mumbai municipal corporation elections due next month. The CM has asked the administration to implement the decision with immediate effect, the release said. It quoted Urban Development Minister Eknath Shinde as saying that the decision will benefit owners of over 16 lakh houses below 500 sq feet in Brihanmumbai Municipal Corporation (BMC) limits. Shinde said the Shiv Sena, which rules the BMC, has fulfilled an important assurance it gave ahead of the 2017 BMC elections. Thackeray on Saturday chaired a virtual meeting with Shinde, Mumbai district guardian minister Aslam Shaikh, Mumbai suburban district guardian minister Aaditya Thackeray, Mayor .

China finance minister urges deeper property tax reforms: Report

China's property market has been a key driver of the country's economic growth, but it has been hit this year by tighter regulations and a liquidity crisis

No property tax hike in NDMC budget due to the Covid-19 pandemic

The North Delhi Municipal Corporation is not proposing any increase in property tax in its budget in view of the financial strains faced by people due to the COVID-19 pandemic

SDMC proposes increase in property tax to boost revenue; AAP opposes

The proposal in the budget comes ahead of civic polls due next year

China widens property-tax trials with levy on residential property owners

The plan, approved by the National People's Congress Standing Committee, China's top legislative body, is designed to guide rational property buying and will last for five years

China to test levying property tax in some cities amid Evergrande crisis

China has decided to pilot testing property tax levies in selected cities during the coming five years, to garner experiences before proceeding with formal legislation, reported local media.This comes when China's second biggest real estate developer Evergrande is marred with debt it cannot pay back.China's top legislature, the Standing Committee of the National People's Congress (NPC), adopted the decision on Saturday to authorise the State Council, the cabinet, to pilot property tax levies in some regions, Global Times reported citing Xinhua News Agency.A trial property tax could be tested by the end of this year in selected first and second-tier cities, said industry experts stressing that testing will be possible in the cities that have hot real estate markets, most likely in Guangdong's Shenzhen, Zhejiang's Hangzhou, and the southern island province of Hainan.Since 2011, the Chinese central government tried out levying the taxes on high-end private residential properties in ...

China's Xi calls for progress on property tax in drive for prosperity

China, still an avowedly socialist country, has vowed to reduce inequality after years of breakneck growth while stressing that people should still work hard to create wealth

NDMC extends last date for payment of property tax with rebate to July 31

The North Delhi Municipal Corporation has extended the last date for payment of property tax with 15 per cent rebate and additional benefit, to July 31, its mayor said on Friday. The last date earlier was July 15. North Delhi Mayor Raja Iqbal Singh said the NDMC has extended the last date of payment of property tax with 15 per cent rebate, along with 3 per cent 'COVID-19 vaccination' incentive for the year 2021-22. As per the 'COVID-19 vaccination' incentive, if all eligible members in a family have been fully vaccinated, then an additional rebate can be enjoyed, over and above the main rebate. Singh said that extension of date would facilitate the genuine taxpayers who could not do it earlier. On the other hand, the corporation would get more revenues and enthusiasm of people for vaccination would also increase hence this decision has been taken in the interest of the public, he added.

K'taka waives property tax on all single-screen theatres for FY 2021-22

Karnataka on Wednesday ordered a complete waiver of property tax on single-screen theatres for the 2021-22 financial year.

49 defaulters owe Rs 107 crore in property tax to Navi Mumbai civic body

A total of 49 defaulters owe Rs 107 crore to the Navi Mumbai Municipal Corporation (NMMC) in the form of property tax and the civic body has issued notices to them, an official said

Check 'rental value fit' when you are investing in house, say analysts

This is the amount that a typical tenant drawn to a locality is prepared to pay