Category: Latest Stories

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IndustryLatest Stories

Mysuru MDA Seeks Landowner Consent for Mega Housing Plan

Representative Image MYSURU: The Mysuru Development Authority (MDA) has invited landowners from four villages in Yelwal hobli to submit consent letters for a proposed mega residential layout covering 2,113 acres. This project is part of the 50:50 scheme, where landowners will receive half of the developed land in exchange for the land they surrender. However, villagers have expressed concern over a lack of information regarding the project, while real estate experts have raised questions about its feasibility. The MDA’s proposal encompasses the villages of Nagawala, Bommenahalli, Kammarahalli, and Doddamaragowdanahalli. The initiative requires participation from 1,524 landowners and is expected to…

Latest StoriesResidential

Fixed Fee for Property Tax Name Transfers in Tambaram

CHENNAI: In an exciting development for property owners, the Tambaram City Municipal Corporation (TCMC) has reduced fees for property tax name changes and standardized charges from January onwards. Previously, fees were based on the property’s market value, leading residents to pay between ₹15,000 and ₹40,000 depending on their property’s size and value. Going forward, a flat fee of ₹500 will apply for residential properties, while non-residential or commercial properties will incur a charge of ₹1,000. “Greater Chennai Corporation (GCC) charges only ₹500 for property name transfers. Tambaram’s decision to adopt a similar model will significantly lower costs for property buyers…

Latest StoriesResidential

Uttar Pradesh to Discount 10,000 Unsold Ghaziabad Flats by 25%

GHAZIABAD: The Uttar Pradesh government plans to offer discounts of up to 25% to clear a stockpile of nearly 10,000 unsold flats developed by the Ghaziabad Development Authority (GDA) and the UP Housing Board in the city. This initiative is part of the Model Costing Guidelines Basic Principles 2025, aimed at resolving the inventory of unsold flats and plots while standardizing pricing across various development authorities and housing boards. GDA currently has 1,748 unsold flats across five housing schemes. In addition, the housing board has approximately 8,000 unsold units in Ghaziabad, with around 4,000 in the Ganga Yamuna and Hindon…

Housing FinanceLatest Stories

NHB Flags PMAY 2.0 Disbursal Delay, Urges Finance Firms to Act

MUMBAI: The National Housing Bank (NHB) is advocating for increased adoption of PMAY 2.0, highlighting slower-than-anticipated disbursements in the interest subsidy scheme, as per sources involved in discussions with home financiers and regulators. In a recent meeting with chief executives of major housing finance companies (HFCs), the NHB leader expressed concerns that disbursements were “not meeting expectations” and encouraged lenders to intensify their focus on the program, according to officials who participated in the discussions. “The goal is to significantly enhance PMAY 2.0, yet the disbursement pace has been underwhelming,” remarked an official with insight into the matter. “The regulator…

Latest StoriesRegulatory

Guntur Civic Body Waives Uncollectable Property Tax Arrears

GUNTUR: The Guntur Municipal Corporation (GMC) has eliminated ₹33.62 crore in ‘uncollectable’ property tax arrears as part of its initial phase, addressing a total of over ₹80 crore in long-standing demands. Property and vacant land taxes are vital for GMC, generating an approximate annual revenue of ₹300 crore. Yet, collection rates have historically remained at 50-60%, primarily due to staff oversight and accumulating uncollectable amounts. “We conducted a comprehensive review of the outstanding dues and determined that certain assessments could be waived following due diligence. Every record will be made public, as the council has approved this proposal. This initiative…

IndustryLatest Stories

Delhi Mayor Urges Clearing Property Tax Dues in Amnesty Scheme

NEW DELHI: Delhi Mayor Sardar Raja Iqbal Singh urged residents to pay overdue property taxes under the Property Tax Amnesty Scheme 2025-26, which includes waivers on interest and penalties. The offer ends on January 31. The Sumpattikar Niptaan Yojana (SUNIYO) allows taxpayers to completely waive property tax, interest, and penalties for dues from before the 2020-21 fiscal year, contingent on payment of the principal tax for the current year (2025-26) and for the previous five years (2020-21 to 2024-25). A late fee of 5% is applicable after the deadline. “We encourage property owners to take full advantage of this opportunity…

Latest StoriesResidential

Maharashtra CM urged to revoke MOFA changes, restore rights

File photo PUNE: The Akhil Bharatiya Grahak Panchayat has called on Chief Minister Devendra Fadnavis to rigorously implement the provisions of the Maharashtra Ownership of Flats (MOFA) Act. They are demanding the immediate retraction of recent amendments, which they label unjust, anti-consumer, and contrary to the public interest. These changes reportedly provide “legal immunity” to builders by removing criminal liabilities for violations. The organization emphasizes that law enforcement and relevant authorities should take criminal actions against errant builders and reaffirm ownership and conveyance rights for homebuyers throughout Maharashtra. In a comprehensive memorandum directed to the CM on December 31, the…

Latest StoriesResidential

Beed leads Maharashtra’s rural housing drive: 50,000+ families move in

CHHATRAPATI SAMBHAJINAGAR: Beed has risen to prominence as Maharashtra’s top district in executing the rural housing scheme endorsed by both state and central governments. More than 50,000 families have moved into their new homes between January and the end of October. To inspire further participation, beneficiaries who completed their homes ahead of schedule were honored. During the focused three to four-month campaign, nearly ₹1,000 crore was deposited directly into the beneficiaries’ bank accounts. This initiative has set a new standard for rural housing implementation within the state. According to available data, 36,643 houses were completed under PMAYG, 3,882 under the…

Latest StoriesResidential

Karnataka Eases Occupancy Rules for 30×40 Rural Homes

BENGALURU: In a significant development for farmhouse and newly-constructed property owners in rural Karnataka, the government announced on Wednesday that certain types of houses under gram panchayat (GP) limits will be exempt from obtaining an occupancy certificate (OC). Officials from the rural development and panchayat raj (RDPR) department clarified that this exemption pertains to newly-built residential structures on 30×40 sqft plots in rural areas falling under gram panchayat jurisdiction. This change will be implemented immediately. The RDPR notification indicated, “Residential buildings that consist of a ground floor plus two additional floors (G+2) or stilt plus three floors (Stilt+3), constructed on…

Latest StoriesRegulatory

Telangana Registrations Drop 50,000, Revenue Rises ₹500 Crore

HYDERABAD: Despite the state’s government initiatives to boost the struggling real estate sector, including freezing market value revisions and fostering a more favorable developer sentiment, the industry still faces significant challenges. Registrations have sharply declined, dropping by approximately 50,000 documents in the 2025-26 financial year compared to the previous year (up until December). Although there has been a slight rise in total revenue, it remains well below the target of Rs 19,100 crore. For the fiscal year 2024-25, the registration and stamps (R&S) department generated Rs 14,230 crore in revenue. According to sources from the R&S department, their revenue target…