Under the subvention scheme, banks disburse the sanctioned amount directly to the the builders, who then have to pay EMIs on the sanctioned loan amount, until possession of the flats is handed over to homebuyers.
GURUGRAM: The MCG taxation department on Tuesday issued 22 notices to major defaulters for the outstanding property tax dues. Each of these defaulters has dues exceeding Rs 50 lakh to the municipal corporation. The civic body has compiled a list of 100 defaulters from each zone. Due to ongoing issues with property ID corrections, the municipal body issued an advisory on Tuesday, instructing residents to report directly to the Commissioner or Additional Commissioner if anyone solicits money for property tax-related services or corrections. The corporation assured prompt attention to such complaints and confirmed that legal proceedings will be initiated against…
BENGALURU: The govt’s new weekend property registration initiative kicked off on a promising note with over 800 documents registered across the state on June 1— the first Sunday after the reform was introduced. The initiative, aimed at easing weekday congestion at sub-registrar offices, brought in more than Rs 3 crore in revenue through stamp duty and registration fees on that one day alone. Officials from the department of stamps and registration described the initial response as “decent” and “encouraging”. Some said they are optimistic that participation will increase in coming weeks. “Besides easing weekday rush, the move is aimed at…
PUNE: The Pimpri Chinchwad police registered a case against three directors of a construction company on the charge of cheating homebuyers of Rs 5.37 crore in two separate projects — one housing in Hinjewadi and the other commercial in Rahatani. One of the buyers lodged a complaint with the Hinjewadi police on Tuesday on behalf of the others. The complainant, a resident of Hinjewadi, stated that the company took money by impressing upon them that it got permission to build up to 10 floors in either project. In reality, he said, the firm got permission to build only up to…