PROPERTY CIRCLE RATES
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
BSNL and MTNL prioritise govt organisations for land asset sales worth Rs 1 lakh crore
Recently, BSNL sold one of its properties in Lucknow to the Income Tax department for around Rs 229 crore, which was the market value of the building.
Advertisers make a killing this IPL
The TV reach of IPL for the first 51 matches has already surpassed the previous season's audience reach of 505 million. The digital reach of the IPL is also poised to beat the previous season's figure of 450 million, having already touched 383 million for the first 29 matches.
Where to do bottom fishing in this volatile market? Gurmeet Chadha answers
Gurmeet Chadha discusses investment opportunities in railway, defence, auto ancillary stocks, chemicals, and metal sectors. He also shares insights on market triggers, liquidity flow, sector-specific considerations, and strategic portfolio adjustments in response to market conditions. One can do some bit of bottom fishing in railway , defence and some of the auto ancillary stocks.
Dubai’s red-hot property market is bracing for a slowdown
So far, the boom has been underpinned by an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes. The government’s handling of the pandemic and its liberal visa policies also attracted more foreign buyers.
ET explainer: TDRs, tool for structured, planned urban growth
The concept of TDRs originated in New York City in the early 1960s. While it has been utilized worldwide since then, it has garnered increased attention, particularly in major Indian cities over the past few decades. This surge in interest is driven by the necessity for organized development to prevent unplanned and chaotic urban growth. The concept evolved as a way to compensate property owners for development limitations in one location by providing them with the option to transfer their development rights to another location where additional development was encouraged.
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Gurgaon property prices may jump sharply as Haryana govt proposes up to 90% hike in circle rate
The proposal includes a nearly 70% increase in circle rates for prime areas like Golf Course Road and MG Road. Prospective buyers are concerned about the steep price rise, as it may make it difficult for common people to afford a home. The government has invited objections and suggestions until December 17.
Once considered a ‘nuisance’, seaweed grows into a $7.5-billion opportunity for India
The world is developing an appetite for seaweed, a climate-friendly plant that can replace plastics & has uses in fuel, food and pharma sectors. With a large coastline, India can become a major cultivator if the government can address the technical and policy gaps.
Karnataka: Sub-registrar office timings extended as property buyers queue up ahead of guidance value hike
Property buyers are rushing to sub registrar's offices after Karnataka announced increased the guidance value of immovable properties as much as 30%, effective October 1. They want to complete the registration process before October 1 to save on the additional stamp duty as well as the registration costs.
Guidance value goes up, property transactions in Bengaluru to be dearer from October 1
The government of Karnataka has announced an increase in the guidance value, or circle rates, for properties in Bengaluru. The rates will be raised by an average of 25%-30%, with some areas seeing an increase of up to 50%. The government aims to align the guidance value with market value and generate additional revenue of Rs 2000 crore.
Circle rates in Delhi to be hiked by 35%? Work in progress to redraw proposal
The Delhi government's plan to revise circle rates of residential and commercial areas in the capital is being reworked after objections and suggestions from the finance department. The proposal aims to address the gap between existing circle rates and market rates by proposing a hike of up to 35%. The revenue department is also considering downgrading or upgrading certain colonies based on their location, facilities, and market rates.
Increase in guidance value will be very modest: Karnataka Revenue Minister Krishna Byre Gowda
As Karnataka proposes to make changes to its guidance value (circle rates) of properties after a gap of four years, Revenue Minister Krishna Byre Gowda explains why and how they are approaching the subject, in a chat with ET's KR Balasubramanyam. Edited excerpts:
Property market: Transaction values to go up as Karnataka sets out to revise guidance value
The stamps & registration department has collected Rs 6522 crore as of August 21 this fiscal year compared to Rs 6142 crore during the same period last year. The Finance department has factored in an increase in guidance value while fixing the revenue target this year. Karnataka introduced the guidance value system in the 1990s to plug leaks in stamp duties through under reporting of the value of transactions.
Housing prices in this Delhi-NCR area jumped 46% in Q2; know how much property prices have risen in your city
Housing prices in Kolkata have increased by 15 per cent year-on-year (YoY) in the April-June quarter of 2023. It was the highest increase in residential prices among the eight cities, according to a report released by CREDAI and Colliers Liases Foras. Check how much property price has risen in your city
Bengaluru developers say realty demand to remain unfazed by circle rate hike
The guidance value of all immovable properties across the state was revised during 2018-19 and came into effect in January 2019. The last update to circle rates was made in 2018-19, where it was raised by 25% before the erstwhile BJP government granted a 10% rebate on stamp duty was also provided to the sector.
Land rate hike by Noida authority to impact housing demand
Although the hike was expected (the last hike happened in October 2019), but it may eventually arrest housing demand as the overall cost of acquisition would go up for the prospective homebuyers.
Property transactions in Delhi to become costly from July 1 as government discontinues circle rate rebate
The move, according to realtors, will make the property transaction costlier and impact the real estate sector in the capital, which had gained momentum because of the benefit announced by the government.
Extension of reduced circle rate to benefit real estate sector, say realtors
Brokerage firms and industry leaders said that transaction costs such as goods and services tax (GST), stamp duty and registrations fee are already on the higher side and that any addition will impact home buyer sentiments.
Circle rate hike planned by Delhi government will adversely impact the real estate market: Experts
“Any proposal to hike circle rates in Category A localities - Maharani Bagh, New Friends Colony, Panchsheel Park, Vasant Vihar and Hanuman Road - where the market rates are significantly below circle rates will be very counterproductive,” said Amit Goyal, CEO, India Sotheby’s International Realty.
Circle rates go up: Pay more for land or home in Gurugram
Homebuyers planning to capitalise on the pandemic flatness in the market and buy properties in upscale condominiums of the city will have to set aside a higher budget.
Delhi government extends 20 per cent reduction in circle rates till Jun 2022
According to Revenue Department officials, properties in Delhi are divided into eight categories from 'A' to 'H'. While posh areas fall under the 'A' category, the least developed areas come under the 'H' category.
Property prices to go up in Noida as administration proposes hike in circle rates
The administration has also proposed an additional surcharge of 5% on properties on the metro route and near the metro stations, 7.5% additional surcharge on the sectors which lie on the both sides of the expressway and 12.5% on sectors which are near both the metro station and expressway.
After 4 years, circle rates to go up in Noida
Officials, however, said that local residents have a window of 15 days to register any objections. Post that, the new rates will be notified. The UP government charges 7% of the property value as stamp duty.
Gurgaon hikes circle rate at posh localities by upto 90 per cent
Circle rates at DLF’s Camellias, Magnolias and Aralias, which houses one of the costliest condominium in the country, has been increased from Rs 20,000 sq ft to Rs 25,000 sq ft.
20% cut in circle rate draws buyers of luxury property in South Delhi
The recent 20% cut in circle rates in residential, commercial and industrial properties in Delhi has revved up the market as the value of properties is now much closer to the current market prices, according to brokerage firms.
Delhi government cuts circle rates of properties by 20 per cent
The circle rates related to residential, commercial and industrial properties in Delhi have been reduced by flat 20 per cent across all categories of colonies and areas till September 30, 2021, a city government official said.
Investors stuck with under construction properties may see tax benefits following change in government regulations
The government on Thursday relaxed these regulations a bit. The government has now allowed that the properties could be sold at 20% lower price than the prevailing circle rates. The difference was 10% earlier.
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