Property News

Property News #2: 6 ramps of Maa flyover, pre-Durga Puja road repairs, Maharashtra Government Slashes Stamp Duty

Installation of height bars on all 6 ramps of Maa flyover

The Kolkata Metropolitan Development Authority (KMDA) has planned to build new height bars to all 6 entry points of Maa Flyover. The purpose of installing such bars is to unfix or re-fix the horizontal members of the flyover during a VVIP movement as per the requirement. The project estimate cost has been set to 10Lakhs. Furthermore, 45 days will be given to the agency whoever will be selected to complete this project.

Furthermore, the KMDA has also stated that the total height of each bar will be 2.9 metre.

KMC sets October 15 deadline for pre-Durga Puja road repairs

As only a few weeks have been left for the city’s biggest festival ‘Durga Puja’, the Kolkata Municipal Corporation (KMC) has already begun their works regarding the repairing of roads. Keeping an eye on the Durga Puja, the city roads will come under a massive repair program. It has been stated that the repairing of all the bad stretches in the city will be completed within 15th October 2020. However, it is not allowed for the workers to dig any road since 1st October 2020, but are ordered to repair it within the desired deadline. On the other hand, the KMC has also instructed to put a board on the construction site on which the name of the contractor must be mentioned. It has been stated that strict actions will be taken against the contractor for not following the instruction or guidelines given by the KMC.

Moreover, it has been reported that PWD will repair Taratalla Road and DH Road. While, KMDA will repair Anandapur, Ruby, and Science city Connector. On the other hand, KMC will repair the major roads such as Chittaranjan Avenue, Bidhan Sarani, Rashbehari Avenue, NSC Bose Road, and others.

Real Estate Shares Rally after Maharashtra Government Slashes Stamp Duty

The shares of the real estate companies have surged to regenerate the flagging real estate market, due to the Covid-19 pandemic, following the government’s slash of stamp duty on transactions related to real estate by 3% until December 2020. Following the shift of the Maharashtra Government, the National Stock Exchange-the Nifty Realty index, a gauge of real estate firms, has surged by as much as 8% led by DLF’s over 10%.

The transactional tax imposed on real estate transactions is known as stamp duty. The collection of stamp duty is one of the main contributors to state profits. Furthermore, it has been seen that the state government agreed that from 1 September until 31 December 2020 and from 1 January 2021 until 31 March 2021, the duty on stamping the sale of deeds will be reduced by 3 percent.

In addition to the obvious homebuyer benefits, after the most extreme downturn in recent history, the government will deliver highly needed returns utilizing increased registrations. Moreover, the most momentum from this move will see affordable and mid-segment properties that are in the greatest demand.

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Bengali Property News #2 | Advocate Chenoy Ceil | Height Bars Maa Flyover | Maharashtra Stamp Duty

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