Property News

Property News #13: Gurugram: About 2,800 owners may lose water connection, PMAY-Gramin hit an all-time low with a mere 0.06%, Chennai: SPR City raises funds

Gurugram: About 2,800 owners may lose water connection due to pending property tax

Around 2 800 owners of properties in the city will soon lose sewers and water sources because of pending property taxes of Rs 1 lakh or more. Gurgaon Municipal Corporation (MCG) sent these owners notifications of clearance of taxes on property within 15 days to avoid disconnection.

MCG has also provided encouragement to residents in order to produce more profits through deposits of property tax. It was also offered that by October 31 owners who clear their full property tax dues would be given a 25% tax refund between 2010-11 and 2016-17.

It was determined that the properties with taxes pending would not be allowed for registration. “MCG has put its own officers – one per zone – in the tehsil office in order to ensure the order has been executed. If someone wants to remove the property tax duties to get a NOC or can does it in the registry office at the property tax counter.

Though MCG has collected Rs 145 crore as a property tax, the sources say it will collect from the remaining owners a maximum of Rs 50 crore more. The collection would thus amount to about Rs 200 crore, which is just about 20% of the estimated property tax revenue from the budget.

PMAY-Gramin hit an all-time low with a mere 0.06% of houses being completed

Pradhan Mantri Awas Yojan (Gramin) has been at an all-time low, with just 0.06% of the houses currently completed in the fiscal year – the flagship government housing mission to provide pucca housing in rural India. 

Examination by the Ministry for Rural Development of the Mission’s nodal ministry has shown that the government’s goal is this year to complete 61,50 lakh houses. So far, it has completed 2880 homes. By 31 March 2022, the target of the Centre was to complete 2.47 crore houses. 

The ministry for rural development was also concerned about delays in housing. The analysis found that 13 states made up 99% of houses overdue. in total, there are 

6, 39,153 delayed houses. Moreover, with 1, 77,921, Bihar has the largest number of postponed houses. 

Of this number, 97,362 houses were expected to be completed in 2016-17 four years ago. The States have been ordered to complete the delayed buildings. The highest figures for delayed buildings after Bihar are of Orissa that is 94,010, followed by Tamil Nadu (68,138), Madhya Pradesh (64,163), and Maharashtra (48,674).

Chennai: SPR City raises funds from LIC Housing

SPR City has obtained unrevealed capital from LIC Housing for its new 1.7 million square feet of residential construction in the city-based integrated town. Part of the raised capital was used to pay back and to exit the Piramal Enterprises investor. “The capital cost is expected to decrease by approximately 35 to 40% in the current financial year and then raise construction speed.”

This injection of capital will help to facilitate the development of a residential project which will lead to the apartments being handed over by the end of this fiscal. The closure of LIC Housing’s fundraising represents the confidence in the project of the country’s largest financial institution. “In the next year, people will see growth irrespective of the economic effects due to COVID-19, with the strong sales and delivery line-up.

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Bengali Property News#13। ।Advocate Chenoy Ceil | Gurugram Property Tax। PMAY-GRAMIN। SPR City

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