Property News

Property News #34: Neepa Real Estates, Registration Fee for Affordable Houses, Kalbadevi Property

Mumbai: Neepa Real Estates Moves Court against Three Housing Societies

A developer of real estate appealed to a civil court in Marol on Tuesday against three housing firms. While the residents protest against problems with water pollution in the houses and the lack of open space, the developer called for the removal of supposedly defamatory banners from balconies and social media was stated that the banners cost him customers, which led him to losses.

The legal notification was made to three Housing Companies Ornella Tiffany Emerald CHS, Vasant Oasis, and Veronica Rosabel Ebony CHS and Petunia Bluebell CHS by Neepa Real Estates (P) Ltd (Sheth Creators). 

For their part, the residents said they paid almost Rs 2 crore for themselves but still had problems with water leakages. They also said that the contractor wants to take away their children’s open space and transform it into a mechanised parking space.

It was then stated by the Neepa Real Estates that as stated in the brochure, the builder provided all facilities. “No S-level stack parking, after receipt of necessary permissions, we will perform activities.

States Should Reduce Stamp Duty, the Registration Fee for Affordable Houses: NHB Study

A report by the NHB has proposed that the state government minimize stamping duties and low-value home registration fees for poor people (affordable housing) to induce more citizens from low-income people to own such residential units. 

According to IIM’s study in Bangalore, states’ revenues are not affected because they are created by this. After all, several lakhs of additional homes with either direct or indirect central subsidies are expected to construct under Housing for All (HFA). The government has agreed to secure a pucca house for each urban household by 2022. In the low and medium-income groups, the overall estimate is around 1.02 households.

These payments are charged by the buyer of land or property constructed and varies between 5 and 13 percent of the value of the real estate transaction. They provide state governments with a great deal of money.

It has been also stated that the HFA policy which offers support to individuals from low- and middle-income communities does not directly tackle the topic of high prices, and the taxes that governments imposed on stamp duties and registration fees at the time of the transaction continue to be an important element of price levels.

Mumbai: BMC Terminates 999-Year Lease of Kalbadevi Property

In a first throughout the history of property leasing by BMC, the city administration ended the 999-year lease on Bomanji Master Lane near Kalbadevi Post Office of Pandya Mansion, almost a centuries ago. 

After several years of allegation for taking out illegal building and excavation, an unpermitted well the BMC took control of Rs 200-crore properties from the leasing firms, Prakash and Manoj Pandya.

Last year the tenants had been arrested in Mumbai again by the police for unlawful groundwater mining and commercial exploitation. RTI militant Sureshkumar Dhoka brought the case to light. 

BMC’s Estate Department sent the termination notice that since 1986 anomalies were found. The leaseholders have since issued notices of violation of the lease agreement. The renters never explained eight separate cases, apart from unauthorised digging of two pools and illegal building of a room in the necessary open area, of illegal mezzanine floor construction. Besides a room constructed below the steps and in the common lane, a building with a tin roof was also found.

In this relation, the police station of Lokmanya Tilak Marg filed an indictment against the Pandyas. The BMC ‘C’ Ward office acknowledged that by making false documents the wells were added to the original design. The National Green Court had ordered all illicit wells on-site to be permanently closed.

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Bengali Property News#34। Mumbai NEEPA real estate । Reduce stamp duty & registration charge

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