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adProperty News For March 2009

Is urban land tax to be paid for 4 grounds?
Source : The Hindu Property Plus Published On : 2009-03-14 City : Chennai

I inherited a house at Gandhinagar with an extent of about 4 grounds and a house from my father who passed away about 10 years back. My mother predeceased my father, I am the only child and I have obtained the legal heir certificate and still the house in my father’s name.

I have been paying the property tax and water and sewerage tax regularly. Regarding Urban Land Tax no demand notice has been served and I am not aware whether my father was paying the ULT. The building occupies about one ground and the vacant space left is about 3 grounds.

Should I pay ULT for 4 grounds or only for 3 grounds? As I have not received any notice, I have not paid. What will be the consequences?...

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Polls add to the real estate burn up
Source : The Hindu Property Plus Published On : 2009-03-07 City : Hyderabad

Elections appear to singe construction industry further, says T. LALITH SINGH

While summer heat has the mercury climbing up steadily and the announcement of election schedule has added political heat to it, the real estate has just gone cold. If the global recession has left the construction industry badly scorched, the elections appear to singe it further.

In the last few months, the situation appeared inevitable as real estate after a good run started sliding in the aftermath of changing scenarios. The saner voices on ‘unscientific and irrational’ rise in the land and apartment costs were ignored and the crash when it came, landed with a big thud. It was not either plots or built-up area costs alone, but even the construction material costs from steel to cement kept their skyward movement compounding the unease. The recession effects have forced the industry to apply brakes and made quite a few of them sit back to reminiscence about the good run they had and now the elections are sure to add to the slowdown. Several in the industry agree that election times bring in a certain uncertainty in property dealings as the hope of prices tumbling down drastically gain currency. It is also observed that quite a bit of money that has been with the real estate is pulled back by investors-politicians to meet their election campaign needs....

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Hunt for bargains in these recessionary times
Source : The Hindu Property Plus Published On : 2009-03-07 City : Kochi

Property rates have come down in some prime places. SHYAMA RAJAGOPAL says buyers can capitalize on the lower prices.

Recession has its benefits. As builders and brokers look to beat market sentiments, homebuyers should find it easy to get good deals.

It is the time when one can get a good barg ain, says a real estate dealer. ...

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An it park in heaven
Source : The Hindu Property Plus Published On : 2009-03-07 City : Thiruvandrum

A coastal village is becoming a showpiece. T. NANDAKUMAR reads the blueprint.

With a golden beach nearby and a cluster of islands separated by clean, flowing water, Purakad village at Ambalappuzha in Alappuzha district is endowed with all the natural attributes to be developed as a prime tourist destination.

The State government now has unveiled plans to transform the sleepy coastal village into a showpiece destination for the information technology (IT) industry. On the cards is an ambitious project to develop the first water-theme-based IT Park in the country. It will be an extension of the Info Park, Kochi. ...

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New property tax regime in kozhikode
Source : The Hindu Property Plus Published On : 2009-03-07 City : Thiruvandrum

The Kozhikode Corporation will adopt a new property tax regime for residential and commercial buildings from this year with retrospective effect from April 1, 2008. The tax system is being rationalized after 15 years.

In the existing system, property tax is calculated based on the annual rental value. The purpose of a building and its type are usually not determined. The new system takes into account the carpet area of the building.

Now, even if a flat or house is given on rent, it comes under the category of “occupied by owner.” The tax does not reflect the huge rents in many cases, which has been a dent on the revenues of the civic body. ...

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