The amended policy allows participation of 100 per cent owned subsidiaries, joint ventures floated by foreign health institutions. It also allows the subsidiary of any parent company to apply for allotment on behalf of the parent company, he said.Part of the Dream Weave Walk Network 1998-2015
Chandigarh Property Blog
News on the latest developments effecting the property markets in Chandigarh, Mohali, Mullanpur and Panchkula in India.
Monday, June 8, 2015
Foreign players to invest in Medicity project at Mullanpur
The amended policy allows participation of 100 per cent owned subsidiaries, joint ventures floated by foreign health institutions. It also allows the subsidiary of any parent company to apply for allotment on behalf of the parent company, he said.Part of the Dream Weave Walk Network 1998-2015
Price increased for Chandigarh Housing Board (CHB) property transfer
The president of the Property Consultants Association, Raj Kumar Pal, said the board authorities should ensure that there was no delay in the disposal of cases. Rajat Malhotra, general secretary of the CHB Residents Welfare Federation, said the fee should be kept realistic. The increase in the fee has been kept the minimum in case of the economically weaker section (EWS) and low income group ( LIG) flats compared to the middle income group (MIG) and high income group (HIG) flats. Officials in the CHB said the hike in the fee was nothing compared to the property rates. In the case of transfer of dwelling units on the basis of the GPA, executed before October 2011, the fee for the MIG category-III and HIG category-I and II has been increased from the existing Rs 500 to Rs 3,000 and Rs 1,000 to Rs 4,000, respectively. On the contrary, the fee for the transfer of EWS flats has been increased from the existing Rs 100 to Rs 200 and for the LIG flats, the fee has been increased from Rs 250 to Rs 1,000. Similarly, the fee for the transfer of a dwelling unit on the basis of a registered or unregistered will (where the deed of conveyance has not been executed) has been increased in the MIG and HIG categories. The fee for the execution of the conveyance deed has also been increased. The processing fee for the transfer of commercial property has also been hiked. Not only has the transfer fee related to the issuance of different ownership documents been increased, but the cost of the application form has also been increased from Rs 20 to Rs 200. Substantial hike in transfer fee on the cards After the increase in the processing fee, the CHB is contemplating increasing the transfer fee. Against the formula for calculating the fee on the basis of the allotment price of the respective flat, the board will calculate the transfer fee based on the market price of the respective property.
Limit reduced for E-stamp certificates for registration
This decision will authorise the Stock Holding Corporation of India (SHCIL) to issue e-stamp certificates for amount exceeding Rs 19,999 and it would come in to force with effect from June 8, an official spokesman said here on Thursday.
A notification in this regard has been issued today.
With implementation of this decision, while registering any property, if stamp duty amount exceeds Rs 20,000, then the buyers have to get e-stamp certificates from banks and this decision will be implemented throughout the state.
Part of the Dream Weave Walk Network 1998-2015
Mohali: Collector rate slashed
Not making any attempt to change the rather imbalanced real estate growth in the Chandigarh region, the state government has brought down collector rate by a paltry 5-7% in Mohali..
"Reduction of only 5% in collector rate is a cruel joke by the state government and the district administration," said Ashok Kumar, ex-president of the Mohali Property Dealers' Association..
Collector rates are hiked regularly by the district administrations and the increase is usually more in urban areas. In case of Bathinda, the highest reduction is for residential property in rural areas (35%) and 30% for that in urban areas.
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On the demand of office-bearers of colonizer associations, Deputy CM Sukhbir Badal had in March formed a committee of 19 members, including 13 from associations and 6 representatives of state government to resolve issues pertaining to developers..
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Revised rates:
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Mohali: 5-7%
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Bathinda: 25-35%
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Fazilka: 15-20%
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Mansa: 15-20%
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Moga: 15-20%.
Part of the Dream Weave Walk Network 1998-2012
Thursday, May 28, 2015
Chandigarh Housing Board to construct 128 two-bedroom flats in Sector 51
The decision was taken in a high-level meeting that saw the administration give approval to the project. The chief architect was given the nod to design the flats that would comprise a dinning room, two bedrooms, balconies, kitchen, store, dress space and two toilets. One flat was likely to cost Rs 68 lakh. It was not yet clear whether the board would hold a draw of lots or an auction, but any person could make a bid to buy the dwelling. The only condition being that he should not own property in the Tricity.
Officials claimed the construction of flats would start soon after acquiring the approval for layout and design from the department of urban planning. "The proposed houses would be on the pattern of stilts+4 flats and have all modern facilities," a CHB press release stated. According to initial planning, lifts were also proposed. The board was also considering to construct parking lots.
CHB: 18 Flats' Auction
About 18 CHB flats in Sector 63 that the allottees had surrendered would be auctioned in the next two months. The flats were of three-bedroom, two-bedroom, one-bedroom and EWS category.
The board officials said reserve prices were likely to be Rs 79.95 lakh for three-bedroom flats, Rs 59.95 lakh for two-bedroom, Rs 39.95 lakh for one-bedroom and Rs 19.95 lakh for flats under the EWS category. The flats were constructed under the General Housing Flat Scheme in 2008. The board would hand over their possession immediately after the auction.
Committee to rationalize collector rates throughout Panjab
A number of allottees have availed a golden opportunity provided to them to get their immoveable properties (plots/houses etc) allotted by the government or a public sector undertaking or local bodies registered through conveyance deeds at rates mentioned in their allotment letters. Allottees were required to get conveyance deeds executed on collector rate which was linked to present market rate of property and this decision had benefitted a large number of allottees.
Punjab government on Monday waived off the entire registration fee charged for sale and transfer of property among spouses and blood relations in urban and rural areas with immediate effect, giving a big relief to thousands of such beneficiaries.
The decision was to encourage people to go in for legal registration of property rather than adopting ultra vires measures which only fueled family disputes.
Punjab government has brought down stamp duty on the registration of power of attorney for sale of property or transfer of possession virtually to zero as it has been slashed from the existing 2% to 0.5% and that too would be adjustable towards the payable stamp duty at the time of execution of sale deed with respect to that property. On all other powers of attorney a stamp duty of Rs 2,000 will be levied.
Chandigarh:conversion of leasehold property into freehold
In a move affecting the owners of nearly 50,000 leasehold properties, both residential and commercial, the UT, in its note sent to the Union Ministry of Home Affairs (MHA), has proposed a land rate of Rs 1 lakh per sq metre against the old rate of Rs 1,710 per sq metre for calculating the conversion fee for sites measuring 50 sq metres to 500 sq metres.
Seeking that the case be taken up on priority, the UT has pointed out that a delay in taking a decision was creating legal complications for it.
Last time, the land rates for calculating the conversion fee had been fixed at Rs 1,710 per sq yard on the orders of the Ministry of Urban Affairs in June 1996.
Accordingly, the UT had farmed the “The Chandigarh Conversion of Residential Leasehold Land Tenure into Freehold Land Tenure Rules, 1996”.
The leasehold properties include 35,000 Chandigarh Housing Board (CHB) flats, 2,000 commercial properties, 4,500 residential properties which come under the Estate Office and the CHB flats being constructed in Sector 63. This does not include 50 per cent of the total industrial plots in the Industrial Area, Phase I and II.
Earlier, former UT Administrator Shivraj V Patil, while turning down the proposal to convert leasehold residential and commercial properties into freehold, had asked the UT to send the case to the MHA.
A senior UT official said ever since the conversion had been put on hold in June 2013, there had been a rise in legal cases.
In the communication sent to the MHA, a reference to three court cases has been made in which the lessees had either moved the Punjab and Haryana High Court or the consumer court seeking relief for conversion.
Saturday, April 25, 2015
Tepid Response to Ecocity II in Mullanpur
It is perhaps for the first time that the authorities have given the application forms, worth Rs 100 each, to nearly 400 employees of the Punjab Urban Planning and Development Authority (PUDA) and GMADA free of cost.
Only 1,350 application forms have been sold for 334 plots.
Recession and overpricing are being cited as the reasons behind the lukewarm response.
“Plots in the area are being offered at much lesser rates by farmers, who have opted for the land-pooling scheme under the project,” plots of sizes 100 yards and 150 yards, the rates of all other plots were lesser than that fixed by GMADA. “Against the GMADA rate of Rs 21,000 per sq yard for a 200 sq yard plot, farmers, who got plots under the land-pooling scheme during land acquisition, are offering it at Rs 19,000 per sq yard. Similarly, for a 300 sq yard plot, GMADA has set Rs 21,000 per sq yard whereas the market rate is Rs 16,500,”
The market rate of 400 sq yard and 500 sq yard plots was much less than that fixed by GMADA, “Against the GMADA rate of Rs 23,000 per sq yard, the market rate is Rs 15,000 per sq yard,”
Among the land owners, 42 per cent have opted for the land-pooling scheme under the project, worth Rs 600 crore. Under the scheme, the land owner gets residential plots of different sizes up to 1,000 sq yard and one commercial plot of 100 sq yard against each acre of land acquired by the government. The scheme was opened on March 9 and will close on April 30. The draw of lots will take place on June 5.
Part of the Dream Weave Walk Network 1998-2015