HC fines Stamp Official
MUMBAI:
Bombay High Court recently fined Stamp Duty official
in Mumbai for overvaluing property. Taking serious cognition
of the act of stamp duty superintendent for contesting the market
value certified by IT authority, the High Court ruled that it is
mandatory for the stamp office to accept the property price certified
by the appropriate authority.
The court also levied an exemplary cost of Rs.25,000/- on the stamp
duty superintendent which he has been directed to pay from his pocket.
Rentals of prime realties in South Mumbai falling
MUMBAI:
Rental yields in prime south Mumbai residential
buildings have fallen this year, versus two years ago,
as interest rates fall and supply increases,
a survey by Knight Frank Research shows.
Commercial rentals set to fall further
NEW DELHI:
Rentals of commercial properties
in Mumbai and Delhi are expected to fall further,
albeit marginally, in the next six months.
High duties freeze south Mumbai realty market
MUMBAI:
South Mumbai’s business area of Nariman Point and the
neighbouring upmarket Cuffe Parade have been hit by a
virtual paralysis of realty deals. A combination of an
unreasonably high assessment of market value by the
stamp duty ‘reckoner’ and a hefty ‘transfer levy’ by
the collector have brought lease and sale deals
virtually to a standstill.
Hindustan Construction takes up Rs 3,000-cr work
NEW DELHI:
The Rs 600-crore leading construction company,
Hindustan Construction, has taken up projects worth
Rs 3,000 crore, relating to construction of reactor
buildings and main control room buildings of Nuclear
Power Station in Kudankulam, Tamil Nadu, and Rajasthan
Atomic Power Project at Kota, Rajasthan, for Nuclear
Power Corporation of India. ?As we plan to make HCC a
global player in the construction business, we are
looking at doing major projects both in domestic and
international markets. Our present works encompass a
variety of infrastructure works like nuclear power
stations, hydro power works, tunnelling works, bridge
across the sea and major rivers, and underground metro
works.
Himachal woos private housing funding
CHANDIGARH:
The government of Himachal Pradesh has approved a
comprehensive policy on new townships.
The policy aims at attracting private sector
funding, expertise and technology for the development
of townships that would cater to tourism,
centres of higher learning, industry, besides
decongesting towns.
Oil pumps, houses to come up on industrial plots CHANDIGARH:
Industrial focal points, many of which have turned
into white elephants for Punjab Small Industries
Corporation are to be put to better use to bring in
much needed revenue for the corporation. A scheme drawn
up by PSIEC, which has the tacit approval of the
state government, proposes to give vacant land to
oil companies for setting up petrol pumps and
entrepreneurs for converting plots into residential
premises. PSIEC is now in dialogue with Indian Oil
Corporation to offer land on lease basis for setting up
of company petrol pumps.
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