Noida Authority Approves Conversion Of Leasehold Properties To Freehold
The Noida Authority has approved the conversion of all properties from leasehold to freehold. A final decision was taken by the authority board on November 1, after examining a report prepared by consultancy firm Ernst and Young to check the viability of such a move. The decision would now need the Uttar Pradesh government's approval. Once approved, the move could help the cash-strapped authority to earn a significant amount of funds that would be used to improve the city infrastructure.
Central Board of Direct Taxes had notified the new provision of Tax Deducted at Source [“TDS”] on immovable property. The amendment is effective from June 1, 2013. With developers, builders, residential societies and associations starting up with the process, this article aims to provide you with procedure that is to be followed to pay the TDS.
Supertech Supernova is an upcoming project in Noida Sector 94. The tallest tower of Noida, Spira is a part of this project and is currently under-construction. The height of Supertech Spira is projected to be 300 meters, offering 80 floors with 600 studio apartments and 250 housing units.
Circle Rate Hike Proposed In Gurgaon For The Third Time This Year
At a time when real estate developers in the city were pinning their hopes on the festive season to revive sales, the Gurgaon administration has proposed to raise circle rates by up to 25 per cent. This could be this year’s third rate hike; rates were earlier hiked in February and April, each time by up to 15 per cent. The revised rates will come into effect on October 19.