Realty News Roundup: DDA To Auction Flats In CWG Village; Maharashtra To Cut Stamp Duty

​The Maharashtra government might cut the stamp duty on homes for economically weaker, lower income and middle income groups. The Competition Commission of India (CCI) found DLF guilty of unfair and unethical business practices in Gurgaon. Delhi Development Authority (DDA) will auction 152 premium apartments at Commonwealth Games Village. Sobha developers signed a MoU with Indian Hume Pipe Company to develop a group residential project on the company's land.

Here are the stories in more detail:

DDA to auction flats in CWG Village

In June 2015, Delhi Development Authority (DDA) plans to auction 152 premium apartments at Commonwealth Games Village. DDA would sell the premium apartments in Delhi in an electronic auction at the rate of Rs 7 crore for a 3BHK unit. DDA expects to earn over Rs 1,000 crore from this sale. DDA had withheld this auction because in 2012, the Delhi government needed 60 flats for its official housing pool. DDA vice chairman Balvinder Kumar said that if the government does not confirm that it need the flats for its official housing pool, DDA would auction them.

CCI finds DLF guilty of unfair practices

The Competition Commission of India (CCI) found DLF guilty of unfair and unethical business practices while selling apartments in Gurgaon in a residential project. The CCI asked DLF to refrain from such practices. Earlier, CCI had imposed a fine of Rs 630 crore on DLF for similar violations. CCI warned DLF because flat buyers had alleged that Gurgaon Home Developers urged them to book apartments at “very attractive” rates in DLF New Town Heights project under a pre-launch scheme. But, after flat buyers made the initial payment, they were asked to pay the later installments at a different rate.

Maharashtra might cut stamp duty on homes

Maharashtra state government plans to reduce the stamp duty on residential properties with an area of less than 750 sq ft to protect the interests of economically weaker, lower income and middle income groups. Currently, the stamp duty on residential properties is 5% of the value of homes. The revised rates would be 1% for homes of economically weaker section (EWS), 2% for low income group (LIG) homes, and 3% of the agreement value for middle income group (MIG) homes. 

Sobha signs MoU with Indian Hume Pipe Company 

Sobha Ltd, a leading Bengaluru-based builder has signed a memorandum of understanding (MoU) with pipe manufacturer Indian Hume Pipe Company to build a group residential project on the industrial land in Delhi's Badarpur area. The costs of converting the land and other land related costs of the group residential project in Delhi will be borne by the Indian Hume Pipe Company. Sobha Limited will bear the development and other project related costs.