#RealtyNewsRoundup: DDA Admits To Have Lost Over 1,600 Acres [Video]
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
The Delhi Development Authority (DDA) has admitted to Comptroller and Auditor General (CAG) that it has lost 1,613 acres of land — three times the size of President's — Estate even after acquiring them, as it failed to take the physical possession of these land parcels. In its latest report, the CAG has highlighted how poor coordination between the DDA and the Delhi government resulted in failure in procurement of land in Bakkarwala, Tikri Kalan, Malikpur Kohi/Rangpuri, Bamnoli, Nasirpur, Kirari Suleman Nagar and Madanpur Dabas.
In Navi Mumbai, six land tender plots for residential-cum-commercial purpose have fetched Cidco a whopping Rs 177 crore. While five plots put up for bidding were in Sanpada, Sector 8; the sixth plot was in Nerul's Sector 38. In June this year, Cidco had sold four tender plots in Sanpada and Nerul areas for a Rs 319 crore.
The West Bengal government recently passed the Kolkata Municipal Corporation (Amendment) Act, 2016, paving the way for the new tax regime under which the taxpayer will make self-assessment and fill in a “self-declaration“ form to calculate annual valuation of his property. To be effective from April next year, the move will benefit more than six lakh people.
In one of the biggest deals for a property in Lutyens' Delhi, DLF Chairman KP Singh's daughter Renuka Talwar has acquired a bungalow on Prithviraj Road for Rs 435 crore. Located on a 4,925 sq metre plot, the bungalow has a built-up area of around 1,189 square metres and was sold for Rs 8.8 lakh per sq m. Based on current circle rates, its value is around Rs 383 crore.
Source: Media reports