#RealtyNewsRoundup: Delhi Govt To Do Away With Luxury Tax On Hotel Stay
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Realty News Roundup is PropGuide's selection of daily top stories from the real estate sector.
The Delhi government has plans to scrap the luxury tax on hotels with rent up to Rs 1,500 after Lieutenant Governor Najeeb Jung gave his approval to the proposal. According to the Delhi Tax on Luxuries Act, a luxury tax of 15 per cent is levied on rooms with a tariff of Rs 750 for a night. There are about 1,500 budget hotels in Delhi that offer rooms at Rs 750 per night or less.
The Maharashtra government has drafted an ambitious plan to monetise government land to finance its infrastructure and irrigation related development works in the state. The state hopes to mobilise up to Rs 2 lakh crore to meet expenditure on widening the Mumbai-Nagpur Expressway, building dams for irrigation, strengthening state highways and reducing power transmission losses.
The Madhya Pradesh government has planned to restore Bhopal's 18th-century palace Sadar Manzil under the Smart City project. The city's civic body plans to spend Rs 10 crore on the redevelopment of the historic palace, which was the darbar for last Nawab Begum of Bhopal Sultan Jahan Begum.
Iconic Playboy Mansion in Los Angeles owned by Hugh Hefner has reportedly been sold for $100 million. The property has been bought by Hefner's neighbour and a billionaire, Daren Metropoulos.
Source: Media reports