#RealtyNewsRoundUp: Karnataka Likely To Hike Guidance Value By Up To 25%

Rates of property in key cities of the states are will go up between 5 and 25 per cent, with the Karnataka government planning to implement a hike in property guidance value this month. Among the cities where the guidance value would see the steepest hike are the state capital Bengaluru, Mangalore and Mysore.  Rates were last hiked two years back in 2016. Through the hike that might come into effect in January next year, the state government aims to earn an additional Rs 1,000 crore as revenue.

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Two non-bank lenders, Finance Advisors & Managers and Vista ITCL, have taken Mumbai-based developer Rashmi Housing to the National Company Law Tribunal (NCLT) for defaulting on Rs 26.24-crore payment. The Mumbai Bench of the NCLT has accepted the petition and has appointed an interim resolution professional for the case. 

Meanwhile, the Delhi Bench of the NCLT has issued a show-cause notice to DLF Home Developers, a subsidiary of realty giant DLF, asking why corporate insolvency resolution process should not be initiated against it.

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The Maharashtra Industrial Development Corporation (MIDC) has handed over Rs 250 crore to the Maharashtra State Roads Development Corporation (MSRDC) for land acquisition of the 700-km Mumbai-Nagpur Expressway, also known as Samruddhi Highway. The MIDC has already advanced an amount of Rs 1,000 crore to the MSRDC.

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The Ahmedabad Municipal Corporation is mulling a new parking policy according to which residents will have to procure a No-Objection Certificate before purchasing vehicles. The residents will be required to show that they have the required parking space at the building premises to get an NOC, without which they cannot register their vehicles with the district Regional Transport Office.

Source: Media reports