#RealtyNewsRoundup: No Property Tax On Flats Under 500 Sqft In Mumbai

Now, homes of up to 500 square foot in Mumbai will be exempt from property tax, and those sized between 501 sq ft and 700 sq ft will get 60 per cent discount. The proposal was cleared in at a Brihanmumbai Municipal Corporation's general body meeting. The proposal will be sent to the state government for its final approval.

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Karnataka has cleared rules framed under the Real Estate (Regulation and Development) Act, 2016. Under the state guidelines, projects that are 60 per cent completed will not fall under the ambit of the new law. The rules are expected to be notified soon.

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The Maharashtra Metro Rail Corporation is expecting to complete a crucial part of its land acquisition exercise in two months. The land to be acquired will house key stations and terminal. Under the plan, Metro officials are eyeing portions of land belonging to the agriculture college, the government's food grain godown at Shivajinagar, and at Kothrud garbage depot.

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Buyers of Jaypee Wish Town have started an online petition directed to the management of the Industrial Development Bank of India (IDBI), seeking amnesty for Jaypee Infratech from an impending declaration of bankruptcy. The appeal harps that invested buyers should not have to bear the brunt of Jaypee's financial situation.

Source: Media reports