#RealtyNewsRoundUp: Stamp Duty Hiked In Mumbai To 6%

Mumbai property buyers will soon have to pay one per cent additional stamp duty as surcharge with the Maharashtra government passing a Bill in this respect on November 27. With this, buyers of property in Mumbai, one of the costliest property markets in the world, will have to pay six per cent stamp duty on purchases from the earlier five per cent.

***

The Greater Noida Bench of the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has ordered a forensic audit of Airwil Intellicity Business Park, a 25-acre commercial project in the city. Launched in 2011, the project is fare from completion. The builder had sold the units offering buyers assured returns, but stopped making payments midway.

***

The Yamuna Expressway Industrial Development Authority has tightened land payment rules for housing and commercial land. Instead of the registry fee of 30 per cent of the land cost prevalent earlier, builders will now have to pay 40 per cent of the total land cost to get the registry done.

Meanwhile, the authority also decided to act against Jaypee Group by directing it to either pay Rs 108-crore dues or face cancellation of the land on which the company has constructed the Buddh International Circuit.

***

The Securities and Exchange Board of India has given an approval to allow alternative investment funds, a product category for the affluent investors, to operate from Gujarat’s Gift City. AIFs are pooled funds that cater to wealthy investors with a minimum ticket size of over Rs 1 crore.

Source: Media reports