What Is Up With Gurgaon Real Estate?

What's happening in one of India's most coveted property markets? Gurgaon has seen the following developments in the recent times. Have you kept yourself updated about the same?

Gurgaon's take on Goods and Services Tax

More than half of the developers in Gurgaon have registered for the GST or are in the process of bringing in the software. Reports claim that most of these developers who have registered are the bigger ones. The city is of the view that 12 per cent GST should be applicable on construction and not land. Also, if the Housing for All mission needs to be realised, developers suggest, the tax rate should be restricted to six per cent, and not 12 per cent.

HUDA is auctioning plots

In order to survive through the financial crisis, the Haryana Urban Development Authority is auctioning 30 plots on August 13. All of these plots are in Sector 9A, and are priced between Rs 24 lakh and Rs 2 crore. The development body expects to raise Rs 38 crore with this auction. Those interested to bid should deposit 10 per cent of the price of the property they are interested in.

Crackdown on unauthorised stays

Even in the plush centres of the city, almost 300 PG accommodations and guest houses have been found to be unauthorised, and operating without adequate permissions. According to the Department of Town and Country Planning, a HUDA sector can have maximum 5,000 square yard (sqy) area to set up guest houses. The minimum size of the plot is 1,000 sqy and no such facility can operate without licenses. Given that HUDA sectors are not more than 500 sqy, these units have been rendered illegal. Owing to the crackdown, such illegal units would be served notices soon.

Blow to property tax defaulters

Till mid-July, the Municipal Corporation of Gurugram (MCG) has sealed over 500 buildings owing to non-payment of property taxes. Starting August 8, the MCG is also keen on auctioning these properties to recover the losses. If taxes are paid by August 31, there could be a narrow escape for such property owners.

Parking woes to end soon

Recently, the civic authority waived the property tax levied on the basement of close to 45 properties (mostly malls), expecting these to waive parking fees. These properties are in MG Road and Sohna Road. However, on ground, the parking menace continues, and defaulters quote lack of official communication as the reason.

Civic necessities not so common

Even in the established housing of DLF Phases 1, 2, 3, Sushant Lok-1 and sectors 56 and 57, water shortage issues trouble residents. Families living in these plush areas had been left to depend solely on water tankers in the recent past. The MCG has assured that water supply would be restored.

10 RERA defaulters pulled up

Ten developers in the city have been served show-cause notices because they had advertised their projects before registering with the state real estate regulatory body.

New flyover on the way

The National Highways Authority of India (NHAI) has decided to answer traffic snarls between the IMT Chowk and the NSG Camp. A flyover between the two places touching Manesar would be a reality in due course.

This new infrastructural development is expected to help three lakh commuters from over 40 villages in the vicinity.