News

  • JDA sells 12 properties for Rs 11.7 cr

    Jalandhar, October 28After nearly more than a year, the Jalandhar Development Authority (JDA) managed to make an income of Rs 11.7 crore by selling off 12 properties, including five shop-cum-flats and seven shop-cum-offices in Urban Estate Phases 1 and 2, respectively, during an auction held here today. PUDA had invited bids for 14 SCFs and 10 booths in the Urban Estate Phase 1 market. While the price of 10 SCFs of size 91.96 sq m had been kept at Rs 63,522 per sq m, five of these...

  • Bulk of NRIs' complaints related to property disputes

    CHANDIGARH: Around 60 per cent of complaints received by the Punjab Police from NRIs this year were related to property disputes, a senior police official said. Inspector General of Police Gurpreet Kaur Deo said this year 3,200 complaints regarding NRI issues have been received, out of which 60 per cent are related to property disputes, 30 per cent pertain to matrimonial disputes while the rest are disputes of various other types. She said out of the total number of...

  • Punjab announces 10 per cent housing quota for NRIs

    he Punjab government today said under the proposed industrial investment and the real-estate policy, 10 per cent quota will be reserved for NRIs. The industrial investment policy and the real-estate policy "for comprehensive development of the state" is expected to be launched later this month. All new colonies of PUDA, GMADA and other urban development agencies will also have 10 pc quota in residential plots for NRIs. "All new colonies and other urban development agencies...

  • NRIs stay away from Punjab's real estate on eurozone crisis

      The eurozone crisis seems to have hit real estate purchases in Punjab hard due to reluctance of NRI's from Europe to invest in the sector in the state. Real estate, considered a natural investment choice for the NRI's originating from Punjab, has been affected due to the debt crisis in eurozone, according to property analysts in the state. They pointed out there has been a severe impact on new NRI investment flow into real estate business for the last one month as immigrants are...

  • Real estate slump hits Punjab stamp duty revenue

    Slowdown in the real estate sector is casting its shadow over Punjab's revenue collection from stamp duty and registration fee. In the first five months (April-August ) of the current financial year, the state witnessed a decline of 15 per cent in receipts, compared to the same period in the previous financial year. State government data reveal that revenue collected from stamp duty and registration fee was Rs 1,373.68 crore during the April-August 2011 period, while that for the...

  • Punjab to emerge as real estate hub after Noida

    Punjab realty market is still at a nascent stage and is gradually developing from being an industrial hub to a realty destination. The state is changing its horizon from low rise buildings to skyscrapers and soon it is expected to emerge as a realty hub.Mohali, Amritsar, Zirakpur, Jalandhar are some of the cities already witnessing real estate activities at a good pace. “These areas noted an escalation of 8-12 per cent in the residential sector in past 6-8 months. Bathinda,...

  • Punjab to give industry status to real estate sector in new policy

    New Delhi: Punjab will come out with a new policy on real estate sector by mid December that would remove bottlenecks and simplify procedures besides according industry status to the sector.Stating this here on Saturday, Punjab deputy chief minister Sukhbir Singh Badal on Saturday asserted that the new real estate policy would help declare the sector as an industry and grant similar benefits to it.Speaking at a convention, "Punjab - the land of opportunities" hosted by Confederation of...

  • Aiming big in real estate, Punjab to incentivise skyscrapers and energy efficient buildings

    NEW DELHI: With land resources shrinking and property prices shooting, Punjab is all set to lead India on the path of green growth by subsidising high-rise and energy efficient buildings in the state. The state government has plans to attract massive skyscrapers in its cities and incentivise high rise and energy-efficient constructions through its new Real EstatePolicy to be unveiled by mid-December. "We will incentivise high-rise constructions in our...

  • Punjab slaps property tax on vacant plots

    Chandigarh: To mop up additional revenue of about Rs 1000 crores, Punjab Cabinet decided various measures on August 28 including imposition of Property Tax which interestingly would not only be on the built up houses but vacant plots and semi-built up units have also been brought under the purview of the proposed tax.   Highly placed sources told that all vacant plots would attract 25 per cent of Property Tax calculated at one per cent of total Annual Value of the...

  • Government wants to use technology to curb dishonesty

    "By giving benefits directly to the needy, complaints of dishonesty and delay will reduce," Manmohan Singh said at a function where he handed over Aadhar number '21 crore' to a villager here."Our government wants to use new technology in a big way to curb dishonesty and bring transparency in governance.Aadhar is an important step in this direction," he said.In the past two years, he said, the government has enrolled 24 crore people for Aadhar and "we expect to give Aadhar cards to...