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August 2020 – Spectraa Real Estate Advisory

Monthly Archives: August 2020

Maharashtra government slashes stamp duty to 2% until Dec 2020 to boost demand

To boost the stagnant real estate market hit by COVID-19, the Maharashtra government on August 26 decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020, sources said. Stamp duty from Jan 1, 2021, until March 31, 2021, will be 3 percent, they said. The decision […]

SC orders DLF Southern Homes to pay 6% interest on flat’s cost for delay

The Supreme Court on Monday held that the flat buyers are entitled to compensation for “delayed handing over of possession” and for the failure of the developer to fulfil their promises with regard to amenities The top court set aside the verdict of the National Consumer Disputes Redressal Commission (NCDRC) which, on July 2, 2019, […]

WeWork India provides 15,700 sq ft office space in Bengaluru to Khaitan & Co

Co-working major WeWork India, which is owned by the Embassy Group, has provided nearly 15,700 sq ft of office space in Bengaluru to leading law firm Khaitan & Co. Khaitan & Co will be setting up operations in WeWork centre at Embassy Quest in Bengaluru. The law firm has taken up 300 desks covering an area of 15,697 sq […]

Retrospective stamp duty waiver: Game changer for property resale

In Mumbai Metropolitan Region (MMR), there was an ambiguity regarding the payment of stamp duty on the past documents of the property. This is in relation with the arbitrary practice followed by the stamp authorities to levy the stamp duty on past documents of any property at the time of registration of its subsequent sale […]

Mumbai: After Rs 439 crore default, plot for 125-storey hotel on the block

More than a decade ago, the country’s tallest 125-storey luxury hotel was to be built on this prime sea-facing Charni Road plot in south Mumbai. Sometime later, the developer changed the design and proposed two 60-storey residential towers on the 2.2-acre plot. All the plans came to naught, though. The land will be auctioned this […]

PNB Housing Finance to raise Rs 1,800 crore

The board of directors of PNB Housing Finance (PNBHFL) on Wednesday approved to raise equity capital aggregating upto Rs 1,800 crore through preferential issue/rights issue, the company informed in a BSE filing. The company also appointed Neeraj Vyas as an additional director in the category of non- executive, non-independent director with effect from September 1, 2020, the company said […]

Banks plan EMI deferment for home loan restructuring

Landers, including SBI, are working on restructuring options for home loans where the overall tenure of the loan does not extend by more than two years, even after relaxing the repayment schedule. the options include allowing EMI deferment for a few months in cases where the borrower has suffered a total loss of income or […]

Tata Realty plans to list 20-million-sq-ft commercial assets portfolio as REIT

Tata Realty & Infrastructure (TRIL) is planning to list its Real Estate Investment Trust (REIT) with around 20-million-sq-ft of commercial assets in the next couple of years. The real estate development arm of Tata Group is looking to expand the size of its commercial portfolio to over 20 million sq ft from current ready and […]

Maharashtra must revoke confusing property registration circular

The state revenue department has issued a circular to all registrars that they “may not insist” on a no-objection certificate from Maharashtra Real Estate Regulatory Authority (MahaRERA) to register property documents. Experts said the circular issued on Friday is so poorly drafted that it will not resolve a problem created by the revenue department in November last […]

Maharashtra may cut stamp duty by 2-3%, says Balasaheb Thorat

A 2 to 3% reduction in stamp duty on property registrations in the state in likely to boost transactions, according to state revenue minister Balasaheb Thorat. Though it may affect the state exchequer, the minister told TOI that the proposal is being discussed by government. “Developers want reduced stamp duty rates. As of now, it […]