Here we share news that is relevant to valuation that we happen to come across:
The bastion of law, the new building of High Court of Jharkhand in Dhurwa, Ranchi built without requisite permissions?
In the midst of Government of India's efforts at diluting Environment Impact Assessment, 2006 norms and allowing post-facto approvals that a good two million opposed, the National Green Tribunal, Kolkata bench directed the #Jharkhand government to stop all construction work for which there is no EIA clearance and take action against the authorities involved. 55 buildings including the new Jharkhand High Court and Jharkhand Vidhan Sabha buildings in Kute village are affected by these directions issued on a complaint by R K Singh. LiveLaw reports on EIA violation in Jharkhand and provides a link to EIA's decision.
Telegraph India further reports the present Hemant Soren government that has been slapped with a fine of Rs 130 crore for lapses made during the previous BJP #Raghubar Das government. The fine levied increases by Rs. 52000 for every day of delay.
Property Registration and Gender
Did you know some states like Delhi, Uttar Pradesh, Rajasthan, Punjab, and Haryana offer special rate of stamp duty for women buyers? Typically, 1-2 per cent less stamp duty f is charged towards from women buyers of real estate in these states. In contrast, from 2017, #Jharkhand levied a token rate of Re 1/- from women registering real estate of Rs 50 lakh value. This was a one-time exemption that a woman buyer could avail once. But in 2020 the state government concluded it was being cheated of revenue as at least 27 instances where the same woman had availed the benefit more than once, and withdrew it in May 2020 when #COVID19 was ongoing. Now the charges are 4 per cent Stamp Duty and 3 per cent registration, still lesser than states like Madhya Pradesh
Reduction in stamp duty in Madhya Pradesh
Property registration fees has two components - stamp duty and registration fees. Till recently Madhya Pradesh charged stamp duty of 9.5 per cent and registration fee of 3 per cent on the value of the property or the guideline value of the property, which ever is higher. That was perhaps the highest rate in the country. Madhya Pradesh temporarily reduced stamp duty by 2 percent. Read this report by MoneyControl.
Building on banks of river Ganga within the flood line can be fatal
On the night of September 3, 2020 in Murshidabad’s Hiranandapur village (Samserganj police station, West Bengal) at least 70 houses, including some double storied ones, were washed away by swirling waters of Ganga. 300 metres away from a major flood prone river is clearly not enough More details in this Telegraph report.
Any decline in demand will impact not only those directly working in real estate sector but everyone allied to it, employment in security agencies providing guard and cleaning service, even those individuals who operated tea stalls and kiosk around the premises of major office complexes
Digital Twins, and virtual walk in Property markets in #Covid19
This piece in BBC argues it is time to treat buying a house just like any other online shopping by leveraging virtual reality. Wonder when digital twins and virtual walk will come to valuation work! https://www.bbc.com/news/business-53478010
When home since three generation is six-feet wide and floats
Meghna river, Bangladesh is home and work site to Manta who "Despite being a community that earns a living through fishing' ..."is not identified as ‘fishermen’". Entire families lives, cook and sleep daily on 'their 18-feet-long, six-feet-wide boats'. https://en.gaonconnection.com/bangladeshs-manta-community-survives-on-boats-from-birth-to-death/
Insolvency and Bankruptcy Code in application
Adani Power Mundra had earlier defaulted on loan. But it along with two other power companies Tata Mundra and Essar Salaya was able to avoid IBC proceedings even as 38 other power companies could not. https://thewire.in/political-economy/crony-capitalism-on-modis-watch-means-invisible-hands-ensure-you-never-go-bankrupt
See impact of Coastal Erosion on especially the precincts and foundation of homes built along the coast in Australia (climate change) https://www.bbc.com/news/video_and_audio/must_see/53576526/climate-change-coastal-erosion-to-threaten-more-australian-homes
On likely changes in urban planning in light of #Covid19 / #Coronavirus
"The whole urban planning concept will undergo change. Development Control Regulations will have to be rewritten. Housing policies will need an overhaul. ...There is also a need to think how you get to work. We will have to think of designing office spaces that promote cycling to work, walk to work. While currently our homes are only designed as homes, they will now have to plan for a workspace as well"Maharashtra’s outgoing Chief Secretary and Chief Minister Uddhav Thackeray’s new Principal Advisor Ajoy Mehta, in an interview to Indian Express
Must know for any GST registered entity. Valuers take note of these 33 points that TaxGuru red flags
Fraud in CNT land classification in #Jharkhand
Mutation application for 4.25 decimal of Halka 04, Khata Number 61, Plot Number 1024 located in village Hatia (Namkum block), Ranchi citing Chotanagpur Tenancy Act provisions. But 5.5 decimal land of this same Khata, Halka, plot number and the same seller was duly mutated in March 2020 leading to allegations of mala fide involvement of tahsil office personnel. To know full read Prabhat Khabar report in Hindi