Posts Tagged ‘Bangalore Property’

Reduction in Stamp duty help Common Man

Monday, May 3rd, 2010

The State Budget has extended some concessions in the form of reduction in stamp duty charges. The stamp duty on sale agreements of immovable property (without delivery of property) has been reduced to 0.1 per cent of sale value, subject to a minimum of Rs. 500 and maximum of Rs. 20,000.The stamp duty on DTD (Deposit of Title Deeds, executed at the time of taking home loan or loan against property), has been reduced to 0.1 per cent of loan amount subject a minimum of Rs. 500 and a maximum of Rs. 50,000.

For a sale agreement to buy a house for a consideration of Rs. 50 lakh, the stamp duty last year was Rs. 12,500, which will now get reduced to Rs. 5,000. If you had taken a home loan of Rs. 40 lakh in the last year, the stamp duty on DTD would have been Rs. 10,000, which will now get reduced to Rs. 4,000.

The budget has rationalized stamp duty payable on leasing out property. The stamp duty payable for a residential property leased out for less than one year, the stamp duty payable is 0.5 per cent of annual rent and advance (deposit) taken, subject to a maximum of Rs. 500 only. If the property let out is commercial or industrial, the stamp duty payable would be 0.5 per cent of annual rent plus money advanced, without any maximum limit.

The stamp duty for lease period has been now reduced to one per cent for lease period from one year to 10 years. Further, stamp duty applicable on lease period of 10-30 years has been reduced to two per cent for lease period of 10-20 years and three per cent for lease period of 20-30 years.

The builders and developers will also benefit from the budget as stamp duty on sale agreement (joint development) has been rationalized to one per cent of market value with a maximum of Rs. 1.5 lakh. Similarly, stamp duty payable on Power of Attorney (given for developing/construction), has been rationalized to one per cent of market value, subject to a maximum of Rs. 1.5 lakh.

The State Government has been following the stamp duty rates as recommended in the National Habitat Policy in order to get various benefits available under JNNURM (Jawaharlal Nehru National Urban Renewal Mission). Hence one can expect the stamp duty charges on registration of immovable property to get reduced from the present six per cent to five per cent in the next budget (2011-12).


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Last few days of the rebate period, there’s good response across the city

Wednesday, April 28th, 2010

According to source, there is a good response across the city from property taxpayers for paying property tax in full for 2010-11 and avail 5 per cent rebate on property tax. “The online payment system had some problems due to a problem with the bank server. The staff shortage was only on the first two days of census work as officials had to guide enumerators in some cases. But, it’s all sorted out.” says BBMP officials.

On Monday, at least 2,000 property tax transactions were made at 64 Bangalore-One centres and 1,800 people paid this tax online. BBMP officials said the collection for this block period could cross Rs 150 crore and include 2 lakh properties by April 30.Anticipating the rush, tax counters remained open even on Sunday.

However, complaints continued to pour in. Some taxpayers complained that the authorities insisted on new forms be filled with application form numbers of the last two block periods (2008 -09 and 2009-10) along with the previous receipt numbers.

“When it is computerised and a property register is available, why is this needed? If BBMP still wants the numbers, a database must be made available at collection centres or BBMP should have a helpline to provide required information to citizens, especially those who are not computer savvy and the urban poor,’’ said a resident of Jayanagar.

A resident of Kalyan Nagar complained how she had to make repeated visits to the help centre to pay the tax. Finally, she decided to pay it at the BangaloreOne centre in her area. Residents in some parts of Jayanagar also complained of no staff at a few help centres.

Collection timings not properly displayed at centres, No clear information about tax collection at BangaloreOne centres in some areas,problem with the server for online payment and not enough application forms at some help centres are some common complaints by taxpayers.

Penalties

For those who fail to pay property tax of earlier period for 2008-09 or 2009-10 or both, penalty calculated at 2% per month
Penalty will be calculated @ 2% per month from June 1, 2010 for those who fail to pay first installment
penalty @ 2% will commence from December 1, 2010 till date of payment for those who fail to pay second installment

Tax Calendar

  • April 30, 2010: 5% rebate if paid in full
  • May 30, 2010: Full payment or firsthalf installment without penalty
  • November 29, 2010: Second halfyear tax without penalty
  • penalty @ 2% will calculated  till date of payment for defaulters

Source: Times of India


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7 days left for availing rebate on property tax

Friday, April 23rd, 2010

BBMP property tax for the new financial year 2010-11 has already begun from April 1st 2010. The property owners who want to avail a rebate of five percent on property tax need to file and pay property tax 2010-11 in full on or before April 30. Property owners can fill up the form online and make an online payment or download the form, print it, and submit it at the nearest ARO office on the same day.

There are two different forms to be filled up - Form IV (white form) - in case of no change in usage or built-up area from the previous year. If there is any change in relation to these clauses, then the property owner should fill up Form V (blue form). If tax payment has not been made for the previous two financial years, then property owners cannot file their property tax for current year until they pay previous year’s property tax. For filing property tax 2009-10 and 2010-11, property owners should have the application number for tax paid for the year 2008-09.

For owners making the payment in two half yearly installments, two separate forms have to be filled up for each period. The deadline for the first half yearly payment is May 30, 2010. Any details that are missing or have been entered wrongly can be corrected and updated by contacting the nearest ARO office. Any problems with regard to the payment or receipt generation can also be addressed to bbmpsas@bbmp.gov.in. You can also call the numbers - 22247627, 22133029. Online payment can be made using debit and credit cards. The Card payments can be made without any transaction charges.

  • BBMP Helpline - 22247627, 22133029
  • Address problem regarding property tax to bbmpsas@bbmp.gov.in
  • Last date for availing a rebate of five percent on property tax is April 30, 2010
  • Last date for the first half yearly payment is May 30
  • Property tax for current year cannot be filed until payment of previous year’s property tax
  • Online payment can be made using debit and credit cards.

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SBI Loan Utsav 2010 Starts today

Friday, February 19th, 2010

State bank of India one of leading banks in India will organize a three-day ‘SBI Loan Utsav’. The SBI loan utsav 2010 starts on Friday 19,2010 on 4 pm at its local head office campus on St Mark’s Road.

While announcing that the bank will offer spot loans at an interest rate of 8 per cent, it said that customers can visit the stalls from 11 am to 7 pm on Saturday and Sunday.  Over 40 top builders/developers of Bangalore and major auto dealers are participating. On Friday, it is open between 4 pm and 7 pm.

The builders will showcase more than 25,000 apartments in SBI loan utsav 2010. SBI is partnering with SBI Card, SBI Life and SBI Mutual Fund in organizing the Utsav. SBI loan utsav is organized at its local head office campus on St Mark’s Road in association with The Times of India.

Customers can visit the stalls on three days to choose from over 25,000 apartments. Major auto dealers  will present the latest offerings from their stable.They can also select their favorite cars from a wide range available at the exposition.

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BBMP to Issue notice to defaulting property owners for 2008-09 and 2009-10

Tuesday, February 9th, 2010

According to an estimate, nearly 2.5 lakh property owners have not paid their property tax for 2008-09 and 2009-10. Now, the civic authority plans to do a door-to-door survey to issue notices to the defaulting property owners and make them pay the dues.The demand notice will give them 15 days time to make the payments with two per cent penalty.

“Our officials have been visiting all these buildings and issuing notices to the occupants, irrespective of whether they are the owners or not,” said an official. BBMP expects to meet the shortfall of Rs 400 crore in the two months time.

Despite issue of notices,many of property owners has not paid property tax 2008-09 & 2009-10 under SAS.If the property tax for 2008-09 has been paid, property owners can avail the facility of online paying for year 2009-10 by using Visa/Mastercard on BBMP’s website.

The property owners without Occupancy Certificate can pay property tax under Self Assessment Scheme (SAS) with their title deed (sale deed).The property will be registered in BBMP’s B-Register until regularization of property.The property owners cannot file self assessment declaration once assessment order is issued. BBMP requests property owners co-operation during inspection and assessement by BBMP officials.

Last chance for defaulters

  • For payment made after 30th November 2009, an interest of 2% per month will be levied.
  • Property owners paid property tax for 2008-09 can avail the facility of online paying for the year 2009-10 by using Visa/Mastercard on BBMP’s website.
  • The property owners without Occupancy Certificate can pay property tax under Self Assessment Scheme (SAS) with their title deed (sale deed).
  • The demand notice will give property owners 15 days time to make the payments with two per cent penalty.
  • Further action will be taken against them as per the provisions, if defaulters do not pay their dues even after receiving demand notices.
  • Log on www.bbmp.gov.in or your nearest Help center for more details.

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BBMP One may become a hotspot for citizens

Monday, December 14th, 2009

According to the Palike, the BBMP One centres may issue building plans for structures on 30’ x 40’ and 40’ x 60’ sites in the city. The proposal may also include approval of plans for structures on 50’ x 80’ sites. Palike officials state that the citizens who want building plans approved will be given a pre-determined set of norms that will include the setback and other technicalities involved.

The Palike may also go one step further and provide an option for the people to choose from a BBMP-approved list of more than a 100 architects to design their houses without violating building by-laws.“We will display the norms on the BBMP website for citizens to adhere and ensure that their architects build it within that constraint,” said a Palike official.

On the confusion that may arise because of the name being similar to Bangalore One, the BBMP official said: “We may also include the existing Palike help centres and remodel them in such a manner that it would be placed strategically in the City. There will be no overlapping of services as BBMP One will only concentrate on the core Palike services.”

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BDA recovered land worth Rs. 30 crore by clearing encroachments in Nagarabhavi

Tuesday, December 1st, 2009

Bangalore Development Authority (BDA) on Monday recovered land worth over Rs. 30 crore by clearing encroachments that had come up on it in Nagarabhavi 2nd Stage.BDA had notified several survey numbers in Malagala village coming under Nagarabhavi 2nd Stage during 1987.However, 36 tents had come up on the acquired land unauthorisedly in survey No. 55/1 and 56.

All the tents were removed on Monday and land measuring over five acres and 26 guntas (One acre = 40 guntas) was recovered. Layout formation is under progress on the entire acquired land.

During 1987, BDA had notified survey numbers coming under Nagarabhavi 2nd Stage and acquired it for forming layout.36 tents had come up on the acquired land unauthorisedly.All the tents were removed and BDA recovers Rs. 30 crore worth property by clearing encroachments. Layout formation is under progress on the entire acquired land.

Reference

BDA recovers Rs. 30 crore worth property

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