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Bengaluru Mayor corners Puravankara Projects for encroaching drain, stops work

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BENGALURU: Construction work at Purva Skydale, a residential complex by Puravankara Projects Ltd adjacent to Haralur Lake, off Sarjapur Road, was on Tuesday morning stalled by BBMP mayor Manjunath Reddy, who went on an inspection. Blue fibre sheets covering the massive apartment project were pulled down using a JCB belonging to the builder, and construction …

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Pledging PF to buy home may soon become a reality

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NEW DELHI: Retirement fund body EPFO may soon introduce a scheme to allow its over 4 crore subscribers to pledge their provident fund to buy low-cost houses and use the account to pay equated monthly installments. “We are working on a housing scheme for members of the Employees’ Provident Fund Organisation (EPFO). Under it, members …

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Buyers grab flats for low rates but sans occupancy certificate

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Bengaluru: Ravishankar (name changed) and his wife were on top of the world when they recently started living in their newly purchased apartment. A 2-BHK house for Rs. 45 lakh sounded like a good deal, for which they obtained a bank loan too, all facilitated by the builder. But their happiness was shortlived. “We were …

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GST: Under-construction flats to cost more by 5-10%

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NEW DELHI: Prices of under-construction apartments may rise by up to 5-10% when the Goods and Services Tax (GST) is rolled out. But, prices of completed apartments will not be affected as GST will not be applicable there. If you have already bought a flat but the entire payment has not been made, you will …

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GST: Homebuyers likely to pay higher tax of 20-22% on home purchases

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NEW DELHI: The Goods and Services Tax (GST) could bring in transparency in the functioning of the real estate sector and even reduce the cost of ownership of homes for buyers, especially if the GST rate is lower than all the current rates put together, said builders and tax consultants. These consultants, however, said there’s …

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