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Buyers grab flats for low rates but sans occupancy certificate

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...Read more

Can’t deny tax relief to buyer if builder delays flat delivery

MUMBAI: The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has held that a taxpayer cannot be denied investment-related tax benefits if due to a builder’s fault the taxpayer does not get timely possession of a house in which the reinvestment was made. The Income-Tax Act provides for benefits relating to capital gains tax, where...Read more

Rising home inventory may not lead to lower prices in Bengaluru

BENGALURU: Home prices are unlikely to drop from the current levels despite tepid sales and rising inventory in the city. The city’s residential real estate capital value remains unchanged at Rs 5,334 per sqft in the first half of 2016 compared to the second half of 2015, according to Idirees Chenakkal, head of Research &...Read more