2200 builders refuse to pay VAT

Many builders have ignored the Govt deadline to register and pay VAT before the October 31,2012 deadline despite Supreme Court rap.About 5257 builders registered themselves to pay VAT for the sales between June 20,2006 to March 31,2010 with the Sales Tax Dept.However,approx 2200 builders from Pune have not paid VAT.Most have showed nil returns.Most builders […]

Automatic deemed conveyance to be given by govt

In a major breakthrough for the conveyance problem of housing societies, the govt has now stepped in and made it clear that any builder who refuses to give conveyance to the flat buyers or co-op housing societies within 4 months of handover of flats to the buyers, the local deputy registrars office will give a […]

5% Vat to be levied on flats bought between 2006 & 2010

The Maharashtra Govt has decided to collect VAT (Value added tax) from home owners who bought their under-construction homes directly from builders between June 2006 and March 2010.The value of VAT has been decided as 5% of the total agreement value.This amount will have to be paid before August 31st. Eg:A buyer who bought a […]

Top builders raided for VAT evasion

The sales tax (VAT) dept of Maharashtra has conducted raids on top builders in the past 2 days and found tax evasion to the tune of 20 crores so far.The builders are supposed to collect this sales tax (VAT) from the flat purchasers and deposit it with the govt.The current rate of VAT is 1% […]

How builders cheat flat buyers

“There is only one flat available” This is the most common statement made by builders to any inquiries about their projects.It is more prevalent in smaller buildings of 4 floors or less.These are typically small plots of 200 sq.meters in Navi Mumbai and are usually Tripartite (also called CIDCO transfer plots by some builders).This is […]

Sheth developers split due to family dispute

Splitting of familyrun real estate businesses appears to be a growing phenomenon . The three low-profile brothers of the Rs 3,000-crore Sheth Developers Pvt Ltd (SDPL) have reportedly split and the separation is said to have been amicable. Industry sources said the parting was a result of differences in business vision of the three brothers-Ashwin […]

Property Tax:Builders to be held accountable?

Flat buyers are often kept in the dark about the property taxes due on their plot/flat at the time of possession.Only later do they realise that they have been shortchanged by the builder/developer when they are slapped Property Tax Due Certificate by the Municipal Corporation,which sometimes can be to the tune of a few lakhs