REDUCTION IN PROPERTY TAX ON THE CARDS IN MAHARASHTRA

As the property graph continues to go down, the state government plans to reduce the property rates in the Ready Reckoner to reflect reality. The reduction might well be in the range of 10 to 30 percent of the rates for various areas in the existing Ready Reckoner. The decrease in Thane and Pune, where the recession has hit badly, will be more. The rates in it are used as a basis for the calculation of stamp duty charged by the government on registration of property deals.

SEMI LUXURIOUS APARTMENT, LATEST PLOY OF CITY DEVELOPERS

Real estate developers have come up with a new gimmick to attract buyers. After budget-houses, builders have come out with 'semi-luxury' flats to cater to high-end buyers. The purpose is to provide various amenities offered by premium projects, but keep the houses affordable by making them smaller. Such houses cost 10 to 20 percent more than low-cost houses but 30 to 35 percent cheaper than luxury apartments. Buyers would be provided facilities like clubhouses, landscaped gardens, children's parks, swimming pools and modern security equipment. These apartments are located in prominent or easily accessible areas unlike affordable houses, which are in far-flung suburbs.