Wednesday, May 9, 2007

NOW NAGPUR , PROPERTY RECORDS JUST A CLICK AWAY

NAGPUR: The Nagpur Municipal Corporation (NMC) may become the first local self government organisation in the state and perhaps in the country to make available online entire records of all its five lakh properties in the city.

"We have initiated the project and a budget provision of Rs 1 crore has been sanctioned," additional deputy municipal commissioner Ajay Ramteke said. Apart from this, the corporation is undertaking GIS mapping of properties and has proposed to set up of ten kiosks for payment of property taxes.

According to Ramteke, the corporation will get all the property records scanned before putting them online. The corporation is still to work on bid documents and the tendering process is likely to begin by next month. The project is expected to be completed within a year.

The project has several advantages both for residents and the civic body. Property owners can now get details regarding the property on a compact disc or can also check them online. This could include all details related to ownership, tax payment, arrears and corporation action against the owner. At present computerisation in the department is limited to tax assessment and billing.

For the municipal corporation maintaining lakhs of documents is a cumbersome task. There is also a possibility of documents getting damaged.

Of about five lakh properties in Nagpur, 70,000 of them are commercial. Several properties are unassessed and last year the corporation initiated a drive to bring all such properties under the tax net. About 40,000 unassessed properties were identified and assessed.

In 2006-07 the Nagpur Municipal Corporation earned Rs 74 crore in property tax—no change over the previous collection. The corporation had estimated Rs 108 crore in property tax but it failed to achieve the target .
Source:Times of India, 9 May, 2007
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Wednesday, April 11, 2007

UK REALTY FIRM TO INVEST 250MN POUNDS IN INDIA

A UK-based property investor plans to invest 250 million pounds in India's booming real estate sector in the next five years.

"In the next five years we are planning to invest 250 million pounds in India," Suchit Punnose, Director Investments of Red Ribbon UK Fund.

Of the total amount, 50 million pounds would be invested in budget hotel chains all over India, 50 million pounds in developing resorts in Kerala, 50 million pounds in student accommodation and 100 million pounds in commercial properties.

The first budget hotel would be commissioned in Cochin by July this year.

The company has identified land to build a 300-room resort in Kerala and the land acquisition would be completed in the next three months.

In addition, Red Ribbon UK Fund also have plans to set up a pre-fabrication building construction factory in Kerala "which we hope to use to rapidly expand our footprint in India," the official said.

Regarding student accommodation, he said they would identify 50 top universities in India and build hostels and dormitories next to the campuses.

One million pounds would be earmarked for each of the 50 sites, he added.

The company's investment plans further include building of retail parks, keeping in view the requirements of leading bluechip companies in India.