#RealtyNewsRoundup: GDA Plans To Hike FAR Rates, Development Charges
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The Ghaziabad Development Authority (GDA) plans to increase stamp duty and external development charges while also providing additional floor area ratio for development activities in areas under its jurisdiction. The revenue earned though the move would be used to pay the debt the GDA incurred for developing the regional rapid transit system in the city.
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The Municipal Corporation of Gurugram (MCG) will survey buildings and empty plots of all sorts to enhance the property tax collection in the city. For this, the MCG has hired a consultant that will also update contact information of property owners in the records.
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US-based investment and development company Hines in collaboration with Gurgaon-based Conscient Infrastructure will develop a premium residential project at the Golf Course Extension Road for an investment of Rs 1,600 crore. The two companies have already invested Rs 500 crore in the project. The remaining amount will be raised through construction finance or debt.
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After rising for over four years, non-performing assets witnessed a decline of 9.3 per cent in the financial year 2019, the Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report on June 28. Despite the recent setbacks, the nation's financial system "remains stable", the RBI says.
Source: Media reports