Property

VISAKHAPATNAM: With the realty sector reeling from the shock of the pandemic, the government’s revenue sources dependent on the sector have also started drying up. The stamps and registration department, which collects a percentage as stamp fee for registration of properties and is one of the top revenue contributors, is struggling to meet targets. Department officials say that only 6,000 properties were registered in Visakhapatnam district in May and June, against 10,000 properties registered during the corresponding period last year. While the government had set a target of Rs 824 crore for the 2019-20 fiscal, only Rs 525 crore could be generated by last week of March.K Manmadha Rao, district registrar, said the government has set a target of Rs 600 crore for the 2020-21 fiscal. Earlier, before the lockdown, the department used to earn at least Rs 2.25 crore a day by processing over 200 documents, he said, adding: “In some days in May and June, we still earned Rs 1.25 … [Read more...] about Visakhapatnam’s revenue from property registrations dips due to Covid-19

IT and Law Minister Ravi Shankar Prasad on Thursday called for transparency in data usage and said data of a country should not be used by another country as its surreptitious property. He said a true digital world can only survive in democracy, and there is a need for more transparent system."The essence of digital world is transparency where on a click of button, everything is available. This system must be maintained in a robust manner. With regard to privacy, with regard to data safety and security, and proper containment of surveillance," Prasad said while speaking at the India Global Week 2020.He said the world needs more transparency and openness."Data of one country should not become surreptitious property of another country," the minister said.Talking about India's data protection law in works, Prasad said the Bill is being examined by select committee of Parliament.He said that in the proposed data protection bill, the government has maintained that personal data should only … [Read more...] about Data of one country should not become surreptitious property of another country: Ravi Shankar Prasad

Mumbai: Congress leader Sanjay Nirupam on Thursday demanded an Enforcement Directorate (ED) probe into a property bought by Chief Minister Uddhav Thackeray’s family in 2017. He said that the 10,000-sqft plot in Kalanagar was purchased by the Thackerays from a firm headed by Rajbhushan Dixit and Jagbhushan Dixit of Platinum Infrastructure. Nirupam alleged that Rajbhushan Dixit is a director of Sterling Biotech and he has been investigated and booked by CBI and ED on charges of bank fraud and money laundering. “The Thackerays managed to purchase this prime property for `5.8 crore only. If you go by the market value, then the value of the property is much more. Prima facie, there has been a massive undervaluation. Besides the official cheque payment, cash transaction has also happened,” said Nirupam. The Congress leader said that an ED probe was required to investigate whether Rajbhushan and his brother laundered money from the deal. When asked about the implications … [Read more...] about Nirupam Seeks ED Probe into Thackerays’ Property Deal

Hence, banks put restrictions on cash withdrawals in Lebanese pound and U.S. dollars while stopping exchange from Lebanese pounds to dollars, which created great panic among depositors who resorted to withdrawing some of their money and storing them in their houses or investing their money into the real estate sector. … [Read more...] about Spotlight: Demand for properties skyrockets as Lebanese flee money from banks amid fears of haircut on deposits

“While the initial COVID-19 related restrictions on housing activity have eased, the economy has undergone a very large contraction, and while we appear to have passed the trough in activity, it will take time for the recovery to unfold,” NAB chief economist Alan Oster said in his report. … [Read more...] about Housing market sentiment collapses as COVID-19 continues to drag down prices