ARTICLES

BY erealto | 05-12-2018

IMPOSITION OF DEVELOPMENT TAX IN PUNJAB

Punjab government is imposing an amount of Rs. 200 per month as development tax on all government professions, traders, callings and employment for the benefit of the state of Punjab. The Punjab State Development Tax Act,2018 got approval from the governor on April 2018. The act has come into effect from April itself. The employees would receive their salaries after deduction of development tax for the past months counting from April 2018. However, nothing has been said about how non-governmental employees would pay their tax. Senior citizens and people engaged in agricultural practices exclusively and extensively would be exempted from paying the development tax. In case of the employees, the tax would be deducted by the employers before the payment of salaries to the employees. However, in case of businessmen, they need to register themselves under this act and are liable to pay taxes. The government would benefit a lot from this tax and it is expected it would earn a revenue of over Rs. 150 crores annually. A penalty of INR 5000 would be charged both to the employer as well as tax payee in case any false information is being provided intentionally. If an employer fails to deduct tax at the time of payment of the salary, simple interest of 2% of amount of tax per month would be charged. The imposition of development tax has undergone a lot of criticism. But Manpreet Singh Badal, the finance minister of the state justified the levying of taxes by saying that many progressive states such as Gujarat, Maharashtra, Tamil Nadu etc. have been charging taxes for years now.

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BY erealto | 05-12-2018

New ruling to curb misuse of stamp duty rebate

Stamp duty is a tax levied by the government on any property transactions whether commercial or residential. Earlier, the stamp duty charged was 9%. But an ordinance was issued to reduce the stamp duty to 6%. This ordinance came into effect and became a law after the Indian Stamp Act 1899 (for Punjab) got amended and the Indian Stamp (Punjab Amendment) Act 2017 came into effect. Punjab government, in order to curb the misuse of stamp duty rebate ruled out a new law which will control the wrong deeds of some greedy and unethical people. In order to empower the women, Punjab government gives a rebate of 2% on the property transactions which are registered on the name of a woman. Though, the transfer of property to someone who is related by blood is absolutely free of cost, but for others, the government charges stamp duty of 6% if the property is to be transferred to a man, in the case of a woman, it is 4%. This is a unique step which has been taken by the government to empower the women and to increase their say in the matters of property. However, if the male and female are equal property owners, the rebate given is according to the proportionate share of women in the property. But this is however being misused by some immoral people, who at first transfer the property on the name of woman but then transfer it to a male member of the family. In order to curb this practice, the government takes back the rebate given, if the property is transferred from a female to male within a period of one year. This decision has been taken by the Punjab Revenue Department to restrict the malpractices going on.

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BY erealto | 08-12-2018

What is Unauthorized Colonies Scheme in Punjab?

As the name suggests unauthorized colonies are colonies which have not been authorized by the government. This means that they have not gone through the normal course of paying CLU, EDC, LIF, SIF. Therefore, In unauthorized colonies the property is not registered so basically the developers do not pay the stamp duties and registration charges that s why many people promote the unauthorized colonies because that land has low price compared to the authorized colonies. The government of Punjab in order to bring all these unplanned colonies in folds of planned colonies had enacted the Punjab Laws (Special Provisions) Act, 2016 , but after the implementation of these policies the government has information that there are still exist a number of unauthorized colonies presently around 7,000 illegal colonies, of which 5,000 were located outside the municipal limits. The unauthorized colonies are developing because of the housing demand not matched by government authorities, the land of unauthorized colonies is cheaper than land of approved colonies. But many people purchase land in unauthorized colonies only the reason of unauthorized colonies is cheaper as compare to authorized colonies but these people are facing a many problems like poor infrastrusture in unauthorized colonies and not having a public amenities etc. The bank does not offer the loan to buy properties in illegal colonies, and the parking is also a very serious problem in these areas. The developers does not follow the building code. Many dealers cheat the customers by selling the land in unauthorized colonies because the people cant identify the colonies which is authorized or unauthorized because of unawareness. But with the help of layout plan, service plan, revenue, FARD, CLU etc. we can recognize the land which is authorized or unauthorized . And you can also check by clicking on the below mentioned link that which land is authorized or unauthorized. With the help of this , you will buy a good and authorized land without any efforts. http://gmada.gov.in/category/citizen/unauthorized-colonies/ Most of the peoples are confusing in the authorized or unauthorized land. Both are different and have different advantages or disadvantages. The unauthorized colonies are not a part of master plan, buying and selling of unauthorized colonies is not carried out by registered deeds , these colonies are not considered to be part of the planned city. The property owners of these areas do not hold clear title to their land. The authorized colonies are part of the master plan, buying and selling of land of authorized colonies is carried out by registered deeds. In the authorized colonies we can easily change the ownership. With the help of new policies in Punjab, you can regularise the unauthorized colonies. With the help of regularisation, you can convert your colony from unauthorized colony to authorized colony. To bring all unauthorized colonies into a planning framework and to regularize the development , regularisation is a process by which you can made unauthorized colonies legal and the property titles in them are recognized by law and can be registered with the authorities. The application for regularisation must include information such as the colony's boundaries, names of streets, and neighbouring areas.

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BY erealto | 08-12-2018

Malls In Tricity

VR Punjab VR Punjab is situated in Chandigarh region and it is also one of the biggest operating mall in Punjab. VR Punjab is promoting the retail, food, music, art and entertainment programs. It emerges the art of placemaking with maximum functionality and connectivity with an outdoor environment. Executive managing director Rohit George said that this acquisition, combined with VR Chennai, also enables VRSA to simultaneously offer retailers, two new retail developments of scale, in key metropolitan markets, at a time when quality retail space is scarce and the economy is poised to grow strongly. ELANTE It is also known as the second largest shopping mall in northern India. As Chandigarh is the well planned city in India but it has also received the criticism related to the limited no. of shopping malls. Elante is a perfect answer to such criticism . It includes all national and international brands. This mall consist an environment where one can enjoy shopping, entertainment as well as office space. The Mall has a space for retail area of over 1 million square feet. It has two main gates, one is on the big front entry and another one is on the back. It has three basement levels, a ground level and three upper levels. In the retail area, Elante Mall hosts retailers of various Indian and international brands, a food court and a courtyard full of cafes. The Mall has an 8-screen Multiplex of PVR Cinemas on its top floor, the mall has restaurants, fast food joints and a Fun City for kid’s entertainment. MALLS IN ZIRAKPUR One of the most important thing in today’s marketing strategy is right retail mix of tenants along with the development. Malls in Zirakpur are coming with the new concept of retail plaza where the customer would be able to see the 4dimensional view of showrooms and brands. If we talk about the investing in malls so there are two types of customers one who wants to invest in commercial field and other who wants regular income. So what customers do is that they invest in malls and try to achieve a regular income. So the malls are offering to the customers the facility of SOHO,STARTA so that they can invest for regular income ,they are also providing the hyper market facility with leasing facility and tie ups to satisfy the need of regular income seeking customers.

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