There were certain national events too that scarred the year 2002 to a large extent. The terrorist attacks on the Akshardham Temple and the Raghunath Temple, the Godhra carnage, the scams in the property sector, like the multicrore fake stamp paper racket, building plan sanction racket, land misappropriations and issuance of fraudulent documents by some BDA officials. But a lot of good has come of 2002 in the housing finance sector and the property industry in general. The rates have firmed-up to realistic levels, and they are no longer reflective of the financial
status of the IT professionals. Other boosting factors include the Financial Bill of 2002-03. It was a beacon of good things to come. The bill abolished the role of appropriate authority of Income tax department in property transactions, extended the interest - concession on home loans and created urban reform inventive fund. The central government liberalized the property transactions and repatriation norms of NRI and persons of Indian origin, opened the realty sector to foreign direct investment, permitted the Port Trust to lease their lands for 100 years for purposes other than
port related activities. The National Housing Bank came out with much awaited rules of foreclosure norms of the bill, passed in parliament in the year 2000. All these positive developments were capped with passage of Securitization Bill by both the houses. The State Government has enacted a progressive Rent Act.Buy sell post rent your properties a bangalore5.com But much needs to be done. Many states are yet to abolish the Urban land Ceiling Act. Many obsolete laws are in need of amendment. The Coastal Zone Regulations warrants re-Iook. Capital gains tax and investment demands liberalization. Uniform and affordable stamp duty, further liberalization of the norms of FDI, flexible land conversion laws, development of infrastructure are the pressing issues.
We can expect much more from the new year, since all the obstacles have already been tackled by the property industry in the good old 2002. On a different note, we are proud to announce that our subscription and readership base has grown considerably. You, the readers have brought us this far in our efforts to be the number one property magazine and provide the people quality information and guidance.
status of the IT professionals. Other boosting factors include the Financial Bill of 2002-03. It was a beacon of good things to come. The bill abolished the role of appropriate authority of Income tax department in property transactions, extended the interest - concession on home loans and created urban reform inventive fund. The central government liberalized the property transactions and repatriation norms of NRI and persons of Indian origin, opened the realty sector to foreign direct investment, permitted the Port Trust to lease their lands for 100 years for purposes other than
port related activities. The National Housing Bank came out with much awaited rules of foreclosure norms of the bill, passed in parliament in the year 2000. All these positive developments were capped with passage of Securitization Bill by both the houses. The State Government has enacted a progressive Rent Act.Buy sell post rent your properties a bangalore5.com But much needs to be done. Many states are yet to abolish the Urban land Ceiling Act. Many obsolete laws are in need of amendment. The Coastal Zone Regulations warrants re-Iook. Capital gains tax and investment demands liberalization. Uniform and affordable stamp duty, further liberalization of the norms of FDI, flexible land conversion laws, development of infrastructure are the pressing issues.
We can expect much more from the new year, since all the obstacles have already been tackled by the property industry in the good old 2002. On a different note, we are proud to announce that our subscription and readership base has grown considerably. You, the readers have brought us this far in our efforts to be the number one property magazine and provide the people quality information and guidance.