Pune property search Online using ICICI and HDFC Bank sites

Buying a property in Pune either for investment/First home has always been a challenge. Directly approaching the builders/Property dealers doesn''t give  you a true Rate/Valuation of the property in the Areas. So choosing the location and Property that suits once budget becomes difficult. Online search may not be always reliable because the ads are either posted by individuals/brokers/builders who are always interested to get more out of the customer.

To make the property search easier Banks like ICICI and HDFC have there own websites featuring properties ranging from Apartments/ Plots/ Villa along with property prices. Also most to the property featured on these sites have pre approved for Loan by these banks,

Check out these sites
https://www.icicihomesearch.in/HFC/

http://hdfcred.com/

Developer's NOC not required for flat sale/transfer in Maharashtra

In a major relief to flat buyers and society residents, the state government has said that there is no need for a no-objection certificate from the developer for sale or transfer of flat (resale) in a fully constructed building. The state housing department has issued an official communication in this regard after coming across cases where developers illegally collected money from flat buyers for providing such NOCs.
The department claims to have received complaints stating that the developers had collected up to Rs 500 per sq ft in such cases of transfer. This means, for the sale or transfer of a 540 sq ft flat, buyers are forced to cough up an additional Rs 2.7 lakh or so. The department has said there was no requirement for NOC under norms mentioned in the Maharashtra Ownership of Flats Act (MOFA).
A housing department official said that MOFA norms requiring formation of the society and conveyance of the plot to the society within a stipulated time after completion are not being observed in a large number of cases. Recovery of illegal amounts in the name of NOC for sale or transfer of flats are being reported in several cases, the official added.
The department has also written to the inspector general of registration, S Chockalingam, asking him to ensure that officials in the registration department register sale documents without insisting on the NOC from developers. The department says it has received complaints where officials have refused to register the documents without the NOC.
The Cidco, which has leased out a number of properties in Navi Mumbai, has also been asked to ensure that developers of these plots comply with MOFA norms. The department has sought Cidco’s opinion on whether its permission was needed for transfer/sale of flats for plots leased by it. The department is of the opinion that the permission—insisted upon at present—is not required. The government has urged societies where developers haven’t conveyed plots within stipulated time to apply for deemed conveyance.

Pune: VAT mandatory for flats bought between 2006-10

Over four lakh flat owners in the state, who had bought properties between June 20, 2006 and March 31, 2010, may now have to pay Value Added Tax (VAT) to the state government. According to rough estimates, in Pune, there could be over 1.6 lakh flat owners who bought properties between June 2006 and March 2010.
The tax will be collected from the developers and builders, who would seek the money from the flat owners. For a flat that cost around Rs 10 lakh, VAT payable now could be between Rs 25,000 to Rs 30,000, a developer said.   Developers said the state government has initiated steps to recover VAT from them. A trade circular issued by the Maharashtra sales tax commissioner on August 6 supports their claim.
The circular gives a background of the issue and states that, “Developers are liable to pay tax under Maharashtra Value Added Tax Act, 2002 with effect from June 20, 2006.” Developers’ associations in the state including Confederation of Real Estate Developers Association of India (CREDAI) will file a plea in the Supreme Court seeking a temporary stay on the collection of VAT till the apex court decides.
A senior sales tax department official said that the tax will be collected from the developers and not the flat owners. “Developers have to get the registration from the sales tax department for collection of VAT before August 16,” he added. “If the clause about payment of VAT has been mentioned in the agreement between the flat owners and the builder/ developer, then the flat owners will have to pay,” the official said.
The state government had introduced VAT in 2002, but it came into force in June 2006. The Maharashtra Chamber of Housing Industry had challenged its applicability in 2007 in the Bombay high court. In its order on May 2012, the high court upheld the validity of the amendment in the Value Added Tax Act 2002, and the notification of a composite scheme for builders and developers.
The Promoters’ and Builders’ Association (CREDAI, now) had filed a special leave petition in the Supreme Court against the high court order. While the petition has been admitted, no stay has been granted about collection of VAT from June 20, 2006. Since April 1, 2010, flat owners are paying VAT at the rate of one per cent of the cost of the flat to developers. Developers said that the computation of VAT on flats purchased between June 20, 2006 and March 31, 2010 would be based on variables such as cost of the land, construction and the like.

Source: The Times of India, Pune