Chandigarh civic body seals three buildings over unpaid property tax – ET RealEstate

CHANDIGARH: The municipal corporation (MC) has sealed three commercial properties in Sector 26 for failing to pay property tax despite notices.

“The three-month rebate period to pay the property tax ended on June 30.. We then started to send the property tax notices to all the defaulters. The three property owners did not respond even after receiving the notices. A final chance was given as per the laid down norms. But when they didn’t pay the amount, the authority was left with no options but to seal their properties,” sources said.

Around six more properties are face sealing, with the civic body starting the proceedings. “We are set to give them last notice to pay the tax, otherwise strict action will be taken against them,” an official said.
Chandigarh civic body seals three buildings over unpaid property taxThere are around 1.10 lakh property taxpayers — 85,000 house owners and 26,000 under commercial category — in the city, according to MC records. Commercial properties of villages were brought in the tax ambit, but the outbreak of Covid-19 last year made the MC give them temporary of not paying the tax for the current financial year.

Around 80,000 taxpayers have paid their property tax to the civic body during the three-month rebate period. The defaulters would have to pay 25% penalty and 12% interest on the total amount

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Irish rental stock hits record low as housing crisis deepens – ET RealEstate

DUBLIN: The number of Irish homes available to rent sunk to their lowest level on record this month, Ireland‘s largest property website said on Tuesday, as a chronic supply shortage hit rural areas harder and pushed average rents up by 5.6% year-on-year.

A years-long mismatch between low supply and high demand in Ireland has been compounded by two shutdowns of the construction sector in the past 18 months to slow the spread of COVID-19.

The resultant stalling in the building of new homes has contributed to house prices rising again, rents increasing from already record levels and left just 2,455 homes available to rent as of Aug 1, property website said.

That represented an “extraordinarily low figure” for a population of almost 5 million people, said Ronan Lyons, an associate professor for economics at Trinity College Dublin who analyses the data for Daft.

It compared to an average of 9,300 homes available to rent at any time since data began to be collected in 2006.

Two thirds of all homes on the rental market were in Dublin, where the stock was broadly in line with the 2015-2019 average. That helped keep the annual increase in rent costs, which have doubled over the past decade, at 0.5% in the second quarter.

With more people choosing to work remotely in rural areas, the lack of supply elsewhere meant rental prices jumped by more than 10% in most other counties, many of which are not covered by laws that aim to limit rent increases.

There were just 15 homes to rent in Waterford, a county with the fifth largest city in Ireland and a population of 116,000 people. Rental costs there rose by 14.7% year-on-year.

“The hope for renters and for Irish society is that August will mark the low-point – as has been the case in other years and reflecting the timing of leases for the academic year,” said Lyons.

“But the underlying pressure on Ireland’s rental system is intense and the supply shortages are chronic and worsening.”

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Hong Kong home prices flat in June but seen hitting record soon – ET RealEstate

HONG KONG: Hong Kong private home prices were flat in June, official data showed on Wednesday, but realtors expect they will hit a new record high in the third quarter, supported by a recovering economy and hopes that mainland Chinese buyers will soon return.

The index of June home prices in one of the most expensive property markets in the world was unchanged at 394.5, compared to a revised 0.8% gain in May.

But, despite lingering COVID-19 pandemic fears, it just 0.6% lower than the all-time high of 396.9 in May 2019, before mass anti-government protests rocked the city.

“A persistent hot property market and improving pandemic situation is good for buying sentiment,” said Thomas Lam, executive director of Knight Frank.

“If the border (with mainland China) can reopen by the end of year, some of the Chinese purchasing power will flood into Hong Kong,”

Realtor Centaline expected transaction volume in the secondary home market this month will ease slightly from June, but the total transaction value will remain above HK$40 billion ($5.14 billion) for the fifth consecutive month, the first time since 1997.

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When is the right time to draft a property will? – ET RealEstate

NEW DELHI: Rising number of COVID-19 cases related deaths have also sparked a crucial real estate discussion on the property inheritance. You must have seen family disputes over property matters languishing in the courts for years. This is because inheritance issues in India are very complicated and a single step can ensure your amicable distribution of your real estate assets.

What is a property will?

A property Will is a legal document which is a legal instrument. The property owner executes this document so that he can plan his succession. This is done so that the property can be distributed among legal heirs as per the desire of the property owner.

Delhi-based advocate Moiz Rafique explains, “This is a legal document and drafting a property Will is basically a concept whereby it is seen that the property is distributed as per the desire and will of the person who owns it when he is not there. Any person who is above the age of 18 can prepare a property Will and when the person is of mature mind. He or she needs to have a very sound understanding on how he wishes to distribute his property after death.”

Key things to remember:

  • Details of the testator needs to be there along with a legal declaration
  • Intention of the testator has to be there and division of property needs to be mentioned
  • Details of the beneficiaries need to be there
  • In case of a minor, testator has power to choose the guardian of the property till the minor attains maturity

How important is a property Will, and how can one draft the same?

In several cases, family disputes occur due to non-availability of a legal distribution of a property. After the death of a person, his property devolves in two ways – according to his Will i.e. testamentary, or according to the respective laws of succession, when no Will is made. If a person dies without a will, the law of succession applies based on the religion of the deceased.

Most of us don’t bother to write a Will based on the assumption that it is required only for those who are wealthy or very rich. This is where the problem starts!

According to legal experts, you should create a will early in your life. There is no right or wrong age to write a Will. There is no fixed format for a Will. You don’t even need a lawyer to draft it. You can just write your Will on a plain paper.

“One should definitely register a property Will with the sub-registrar for more authenticity. It makes a Will legally valid. But even if a Will is not registered it can be taken up in the civil court for probate. Registered or unregistered will needs to be taken to the civil court with jurisdiction, asking for a probate. Once the probate is given, thereafter the beneficiary will have to get the property in his or her name. On the basis of the probate then only he can further sell off the property,” adds Rafique.

A will can be revoked and there are two types of revocations. You will have to go to the sub-registrar office to revoke the registered Will. In case of unregistered Will, the testator can revoke the Will.

Succession planning is important to ensure your property is distributed without family disputes and also to give you an idea of your finances and equal distribution of the same among all family members.

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