Kolkata
Kolkata-based non banking financial corporation (NBFC) Magma Fincorp has entered the housing finance sector in India. It has acquired the mortgage business of two GE Capital India arms for Rs.1,600 crore. The deal marks the exit of GE Capital’s two decades of home loan business in the country. The concerned GE Capital arms are – [...] Continue Reading »
The Bidhannagar (Salt Lake) municipality has collected Rs 80, 81,000 as property tax and started sending bills to all the residents. Around 1,696 owners have paid property tax accounted to Rs 80,81,000 till the last day of October. According to the municipality chairman Ashesh Mukherjee, the municipality is expecting to collect Rs 9 crore as [...] Continue Reading »
As a result of funding gap, many housing projects have been shut down and as a result, economy has slowed down. The government has directed many banks across the state to unblock values of stalled projects and provide financial dose to turn them viable. National housing bank (NHB) decided to begin the search for the [...] Continue Reading »
In a recent meeting held, the Supreme Court said that the common man felt cheated as the authorities only demolish illegal slums of the poor and not the illegal constructions by the rich. A bench of Justices said that the illegal constructions by the affluent destroyed the concept of planned development and also it affects [...] Continue Reading »
As Kolkata gears up for new Metro routes, real estate is expected to spur along the new Metro links. Kolkata Metro is expanding its operations connecting the main city with suburbs and the airport. The new metro will connect the Salt Lake to Howarah in just 30 minutes and will enhance the accessibility. There are [...] Continue Reading »
Capital market regulator Securities and Exchange Board of India (Sebi) has cracked down on collective investment schemes operating in West Bengal. Few real estate firms are among those being zeroed in on by the regulator. Investments worth thousands of crores have been raised by certain companies in the state in violation of Sebi’s Collective Investment [...] Continue Reading »
Real estate advisory firm Knight Frank, in its latest report, has mentioned that despite a dip in the number of new launches in Kolkata’s residential market last fiscal, it has not affected demand for the affordable and mid-segment housing. Kolkata’s residential market is expected to remain stable for the coming quarters of 2012-13. There has [...] Continue Reading »
Exorbitant land prices are pushing housing prices in Kolkata. It is not in tune with the overall slowdown in real estate market. Land prices have gone up by more than 50 per cent in many plush localities in Kolkata. The demand remains steady and hardly any new townships have come up in urban and semi-urban [...] Continue Reading »
Residential localities in East Kolkata such as Rajarhat, New Town Action Areas are becoming sought after areas for home buyers. Particularly, residential demand is generated by the middle income home buyers in the localities. Currently, average value of multi-storey apartments in eastern localities of Kolkata falls between Rs 3,500-5,500 per sq ft. The maximum demand [...] Continue Reading »
Bidhannagar Municipality is all set to restart the process of collecting property tax in Kolkata. The civic body had started collecting taxes in March, but the tax collection process had to be stalled a couple of weeks later after some confusion over tax calculation came out. Now the officials have declared that they are to [...] Continue Reading »
