Mumbai
Jones Lang La-Salle (JLL) India, the property consultancy firm, is to launch a new real estate fund worth Rs 300 crore in the domestic market. The fund is been approved by capital market regulator Securities & Exchange Board of India (Sebi). The project focuses on residential projects in tier-I cities. The group is aiming to fetch [...] Continue Reading »
Lessees and occupants of Maharashtra state government land will have to display certificates, declaring that their properties were granted by the government. A notice board has to be displayed on the building premises or on compound walls, visible to the public from now on. State government officials say that this will help the government to [...] Continue Reading »
Keeping an eye on the hardening inflation, the Reserve Bank of India (RBI) has cut the cash reserve ratio (CRR) by 25 bps. RBI left the key interest rate unchanged and the 0.25% reduction in CRR is done to infuse additional liquidity that will inject Rs 17,500 crore into the financial system. Accordingly, the CRR [...] Continue Reading »
Realty experts say that Mumbai should focus on sustainable development. According to sources, the sustainable rate in the country is hardly 2.8% when compared to the global standards of about 25%. Since the real estate plays a major role in the development of economy, it is important that sustainable development be adopted on a faster [...] Continue Reading »
Five years after Brihanmumbai Municipal Corporation (BMC) first proposed to undertake redevelopment of Crawford Market, the civic body has now finalised tenders worth Rs 20 crore for restoration of the front heritage building. The 141-year-old front portion of the market is a notified grade one heritage structure. The city civic body decided to undertake both [...] Continue Reading »
The Mumbai civic body, Brihanmumbai Municipal Corporation (BMC), plans to restructure its water supply system to ensure equitable supply to all areas in the city. The BMC has decided that each person in the city should get at least 135 litres of water per day. Earlier, in 2009, it had set 90 litres per capita [...] Continue Reading »
Mahindra Lifespaces, part of the Mahindra Group, has purchased a three-acre plot in Andheri owned by Nycomed Pharma Pvt Ltd. Mahindra purchased the property for around Rs 205 crore, or Rs 65 crore an acre. The 12,000-sq m plot currently houses a bungalow, two guest houses, a research and development facility and an electric sub-station. [...] Continue Reading »
According to international real estate consultancy CBRE’s India Office Market View 2012, the absorption of office space had a sequential fall of 14% across seven key cities ended September, a fall of about six million sq ft, compared with about seven million sq ft in the previous quarter. National Capital Region (NCR), Mumbai and Bangalore, [...] Continue Reading »
In order to generate more revenue to fund infrastructure projects in Mumbai and other areas, Mumbai Metropolitan Region Development Authority (MMRDA) has sold land parcels in the Bandra-Kurla Complex (BKC) and Wadala. Over Rs 70,000 crore expected towards infrastructure projects in the next decade, the projects is in urgent need for alternate sources of revenue [...] Continue Reading »
Experts expect that the new supply in Mumbai realty market could lessen by 20-30% than the prevailing rates as the market has been ravaged with high prices. Around 200 new projects are coming up in June – September and it is estimated that it will launch in cheaper rates. According to a real estate analyst, [...] Continue Reading »
