Mumbai
As per new initiatives taken by Briahmumbai Municipal Corporation(BMC), the citizens of Mumbai will have a greater say in resolving civic issues at ward level. BMC officers have been asked to attend meetings conducted by the advanced locality management (ALM) and local area citizens committee (LACC). BMC commissioner Sitaram Kunte has come up with the [...] Continue Reading »
Despite a slowdown in the real estate sector, Mumbai – based Lakshachandi Realty has stated that it expects a 25 per cent increase in revenue in the current fiscal. The company identifies their success is due to timely execution of its projects. The realty firm had earned revenues of Rs 250 crore in the last [...] Continue Reading »
Jones Lang LaSalle, world’s second-largest property consultant, predicts growth in India’s property market is expected to fall to less than 5 per cent over the next 12 months. In an interview with Reuters, president and global chief executive officer of JLL stated that the market looks grim compared with an annual growth rate of 17 [...] Continue Reading »
Dahisar in the western suburbs of Mumbai has become one of the most preferred residential destinations in the recent past. Due to its proximity to Borivali and other suburbs, availability of relatively affordable residential rates, infrastructural developments and easy access to public transport are the main reasons behind the rise of Dahisar. Its easy access [...] Continue Reading »
Mumbai is witnessing supply outpacing demand in the residential sector. On one hand, upcoming projects are witnessing very subdued response from the buyers and investors. On the other hand, pace of construction is slow and almost 70 per cent of the total residential units under construction in the northern fringes of the city remain unsold [...] Continue Reading »
Home loans are to become cheaper in near future. While some banks have already slashed their interest rates while others are planning to do the same. The finance ministry has already asked bankers to reduce equated monthly installment (EMIs) on home loans. State-owned Central Bank of India has decided to reduce home loans by 10 [...] Continue Reading »
Indian real estate companies seem to take a hit due to imposition of VAT in Maharashtra. The shares of most big players dropped for a second day as confusion kept arousing about who would end up paying a proposed retrospective value-added-tax(VAT) from the state of Maharashtra. The drop was caused by worries about a stringent [...] Continue Reading »
The Bombay Chartered Accountants Society (BCAS) has urged the state government to levy a uniform one per cent tax on buyers who purchased flats between 2006 and 2010, and those after 2010. The sales tax department and developers are yet to arrive at a mutual agreement over the quantum of Value-Added Tax (VAT) leviable, the [...] Continue Reading »
Although the development authorities in Mumbai expects to finish off the Wadala-Jacob Circle Monorail corridor by the end of next year, doubts still remain whether it would be completed within time. The Mumbai Metropolitan Region Development Authority (MMRDA) is yet to secure space to set up the supporting infrastructure, like sub-stations, staircases and fire-fighting rooms. [...] Continue Reading »
Maharashtra finance minister has indicated that the state government will provide a waiver on 15 per cent interest as penalty on value-added tax (VAT) levied on property transactions between 2006 and 2010. The news comes as a relief for the property developers and buyers. The government further clarified that VAT will be levied only on [...] Continue Reading »
