Mumbai
In the light of objections raised by the standing technical advisory committee (STAC) against the BMC constructing a 1.3km flyover project along Ghatkopar-Mankhurd Link Road, the Brihanmumbai Municipal Corporation (BMC) has sought suggestions from three agencies regarding pros and cons of the Rs. 90 crore project. The committee had noted that the civic body did [...] Continue Reading »
According to a recent Cushman & Wakefield report, the Indian retail real estate market recorded a delay of more than 30 percent of retail mall space against the projected supply for the first two quarters of the year. Approximately, 1 million sq. ft. of expected mall supply was delayed to later part of the year [...] Continue Reading »
It may have become the case that it is cheaper to buy a flat abroad such as in Dubai than at a posh location in Mumbai or in Delhi. The property price deflation in foreign countries since 2009 has given opportunity for Indians to buy houses abroad. Of late, most Indians seem to buy under-construction [...] Continue Reading »
Mumbai property owners will not only be getting a final property tax bill, but also a special notice reflecting the property’s capital value in September. The area of the building for which property tax being charged, the new tax calculated, the old tax rate, method of the new capital value-based tax are mentioned in the [...] Continue Reading »
Dhar & Hoon Blurb India has won the creative duties for real estate company Business Park Town Planners (BPTP). The agency won the business based on its outlook and vision for the real estate brand, which goes beyond real estate. The size of the business is said to be significantly high. Other agencies involved were [...] Continue Reading »
Though hotel business may have been witnessing a slow growth in the recent years, the InterContinental Hotels group is buoyant about the long-term demand in the country and is planning to develop 47 hotels within next five years. Chris Moloney, chief operating officer, South West Asia, IHG told at the moment the hotel chain is [...] Continue Reading »
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year. For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated [...] Continue Reading »
While making his position clear on tackling the alleged nexus between the BMC officials and construction lobbies, the Maharashtra Chief minister Prithviraj Chavan admitted that development charges of Rs. 102 crore is yet to be recovered from the developers. It is to be noted that the usual procedure is that BMC recovers this charge from [...] Continue Reading »
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that the market watchdog, SEBI, should categorize housing finance companies (HFCs) as a separate sector from Non-Banking Financial Companies (NBFCs) to attract more fund flows. It suggested SEBI not to club HFCs with NBFCs for the purposes of sectoral limits proposed for investments by [...] Continue Reading »
In India, where the bureaucracy is often criticized to be working under political pressure or in nexus with the lobbies, a bureaucrat’s action would be appreciated to work out a solid construction approval system in Mumbai. The influence of the powerful builders’ lobby in Mumbai has been curtailed due to the firm steps taken by [...] Continue Reading »
