Cities
Mumbai’s economy has been hurt by an unregulated, hyper inflated and speculative real estate, which in turn would have its effect on the country’s economy. The astronomical property prices are driving new businesses and expansion of existing ones away to other cities. The cost of acquisition of a facility to run business is very high [...] Continue Reading »
The Maharashtra state government has set up a committee under the chairmanship of Brihanmumbai Municipal Corporation (BMC) chief Sitaram Kunte to address the issue of bad roads. The new committee will work on a policy to improve the maintenance of all city roads, including non-BMC roads. It has been formed comprising of members from the [...] Continue Reading »
A public interest litigation (PIL) filed last month by a social activist has grabbed attention in Mumbai. The Mumbai resident moved the Bombay high court over 4,400 leases executed by the BMC, through which nearly 6.48 crore square feet of the city was leased to private entities. The PIL states that most of the land [...] Continue Reading »
The Madhya Pradesh state government‘s decision to levy Narmada tax has come under fire from various builders and property owners. The property owners are to pay tax prior to getting building permission for any construction is bound to put an additional burden on those constructing new house, as well as on those who had bought [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has been strictly monitoring the reinstatement of roads ahead of Ganpati festival. BMC has been regularly cracking the whip on contractors in charge of pothole-filling work and has collected fines total of Rs 1.22 crore so far. Contractors under the civic body’s road department, its ward level and other related departments [...] Continue Reading »
The number of online taxpayers under the jurisdiction of North Delhi Municipal Corporation has significantly increased this year as compared to last year. According to the North Corporation, 1.83 lakh people have paid property tax online, while 1.41 lakh people deposited tax over the counter in the last eight months. The number of online tax [...] Continue Reading »
While the Bruhat Bangalore Mahanagara Palike (BBMP) announced to start the tax collection drive, it was alleged that it had targeted lower and middle class to collect property tax. Now, the BBMP has come up with the list of 20 major property tax defaulters, who owe almost Rs 16.58 crore to the civic agency. Big [...] Continue Reading »
Analysts say that interest of overseas funds in the Indian real estate sector is intact but the approach has changed. The investors have turned their focus on specific project. About $2 billion private equity had come into the real estate sector in the past two years and funds were keen to make investments after considering [...] Continue Reading »
Kerala real estate is growing and amid rising number of accident cases at construction sites and insufficient safety measures, the Kerala wing of Confederation of Real Estate Developers’ Association of India (CREDAI) is planning to bring out a safety manual for workers in the construction industry. The developers’ body is to release the manual at [...] Continue Reading »
According to a report by consultants Cushman & Wakefield (C&W), new residential project launches in Hyderabad have declined by nearly 75 per cent to 1,500 units in the first half of 2012. The total number of new residential units launched was approximately 1,500 units in first half of 2012. It is very low compared to [...] Continue Reading »
