Cities
The Andhra Pradesh Government’s decision of relaxing building norms for large housing projects and levy shelter fee for housing of the poor is expected to boost up the state’s real estate business. The new Government Order passed last week has relaxed an earlier provision made in January 2011, in which builders should compulsorily reserve a [...] Continue Reading »
PricewaterhouseCoopers, a global professional services firm, inaugurated its new office in Chennai, on Tuesday, to provide advisory, tax and regulatory services. The company has increased its employee base by 24 per cent at the Chennai Centre to meet the growing demand for various sectors. PwC has its existence in major cities of India like Ahmedabad, [...] Continue Reading »
Do you know that rising construction activity and commercial establishments contribute in high pollution levels? No proper check has been done on pollution levels in Hyderabad city by the concerned authorities. Thousands of buildings are under construction spreading intolerable noise. Careless handling of building materials and lack of safety measures has been very annoying to [...] Continue Reading »
While opposing the proposed increase on property tax in the civic budget, the Nashik Municipal Corporation‘s (NMC) standing committee (SC) points out at alternative areas of revenue generation. They have suggested levying of commercial tax on small businesses operating out of domestic premises. Standing committee chairman Uddhav Nimse stated that out of 1,132 galas owned [...] Continue Reading »
Blackstone Group, US-based private equity major, is set to acquire 36% ownership in the tenanted office space group of Embassy Property Developments, for about $230 million (Rs 1,300 crore). The deal is expected to be Blackstone’s biggest real estate deal in India, giving it part ownership of more than 12 million sq. ft. The Blackstone [...] Continue Reading »
In an exceptional move, the Supreme Court has put a stay on Municipal Corporation of Gurgaon (MCG) on collection of house tax from the residents of private developers’ areas. The SC took a side with the Gurgaon citizen council as the latter argued that they had already been paying taxes to the developers and the [...] Continue Reading »
In a rare occurrence that has had reverse effect on the escalating prices of apartments, a big luxury apartment project launched by TVH Group in Adyar seems to have set a new trend. TVH has brought down the prices by 16% where in the earlier prices were 16000 per sq. ft. It was a calculated [...] Continue Reading »
The Bruhat Bangalore Mahanagara Palike (BBMP) may face charges of contempt of the court as the High Court in a hearing put BBMP under scanner for entering into a third party deal with Maverick Holdings for construction of flats for Economically Weaker Section (EWS) at Ejipura. The Bench heard many folded petitions filed by some [...] Continue Reading »
Mumbai, NCR and Bangalore alone took up 75 per cent of the total office space absorbed in India in the April-June quarter. Almost 96 per cent of the entire space was left unsold and got added to the present quarter. Other cities such as Chennai, Pune and Hyderabad experienced delays in project completions. But however, [...] Continue Reading »
Bombay High Court on Tuesday granted interim stay to senior bureaucrat T C Benjamin, on an order directing the Maharashtra Anti- Corruption Bureau (ACB) to investigate accusations against him in an alleged real estate scam. The ACB registered an FIR against Benjamin, the Principal Secretary of the State Urban Development Department, and developer Niranjan Hiranandani, [...] Continue Reading »
