Mumbai sees a down fall in real estate market
No Comments Sub Category:Uncategorized Posted On: Nov 21, 2011
Mumbai government is shocked and worried to see a major slump of real estate for the fiscal year 2011. The overall revenue target for the current fiscal account has been reporting a major drop down.
The eastern suburbs have traced a major drop in the real estate transactions. Rising property rates, inflationary pressures and constant increase in interest rates are impacting negatively on the real estate growth.
The seasonal property sales was expected to do better during Diwali, but it bore no fruit. The state government is worried as the present real estate trend will show its negative impact on the sales tax, receipts from motor vehicle sales, excise duty and also on the source of revenue.
The state government had estimated revenue of Rs. 15,677 crore from the state property transactions based on revenue collection seen during the last financial year. The situations remain same no more, as the real estate sector from beginning of this fiscal year has been witnessing a downward trend.
Source: The Times of India
Tags:
Diwali, Eastern suburbs, Fiscal year, Inflationary pressures, Interest rates, Motor vehicle sales, Mumbai, Property sales, Property transactions, Real estate transactions, Real estate trend, Realty News, Revenue, Rising property rates, Sales Tax, state government of Mumbai
