Property price in Mumbai will rise
The Urban Development Ministry has proposed to increase the property taxes in Mumbai Municipal area.
The ministry planned to increase the funds for the development of Urban infrastructure.
Though the idea of investing more in urban infrastructure is appreciable, the outcome of increasing tax will make the houses unaffordable for the residents of metro cities.
Mumbai is known for expensive real estate market in the country. And with the proposal, the rate of rented apartments in Mumbai as well as property prices will rise more.
Due to all these reasons the transactions in real estate market is decreasing in Mumbai region.
It is going to be tough for the residents of Mumbai to stay there.
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Source : First post
development of Urban infrastructure, expensive real estate market, property taxes, property taxes in Mumbai, property taxes in Mumbai Municipal, rate of rent, Real-estate market, residents of metro cities, Residents of Mumbai, Urban development ministry
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