Mumbai
The Supreme Court’s decision to remove the forest tag from huge tracts of land spread over Mumbai, has brought respite more than five lakh residents. The apex court has quashed all prior notices and orders regarding encroached forest land issues, in the last nine years, about the various areas bordering the Sanjay Gandhi National Park in [...] Continue Reading »
Mumbai residents are likely to get alternative to congested roads and packed commuter trains as metro will be started before April, as announced by RInfra. The construction, signal testing and system integration have been completed for the line consisting of 12 stations. Mumbai Metro One Pvt. Ltd, a consortium of Reliance Infrastructure (69%), Mumbai Metropolitan [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) will penalise unauthorized constructions or extensions at twice the property tax levied on the entire illegal area. An amendment was made in April 2010, to section 152(a) of the Mumbai Municipal Corporation Act, 1888 to accommodate the new structure for calculation of property tax. The announcement was made by Municipal [...] Continue Reading »
In the last three years, the number of unsold housing units in prime cities such as Delhi-NCR, Mumbai and Hyderabad have nearly doubled, indicating that the real estate in India would need a long time to recover from. Liases Foras, a real estate consultancy and research firm has revealed that the stock level of residential [...] Continue Reading »
India has been an attractive market for IT/ITES industry as it ensures handsome investment returns. The BFSI (Banking, Financial Services and Insurance) book of the dead game industry, manufacturing and other service sector also contribute to total office space absorption in India. As per Knight Frank Survey, the top six cities which will witness maximum office [...] Continue Reading »
Mumbai, Gurgaon and Bangalore have been witnessing steady appreciation in property prices for over four years now. The property prices in Mumbai went up by an average 66 per cent, whereas Gurgaon saw an average rise of 52 per cent closely followed by Bangalore with an average of 46 per cent. Experts believe that the [...] Continue Reading »
The BMC recently has been the cause of much public despair and angst, for considering a proposal that would bring construction activity under the purview of local body tax (LBT). The recently introduced Local Body Tax (LBT) in Maharashtra empowers the local civil body to levy taxes on traders for importing goods into the city. [...] Continue Reading »
Real estate developers are facing difficulty to sell office space in Mumbai because of the the poor sales and falling rentals in this segment, so a number of builders are converting their commercial projects into residential ones. Builders are also finding it easier to work on housing projects, given the self-financing ability of residential projects through [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has recently awarded a tender of Rs 33 crore to replace age old pipelines in South Mumbai. The administration has proposed to repair or replace pipelines measuring 16.06 km from Colaba to Worli. For A, B and E wards, a Rs 15.3 crore contract has been awarded for water mains to [...] Continue Reading »
Finally, the metro plan of Navi Mumbai sees the light of the day! City and Industrial Development Corporation (Cidco) is likely to start the bidding process soon for the project. The awarding of bids would include for rolling stock and systems for Navi Mumbai’s first metro rail corridor – Belapur–Kharghar–Taloja–Pendhar. A meeting was held recently [...] Continue Reading »
