Mumbai
Analysts have commented that the Real estate firms are expected to have had a lackluster in the June quarter with lesser profit due to tighter margins and higher inputs costs compared to the previous year. Firms are expected to show downfall in their profit, including big players like DLF Ltd. Bangalore based developers seem to [...] Continue Reading »
Office sales and rentals have plunged by almost a third in the last two years in Mumbai’s alternative financial district of Lower Parel. The reason is a building boom that took place after various mill land sales 4-5 years ago. In the recent years, Lower Parel witnessed launches of nine major projects, creating office space [...] Continue Reading »
The Godrej Group’s real estate development arm, Godrej Properties, has announced that it has entered into an agreement to develop approximately 110 acres of land in Panvel. Godrej has entered into a profit sharing joint venture structure for this project where GPL will receive 35 per cent of the profits from the development. The project [...] Continue Reading »
The Maharashtra government has conceded that the recent raids conducted by state anti-corruption bureau (ACB) at the octroi check posts have resulted in a rise in revenue. Octroi being the highest sources of revenue for the corporation, which adds approximately Rs 4,500 to its fund, is also a source of revenue theft as a large [...] Continue Reading »
Realty giant DLF is all set to sell at least two out of the three non-core businesses as it plans to cut its Rs 23,000 crore debt to about Rs 17,000 crore in the current fiscal. DLF Group Executive Director Rajeev Talwar revealed that the group is all set to sell its luxury hospitality chain [...] Continue Reading »
In a recent report, Jones Lang LaSalle India (JLL) suggested that as compared to some major cities like Mumbai, NCR, Bangalore, Pune and Chennai, cities like Ahmedabad and Kolkata have an advantage due to high proximity of affordable housing projects to city center. At 15-20 km Ahmedabad and Kolkata offer the closest proximity to central [...] Continue Reading »
It may have become the case that it is cheaper to buy a flat abroad such as in Dubai than at a posh location in Mumbai or in Delhi. The property price deflation in foreign countries since 2009 has given opportunity for Indians to buy houses abroad. Of late, most Indians seem to buy under-construction [...] Continue Reading »
Mumbai property owners will not only be getting a final property tax bill, but also a special notice reflecting the property’s capital value in September. The area of the building for which property tax being charged, the new tax calculated, the old tax rate, method of the new capital value-based tax are mentioned in the [...] Continue Reading »
Under the newly implemented capital value-based system that was approved last month, owners of buildings in Mumbai, which have come up after 2010 will have to pay property tax arrears from April 2010 in this financial year. For older buildings also the final bill will be adjusted to reflect the outstanding or refund amount calculated [...] Continue Reading »
In India, where the bureaucracy is often criticized to be working under political pressure or in nexus with the lobbies, a bureaucrat’s action would be appreciated to work out a solid construction approval system in Mumbai. The influence of the powerful builders’ lobby in Mumbai has been curtailed due to the firm steps taken by [...] Continue Reading »
