Mumbai
According to ‘India Tax Ratio 2012‘ report by TaxSpanner, an online income tax return filing portal, only 56 per cent salaried individuals surveyed in the country own a house despite earning more than Rs 10 lakh annually. And amongst those earning below Rs 10 lakh annually, only 13 per cent own a house. This shows [...] Continue Reading »
Owing to the reduced number of property sales, real estate developers of Mumbai are set to build smaller one bedroom flats. Market surveys and customer feedbacks have confirmed that there is a huge demand for 1 BHK flats. Therefore, around 1,000 one bedroom flats are being launched freshly in Mumbai. Hubtown Limited has launched 100 [...] Continue Reading »
Beleaguered Kingfisher Airlines has planned to sell two of its unused properties in Mumbai and Goa to partly repay staggering loans of about Rs 7,500 crore. The Mumbai property is likely to fetch Rs 120-90 crore and Rs 30 crore for the Goan villa by the current market value. Prakash Mirpuri, an airline staff, said [...] Continue Reading »
The Mumbai home sales market has stagnated in June due to high prices and most buyers stop purchasing and expect the prices to come down. The Mumbai real estate market piles up with unsold inventory amounting to 80,000 units which forms 37 per cent of the total residential supply under construction. However, rising inventory with [...] Continue Reading »
The Mumbai apartments sale in the financial year 2012 dropped by more than 60% from its peak in 2007 and 35% from 2011. The city’s real estate market has stagnated with only 45,000 apartments sold in the Mumbai metropolitan region (MMR) during 2011-12, well below the market average of 80,000 units annually. A report released by Knight Frank research [...] Continue Reading »
The Anti-Corruption Bureau (ACB) will be inquiring Niranjan Hiranandani, the co-founder of Mumbai-based Hiranandani Group, with regard to a criminal complaint case filed against him in connection with suspected irregularities in a housing project. A special court has directed the ACB, while hearing the complaint filed by activist Santosh Daundkar against Hiranandani, for allegedly cheating [...] Continue Reading »
The first two quarters of the ongoing year 2012 have seen 21% decrease in office space absorption across key metro cities in India. The office space absorption in this year being 13.4 million square fee while it was 16.9 million square feet at the same period in 2011. According to the latest Cushman & Wakefield [...] Continue Reading »
The office space absorption in Hyderabad grew 5 % while overall office space absorption across top eight cities of the country plummeted 21% to 13.4 million sft as compared to 16.9 million sft in the first half of 2011, according to a study by global real estate consultancy firm Cushman & Wakefield. This steep drop in office [...] Continue Reading »
ASK Property Investment Advisors, the real estate private equity (PE) arm of diversified financial services company ASK Group, has invested Rs 100 crore in a Mumbai-based residential project in Mulund, being developed by Rajesh Builders. Raj Altezza Project will be completed in two phases and will occupy 400 units in total. The cost of the [...] Continue Reading »
An empty four-storey building collapsed following a heavy rainfall in Mumbai. The building Gopal Bhavan, is situated in Mamlatdar Wadi in suburban Malad. Luckily, there were none living in the apartment as the residents had already been evacuated following the declaration of the structure as ‘dangerous‘ by Brihanmumbai Municipal Corporation (BMC). Sources say that five [...] Continue Reading »
