Industry Updates

Housing prices bound to go up in medium to long term on rising construction cost

Housing prices bound to go up in medium to long term on rising construction cost: Credai

Housing prices are likely to rise in the medium to long term as construction cost has gone up by 10-20 per cent due to a sharp increase in prices of cement and steel, realtors body Credai said on Thursday. Addressing a virtual press conference, Credai Chairman Satish Magar said housing sales have fallen “drastically” since April because of the onslaught of the second wave of the COVID-19...

Navi Mumbai International Airport's first look unveiled and it looks incredible

Navi Mumbai International Airport’s first look unveiled and it looks incredible

The GVK Group known for spanning diverse sectors including energy, resources, airports and transportation today unveiled the first look of the Navi Mumbai International Airport. The GVK group had taken inspiration from 'peacock' for designing Mumbai's Terminal 2. The Indian government and the Government of Maharashtra visualised the Navi Mumbai International Airport through CIDCO and GVK Mumbai...

Property registration & stamp duty revenue collection witnesses a sharp decline

Property registration & stamp duty revenue collection witnesses a sharp decline

The property registration and stamp duty revenue collection in Mumbai and across Maharashtra witnessed a sharp decline. In May, the property registration declined by approximately 70 per cent as compared to March this year. According to the data with the IGR Maharashtra as on dated May 31, the number of conveyance (sales) document registered in Mumbai was only 5,360 making stamp duty revenue of Rs...

Mumbai Coastal Road All eyes on its impact on realty sector

Mumbai Coastal Road: All eyes on its impact on realty sector

BMC says it has no role to play in any alteration of CRZ boundaries and does not foresee any changes in near future While Mumbai’s Coastal Road project continues to take shape, entailing reclamation of 111 hectares of land, its impact on the realty sector in the island city is a matter of heated debate and speculation. Some real estate experts believe the project could give a much needed fillip to...

Birlas betting big on realty, lines up Rs 1,000-cr capex for Birla Estates this fiscal

Birlas betting big on realty, lines up Rs 1,000-cr capex for Birla Estates this fiscal

Century Textiles & Industries, which runs three business verticals -- paper & pulp, realty and paper tissues, and nets over 70 per cent of the income from the first -- is diverting its focus onto the real estate business and has lined up Rs 1,000 crore for capex this fiscal for its ongoing and upcoming projects, including the super premium Worli project. At this level, the capex is nine times the...

Housing loan market grows by 9.6% in December quarter

Housing loan market grows by 9.6% in December quarter

The portfolio outstanding of the sector stood at ₹22.26 lakh crore as of December 2020, as compared to ₹20.31 lakh crore as of December 2019 The housing loan market in the country witnessed a rebound and registered a year-on-year growth of 9.6 percent in terms of portfolio outstanding (PoS) in the third quarter of FY2021, despite the COVID-19 pandemic, says a report. The portfolio outstanding of...

Macrotech to double its investment in construction to ₹2,800 crores in FY22

Macrotech to double its investment in construction to ₹2,800 crores in FY22

Realty firm Macrotech Developers will double its investment on construction to ₹2,800 crore in this fiscal to speed up works at various projects which were hampered last year due to the COVID-19 pandemic and a nationwide lockdown. Mumbai-based Macrotech Developer, earlier known as Lodha Developers, is one of the leading real estate firm in the country. The company got listed on the stock exchange...

Navi Mumbai CIDCO to issue provisional NOC for utilising additional FSI under UDCPR 2020

Navi Mumbai: CIDCO to issue provisional NOC for utilising additional FSI under UDCPR 2020

In order to stimulate growth in the real estate sector, the City and Industrial Development Corporation (CIDCO) has decided to issue a provisional no-objection certificate (NOC) for using additional floor space index (FSI) in Navi Mumbai. The use of additional is FSI allowed under the ‘Unified Development Control and Promotion Regulations’ (UDCPR) 2020 across Maharashtra, including municipal...

Navi Mumbai Metro trial run successful

Navi Mumbai Metro trial run successful

Navi Mumbai: The Cidco carried out a trial run on the approach route to and the test track at Taloja metro depot on Friday, and claimed that it was “successful in all respects”. Cidco has promised to launch the services between Kharghar and Taloja stations by December this year. The test was done on the line stretching around 850 meters with a speed limit of below 65km per hour. Cidco managing...

Zaveri Bazaar may soon get a new address in Kharghar

Zaveri Bazaar may soon get a new address in Kharghar

Zaveri Bazaar, the hub of India’s gold and silver trade in south Mumbai, might soon get a new address in Kharghar in Navi Mumbai. Aware that maintaining the Covid-19 protocol, which requires social distancing, is impossible in the crowded and dingy lanes of Zaveri Bazaar, the India Bullion & Jewellers Association plans to relocate the gold trade to a 60-acre plot in Navi Mumbai. “We have...

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