City Beat: January Property Registrations Surge 7% In Mumbai [Video]
Data show property registrations in Mumbai saw a seven per cent spike in January when compared to the numbers in October last year. On the other hand, property registrations across Maharashtra witnessed a drop of 24 per cent in the same period. Home sales are likely to go up in the coming months after Finance Minister Arun Jaitley announced a slew of measures to push affordable housing while presenting the Union Budget 2017-18 on February 1.
Working towards achieving the Swacch Bharat Mission goals, the Panvel City Municipal Corporation has announced it will offer two-to-three-per cent discount on property tax to residents who ensure segregation of wet waste and engage in processing it for other purposes. According to the corporation, this practice would bring down the transportation costs and help it turn Panvel into a bin-free area. The scheme will be implemented around March.
According to a recently released report, office space absorption across India will cross the 32-million square foot mark this year. However, India's financial capital Mumbai might witness a decline in demand in future, the report says. The report attributes this decline to rising rentals in the Maximum City. Last year, Mumbai had witnessed a rise of four per cent in office space absorption over 2015.