Tata Housing launches Rs 2,000 crore luxury project in Mumbai
Jan 09, 2014
Source : The Economic Times

 

MUMBAI: Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.

The project, named Gateway Towers, is spread across 8.5 acres and is a part of the 19-acre redevelopment project.

"We have invested around Rs 2,000 crore for the entire redevelopment project across 19 acres, out of which the saleable component would be around 8.5 acres, where we will be developing six luxury residential towers," a company source said.

The company, which has not revealed the number of units as well as the per-unit cost, will develop six residential towers, ranging from 31 stories to 41 stories.

Managing director and CEO Brotin Banerjee said, "This project is in line with our strategy of creating marquee projects in major metros."

Mulund has witnessed an increasing demand for luxury housing from consumers and investors because of proximity to south Mumbai and fast growing Thane areas, he said.

The towers are designed by Callison. The construction is expected to be completed in four years.

Latest Realty News

PMC identifies 16,000 properties not in tax net
Jan 08, 2014
PUNE: Over 16,000 properties, which have not been assessed for payment of property tax for a period ranging from six months to six years, were identified in the city limits during a month-long drive of the civic body.
Nagpur Municipal Corporation starts planning for property, water tax hike
Jan 08, 2014
NAGPUR: Citizens are likely to face a hike in property tax and water tariff in the new financial year. The Maharashtra Municipal Corporation (MMC) Act makes it mandatory for civic bodies to plan and complete the process to revise taxes before February 20. Therefore, the civic body has started planning revision in both taxes considering the huge revenue deficit due to lack of improvements in tax collection and recovery system.
NMC encouraging building norms violators?
Jan 08, 2014
NAGPUR: The Nagpur Municipal Corporation (NMC) seems to be encouraging violators of building norms instead of initiating stringent action against them. In a case related to a residential apartment at Khare Town, Dharamepth, the area of unauthorized construction has increased over seven times after a notice was served by the civic body directing the violator to raze illegal structures. Such shocking apathy is continuing despite regular complaints from residents for the last two years.
Mushrooming commercial establishments create problems in Nagpur
Jan 08, 2014
NAGPUR: After hospitals, mushrooming play schools, coaching classes and offices have turned many residential areas in the city into a nightmare. The establishments block roads and footpaths with vehicles belonging to their students, staff, or parents coming to drop and pick up children. These activities not only violate building norms but are also a danger to children and students as they lack elementary fire safety equipment.
Changing Demographics Boosting Pune Real Estate Demand
Jan 08, 2014
PUNE: We already know that Pune is no longer just a Pensioner’s Paradise (though it still is the #1 city of choice for retiring people in Maharashtra). At least three other factors now define Pune – the growth of the Information Technology, the massive spread of organized retail and the city’s changing demographics.
Mumbai office realty: Western suburbs new growth centre
Jan 07, 2014
MUMBAI: Looking back on 2013, the prevailing attitude among businesses toward the economy was “wait and see. The decision to take up more real estate office space was mostly put on hold; or companies aggressively looked to bring down their costs. Corporates put their investment decisions on hold, waiting to see how the economic scenario unfolds especially in light of the forth-coming national elections.
Operation township
Jan 07, 2014
MUMBAI: Till recently, buying a property called for some painful compromises. Budget restrictions meant you could only buy in specific residential areas, regardless of whether there were educational institutions, playgrounds, hospitals, shopping centres, connectivity to your place of work, or entertainment hubs in the vicinity, apart from availability and reliability of utilities like power and water. Real estate players were quick to recognise this and come up with a creative solution—townships
12% drop in new residential project launches in 2013 as over last year
Jan 07, 2014
MUMBAI: There has been a drop of 12% in new residential project launches in 2013 as over last year, a latest report from international property consultants Cushman & Wakefield says. The total estimated unit launches were recorded at 172,500 units across major eight cities of India with Bengaluru recording the largest number of units launched recording a rise 15%. Chennai on the other hand saw the sharpest decline in launches of new residential units which represented a drop of 39% over last year
City property owners get relief from new tax regime, for now
Jan 07, 2014
MUMBAI: Property owners in Mumbai have received interim relief from a new capital value-based property tax regime that may increase taxes by up to 300 per cent, with the Bombay High Court intervening in the matter.
Slow economy makes time right to buy property
Jan 07, 2014
MUMBAI: The Indian economy has had another tough year. Inflation went as high as 7.52 per cent, job opportunities reduced significantly across industries, the rupee saw steady erosion against the US dollar and market sentiments reached what was possibly their lowest point ever. And yet, things could be worse.

Latest Realty News Of State

Realty Talk's