Airport lights up hope for infra & realty growth in city, Raigad
More people are expected to shift into areas close to the airport, thereby increasing the demand for new houses
Jan 31, 2015
Source : The Times of India


Navi Mumbai: The new international airport project has mapped out a growth path for the city and the neighbouring district of Raigad.

The two-leg development of the around Rs 15,000-crore project will ensure more construction activities and development of infrastructure. More people are expected to shift into areas close to the airport, thereby increasing the demand for new houses. This apart, the airport project is expected to provide a fillip to the hospitality industry. Hotels, targeting primarily overseas tourists and airline crew, are likely to come up in the vicinity.

"All these development activities will ensure more tax revenue," said joint sales tax commissioner (Raigad division), Sunil Sangle. 

The Raigad division of sales tax department has been overachieving its target. Its performance has been consistent except for the 2012-13 fiscal, when the shortfall was a minimal Rs 18 crore. 

"During the 2014-15 fiscal, the division will certainly exceed its target. We hope the trend will continue in future keeping in view of the development activities going on in the region," said Sangle. 

It's a huge division that stretches from the Navi Mumbai Municipal Corporation (NMMC) area of Dighe onwards to the entire Raigad district. The district contours start from Kharghar onwards. 

"The Jawaharlal Nehru Port Trust (JNPT), Patalganga and Rasayani chemical hub together with the Trans-Thane Creek (TTC) industrial estate in NMMC area are trade, commerce and industrial hubs that contribute tax revenue and help enrich state coffers," said Sangle. 

As the airport nears completion, more hotels and houses will be built, which, in turn, will lead to collection of tax from work contracts and also raw materials purchased within the division. "This will contribute to our collection," added Sangle. 

Latest Realty News

Jan 31, 2015
BHUBANESWAR: Odisha government today decided to put all new residential plots in the state capital on auction and stop direct allotment of land to individuals
Jan 31, 2015
VIJAYAWADA: Vijayawada, being part of the capital region of AP, the scope for infrastructure has increased
Jan 31, 2015
New Delhi: Commissioners of two metropolitan corporations of Odisha – Bhubaneswar and Brahmapur – are attending the two-day conclave of the Union Urban Development Ministry in New Delhi to take states and other stakeholders on board on the ambitious initiative to build smart cities
Jan 31, 2015
Mumbai: A rate cut is unlikely to lure consumers to take home loans, with real estate prices at high levels and no sign of “affordable housing”
Jan 31, 2015
MUMBAI| NEW DELHI: Tens of hotel properties in the country are expected to change hands in the coming months with softening of valuations bringing buyers back to the market after more than two years
Jan 30, 2015
Kolkata: Total value of British investors' transactions in Dubai realty market added up to AED9.32 billion
Jan 30, 2015
Mumbai: Finance ministry has floated a draft cabinet note to amend the Foreign Exchange Management Act to permit overseas funds in real estate investment trusts
Jan 30, 2015
New Delhi: The Indian Institutes of Technology (IITs) are likely help the government’s ‘housing for all’ project which aims to build three crore affordable houses by 2022
Jan 30, 2015
MUMBAI: Even as both housing sales and demand are down, alternate investment funds are getting active in a muted market
Jan 29, 2015
NEW DELHI: Industry body National Real Estate Development Council (NAREDCO) has sought reintroduction of tax benefits for the housing sector to boost demand

Latest Realty News Of State

Realty Talk's