+
Mumbai sees a rush to close luxury housing deals
Real Estate

Mumbai sees a rush to close luxury housing deals

In February, 9,684 properties in Mumbai were registered, bringing in approximately 11,110 million for the state coffers. Even though 10,379 properties were registered in February 2022, the income was only about 6,150 million.

Notwithstanding a decline in the number of registered properties, the state exchequer still made an eighty percent bigger amount of money.

Anuj Puri, the chairman of real estate consultants ANAROCK Group, claimed that this demonstrated a substantial change in the sale of expensive homes.

According to the new law, if someone sells a house or other assets, such as stocks, and makes more than $100 million in profits, the most benefit that may be reaped when investing in another property is only up to $100 million. From April 2023 forward, capital gains above $100 million will be subject to taxation.

In February, 9,684 properties in Mumbai were registered, bringing in approximately 11,110 million for the state coffers. Even though 10,379 properties were registered in February 2022, the income was only about 6,150 million. Notwithstanding a decline in the number of registered properties, the state exchequer still made an eighty percent bigger amount of money. Anuj Puri, the chairman of real estate consultants ANAROCK Group, claimed that this demonstrated a substantial change in the sale of expensive homes. According to the new law, if someone sells a house or other assets, such as stocks, and makes more than $100 million in profits, the most benefit that may be reaped when investing in another property is only up to $100 million. From April 2023 forward, capital gains above $100 million will be subject to taxation.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code