*MAHARASHTRA** GOVERNEMENT OPENS DOORS TO BANKS, MFS IN MUMBAI’S IT PARKS*

*MAHARASHTRA** GOVERNEMENT OPENS DOORS TO BANKS, MFS IN MUMBAI’S IT PARKS*

India’s hottest property market, Mumbai, could see some shakeup in the

Commercial realty space. In a significant development, the Mahrashtra

Government has decided to allow all upcoming IT parks and IT specific

buildings in the city to utilise 80 percent of the total constructed area

For financial services, besides IT and IT enabled services.

At present only 30 percent of the total constructed area can be given to

Financial services. In a notification issued last week, the state government

Said in order to develop Mumbai as an international financial hub and to

Generate additional employment, it has been decided that all such building

Which are eligible for additional FSI of 100 percent, can now utilise 80

 Percent of the total constructed area for financial services, apart from IT

And ITES.

                                                   Courtesy:- ET dtd:- 5th Sep 2008

POSTED BY Administrator ON 09.08.08 @ 8:06 am | 0 Comments

*MUMBAI’S SURPLUS LAND TO BE DEVELOPED BY BOMBAY DYEING SAYS WADIA*

 

The Rs 1,000-crore textiles-to-real estate major, Bombay Dyeing, will

develop eight lakh sq ft of property on its surplus land in Mumbai. The

company will construct a high-rise building for commercial and residential

use. "We will commence construction of a high-rise tower in two months. The

entire project will be sold off in the next 24 months," chairman Nusli Wadia

told shareholders at the company’s AGM.

Although it would be difficult to fix a value for the upcoming project, real

Estate market sources said the company could earn a few thousand crores.

However, the value will depend on the state of the real estate market, which

*MUMBAI’S SURPLUS LAND TO BE DEVELOPED BY BOMBAY DYEING SAYS WADIA*

The Rs 1,000-crore textiles-to-real estate major, Bombay Dyeing, will

develop eight lakh sq ft of property on its surplus land in Mumbai. The

company will construct a high-rise building for commercial and residential

use. "We will commence construction of a high-rise tower in two months. The

entire project will be sold off in the next 24 months," chairman Nusli Wadia

told shareholders at the company’s AGM.

Although it would be difficult to fix a value for the upcoming project, real

Estate market sources said the company could earn a few thousand crores.

However, the value will depend on the state of the real estate market, which

Has shown signs of weakness of late.

                                                                   Courtesy:- ET dtd:- 5th Sep 2008

                                                                   Courtesy:- ET dtd:- 5th Sep 2008

POSTED BY Administrator ON @ 8:02 am | 0 Comments