Delhi, Mumbai named the most exorbitant residential sectors in India: Why so?

Last Updated at: December 06, 2019
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Delhi, Mumbai Named the Most Exorbitant Residential Sectors in India

Real Estate is a key area of the Indian economy, contributing 6-7 per cent of India’s GDP. Also, the part utilizes a 52 million workforce and is relied upon to create more than 15 million employment throughout the following five years. Delhi, Mumbai named the most exorbitant residential sectors in India. Let us understand the reason behind this statement.

Real Estate in a city like Mumbai, Delhi remains the most costly private urban market in the nation with prime property cost at $931 per sq ft (Rs 64,649 for each sq ft) in the principal quarter of the year, said a Knight Frank Wealth Report discharged on Wednesday.

Let’s see below what makes Mumbai the most favourable city in India for residential living:

Being one of the biggest metropolitan cities in India, Mumbai has a repute for a great social blend. Additionally, it offers a plethora of job opportunities for youngsters.

Also offering great open transport framework, anyone can get from one spot to the next for very less money. Deemed as the city of dreams, Mumbai has the right ambience to make a lot of money. Women also have a safe environment in this metropolitan city making it one of the most favourable cities in India for living.

Talk to Our Legal Experts

Delhi also saw the most astounding value augmentation of 4.4% in the main quarter of the year contrasted with the normal prime property cost of 2018 at $277.36 per sq ft (Rs 19,296 for each sq ft). In the main quarter of the year, prime property cost in Bengaluru was recorded at $280.48 per sq ft (Rs 19,447 for every sq.ft).

“The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years.” said the Shishir Baijal, chairman and MD, Knight Frank India. He further added, The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury.”

What is the current GST rate in India?

The Government imposes Goods and Services Tax or GST in India at variable rates. For some items like soap, it is 18% whereas 5% for ready-made clothes. Understand the procedure for GST registration and GST returns here.

For how long is an MSME Provisional Registration Certificate (PRC) valid?

The MSME Provisional Registration Certificate (PRC) has a validity period of five years, and after getting it, you can apply for a Permanent License. More on Income Tax Return Filing.

Where can a taxpayer file his I-T return electronically?

Earlier income tax return filing was a hectic process and now taxpayers find it easy to file their returns using the online portal introduced by the income tax department. Learn more about ISO Certification.

What is the ISO process?

The process approach concept in ISO standards is to organize and understand company activities and resources to optimize the company starts. More info on NGO Registration in India.

What an NGO should NOT DO?

The major mistake that an NGO is not supposed to commit is filing an incomplete return of salary, income, contract payments, etc. And also not completing other processes in time. More about Udyog Aadhar Registration.

Delhi, Mumbai named the most exorbitant residential sectors in India: Why so?

710

Real Estate is a key area of the Indian economy, contributing 6-7 per cent of India’s GDP. Also, the part utilizes a 52 million workforce and is relied upon to create more than 15 million employment throughout the following five years. Delhi, Mumbai named the most exorbitant residential sectors in India. Let us understand the reason behind this statement.

Real Estate in a city like Mumbai, Delhi remains the most costly private urban market in the nation with prime property cost at $931 per sq ft (Rs 64,649 for each sq ft) in the principal quarter of the year, said a Knight Frank Wealth Report discharged on Wednesday.

Let’s see below what makes Mumbai the most favourable city in India for residential living:

Being one of the biggest metropolitan cities in India, Mumbai has a repute for a great social blend. Additionally, it offers a plethora of job opportunities for youngsters.

Also offering great open transport framework, anyone can get from one spot to the next for very less money. Deemed as the city of dreams, Mumbai has the right ambience to make a lot of money. Women also have a safe environment in this metropolitan city making it one of the most favourable cities in India for living.

Talk to Our Legal Experts

Delhi also saw the most astounding value augmentation of 4.4% in the main quarter of the year contrasted with the normal prime property cost of 2018 at $277.36 per sq ft (Rs 19,296 for each sq ft). In the main quarter of the year, prime property cost in Bengaluru was recorded at $280.48 per sq ft (Rs 19,447 for every sq.ft).

“The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years.” said the Shishir Baijal, chairman and MD, Knight Frank India. He further added, The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury.”

What is the current GST rate in India?

The Government imposes Goods and Services Tax or GST in India at variable rates. For some items like soap, it is 18% whereas 5% for ready-made clothes. Understand the procedure for GST registration and GST returns here.

For how long is an MSME Provisional Registration Certificate (PRC) valid?

The MSME Provisional Registration Certificate (PRC) has a validity period of five years, and after getting it, you can apply for a Permanent License. More on Income Tax Return Filing.

Where can a taxpayer file his I-T return electronically?

Earlier income tax return filing was a hectic process and now taxpayers find it easy to file their returns using the online portal introduced by the income tax department. Learn more about ISO Certification.

What is the ISO process?

The process approach concept in ISO standards is to organize and understand company activities and resources to optimize the company starts. More info on NGO Registration in India.

What an NGO should NOT DO?

The major mistake that an NGO is not supposed to commit is filing an incomplete return of salary, income, contract payments, etc. And also not completing other processes in time. More about Udyog Aadhar Registration.

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A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.