Delhi, Mumbai named the most exorbitant residential sectors in India: Why so? By Vikram Shah - June 17, 2019 Last Updated at: Oct 30, 2020 1591 Delhi, Mumbai Named the Most Exorbitant Residential Sectors in India In view of the COVID-19 pandemic situation, the Centre has asked the states to consider reducing stamp duty on property registration. This is expected to boost the much-troubled real estate sector. In August 2020, Maharastra slashed the stamp duty by 3% for property registered between 1st September and 31st December this year. 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. Back in 2019, Shishir Baijal, chairman and MD, Knight Frank India mentioned that “The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years. The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury.” In spite of the marginal drop in the market prices, Mumbai and Delhi have seemingly stood in the top spot for being the most expensive market. Real Estate & Residential Areas in Mumbai: 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 a great open transport framework, anyone can get from one spot to the next for very less money. Deemed as the city of dreams and city that never sleeps, etc, 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. Residential Areas in Mumbai There are various residential areas within Mumbai city that are not only comfortable to live in but also provide the most entertainment around. Being known as India’s entertainment capital, Mumbai has its plethora of options for entertainment and most of them are available within or closer by these below-mentioned areas. Bhandra: Being the home of almost all the Bollywood celebrities, the locality itself has its own identity. It is fondly known as the Queen of Suburbs, since it’s the most happening suburb in Mumbai. It is definitely considered the most relaxed, pollution-free area in the city. Worli: It is another beautiful locality in the city of Mumbai. It is also home to many celebrities. The presence of a port makes the locality more plush and intriguing. Juhu: Ever wondered how it feels to live close to the sea? Living in Juhu will give the answers. The locality is situated right close to the Juhu Beach and it is one of the most upscale residential areas in Mumbai. Talk to Our Legal Experts Real Estate & Residential Areas in Delhi 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, Bengaluru city’s prime property cost was recorded at $280.48 per sq ft (Rs 19,447 for every sq.ft). There are various plush and serene residential areas found in Delhi. The Delhi city itself is known for its diversified yet progressive culture. The residential areas also speak the same language in showing both modern and contemporary structures and environments. Residential Areas in Delhi Based on popularity, below three are the best residential areas to live in Delhi. Sunder Nagar: Being the host for various handicraft shops and art galleries, this locality has a stylish yet artsy feel to it. Situated to the south of Old Fort, it lies close to many known places such as Zoological Park of Delhi. It attracts many classy residents. Vasant Vihar: It is close to the IG airport, hence becomes home to lots of hotels that caters to numerous tourists from around the world. Being one of the expensive areas to live, the place does offer lots of options for entertainment and leisure activities like cinema theatres, multi-cuisine restaurants etc. Saket: This area does not need any introduction. The home of India’s first multiplex theatre is also one of the best places to reside. The ample options of restaurants, pubs etc provide a fine combination of residential and commercial fun. There is an increasing interest in investing in these sky-high expensive areas. It is the reason behind the exorbitant status of Delhi and Mumbai’s residential real estate market. 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. 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