Unlike the case of mutual funds and bank accounts, it isn’t as easy for the Indian government to identify property held by NRIs in India.
34% of total under-construction space worth Rs 165,064 crore delayed by over 12 months: Liases Foras
Project delays, says the report, are the Achilles heel of Indian real estate and are one of the key reasons for high property prices in many parts of the country.
For its second project in London, the company has acquired an old movie studio on Cabul Road, which is close to its first project location.
The Burman family, the promoters of the Dabur Group, has forayed into real estate development in London and Miami through Elephant London, a company floated for the purpose.
While 17 proposals were submitted on Monday by seven states and one union territory, the ministry received 68 proposals on Tuesday.
Provision regarding escrowing a portion of the sales for construction purposes will also temporarily reduce liquidity problems of developers.
Apart from Dhoni, Pune picked in form Ajinkya Rahane, Ravichandran Ashwin, Australian Steven Smith and South African Faf du Plessis.
The money raised will be used to complete construction, clear outstanding regulatory dues and some debt, and buy an additional 20 acres of land to expand the township, said Mangal.
The ministry of urban development has received 17 smart city proposals from seven states and a union territory on Monday, a day before the final deadline of December 15.
The Bandra property is valued at about Rs 300 crore on the basis of its commercial development potential of over one lakh sq ft of office space.
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