[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
The total value of all homes in the US is $33.6 trillion. An analysis by Zillow, a real estate
database company, estimated that housing value in the US is 160 percent of the country’s
GDP. The value of homes in New York alone is equal to the GDP of India.
It’s been on my mind for a while to do an exercise in valuing aggregate property in Mumbai.
Given the limitations in India’s data gathering as well as the nature of the real estate
business, it is not easy. However, that doesn’t mean an honest attempt can’t be made. For
this, I rang up Uday Tharar to help me with a measured assessment. Tharar is an
economist who keeps a hawkish eye on emerging markets.
FROM PROPERTY TAX TO PROPERTY VALUE – A SIMPLIFIED CALCULATION
A property owner is obligated to pay property tax. Different cities calculate property tax on
different parameters. In the case of Mumbai, it is based on Capital Value through a formula
established by the municipal corporation. It assigns weights to various parameters of the
construction. The Capital Value is often much lower from the market value of the property.
The annual property tax collection by the municipal corporation is Rs 5,000 crore.
Read more at: https://www.moneycontrol.com/news/business/real-estate/mumbais-nearly-trillion-dollar-real-estate-market-set-to-see-greatest-wealth-erosion-in-history-5480531.html
Have a nice day