Despite downturn, real estate market favourable'
>> Sunday 11 September 2011
PUNE: The Pune Municipal Corporation's (PMC) tax collection and assessment department has undertaken a drive to seal properties on which property tax dues have not been cleared despite issuing notices.
On Monday, four properties in Hadapsar and Kondhwa, on which property tax arrears totalling Rs 40 lakh were to be paid, were sealed.
The department's head Vilas Kanade said the drive will continue. "We appeal to citizens to pay property tax to avoid such action," Kanade said.Global economic crisis aside, the local real estate market looks optimistic.
He described the Caribbean real estate market as ’stable’, despite the global downturn.
’According to a global property survey, while most the world’s GDP (Gross Domestic Product) was dropping, office rentals and commercial rentals in countries like China, India, Peru are growing,’ he explained.
Justin, who admitted to being the ’messenger with bad news’ addressed this year’s theme, ’Land Development and Alternative Dispute Resolution in the Current Global Financial Dynamics’, and also shared some insight into the US real estate market.
’We are one of the largest property organisations in the world, even with 3,381 members, portfolios dropped by 21 per cent per year for the last two years,’ Justin said.
He credited the Government’s Vision 2020 plan for the buoyancy of the local market.
Though he described the local market as a ’loose structure’, he said the continued development of projects like the National Academy of Performing Arts, the second academy in South Trinidad and the gas-powered electricity project for Tobago could only help the local real estate market.
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