Mumbai Metropolitan Region Development Authority News
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Mumbai’s new Bandra Kurla financial district, already home to India’s biggest stock exchange and international banks such as Citigroup Inc. and UBS AG, is missing a key ingredient: sufficient housing to meet demand.
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Mumbai intends to begin work next year on a bridge costing as much as 110 billion rupees ($2.5 billion) as it acts on an idea first proposed in the 1960s to curb traffic jams.
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Mumbai, Asia’s third-most expensive office market, sold land for 40.5 billion rupees ($849 million) in the first successful auction in almost two years.
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India’s state-owned National Textiles Corp. raised its estimates for proceeds from land sales after it sold property last month for double the reserve price.
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The Mumbai Metropolitan Region Development Authority sold land in the central-eastern district of Wadala for 40.5 billion rupees to Lodha Developers Ltd., the agency’s Additional Commissioner S.V.R. Srinivas told reporters today.
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The seaside town of Alibaug , founded about 300 years ago when India vied with China to be the world’s largest economy, is experiencing a rebirth as Mumbai’s growing number of rich people seek holiday retreats in the region.
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UBS AG and JPMorgan Chase & Co. are leading an exodus of finance companies from Mumbai’s Nariman Point financial district as they balk at paying double midtown- Manhattan rents for crumbling four-decade-old buildings.
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