LOAN PAVES WAY FOR MUMBAI RESIDENTIAL SKYSCRAPER

As the first, 60-story residential tower of the Monte South at Byculla development in south Mumbai nears completion, the developer, a joint venture of Marathon Group and Adani Realty, obtained a loan to build a second one of the same height containing 150 luxury apartments, DNA India reports. They expect construction to start in coming months on property once known as Khatau Mills, one of the last large parcels of available land in south Mumbai. Despite a slack luxury-housing market, Marathon Group Managing Director Mayur Shah said he is optimistic about the project, thanks to factors such as a recent reduction in taxes for under-construction homes in India.