Mumbai
A public interest litigation (PIL) filed last month by a social activist has grabbed attention in Mumbai. The Mumbai resident moved the Bombay high court over 4,400 leases executed by the BMC, through which nearly 6.48 crore square feet of the city was leased to private entities. The PIL states that most of the land [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has been strictly monitoring the reinstatement of roads ahead of Ganpati festival. BMC has been regularly cracking the whip on contractors in charge of pothole-filling work and has collected fines total of Rs 1.22 crore so far. Contractors under the civic body’s road department, its ward level and other related departments [...] Continue Reading »
Analysts say that interest of overseas funds in the Indian real estate sector is intact but the approach has changed. The investors have turned their focus on specific project. About $2 billion private equity had come into the real estate sector in the past two years and funds were keen to make investments after considering [...] Continue Reading »
In spite of developers struggling with their debts in Mumbai, rentals have been soaring. Increase in rents across the city over the past few years has contributed to a record rise. Rentals in Mumbai are now at par with the highest rental rates in the world. In Andheri (East), the rent for a 3BHK apartment [...] Continue Reading »
In an arbitration petition filed by Tata Capital against Deccan Chronicle Holdings Ltd (DCHL) for recovery of a Rs 101 crore loan, the Bombay High Court has restrained DCHL from selling or disposing of its building in Lower Parel area of Central Mumbai. The High Court also ordered attachment of six accounts of DCHL in [...] Continue Reading »
Heavy rains in Mumbai seemingly may have brought relief to Mumbaikars as well as to the civic officials. The Brihanmumbai Municipal Authority (BMC) officials are now contemplating if they should still go ahead with cloud seeding project to increase water levels in the lakes around Mumbai, as the heavy downpour last few days have seemingly [...] Continue Reading »
Following the the State Bank of India (SBI), Syndicate Bank, Indian Overseas Bank and Union Bank of India, state-run Punjab National Bank has also announced a reduction in its interest rate on housing loans by 25 basis points across the board. Now a potential customer can take a 15-year floating rate loan of Rs. 20 [...] Continue Reading »
State Bank of India (SBI) is witnessing a significant growth in its home loan segment since it cut rates in the beginning of August. Officials of the country’s largest lender revealed that number of home loan applications being received per day has now doubled to 800 from 400. However, the officials stated that since there [...] Continue Reading »
Despite a demand contraction of about 15 per cent in the commercial real estate sector, there is little chance that rents of commercial sector will go down. Property consultant Jones Lang La Salle states that Indian real estate prices are unlikely to be corrected. The Indian residential property market has witnessed a definite slowdown in [...] Continue Reading »
The state sales tax department of Maharashtra has insisted that the payable value added tax (VAT) is much less than three per cent. This has put buyers who purchased flats between 2006 and 2010 and had paid money, in a fix as to how to recover the additional amount paid. Till now, there has been [...] Continue Reading »
