Mumbai
As revealed by sources, in Mumbai‘s real estate market, cash transactions are still prevalent during transactions. The system of demanding an illegal cash payment still exists in many pockets of the city, especially Bandra, Khar and Juhu belts in the western suburbs. In the 1970s, builders used to take 80 per cent in cash and [...] Continue Reading »
The Bombay High Court has refused to entertain a petition filed by SGS Infratech Ltd challenging the propriety of notice issued by Chief Executive Officer of Pune Cantonment Board. The notice demanded property tax from April 1991 to March 2012 in respect of its property on the defence land.The bench stated that the petition is [...] Continue Reading »
At a time when the real estate sector is going through a lean phase and the inventory level of Mumbai is going up propelled by a dip in sales, the traditional upmarket residential enclaves of south Mumbai – are skyrocketing. The city’s plush Nepean Sea Road area sold for a boggling Rs 1.20 lakh a [...] Continue Reading »
In the wake of scanty rains and below average lake levels, Mumbaikars are asked to use water sparingly while celebrating the festival of dahi handi. The Brihanmumbai Municipal Corporation (BMC), which has enforced the 10 per cent water cut since July 1 following poor showers and waning lake levels, has appealed to residents to use [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC)’s cloud seeding plan is getting delayed, as it is yet to receive the feasibility study on the project. The civic body’s had already asked the India Meteorological Department (IMD), the Indian Institute of Tropical Meteorology (IITM) and Mekorot, an Isareli company, which is an expert in cloud seeding experiments, to [...] Continue Reading »
According to real estate research firm Liasis Foras, the period between Q4 2010-11 and Q4 2011-12 was characterised by low volumes and high prices. In the period, the demand for real estate in six major markets of India – Mumbai, Delhi, Kolkata, Chennai, Pune and Bangalore – fell by around 40 per cent on an [...] Continue Reading »
After corporators demanding new age mobile phones and insurance cover, the recent demand from a corporator has asked the Brihanmumbai Municipal Corporation (BMC) to make office spaces for all city corporators available. Samita Naik, Maharashtra Navnirman Sena (MNS) corporator from ward 202 has suggested that the corporation provide space for members on civic plots in [...] Continue Reading »
Criticizing Brihanmumbai Municipal Corporation (BMC) passing a proposal to chop down 481 tress for a housing project in Goregaon (E), BJP corporators have accused the civic administration of giving in to pressure from the developer and walked out of a general body meeting. The BJP has raised doubts over transplanted trees as a solution to [...] Continue Reading »
According to a report by Fitch Ratings, the real estate sector in India is to face a negative outlook in the second half (H2) of this year. The grim prediction is mainly due to sluggish demand, high construction costs and liquidity pressures. The sluggish demand is not expected to change over few months as RBI’s [...] Continue Reading »
The Hiranandani Group is to construct low-cost affordable houses in Powai. The Bombay high court restrained the Hiranandani group from starting any construction in Powai. The Powai project has been under much controversy so far. Following a public interest litigation (PIL) alleging large scale violations by Hiranandani in building flats instead of affordable houses in [...] Continue Reading »
