Mumbai
The Builders’ Association of India (BAI) has requested the Competition Commission of India (CCI) to revise its rules to allow for criminal prosecution against cement company officials for their alleged role in cartelisation. BAI trustee D L Desai said that the association members have urged the CCI to amend its rules to allow criminal prosecution [...] Continue Reading »
According to ‘India Tax Ratio 2012‘ report by TaxSpanner, an online income tax return filing portal, only 56 per cent salaried individuals surveyed in the country own a house despite earning more than Rs 10 lakh annually. And amongst those earning below Rs 10 lakh annually, only 13 per cent own a house. This shows [...] Continue Reading »
Foreign investors are funding Indian real estate market after the release of Press note 2 in 2005 which opened up construction and development for Foreign direct investment (FDI). Many investors who had invested at that time, largely in residential sector, are now heading towards maturity and are withdrawing their prime investments. According to a report [...] Continue Reading »
The proposal to assess property tax based on capital value of the structures in Thane has been contested in the Bombay high court by citizens organization here. Municipal commissioner RA Rajeev has proposed that all residential, commercial or industrial property would be assessed on the basis of its capital value or market value as listed in [...] Continue Reading »
Mumbai Metropolitan region (MMR), which normally has an annual flat sales average of 80,000 units, declines with only 45,000 apartments sold in the year 2011-12. According to the Knight Frank research report released on Thursday the market has an unsold inventory of 80,000 flats valued at Rs 1.05 lakh crore. Sales in the financial year 2012 [...] Continue Reading »
CBI is presently concentrating on ‘benami‘ owners of flats and it claimed that a senior politician had involved in those transactions. According to sources, an intense investigation has been carried on by CBI with regard to the case and certain details have been shared with the Enforcement Directorate to check the money trace into the [...] Continue Reading »
The Central Bureau of Investigation filed a charge sheet against 13 accused people in the Adarsh Housing Society scam, including the former Maharashtra Chief Minister, Ashok Chavan, the former MLC, Kanhaiyalal Gidwani, senior retired Army officials and bureaucrats and a former employee of the Defence Ministry. Charge sheet has also been filed against senior bureaucrats [...] Continue Reading »
Owing to the reduced number of property sales, real estate developers of Mumbai are set to build smaller one bedroom flats. Market surveys and customer feedbacks have confirmed that there is a huge demand for 1 BHK flats. Therefore, around 1,000 one bedroom flats are being launched freshly in Mumbai. Hubtown Limited has launched 100 [...] Continue Reading »
Beleaguered Kingfisher Airlines has planned to sell two of its unused properties in Mumbai and Goa to partly repay staggering loans of about Rs 7,500 crore. The Mumbai property is likely to fetch Rs 120-90 crore and Rs 30 crore for the Goan villa by the current market value. Prakash Mirpuri, an airline staff, said [...] Continue Reading »
The Mumbai home sales market has stagnated in June due to high prices and most buyers stop purchasing and expect the prices to come down. The Mumbai real estate market piles up with unsold inventory amounting to 80,000 units which forms 37 per cent of the total residential supply under construction. However, rising inventory with [...] Continue Reading »
