Mumbai land values witness continuous rising
Mumbai land prices have grown higher and higher along with the time. Underhand and shady land dealings are a part of Mumbai real estate industry.
A Madhya Pradesh government-owned company had sold a prime eight-acre plot for Rs 1.75 crore to a little-known builder a decade ago. The same land, when it was resold to a prominent builder, fetched Rs 600 crore.
This transaction is an excellent example showing the rise of value of land in Mumbai for a multiple times in the past ten years. However, this is the first case where it has increased to an unusually high level during this period.
The needle of suspicion falls on the company officials involved in virtually gifting away the plot at a throwaway price in 2002. This calls for a thorough investigation by the Madhya Pradesh government to find out the people who were involved in this deal.
Also, there is a need to investigate the role of Mumbai’s Slum Rehabilitation Authority, which grants permission to redevelop slums since there are talks that the land was illegally termed as a slum by the authority.
To read more real estate news:
Commercial rents remain stable
MMR property sales slump over 50%
Source: The Times of India
Company officials, Land prices, Land transactions, Madhya Pradesh government, Mumbai land prices, Mumbai real estate industry, Mumbai's Slum Rehabilitation Authority, rise of value of land in Mumbai
