Builders in Mumbai
Without clear land titles and construction permissions some builders in the city have been luring clients to book flats early at discounted rates. It is illegal under the law. The customers are asked just 10 per cent to 20 per cent before the first brick is laid. Such developers manage to sell 200 to 300 [...] Continue Reading »
A number of builders in Mumbai are trying hard to attract buyers with hi-fi amenities in their properties. Builders are pulling in on investors and buyers by developing projects with posh amenities like golf courses and other sports facilities. With the increasing state of the art features, the financial capital is finally getting some lung [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has finally managed to recover Rs 8 crore of a total due amount of Rs 628 crore from the developers in Mumbai. After the modification of the fee structure to recover dues, the civic body is yet to recover Rs 71 crore, while the remaining Rs 549 crore will be collected [...] Continue Reading »
Many real estate projects in Mumbai‘s western suburbs have been halted in recent times due to the sluggish demand and new Development Control Rules (DCR). Brihanmumbai Municipal Corporation (BMC) recently came up with a list of delayed projects in Mumbai and the western suburbs accounted for 202 of the 326 stalled projects in the city. [...] Continue Reading »
The sales tax department of Mumbai raided offices of 15 builders including Marathon, Ajmera, Keystone, Bhoomi realty, Naman and Acme, for evading payment of value added tax (VAT) and recovered Rs 20 crores. The Bombay high court had upheld the 1% VAT imposed on the sale of properties by the state in April. The builders had [...] Continue Reading »
The demand for commercial real estate in Mumbai has witnessing a lower trend as the market is oversupplied by available properties. As the demand for apartments in Mumbai has reduced in last year, most of the builders in Mumbai have shifted to construction of commercial properties, which has increased the supply level. Now the developers [...] Continue Reading »
A common meeting was held in Bandra with the Municipal Chief and the builders, architects, consultants and the real estate agents to ‘clear the air’ regarding the amended Development Control Rules (DCRs). The meeting was ended with a hint of strike by the builders . In the meeting the commissioner asked the builders to submit [...] Continue Reading »
As the proportion of sale of real estate properties in Mumbai reduce drastically, the builders are facing a huge crunch for cash inflow. To overcome the situation and to generate momentum in sales, the builders are coming up with different deal options for their unsold properties. Some builders in Mumbai region introduced a new scheme [...] Continue Reading »
The market scenario in real estate in Mumbai is under a huge crisis. The sale rate is decreased to an extent in last few months leading to a fund crunch for the sector. The sector did not get any better offer from the budget 2012 other than affordable housing projects are allowed to access External [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) modified the transfer of development rights (TDR) to reduce the slums area in Mumbai. The developers working to rehabilitate the slums, will get TDR benefits to construct residential and commercial spaces anywhere in Mumbai. BMC modified the TDR policies to help the residents of the slums in getting a good living [...] Continue Reading »
