Mumbai Builders
The Competition Commission of India (CCI), is putting around 70 real estate developers in the country under scanner. The developers include big players like Unitech, Parsvnath Developers and Omaxe and several big builders in Mumbai. All these developers’ action for entering into one-sided agreements with buyers and for allegedly colluding with each other have been [...] Continue Reading »
The confusion over VAT payable by the builders and buyers in Maharashtra is being handled carefully by the state government and builders alike. The Maharashtra Chamber of Housing Industry (MCHI)-Confederation of Real Estate Developers’ Associations of India (CREDAI) has set up a four-member committee to look for the best option for developers to compute Value [...] Continue Reading »
While exorbitant property price continues to slowdown Mumbai‘s real estate market, the suburbs are providing investment opportunities for buyers. Skyrocketing real estate prices and global economic conditions have badly hit Mumbai’s real estate sector and sales have fallen by nearly 70 per cent. Sales of top 5 real estate players in Mumbai have seen a [...] Continue Reading »
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 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 »
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 »
Builders in Mumbai are a worried lot now over various issues. Maharashtra Chamber of Housing Industry (MCHI) met the state chief minister to reverse back the Ready Reckoner (RR) rates as it was in 2011. The builders also wanted a permanent solution for getting instant clearances for building projects. An abrupt increase of 46% in [...] Continue Reading »
About 35 developers in Mumbai have been given notices to give away the flats which were kept for public housing. The notices were given by the urban land ceiling (ULC) department to bring back 1,284 houses. Under the Urban Land (Ceiling and Regulation) Act (Ulcra), the flats are to be used for general public but [...] Continue Reading »
Initially there was delay in project approvals by the concerned authorities but now there has been a sudden rise in the same! The long delayed projects are now getting approved by the Government which in turn are frightening Mumbai builders of excessive supply and price depreciation. According to sources, the approvals will gain pace after [...] Continue Reading »
The burden of high land prices quoted by builders is ultimately borne by the customers who are already affected by high rate of Housing loans and service tax. The Navi Mumbai secretary of Maharashtra Chamber of Housing Industry, Manohar Shroff, said the fact that plots were being bought through the tender process at very high [...] Continue Reading »
