Mumbai Builders
We all know that builders do violate a few big and small Floor Space Index (FSI) norms. But due this, home buyers have to suffer. Similar situation happened when there was a CID inquiry being conducted into alleged violations of FSI norms in the apartments on Palm Beach Road, Mumbai. Some residents seem to know [...] Continue Reading »
With no visible signs of a meaningful correction in property prices, a growing trend of people preferring to stay on rent in Mumbai. Since December 2010, lease agreements have increased by 20% to touch a new high of 10,191 in June 2011. Sales data from the registration department further speaks for itself. In June 2011, [...] Continue Reading »
The RBI is concerned about transparency in the system. If good projects come up, banks will fund them. Lending to the sector will not decline but what would really impact the sector is the time-consuming process of obtaining approvals from various regulators and inflation. The Reserve Bank of India has laid out strict due diligence [...] Continue Reading »
Mumbai builders take Mhada for a 228 crore ride. Under Mhada rules, builders have to surrender part of the built-up area of redeveloped properties. For the past 20 years, builders have not given up surplus area. Source said that some Mhada officials are believed to be part of this nexus with the builders. On Thursday, [...] Continue Reading »
Property dealers and research firms say investors are not keen to buy assets now, while those who do, are looking for suitable exits. “Unofficially, the prices have already corrected. Some investors and developers have already exited at lower prices,” said an industry source. Research heads from a couple of real estate research firms said the [...] Continue Reading »
Birla Sunlife to put Rs 250 cr in realty— three in Mumbai and one in Chennai —through its realty-focused fund. Birla Sun Life to invest in three real estate projects in Western suburbs of Mumbai and one real estate project in Chennai. “We have clocked around 20% return on our investment and hope to do [...] Continue Reading »
The Mira Bhayander Municipal Corporation (MBMC) are selective in targeting builders who flout occupation certificate (OC) norms. Small-time builders alleged that they were being harassed and threatened with police complaints by the municipality. While FIRs are being filed against small-time builders, no cases have been so far registered against the big developers who have massive [...] Continue Reading »
In January, the I-T department had raided about 20 premises of Lodha Group in Mumbai and Hyderabad on alleged misreporting of income. While examining the documents found at these premises, I-T officials came across details of bank lockers in the name of some of the company’s employees. When these lockers, in all 26, were raided, [...] Continue Reading »
The Mumbai based real estate developer, Godrej Properties Ltd, signs a development agreement and plans its second residential project in Chembur Mumbai strengthening their presence in Mumbai Real Estate. Godrej Properties Ltd announced that it has finalized a development agreement with Capsulation Services Private Ltd. The company will develop a residential project in Chembur Mumbai [...] Continue Reading »
New norms for high-rise buildings will stop developers from changing their plans. The new guidelines makes it mandatory for builders to submit a final plan before seeking approval. Learning lessons from the Adarsh housing scam, the Mumbai state high rise committee has framed new guidelines that make it mandatory for builders to submit a final [...] Continue Reading »
