Mumbai Builders
Amid higher costs, slow demand and regulatory hurdles, many builders in the country’s hottest property market-Mumbai, are inserting new clauses to palm off some of the uncertainties to buyers. The allotment letters given to home buyers contain clauses like provisions for cost escalation, project abandonment, inability to commence construction, and also eventuality of non-disbursal of [...] Continue Reading »
BMC Chief tightens screws on builders seeking concessions and contended that many builders later misuse concessions and sell space not included in the building’s floor space index (FSI). Civic chief Subodh Kumar has rattled the construction industry by routinely rejecting or drastically reducing concessions sought by builders. The BMC has refused to clear the project [...] Continue Reading »
The city may soon record the largest transaction for commercial space with Citibank India close to paying approximately Rs 1,000 crore for space in an under-construction building at Bandra-Kurla Complex. Market sources said the bank is believed to be paying Rs 33,000 a square foot for the 3 lakh sq ft office space in the [...] Continue Reading »
After a one-year period starting in the third quarter of 2009,the Mumbai residential real estate market has been seeing a slowdown. The key reasons behind this slowdown are higher prices, higher interest rates impacting affordability, lack of liquidity, scams diluting investor sentiment – and, to a lesser extent, excess supply in a few micro markets. [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) plans to make things difficult for developers who procure building concessions and then misuse the space by selling it to flat buyers. Municipal commissioner Subodh Kumar has already started clearing projects by putting restrictions that clamp down on these violations. Today, most builders blatantly sell the flower bed area although [...] Continue Reading »
The Mumbai civil court has ordered the demolition of an under-construction building in Borivli (W). The judge has ordered Himanshu Shah of Noopur Developers to pull down the structure within four months from the date of the decree. The case dates back to August 2009, when 43 members of wings A and B of Megh [...] Continue Reading »
A day after it announced a modest budget, endeavoring to explore fresh sources of revenue, the BMC Mumbai on Saturday issued a circular, raising the penalty on illegal constructions by four times. According to source, unscrupulous builders and tenants carrying out irregularities in their flats and buildings now must get ready to pay a heavy [...] Continue Reading »
According to a Supreme Court verdict in 2010, a developer of a housing complex cannot charge members for parking space. The ruling said the developers cannot sell open spaces and stilt areas in their buildings as these are meant for common use and form part of the flats. I-T officials who raided the Lodha Group [...] Continue Reading »
Market sources said leading banks now lend to only credible builders for select projects, but have turned off the tap for most others in the construction sector. Money has suddenly stopped flowing into Mumbai real estate sector with banks and financial institutions tightening the screws on builders. By March 2011, Mumbai builders alone are scheduled [...] Continue Reading »
Nashik is the administrative headquarters of Nashik district and Nashik Division. It is located in the northwest of Maharashtra, 180 km from Mumbai and 202 km from Pune. The locations that were once ignored for residential purpose have become hot property destinations. Today it is being considered as the premium residential location of the city, [...] Continue Reading »
