Mumbai Properties
According to the census 2011, more than 4lakh apartments are vacant in Mumbai. According to the experts the vacant apartments proves that the builders are holding those properties expecting a rise in price. The experts also said that all vacant apartment do not indicate that they are unsold. There are many instances that NRI’s bought [...] Continue Reading »
Figures collated by online portal Foreclosure India on auctions held by banks and Debts Recovery Tribunal (DRT) since January 2010 show that of 32 cities across India, Mumbai’s speculative realty market has the second highest number of foreclosed properties after Bangalore. DRT show a 23 per cent rise in cases of Mumbai properties, mostly residential, [...] Continue Reading »
In the current environment, renting an apartment works out to be much cheaper than outright purchase.It’s the newer properties where one notices sluggish sales because of their high rates. A trend of buyers look at old properties with a substantial number translating into sales. Not surprising then that corporates who own flats in such good [...] 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 ministry of urban development has suggested doing away with the current system of registration and transfer of property. Property holders across India may get a unique identity number or UID that not only streamline and organize India’s outdated land records, but also reduce the burden on courts by enabling faster resolution of property disputes. [...] Continue Reading »
Residents of forest land in Mulund received a setback this weekend when they were asked by the state forest department to pay “additional” money as net present value (NPV) of their flats. “Why is the forest department asking us to pay extra money? It has already collected the NPV as per Supreme Court directives about [...] Continue Reading »
Mahindra Partners, a private equity arm of the Mahindra group, has conceptualized a $293.7 or Rs 13,217 house (not including land cost) that could be explored for global commercial application. A team from Mahindra Partners had submitted an entry and has now been invited to the US for a prototype workshop. With Nano home in [...] Continue Reading »
The Brihanmumbai Municipal Corporation (BMC) as many as half-a-dozen of errant builders have been served stop-work notices over the past week as a part of BMC’s anti-malaria drive. The notices were issued by the building proposal department of the BMC. The department officials said the developers could have to cough up a penalty of up [...] Continue Reading »
Mumbai Tenants’ associations say that if the government wants to increase the supply, it should do so by levying a ‘vacancy tax‘ on vacant and unsold flats in Greater Mumbai. The associations’ call follows a recent proposal mooted by the Centre-draft Model Residential Tenancy Act 2011-to do away with antiquated rent control legislation and bring [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) likely to adopt Bihar housing policy, a housing policy initiated by Nitish Kumar’s government in Bihar. Under the new policy, the civic body just notifies the detailed guidelines, according to which the architects are required to plan the new projects. The Bihar pattern will shortly be recommended by the centre to [...] Continue Reading »
