Mumbai Properties
Sahara Group negotiated the Rs 70 crore a year Rent deal for commercial property at Bandra-Kurla Complex. The deal, touted as the highest ever for a commercial property in terms of annual rent. According to real estate sources, the UP-based Sahara Group negotiated the deal for a lease amount of Rs 225 a sq ft [...] Continue Reading »
Even big corporate entities finding it increasingly difficult to afford space in Mumbai. Cheaper property price in Mumbai suburbs driving MNCs and other corporate groups to the suburbs. The recent report by a real estate research firm shows that even big corporate entities are finding it increasingly difficult to rent or buy space in the [...] Continue Reading »
Tanker Free Mumbai awareness about the availability and distribution of drinking water and to keep the tankers off the city streets. The actress Sonam Kapoor is set to join the campaign. The campaign “Tanker Free Mumbai”, intends to spread awareness about the amount of water which is adequately available for the city’s needs as per [...] Continue Reading »
Mumbai realty experts feels Mumbai property prices likely to drop. Though not all realty experts may agree on that, the general sense is that prices will correct by at least 15 per cent in the next six months. With 93,000 under-construction properties and ready-for-possession homes still unsold, the ‘weighted average’ cost of a flat in [...] Continue Reading »
Piramal Realty Limited to launch five residential projects in Mumbai at an estimated investment of about Rs 1500 crore. The company will develop about 30 million sq. ft through land acquisitions funded from its own sources, without any borrowing, managing director Khushru Jijina said. The developer is evaluating 20 projects across Mumbai, Pune and Nashik. [...] Continue Reading »
Builder to pay compensation of Rs 5 lakh each to two buyers for failing to hand over flats booked by them. Mumbai district consumer forum held that failure on part of the builder, Sharma Realty Pvt. Ltd., to execute the Agreement for Sale was deficiency in service and ordered to pay compensation to two buyers. [...] Continue Reading »
The state government amended Development Control (DC) rules in the city encouraging cluster redevelopment. Cluster development is developing an area comprising several buildings rather than individual structures. In a recent move, Maharashtra Chief Minister Prithviraj Chavan has asked state officials to work out a plan under which cluster development right can be auctioned to the [...] Continue Reading »
Real estate in India likely to rebound within two years, according to Macquarie Group. India’s real estate stocks have attractive valuations after plunging 83% from their peak and are likely to rebound within two years. The Bombay Stock Exchange’s 14-stock Realty Index has dropped from its peak in January 2008, while the benchmark Sensitive Index [...] Continue Reading »
Mumbai and the outskirts of the city has seen an 11% growth in rental value in the past year. The figure for Bangalore, Pune and Delhi has shot up by 13%, 11% and 9% respectively. The rent in South Mumbai had gone through the roof. It is still unaffordable. So, people are shifting towards the [...] 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 »
