Mumbai Properties
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 »
Mumbai property buyers are ready to pay a lot more for a flat if it affords them a room with a view. Those seeking an apartment in central Mumbai love their flora and are willing to shell out the most if it falls in a quiet corner of the neighborhood with a garden nearby. Mumbaikars [...] 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 Bombay High Court has stepped in to resolve a 21-year-old fight between two neighbours living in a housing society at Altamount Road. A division bench asked the BMC to depute an officer to inspect the flat of Aparna Chawalla, who stays on the seventh floor of Vijay Apartments. The dispute was over renovations carried [...] Continue Reading »
Mumbai Asia’s 4th costliest place for office space in Oct-Dec 2010 Mumbai has become the fourth costliest city in Asia Pacific for renting a office in the last quarter of 2010. the average annual rentals of Mumbai during the quarter has been estimated at USD 705 per sq mt, the same has been found to [...] 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 »
Developers are reeling from the after-effects of the Adarsh scam. After-effect of Adarsh Society Scam, BMC and state government departments refusing to clear files seeking approvals for major construction projects. New municipal commissioner Subodh Kumar has also tightened the screws on the manner in which files are being cleared and is believed to be working [...] Continue Reading »
Housing prices could fall by up to 20 per cent in Mumbai and Delhi-NCR sooner than expected if RBI raises key rates in its upcoming monetary policy review, says a report by property consultant Jones Lang LaSalle . It is widely expected that the apex bank would increase the key policy rates by up to [...] Continue Reading »
