Mumbai
Prices of new residential property could fall 10-15% by Diwali. But leading builders say supply has to increase for prices to come down. The RBI’s rate tightening has resulted in developers not having funds to complete projects, and hence the supply will remain in check while demand is still intact. A 10% price correction is [...] 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 »
Cordcon Builders Pvt Ltd will have to pay the amount to one of its residents, Anant Shirotiya as reimbursement for the money he spent on repairing the damage and the mental agony he suffered due to the leakage. In March 2002, Shirotiya booked a flat in Cordcon’s high rise, Sagar City. Shirotiya noticed dampness in [...] Continue Reading »
Frustrations of lakhs Mumbaiites who are watching their dream homes slip fast out of their reach. There are several factors to blame for this, but chief among them is the ugly nexus between civic officials, politicians and the builders. The builder community claims that it is being blamed unfairly. “How can we control prices when [...] Continue Reading »
BMC’s plan to levy a 100% premium on some areas like flower bed, parking and balconies appeared to have been made under the premise that developers were indulging in commercial exploitation. Maharashtra Chamber of Housing Industry (MCHI) recommended a maximum of 25% premium on compensatory FSI and that “this area should not be inclusive of [...] Continue Reading »
The common man may think he is the most vulnerable in the corruption chain. But Mumbai’s construction industry-although one of the most powerful and influential lobbies around-is one of the worst affected by the cancer. The city’s builders are not exactly pillars of rectitude, but even those among them who do not deviate from rules [...] Continue Reading »
ICICI Bank on Tuesday said its recently launched fixed-rate home loan scheme would not attract the higher provisioning mandated for teaser-rate housing loan products and the rates are “fixed” only for an initial period of one and two years. According to the bank, the fixed rates will “shield customers from frequent changes in home loan [...] Continue Reading »
The Reserve Bank of India (RBI) had jacked up its key lending rate by a steep 425 basis points in the past 15 months to batten down inflation and the banks have passed on the increased cost to borrowers. Banks have been witnessing rising risks from small and medium scale industries and unsecured portfolios, which [...] Continue Reading »
The new development control (DC) rules-to allow developers to build 25% over the permissible Floor Space Index (FSI) in return for a 100% premium to be paid to the Brihanmumbai Municipal Corporation (BMC)-were passed unanimously by the civic body on Wednesday, the last day for filing objections and suggestions on the DC rulesnotified by the [...] Continue Reading »
The critical issue for realtors over the next 12 months would be to ensure their debt load doesn’t enlarge, especially since fund availability is constrained and many loans are coming up for repayment in this fiscal. In the context, a good traction in sales becomes another crucial imperative. Developers are finding it tough to generate [...] Continue Reading »
