Mumbai
The Bombay high court on Tuesday defended Maharashtra government’s stand and said they can’t be accused of gender bias nor can it be alleged that the police is acting in a high-handed manner. A division bench of justice DB Bhosale and justice UD Salvi said the court cannot stop the police from visiting bars at [...] 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 department, which has recently begun a special drive to check prevalence of black money in the country’s real estate sector, has acquired high-worth properties worth about 2,500 crore in more than 20 cities in the last year alone. The Income Tax Department became one of the largest purchasers of real estate properties last year. [...] 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 »
The Enforcement Directorate (ED) to attach properties of Unitech wireless and Swan Telecom allegedly involved in 2G scam . ED presented a fresh status report, giving the Supreme Court, an updated account of its investigation. The ED has told the Supreme Court that it will ‘attach’ the properties of companies within 2 months. “The properties [...] Continue Reading »
Mumbai Developers have had a tough time getting project approvals since the Prithviraj Chavan government has taken over. Tardy approvals created a drag on Mumbai realty sales volumes and project launches. According to sources, officials of the government have been reluctant to utilize any of their discretionary powers. This has led to putting on hold [...] 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 »
As per the new model bye-laws 2009,co-operative societies should create awareness against child labour, says, Advocate Rajan R Hiranandani. The bye-laws further state that the society shall be required to create awareness in the minds of all the members for eradication of child labour. One of the changes incorporated in the new model bye-laws 2009 [...] Continue Reading »
