Mumbai
Maharashtra government has finally implemented the long pending property registration rules to protect property buyers against frauds. These rules will be public from 1st of April 2013. The state has approved the rules after three years the state legislature approved landmark amendments. The main motive is to stop the fraudsters from selling the same property [...] Continue Reading »
IL&FS Milestone Fund, a major real estate private equity firm is all set to invest around Rs 100-150 crore by next month. As of now, the investment proposals are being evaluated and term sheets are being worked out. An official has confirmed that the said amount will be invested around April. The investment is meant to [...] Continue Reading »
Value & Budget Housing Corporation is now thinking of adopting a policy of developing properties of smaller heights that do not require ministry of environment’s nod. This strategy was finalised as they were facing various delays in the housing sector to get proper approvals. Currently, it takes around 12-18 months to get clearance from the [...] Continue Reading »
The Maharashtra Government has decided to give the developers in Mumbai an opportunity to use 100 percent of basement area in an upcoming building for parking facility. This initiative has been taken by the state in an attempt to avoid the parking woes caused by the occupancy of roadside spaces by cars. Currently, only 50 [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has planned of launching an electronic web based system to stop all the parking woes in the city. The main motive is to do away with the pay and park lots and issue printed receipts to the vehicle owners in the civic parking lots. The officials in the civic body are [...] Continue Reading »
Bombay High Court has recently given green signal for additional floor space index (FSI) for around 2,200 redevelopment projects in Mumbai. The only condition that was kept forward by the government was struck down by the bench. The condition was to grant extra FSI in case of ongoing redevelopment schemes for old cessed buildings. Earlier [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) which had kept buy and park options in some areas in South Mumbai is thinking of introducing variable parking rates in the city. The civic body is planning on a new policy to revise parking rates and that will be area specific. As of now, the rates will be higher in [...] Continue Reading »
The proposed Charkop-Bandra-Mankhurd metro line (CBM) is not yet sanctioned and not to be executed soon. However, the residents feel that it is unfair for the Mumbai Metropolitan Region Development Authority (MMRDA) to give unnecessary reasons of starting the project and making it an elevated corridor. The residents in the western suburbs of Mumbai are [...] Continue Reading »
Mumbai- City based leading realty firm Godrej Properties has signed two redevelopment agreements in two consecutive days with two private societies. On March 28, 2013, the company inked redevelopment pact with Sunder Sangam Cooperative Housing Society in Malad suburb of Mumbai. On March 29, 2013, the company signed its second redevelopment project with Sahakar Nagar [...] Continue Reading »
With increasing debt and low sales months after months, the real estate companies have thought of going to the Institutional Placement Programme (IPP) to sell the shares to the investors. This IPP route will be taken by the builders as against the Offer For Sale (OFS) way to comply with the Sebi norms of public [...] Continue Reading »
