Mumbai
With a little over one lakh residential flats lying unsold in Mumbai, an inventory, according to experts, which will take more than three years to clear as not much of it is available for immediate possession, the Mumbai real estate horizon looks grim. According to data from property research firm Knight Frank, sale of Mumbai [...] Continue Reading »
Real estate and home finance executives have stated that Pune and New Delhi have overtaken Mumbai with steady home loan demand. India’s financial capital does not offer a rosy picture for the real estate sector as there are not many new projects that sell in big numbers. In the recent past, most sales have been [...] Continue Reading »
DLF, India’s biggest property developer, is closer to meeting its debt reduction target after it agreed to sell its plot of land in Mumbai for Rs 27 billion ($488 million) to Lodha Developers. The Delhi-based developer said it had received an advance payment of Rs 5 billion for the plot from Lodha and would receive [...] Continue Reading »
According to National Housing Bank (NHB) data, housing prices have risen by up to 10.5 per cent in 16 major cities of the country in the April-June period, while only three towns have witnessed a marginal fall. The data is taken from NHB ‘RESIDEX’ which tracks the movement in prices of residential properties on a [...] Continue Reading »
Each beneficiary of Pimpri Chinchwad Municipal Corporation’s housing scheme for economically weaker sections (EWS) will save Rs 36,000 as the state government has waived the stamp duty on conveyance. Now that the stamp duty on registration of EWS houses built under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) scheme has been waived, the beneficiaries [...] Continue Reading »
The new Maharashtra Housing (Regulation & Development) Bill, 2012, came under attack from housing experts as they labeled it ‘builder friendly’. Activists, housing societies and flat buyers claimed that not only was it poorly drafted, but also failed to maintain transparency and stated that it is a watered down version of the repealed Maharashtra Ownership [...] Continue Reading »
As revealed by sources, in Mumbai‘s real estate market, cash transactions are still prevalent during transactions. The system of demanding an illegal cash payment still exists in many pockets of the city, especially Bandra, Khar and Juhu belts in the western suburbs. In the 1970s, builders used to take 80 per cent in cash and [...] Continue Reading »
Any buyer of immovable property may soon be able to electronically check details regarding the property – whether the property concerned is free of encumbrances, i.e. outstanding mortgage or unpaid taxes. CERSAI, a Government company, plans to soon allow individuals to access the information recorded with the central registry. The central registry is a shared [...] Continue Reading »
The Bombay High Court has refused to entertain a petition filed by SGS Infratech Ltd challenging the propriety of notice issued by Chief Executive Officer of Pune Cantonment Board. The notice demanded property tax from April 1991 to March 2012 in respect of its property on the defence land.The bench stated that the petition is [...] Continue Reading »
At a time when the real estate sector is going through a lean phase and the inventory level of Mumbai is going up propelled by a dip in sales, the traditional upmarket residential enclaves of south Mumbai – are skyrocketing. The city’s plush Nepean Sea Road area sold for a boggling Rs 1.20 lakh a [...] Continue Reading »
