Realty News
As per the predictions of research firm, Angel Broking, residential volumes would grow from flat to moderate rate on a sequential basis in the June quarters of 2012. The report states that the demand is weak due to high interest rates and elevated property prices. Although the realty index is low, it is not as [...] Continue Reading »
Corruption has proved to be the main culprit behind slackness of Indian democracy as well as the country’s economy and it is behind the high prices in the realty too. Adarsh scam has hit the headlines and gone, but its repercussions can still be felt in the realty sector. Although the demand for apartments are [...] Continue Reading »
In Mumbai, a city of ever increasing population, recent emphasis is put on redevelopment. Especially in areas like Andheri, where old buildings are in almost dilapidated condition, the government has encouraged redevelopment of these buildings which has attracted big developers to come forward. Experts support the initiative as they are of the opinion that redevelopment [...] Continue Reading »
In a noteworthy step taken up by the Nagpur Municipal Corporation (NMC), a special drive held for two days at all ten zone offices saw settling of 800 pending cases. The property owners’ applications were stuck for over a year even after they had submitted all the required documents. Most of the cases involve issuing [...] Continue Reading »
The Andhra Pradesh Government’s decision of relaxing building norms for large housing projects and levy shelter fee for housing of the poor is expected to boost up the state’s real estate business. The new Government Order passed last week has relaxed an earlier provision made in January 2011, in which builders should compulsorily reserve a [...] Continue Reading »
Bombay High Court on Tuesday granted interim stay to senior bureaucrat T C Benjamin, on an order directing the Maharashtra Anti- Corruption Bureau (ACB) to investigate accusations against him in an alleged real estate scam. The ACB registered an FIR against Benjamin, the Principal Secretary of the State Urban Development Department, and developer Niranjan Hiranandani, [...] Continue Reading »
Value & Budget Housing Corporation (VBHC), co-founded by former MphasiS chairman Jaithirth (Jerry) Rao and former Citibank Consumer Banking Head P S Jayakumar, has announced an expansion plan of Rs 300 crore. The company will launch nine projects of budget homes across Bangalore, Mumbai, Chennai, NCR and Baroda, offering a total of 2,500 units. VBHC [...] Continue Reading »
The Corporation of Chennai has taken up recent initiative to collect an estimated property tax of Rs. 750 crore in the year 2012-13. While the department is hopeful of this renewed tax efforts, there are key challenges ahead which are yet to be addressed. As for reaching the estimated target of 750 crore, groundwork has [...] Continue Reading »
Mall owners in the Bangalore city are being forced to attract retailers by making irresistible offers in an inactive market. Some of the mall owners cut rent by 30 per cent to woo retailers, while some others are waiving off the maximum guarantee that retailers to pay, or are offering a three-months rent free and [...] Continue Reading »
The Mumbai apartments sale in the financial year 2012 dropped by more than 60% from its peak in 2007 and 35% from 2011. The city’s real estate market has stagnated with only 45,000 apartments sold in the Mumbai metropolitan region (MMR) during 2011-12, well below the market average of 80,000 units annually. A report released by Knight Frank research [...] Continue Reading »
