Not a single Campa Compound resident returns keys
Jun 15, 2014
Source : The Times of India

 

MUMBAI: The deadline for vacating illegal flats in Worli’s Campa Cola compound lapsed at 5pm, June 12, but not a single resident submitted keys to their ward office, as asked by the BMC. The civic body now plans to enter the premises on June 17 to cut electricity, water and gas connections, following which it will start demolishing the internal walls of the flats to make them uninhabitable.

From June 14 to June 16, the BMC will issue notices to the residents under section 488 of the Mumbai Municipal Corporation Act, which would allow civic authorities to initiate action. The residents have sent a letter to the BMC, stating they would vacate their flats if 14 demands are met (see box).

The Supreme Court had ordered the residents to vacate their homes by May 31. It also quashing their plea for an extension. Additional municipal commissioner Mohan Adtani said the BMC will file contempt of court petitions against residents who will resist BMC officials on June 17. “We will cut essential supplies. Even during monsoon, work on demolition internal walls in the flats will continue,” he said.

The BMC will ask for police protection for the demolition work. The cost of the work will be Rs 2.2 crore, which the civic body plans to recover from the housing society. “Demolition of the exteriors of the flats will start only after the monsoon and adequate care will be taken so that the structural soundness of the legal flats and the stability of the buildings are not hampered,” said Adtani.

Latest Realty News

Mumbai’s Vasai-Virar belt offering affordable homes
Jun 15, 2014
MUMBAI: For most homebuyers who are looking for affordable homes, the Vasai-Virar belt has many good projects to suit their budget and needs. With office premises shifting from south Mumbai to the city’s western suburbs and rehabilitation of slums going on in full swing, the areas are witnessing huge interest from buyers.
Campa residents divided as deadline gets over
Jun 15, 2014
MUMBAI: June 12 marks the final deadline for residents of the illegal flats at Worli’s Campa Cola compound to vacate their apartments and hand over the keys to the local G South ward office. The BMC on June 13 is likely to serve notices, saying they will enter their premises and take action to evacuate the occupants.
Infrastructure growth driving Mumbai’s realty
Jun 15, 2014
MUMBAI: Infrastructure is one of the deciding elements for finalising a property. A location that has good infrastructure development, commands high property rates and has good growth prospects and vice-versa. Shailesh Puranik, managing director, Puranik Builders, explains that “Buyers generally look out for basic infrastructure such as good and widened roads, easy connectivity to railway stations, airports, arterial roads, adequate supply of water and electricity, enough open spaces, and others
Real estate trusts may tap Rs 90k cr in first year
Jun 14, 2014
MUMBAI: Real estate investment trusts (Reits), which are expected to get a green signal in the upcoming Budget, could open up a new source of funding for developers battling declining sales and high cost of funds.
Real estate shares on a roll; Realty index surges 6%
Jun 14, 2014
MUMBAI: Shares of real estate companies are on a roll with most of the frontline stocks trading higher by up to 17% on the bourses after President Pranab Mukherjee in his joint address to the Parliament today said that the government proposes proper housing to all citizens by 2022.
Real opportunities in real estate?
Jun 14, 2014
MUMBAI: Since May 16, the Bombay Stock Exchange's realty index has risen 32.50 per cent. The surge in real estate stocks suggest that the property market is booming again. But analysts believe that the fortunes of the sector will not change so soon. Does it mean then that before the price rise starts, buyers should jump to buy property?
Pay your property tax in advance, get concession
Jun 14, 2014
THANE: The Thane Municipal Corporation (TMC) has restarted its earlier scheme of giving concessions to residents who pay property taxes in advance. Under the scheme, residents who paid the entire year's property tax in May were given a concession of 5%. Similarly, the TMC will give 4% concession to those who pay the entire year's tax by June, 3% by July and 2% in August.
Overseas funds make a beeline to invest in India
Jun 14, 2014
MUMBAI: Several sovereign wealth funds (SWF) and overseas pension funds are rushing to invest in India, driven by hopes of economic recovery under a new stable government. At least three sovereign funds from West Asia have invested over $5 billion in the past eight months and one global pension fund has committed to invest $450 million.
Infrastructure growth driving Mumbai’s realty
Jun 14, 2014
MUMBAI: Infrastructure is one of the deciding elements for finalising a property. A location that has good infrastructure development, commands high property rates and has good growth prospects and vice-versa. Shailesh Puranik, managing director, Puranik Builders, explains that “Buyers generally look out for basic infrastructure such as good and widened roads, easy connectivity to railway stations, airports, arterial roads, adequate supply of water and electricity, enough open spaces, and others
Pune’s real estate market is balancing both worlds
Jun 14, 2014
PUNE: Witnessing a surge in residential and commercial spaces, Pune real estate market has been expanding its horizons.

Latest Realty News Of State

Realty Talk's