Latest Realty News

Infrastructure problems, title disputes plague affordable homes
Oct 18, 2013
MUMBAI: The affordable homes market, thriving on the outer fringes of Mumbai, is beset with problems like lack of infrastructure, poor transport connectivity, issues of land titles and delayed clearances.
Mumbai Real Estate: Is a Leasehold Property Better Than Freehold?
Oct 18, 2013
MUMBAI: A leasehold property defines the status of the land on which the property is built. Leasehold land on which construction takes place is ordinarily on long-term lease of 99 years onward. Specific to residential property on leasehold land, one may use the example of the MMRDA’s Wadala development plan, wherein the land is given on long-term lease to various developers who can sell the units constructed on an outright basis. The developer ordinarily pays a substantial value for the long-ter
Get a valid agreement before sharing the apartment
Oct 17, 2013
MUMBAI: Ritu Mishra, 26, agreed to share an apartment with a friend who was already staying on leave and license. However, when Mishra wanted to leave the place due to a tiff with her friend, the friend refused to return her deposit. To Mishra's misery, there was no evidence on which she could fight or claim her deposit. Reason: The original agreement was in the name of her friend. The landlord had allowed them to share the apartment on an oral consent without filing a fresh agreement between bo
Mhada may redevelop its 125-acre colony
Oct 16, 2013
MUMBAI: Mhada may redevelop its humungous Motilal Nagar Housing Colony in Goregaon (W) on its own. The plan was discussed during a Mhada meeting on October 15. Spread over 125 acre, the colony comprises 3,700 ground-level tenements built by Mhada three decades ago. Each tenement, about 180 sq ft, was first given on rent and then subsequently sold for under Rs 50,000 in the early 1980s. Under the redevelopment plan, every family will be entitled to receive a 600 sq ft flat free of cost.
Bank premises charged four times more property tax than bars
Oct 15, 2013
MUMBAI: Owners leasing out properties to banks will have to cough up more than four times the property tax paid by bars under the BMC’s new capital value-based system. The new tax is almost twice of what is applicable to a five-star hotel and nearly 20 times more than that for a residence.
Salgaocar brothers move High Court over property dispute
Oct 11, 2013
MUMBAI: The Salgaocar brothers, one of Goa's biggest business groups, are locked in a battle over separation of the group's assets after one brother accused the other of reneging on a signed agreement.
Only builders will gain from demolition: Campa Colony society resident
Oct 11, 2013
MUMBAI: Residents of Campa Cola society in Worli are an embittered lot. Not only are they set to lose their apartments, they are upset that the lone beneficiary of the demolition will be the unscrupulous builders or the new builder, who could approach the civic body with fresh building plans.
Sofitel eyes 10 properties in India in couple of years
Oct 10, 2013
MUMBAI: Sofitel, a French luxury hotel chain managed by Accor Group, is eyeing 10 properties in India, mainly in prime luxury destinations, in a couple of years, a top company executive said.
Fresh demand for 2.8 million homes in 2013-17 to be seen in top eight Indian cities: Cushman & Wakef...
Oct 10, 2013
DELHI: Top eight cities, including NCR and Mumbai, would witness an additional housing demand of 2.8 million units in the next five years, but supply will lag behind due to economic and regulatory issues, says property consultant Cushman & Wakefield.
Proper notice must to hike property tax
Oct 10, 2013
MUMBAI: The Brihanmumbai Municipal Corporation cannot hike property tax without serving proper notice on the property’s owner or occupier, the Bombay high court has said. Eleven years after the BMC asked some Girgaum residents to pay extra tax, Justice S S Shinde came to their aid and said the pasting of notice on the property “cannot be accepted”.
Crucial realty document is yours only if you pay dues
Oct 10, 2013
MUMBAI: Seeking the copy of a property registration card (PRC) at the land records office can prove to be a costly affair. A PRC is a land record which provides the complete history of past owners as well as current owners. It is an invaluable document for land-owners to prove ownership. With the Right to Information Act, 2005, any citizen can seek the PRC of any plot. It is here that the catch lies.
Now, BMC to form buildings safety panel
Oct 09, 2013
MUMBAI: In the wake of the building collapse in Mazagaon, the BMC will form a standard technical advisory committee (STAC) to monitor building safety in a scientific manner. This committee will function on the lines of the civic body’s STAC for roads and will play a crucial role in deciding the nature of dangerous categories for dilapidated buildings in the city.
Realty shares in focus on hopes of good Q2 sales
Oct 08, 2013
MUMBAI: Shares of real estate companies are in focus, surging up to 10% after Sobha Developers have recorded good set of sales numbers for the month of September.
Selling a 17-acre project in South Mumbai, Lodha style
Oct 08, 2013
MUMBAI: From outside, the metal and glass facade of Lodha’s new residential project, The Park in Pandurang Budhkar Marg in Mumbai’s office hub Worli, looks like a corporate headquarter. The 10,000-sq-ft sales office inside, with quotes by renowned poets on glass walls, is equally striking.
‘Reserve 20% area for low-income housing’
Oct 07, 2013
MUMBAI: A year after the state stalled its draft notification following objections from developers, it is set to issue a the final notification making it mandatory for developers to reserve 20% of areas of more than over 2,000 sqm for affordable housing.
Office space absorption to reach 132 million sqft by 2017: Report
Oct 02, 2013
MUMBAI: Bullish on the revival of the economy after general elections, real estate consultancy firm Cushman & Wakefield expects nearly 132 million sqft of office space, across the eight major metros, to get absorbed by 2017.
Realtors hope to clear inventory on freebies, festival sales
Sep 29, 2013
MUMBAI: Realty developers are hopeful of clearing a large portion of their inventory pile-up during this festive season by luring in buyers with freebies and discounts, even as they sit tight on declared prices, said industry experts.
Social infrastructure for quality life
Sep 27, 2013
MUMBAI: Buying a suitable house that fits in their budget is no doubt very important for home buyers. However, equally vital are the educational, health, transport, security, cultural and recreational facilities for quality living, which range from grocery stores and markets to banks, schools, hospitals, theatres, restaurants, clubs, religious places, etc. “Buyers have always had a holistic approach and they prefer to have schools, hospitals, shopping complexes, entertainment centres, etc., in c
35 illegal floors of Campa Cola may be razed on Oct 3
Sep 27, 2013
MUMBAI: The last vestiges of hope for embattled residents of the upscale Campa Cola society in Worli appears to be lost. The BMC’s building proposal department has “on legal grounds” rejected their proposal to regularize those sections of the society that fall within the permissible floor space index (FSI) limit. The BMC plans to raze 35 illegal floors across seven buildings on October 3, instead of the earlier plan of October 2 owing to Gandhi Jayanti.
Experts say pay VAT only if sale deed mentions it
Sep 27, 2013
MUMBAI: The SC was hearing 26 appeals against VAT on sale of flats, of which 12 were from Maharashtra and the rest from Karnataka while upholding the states’ right to impose VAT. The verdict means flats sold since July 1, 2006 will be liable for payment of the tax, unless the building was issued an Occupancy Certificate before the sale agreement.
Kolte-Patil Developers launches four projects in Pune
Sep 26, 2013
MUMBAI: Riding high on the demand for residential housing, Kolte-PatilBSE -1.09 % Developers today launched four mixed-use projects in Pune with investments up to Rs 450 crore.
Sea-facing Mumbai duplex goes at Rs 1.35L/sq ft
Sep 24, 2013
MUMBAI: Whatever the general market trend, Mumbai's realty market does not stop creating new records. In the costliest apartment deal in the country, a sea-facing duplex in a Malabar Hill building was recently sold for Rs 57 crore or roughly Rs 1.35 lakh a sq ft.
Does Vasai-Virar have the potential to become an independent city?
Sep 16, 2013
MUMBAI: With a corporation area of roughly 383 sq km and another 500 sq km of Taluka area, the Vasai-Virar region is being touted to become a city in itself. However, does having a large area alone suffice to convert a region into a self-sufficient city? It takes proper social and physical infrastructure along with well-developed connectivity to render a locality self-sufficient. With the inception of the Vasai-Virar Municipal Corporation (VVMC) in 2012, the Vasai-Virar region holds huge potenti
30% more housing plans launched in Mumbai this year
Sep 11, 2013
MUMBAI: Mumbai witnessed the launch of nearly 18,000 housing units between January and June, an increase of 30% compared to the same period in 2012, said a quarterly report by global property consultants Cushman and Wakefield.
Mumbai’s long wait to replicate Manhattan, gets longer
Sep 07, 2013
MUMBAI: Perhaps no other ambitious urban infrastructure project that has been touted as a game changer, has waited for more than 30 years, yet has had no takers, with a future that is delayed, if not denied. The Mumbai Trans Harbour Link (MTHL) project has been under consideration for the last 30 years to develop the island city the way Manhattan in the US has been developed, reduce traffic congestion and grow the area surrounding Navi Mumbai.

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