Residents of the Campa Cola Society in Mumbai's plush Worli have locked up the compound gates, refusing entry to BMC officials who are all set to begin the demolition process of the 96 illegal flats in seven buildings in the compound.
Open stilt parking areas are common areas and builders cannot sell them separately.<br /><br />
Investment in realty is also hurt by inadequate diversification, illiquidity and use of cash.
The changes in Mumbai's development control rules may bring greater transparency, but the home buyer is unlikely to gain much if prices rise as a result.
Property prices are weak but given the structure of the industry, there is no real hope that prices will come down to affordable levels
Land is the currency of most political and business scams. This is where the anti-corruption movement must focus first.