Facing financial woes, Mumbai builder Sanjay Agarwal kills self; third such death in last three years
Difficulties faced in a real estate project in the upmarket Chembur area may have led Mumbai builder Sanjay Agarwal to commit suicide by shooting himself
Recycling land to create housing stock is one way to solve the housing crisis in Mumbai. With high prices that show no signs of dipping, recycling is all that Mumbai has, being a city constrained by the sea, creeks and other cities bordering them.
In one of the largest office space deals, Godrej Properties has sold a 4.35 lakh sq ft in commercial project at BKC, Mumbai, to healthcare products major Abbott for about Rs 1,480 crore.
The prohibitive prices of houses near the Mumbai airport have been dissuading air traffic control personnel from taking up assignments in the city, affecting air traffic safety.
In response to the unrelenting sluggishness in the market, Mumbai’s developers have been offering various schemes to entice fence-sitters; at a recently-held property exhibition in Mumbai, such schemes were very much in evidence.
The Maharashtra government's move to scrap the draft development plan 2034 for Mumbai is likely to hit supply of new housing projects and help in clearing existing unsold houses in the city to some extent. Moreover, deals for land parcels, redevelopment projects and private equity transactions for financing housing projects in Mumbai will get stuck due to lack of clarity on the city's proposed development plan.
The KPMG report published on Tuesday found that, in urban areas alone, Maharashtra would need 5 million new homes by 2022
the DP does not clarify how higher FSI around stations would be managed to ensure that problems get solved instead of becoming worse. Would there be urban design interventions that go beyond what happens within a plot?
The civic body’s move of increasing the floor space index for the entire city up to a maximum of 8 that will change Mumbai's skyline has been criticized by urban planners and housing experts as it could have a disastrous impact on the city’s infrastructure.
If you thought the BJP-led government would bring relief to home buyers in Maharashtra, here's a dampener: Mumbai's realty prices are going nowhere but up as the newly-installed Devendra Fadnavis government has decided to increase the ready reckoner (RR) rates for Mumbai by an average of 15 percent with some areas even witnessing a steep hike of up to 40 percent.
If you are wondering why real estate prices in Mumbai never fall despite the lack of buyers, look no further than a corrupt, rent-seeking bureaucracy. If the amount of money being sought as bribes by the municipal authorities for building clearances are any guide, the quantum siphoned off in corruption could pay for the bulk of basic building costs - excluding land and taxes. This means the elimination of corruption alone can bring down home prices significantly in India's urbs prima.<br />
Mumbai Metropolitan Region (MMR) has the maximum number of unsold flats at over 2 lakh houses when compared with the top six real estate markets in India, and it will take at least three years to get rid of these existing units, showing that the demand from property buyers has not picked up in India's financial market.<br />
American real estate tycoon and celebrity Donald Trump may be bullish on India, but his views need to be taken with bags of salt.<br />
Mumbai is the 16th most expensive city globally in terms of owning a house but prime locations like Colaba, Cuffe Parade and Malabar Hills are no longer topping the residential price charts.<br />
Tens of thousands of hectares of land may soon be unlocked in the Mumbai Metropolitan Region, thanks to a decision taken by the state cabinet on Wednesday (16 June) to streamline the clearance of agricultural lands for developmental activities. But home buyers need not salivate. Their homes are unlikely to get any cheaper, though the rate of appreciation might taper off.
At Campa Cola compound, some have moved out but continue to visit everyday, determined to make their presence felt in the building and in spite of the threat of a contempt petition.
Those opposing the sale of the Bhabha residence may be comforted by the fact that the new owners have promised not to tear down the structure.
If you thought 2014 would provide a silver lining for Mumbai's residential situation, here's a reality check for you: 2014 will not be better but worse as the number of unsold flats in ready as well as under-construction projects has reached an all-time high 130,000.<br /><br />
The property is located in the premium business district Bandra Kurla Complex (BKC) and has a total office space of about 1 lakh square feet, which would fetch the group Rs 30,000 per sq. ft.<br /><br />