March 2019

Wadhwas to refund homebuyer Rs 1.9 cr

MAHARera orders Wadhwa Realty to refund homebuyer after developer fails to give possession on time. MAHARera allows buyer to withdraw from GHatkopar project and awards him a compensation of Rs. 2 Lakh; Wadhwa Residency Pvt Ltd appeal against order. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Wadhwa Residency Pvt Ltd to refund a home buyer Rs 1.9 crore with interest for...

Boost to bullet train as CZMPs for Navi Mumbai, Thane, Palghar

The Union government has cleared the Coastal Zone Management Plans (CZMPs) for Thane, Palghar and Navi Mumbai. The order was issued on February 28 by W Bharat Singh, director Coastal Regulation Zone in the ministry of environment and forests. The clearance, among other things, will ensure that the Mumbai-Ahmedabad bullet train project gets speedy go-aheads. The National High Speed Rail Corporation...

Kanakia Group’s building gets notice from BMC

Boomerang, the prime commercial building developed by Kanakia Group, in Chandivali, has been attached by the Brihanmumbai Municipal Corporation for nonpayment of property taxes to the tune of Rs 7.36 crore. The notice issued by the Superintendent and Assistant Assessor and Collector of “L” ward was pasted by BMC officials inside the building on Saturday. The building’s water connection has also...

If developers don’t complete projects, then the Authority will get them completed

Having started work in September 2018, Kumar told Sandeep Singh that the team has been able to solve around 2,500 cases in almost six months, taking the total number of resolutions to over 4,800 now. Our experience is that almost 40-50 per cent of the cases are amenable to conciliation rather than going through formal hearing and passing an order. We sought permission of the state government for starting...

Muthoot Microfin looking at listing in March

Mumbai: Muthoot Microfin, the micro finance arm of Muthoot Pappachan Group (MPG), may list in the local stock market as soon as mid-March, chairman Thomas John Muthoot said in an interview. The Rs 500-crore IPO together with another Rs 500-crore offer for sale for institutions will dilute the promoter stake in the company to 70 per cent from 86 per cent currently, Muthoot said. The company received a go...

‘Big boost’: Builders welcome tax waiver

Say the relief for flats and tenements measuring up to 500 sq ft will make affordable housing more attractive for everyone. The real estate industry on Saturday welcomed the state’s decision to waive property tax for homes measuring up to 500 sq ft, saying it will make affordable housing more appealing to both builders and buyers. department on Friday announced 100 per cent property tax waiver for...

Boom Town

Byculla is on the cusp of a transformation, thanks to mega real estate and infrastructure projects, and new cultural hubs coming up. Graphic designer Sameer Kulavoor and his sister Zeenat, a typographer, are working on an unusual project: a ‘map’ of Byculla. Not one that will mark the streets and buildings, but heritage spots, eateries and hangouts in the neighbourhood, many of which have just...

Start small when you buy your first house

"A small starter home may help you buy your dream house: All you want to know" HIGHLIGHTS It is better to buy an affordable unit first and upgrade later than stretch your budget for a dream house The starter home will fulfill your immediate need to stay in your own house while also allowing you to plan for your dream house over the next 5-10 years Owning a house is on the wishlist of most...

Man held for cheating home buyer of Rs 33L

The DN Nagar police have arrested an Andheri-based businessman on charges of cheating a home buyer by promising to sell him two 1BHK apartments in a Yari Road building for a price much lower than market rates, and allegedly defrauding him of Rs 33 lakh. Paresh Rao was arrested under IPC Section 406 (punishment for criminal breach of trust), 420 (cheating) and 34 (common intention) on Saturday night,...

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