In a recent article appearing in Times of India Mumbai Edition dated 3rd August 2011 indications are available that real estate prices are in for a fall.
Read excerpt here
Past seven month's data gleaned from the stamp duty and registration department showed that the trend in the eastern suburbs (Kurla to Mulund) has been the worst, with a record 33% slide in the number of documents registered in 2011, compared to that in 2010. From January 2011 to July 2011, 7,529 papers were registered, while 11,371 were sealed between January 2010 and July 2010. The western suburbs seem to have fared slightly better with deals between Goregaon and Dahisar sliding by 19%. Borivli taluka recorded the registration of 13,554 documents from January 2011 to July 2011, compared to 16,846 for the same period last year.
Read the entire article here
Thursday, August 04, 2011
Wednesday, August 03, 2011
Builders exploit FSI rules, buyers face music
MUMBAI: In several upmarket areas, builders get proposals sanctioned for smaller flats than they actually sell. In such instances, the buyer, or flat owner, can end up becoming the lawbreaker, making him vulnerable to extortion by corrupt civic officials in the long run.
The builders pay the civic body a pittance in development charges and scrutiny fees for the BMC-approved carpet area, and then 25% of the Ready Reckoner rate as premium for the extra Floor Space Index (FSI). They, however, charge flat buyers market rates for both the carpet and additional FSI areas. The BMC building proposals department has reportedly approved plans for such buildings in areas stretching from Malabar Hill to Gamdevi, Girgaum, the Parel mill areas, Elphinstone Road, Dadar, Bandra, Khar,Santa Cruz and the Juhu Vile Parle Development Scheme.
Drawings with TOI show that the intention is clearly to amalgamate extra spaces with the original carpet area to create one large flat. A 1,500-sq-ft flat can grow to 2,500 to 4,000 sq ft and cost Rs 10 crore to Rs 16 crore.
Read the Article Here
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