Month: April 2012

Sheth developers split due to family dispute

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

Splitting of familyrun real estate businesses appears to be a growing phenomenon . The three low-profile brothers of the Rs 3,000-crore Sheth Developers Pvt Ltd (SDPL) have reportedly split and the separation is said to have been amicable. Industry sources said the parting was a result of differences in business vision of the three brothers-Ashwin , Vallabh and Jitendra Sheth. While Ashwin, managing director of SDPL, and Vallabh , director, denied the split, they confirmed the setting up of two firms. They said it will not affect the firm’s existing projects. “We are jointly completing all the projects at hand and only acquiring new projects separately,” they said in separate communications. Jitendra, too, is a director in the firm. This is how the business has been reportedly bifurcated . SDPL, the parent company where the brothers hold 33% stake each, will continue to exist till the ongoing projects are complete. The brothers have set up two realty firms, which will bid for new projects and land acquisitions separately. Ashwin, eldest of the three, has set up Seth Corp, which he will operate jointly with son Chintan. He has an office in Vile Parle. Ashwin’s brothers, Vallabh and Jitendra , have…

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Mhada Repair Scam

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

Maharashtra Housing and Area Development Authority (Mhada) officials and private contractors are hand-in-glove in a Rs100-crore scam concerning repairing tenders of cessed buildings, a Right to Information Act (RTI) query has revealed. Contractors try to grab the tenders by quoting prices as less as 80% to 90% below the estimated cost of repair. However, once they get the contract, they recover the deficit — difference between the estimated repair cost and the price they have quoted — by submitting an ‘extras’ bill. They also include their profit in the bills. DNA is in possession of 68 documents which highlight the modus operandi of contractors and Mhada officials. For example, if a contractor quotes Rs1 lakh to repair a building against its estimated cost of Rs10 lakh, he later submits bills over and above Rs9 lakh to recover the amount with the help of Mhada officials. He may or may not complete the repair work, but ensures he gets a hefty sum with some profit for Mhada officials too. Mhada repaired a cessed building in Bhuleshwar for which the architect and engineer estimated the repairing cost to be Rs4.98 lakh. A private contractor bagged the tender by quoting Rs94,732 — 81%…

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About us

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

ABOUT US Sky properties is a company whose name and reputation is synonymous with extraordinary levels of real estate service and expertise. Sky properties is all about working with you to obtain the very best outcome for  clientele. As a select group of dedicated property experts we understand the business end and the emotion of selling or buying a home. We work in a team environment to understand our clients’ needs and expectations, resulting in success for you – our valued client. Our success is driven by our people and their unrelenting focus on delivering outstanding results for our clients. This is achieved by operating responsibly, executing with excellence, valuing and working closely in partnership with our clients, applying innovative and effective marketing strategies, embracing the latest global technology solutions and, by long ago, recognizing the desirability of living in Navi Mumbai by the discerning client. Our insight and understanding of the property market has established a platform from which the Sky properties brand is ideally positioned to carry its unique methods forward as we constantly evaluate and plan for the future. WHAT WE DO Sky properties is a specialized, high end seller of property. Our employees work closely with both…

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Home loan rates go down

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

The interest rates on home loans have started indicating a downward trend as the Reserve Bank of India (RBI) cut its cash reserve ratio (CRR) last month. The cut in the CRR means more liquidity available for banks, and thus they will be more aggressive with their lending schemes. This trend has been visible in the strategies of banks. Many banks have announced interest rate cuts on their new home loan schemes. Outlook on interest rates Interest rates follow a cyclical pattern over a long term. They were at low levels during 2007-08 and then went up due to a higher inflation rate prevailing, and consequent tightening in the monetary policy by the RBI in 2010-11. Now, the inflation rate is showing signs of cooling down and the RBI has started softening its monetary policy stance. Analysts believe the interest rates will come down in the near to medium terms. Lower rates for borrowers Most banks have not reduced their interest rates for existing home loan accounts, citing the reason that the cost of funds have not yet come down. However, analysts believe the RBI is softening its monetary policy stance and therefore an interest rate cut in the near…

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Maharashtra Housing Regulation and Development Bill-Will it help?

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

Until now, the purchase and sale of real estate in Navi Mumbai and the rest of Maharashtra was governed by something called the MOFA (Maharashtra ownership of flats act) enacted in 1963. Just like laws in other states. But on 11th April, 2012, the Maharashtra govt introduced a new law to govern all real estate transactions in Maharashtra.Called the Maharashtra Housing Regulation and Development bill, this bill seeks to remove the lacunae in the previous law (MOFA),and seeks to finally give flat purchasers an upper hand when dealing with builders and real estate companies. It seeks to establish a Housing Regulatory Authority (HRA) and a Housing appellate tribunal to ensure the proper implementation of the law. The law seeks to end the countless hazards and scams facing the real estate buyer today like: False commitments on delivery Shoddy construction quality False promises in terms of area, facilities, amenities, fsi etc Utilization of funds obtained from buyers in a particular project for accumulating land parcels rather than in construction of the said building It seeks to do this via imposition of fines ranging from Rs 1000 to Rs 1 crore.The punishment for not registering a project with the HRA will cost the developer Rs 1000…

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