Category: Navi Mumbai Real Estate News

News articles about Real Estate

New Property tax system unfair to old buildings?

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)

From the Times of India 12.May.2012 MUMBAI: Despite the claims of the civic body on having transparency and parity in the new capital value-based property tax system, citizens seem unhappy at the development. They feel that while a handful of new buildings that have come up after 2005 will benefit from the new system, several old structures will face a high rate of taxation. According to BMC data, 27% or 3.87 lakh properties will benefit from tax reduction, whereas 19% or 2.75 lakh properties will face a higher rate of taxation, which will be up to two times the original amount paid. The maximum number of such structures are found in Andheri-Vile Parle west (50,000), Bandra-Khar-Santa Cruz west (34,000) and Esplanade-Fort-Colaba (11,000). Anandini Thakoor, chairperson of the H-West Ward Welfare Association, said: “I understand that expenses have risen. But to shift the burden to citizens is not justified. Residents of some old buildings will have to face a 100% rise in tax. The tax slab should have been lower.” Many felt that the approval to collect rent in retrospect was unjust. AGNI coordinator Raj Kumar Sharma said: “The state had to amend the present law to make it possible. The…

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Fraud,cheating cases filed against builder

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)

https://www.youtube.com/watch?v=7xDj0DDnCc0 Developer failed to stick to bldg plan, gave residents possession without OC Two separate cases of fraud and cheating have been registered in Navi Mumbai against a group of builders and government officials on the directions of the high court. The order came after Navi Mumbai residents Sunil Kumar Lahoriya and Pramod Mittal moved a writ petition in the court. In the first case, Lahoriya moved a criminal writ petition against builders and NMMC officials on the ‘illegal construction’ of Vignahar CHS at sector 14, Nerul. The petition asked permission to file an FIR in the case and the court directed the local police station to register a complaint. According to the complainant, the builders of Vignahar CHS had two structural plans for the building of which one was approved by NMMC,but the building was constructed as per the other plan. Lahoriya bought a flat in the building and since no society had been formed, he was authorised by other members to sue the builder on their behalf. Lahoriya’s advocate said his client obtained the original plan of the building using RTI and came to know that it was not what had been promised in the brochure. In the Vignahar CHS…

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Mumbai airport encroachment clearance frozen for past 5 years

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)

  References:Times of India.May 12 Almost 5 years after the slum areas around Mumbai airport (Santa Cruz) were supposed to be cleared,almost nothing has changed on the ground.Almost 276 acres of land,supposed to have been cleared by the contractor HDIL,are still very much in possession of the slum dwellers.In the meanwhile,HDIL has already made a windfall profit of 2000 crores by selling the TDR it got in exchange for building tenements for the ‘relocated’ slumdwellers on its land in and around Kurla. The total families residing in the slums numbers approx 85,000 families (or 3.5 lakh people).HDIL has so far made only (claims by the company) 10,000 tenements.Of this the Slum rehabilitation Authority has has handed over only 2000 tenements to MMRDA for allotment to the slum dwellers.But on the ground,only 500 tenements have been actually allotted.These 500 families were shifted as they were coming in the way of the sahar elevated road from WE highway to International airport. The confusion about who is eligible and who is not is only set to intensify as more than 50% of the slumdwellers are ineligible for the houses.The govt has set the year 2000 as the cut-off date for the houses.Which means…

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New property tax rate for Mumbai passed by BMC

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 new property tax calculating formula has been passed by the BMC.This calculation will now be based on the value of the property rather than the rent which it can earn in a year (which was the earlier formula).The result of this change will mean no change for flats less than 500 sq ft but for newer properties it can mean double the property tax than before.These proposals were passed by the BMC standing commitee on Thursday,10 May,2012.According to the new formula,the property tax rate will be multiplied by the Capital value of the property to arrive at the property tax.According to the BMC,the new method will cause an increase in 19% percent of properties.Rest will remain unaffected according to them.Earlier even the ward officer could increase or decrease the property tax if he saw it necessary,but this will not be possible anymore. According to them,the new tax will fetch 32,000 crores against 3200 crore at present. The new rates of property tax will be the following :-Residences (with metered water connection):0.41% of capital valueOffices:1.95% of capital value.Banks:3.91% of capital value.Illegal buildings (without OC or water connection):8.44% of capital value. The capital value of a property will be determined by…

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Govt falters on 5 lakh affordable houses scheme.

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)

Courtesy:TIMES OF INDIA Tomorrow, it will be exactly two years since Maharashtra Chamber of Housing Industry (MCHI) and the state government inked a Memorandum of Understanding (MoU). The intent was to develop five lakh affordable homes in Mumbai and the Mumbai Metropolitan Region (MMR). However, in a recent statement, MCHI has claimed that nothing has been accomplished in the last 24 months. According to the builders’ body, the proposal to create five lakh houses as part of the Homes for All initiative between the real estate industry and the Maharashtra government is gathering dust in Mantralaya. Distant dream“The overall objective of the initiative was to address the yawning housing demand-supply gap and to provide affordable homes to the economically weaker sections, lower income group and middle income group,” Paras Gundecha, president of MCHI-CREDAI said. In this whole initiative the builders were going to develop the affordable homes on their projects and lands. MCHI also claims that the availability of these five lakh houses would have eased the demand-supply mismatch and kept the market rates under some kind of check. “But unfortunately, today, Mumbai has emerged as the costliest real estate market in the country,” said Gundecha. Gundecha claims the government…

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Database of land use in Maharashtra under way

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 revenue department has begun the process of creating a data bank on all government land in the state. This measure follows a stricture in the recent CAGs report that data on land given on lease is not available with the department. Swadhin Kshatriya,principal secretary,revenue and forests department,said they had taken the CAGs comment seriously and wanted to ensure that the government had a data bank of its land. The data bank will be created at various levels such as the village,tehsil,collector and sub-division,he said. The long-term aim,he said,was to monitor how the land was being used and whether the terms and conditions set by the government were being followed. During the recent legislative session,speaker Dilip Walse-Patil had directed the state government to order a CBI inquiry after it was brought to the notice of the House how the city collectorate had woken up 17 years after the lease agreement for a 75,000 sq feet plot in Mazgaon had expired. On Monday,the department issued a circular to all departments dealing with land to update their records on land given on lease,the status of lease,the rent being charged and whether the lease conditions had been violated. The CAG report brought out…

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Will take 3 years to clear unsold stock of flats in Mumbai

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)

There are so many residential flats lying unsold in Mumbai that it will take more than three years to clear the stock. This means the skyrocketing price of your dream house might ease up.The value of the current unsold housing stock in Mumbai is around Rs8,535crore. According to the quarterly report released by real estate research firm Liases Foras, there is 12.9 crore sqft inventory (housing projects launched, but not necessarily built) with 1.13 lakh housing units lying unsold in the Mumbai Metropolitan Region (MMR), which includes the city and its satellite towns. Around 6 crore sqft inventory with 35,000 housing units is lying unsold within the city limits, the report added. The size of each flat in the MMR is 1,100 sqft, while that in the city limits is 1,600 sqft. “It will take at least 40 months to sell this unsold stock in Mumbai, and that too if there are no new projects. But launches are happening frequently. This means the inventory will pile up further,” said Pankaj Kapoor, managing director of Liases Foras.“In a healthy market, the inventory should be cleared within eight months. But the number of unsold flats in the city is rising every year.…

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