Tag: real estate

Banks face huge defaults as Real Estate sector faces meltdown

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)

With sales refusing to pickup and the economy in dire straits, its no secret that the real estate sector is in a severe recession. Not only have new projects failed to find any takers, even the old ones are struggling to survive. That the builders are in a severe mess is evident by the ongoing public outcry, court cases, media coverage, street demonstrations etc..but the chain reaction has also started to hit the banks which have lent money to this sector. Recent figures of sales in the top eight cities shows that home sales increased only 6% in the past 1 year. Infact,the home sales in the largest real estate market of India,the NCR,fell by 10% from a year ago. New residential launches in Mumbai had dipped by 36%, In Bengaluru by 27% and in NCR by 20% in 2015. If this scary and precarious situation continues, it may well lead to defaults by the real estate companies, to whom banks have an exposure of 1/5 of their total assets. If the prices go down further, the banks will be left holding mortgages which are much more than the security that the banks are holding against these loans.If that happens, the…

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Ambani plans township in Ulwe,Dronagiri

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)

Next four months will see the launch of the biggest residential township with state of the art facilities by Reliance. The state govt has recently altered its Industrial policy by allowing land which was acquired for building SEZ’s (special economic zones) to be used for building residential buildings.40% of the land acquired for SEZ’s can be used for residential buildings. Ambani owns 4300 acres in Ulwe and Dronagiri. This is prime residential land right next to the sea. Besides residential buildings, malls and schools too will be started. They plan to develop a walk-to-work culture. With the proposed Ulwe-Sewri link getting the funds the distance between Ulwe and Sewri will be reduced to a mere 10 mins drive via an expressway. This along with the Metro link and airport in the vicinity will make Ulwe the most preferred destination. What is sure to raise questions is the fact that this land was acquired for cheap by the govt in the garb of making SEZ’s and then allotted cheap to Reliance. Many allege that it was never Reliance’s intention to make SEZ’s and that they have altered the Industrial policy of the govt by using money power. This extra 4300 acres…

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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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Builders plan 1 day protest against govt policies

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)

Builders across the city of Mumbai have planned a one day token strike on May 3,against the arbitrary and adhoc policy changes by the govt and the corruption in the govt machinery. The builders are protesting the inordinate delays and corruption in the approvals granting process. Currently each building proposal requires more than 20 approvals from different govt dept. The time for which can take upto  months. Approx 5 lakh sq feet of construction is held up due to approvals not being received.It may be noted that the govt aim of providing affordable houses is in shambles currently as flats in Navi Mumbai region cost more than 50 lakhs for a 1 bhk flat.No builder will enter into any transaction on the 3rd of May 2012. Related articles Navi Mumbai Airport stalled again (navimumbairealestate.org) 12.5% gaothan scheme of CIDCO (navimumbairealestate.org) Property Tax:Builders to be held accountable? (navimumbairealestate.org) Documents required for flat purchase in Navi Mumbai (navimumbairealestate.org)

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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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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