The Maharashtra Chamber of Housing Industry today welcomed the new FSI guidelines proposed by Brihanmumbai Municipal Corporation Commissioner Subodh Kumar as a consumer friendly move.
In Mumbai, rising costs and lack of space make it unfeasible for residents to move out of aging and often sadly dilapidated housing societies.
In a path breaking transaction set to the backdrop of Mumbai’s curtailed land scenario, Mafatlal Industries has sold a land parcel consisting of 30,910sq m.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.
After recording significant leasing in 4Q10, Mumbai city witnessed moderate transaction activity in 1Q11 as the major office occupiers of India Inc awaited the impact of budget on their corporate real estate strategy for the next fiscal year.
Siemens is now in talks with developers Hiranandani Upscale and Nitesh Estates after its proposed sale of an eight-acre factory land in Bangalore to RMZ Corp missed deadline, said sources close to the development.
After a one-year period starting 3Q 2009, which saw a strong recovery with a record 40%+ increase in prices, the Mumbai residential real estate market has been seeing a slowdown over the last two quarters across various micro markets.
Apart from the clear CRZ, lease agreement, FSI and Green Zone violations, the Vallabhbhai Patel Indoor Stadium also goes against ULCRA rules. JR Jondhale, the then additional collector with Urban Land Ceiling Department had even written to the BMC in 2007 demanding that the construction of the indoor stadium be stopped.
The lease agreement between the NSCI and the BMC, accessed through RTI, show that the Olympic stadium and an adjoining club house had been let out to the former for 99-years in 1951 for an annual rent. The deal was that they could use the club house for their leisure activities while they would maintain the size Olympic stadium, which was suitable to host national and international sports including athletics, cycling, football and hockey.
Seven years ago, the managing committee of the National Sports Club of India (NSCI) suddenly started breaking down the existing Vallabhbhai Patel Stadium to start building–what they led everyone to believe–would be Mumbai’s first international Olympic size indoor stadium. The project was conceived in 2003 to be worth around Rs 40 crore and scheduled to be completed in 18 months. Seven years and Rs 200 crore later, it still isn’t functional, but the superstructure is ready.