The Bandra police arrested a builder on Tuesday for allegedly cheating and forging papers of a family that owned nine properties in a building. According to the complaint, on checking with the registrar’s office, the family found that only one property had been officially listed against their name. The police officers said the builder has been identified as Arun Soni (44). He will be presented before the court on Wednesday. The complainant, Bhimraj Zhaveri (50), approached the Bandra police, a week ago, claiming that he owned nine properties at the Rajab Cottage and Baksobhai Mansion buildings at Hill Road in Bandra. “Soni showed interest in the property to buy it

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Real estate developer Lodha has bought 87 acres in Thane for Rs 1,154 crore from Clariant Chemicals on Tuesday. Since the beginning of 2014, property deals worth Rs 3,000 crore have taken place. The latest one being Lodha buying 87 acres in Thane for Rs 1,154 crore on Tuesday. Ashutosh Limaye, Head – Research & Real Estate Intelligence Service (REIS), Jones Lang LaSalle India, says though the residential market sales are dropping due to high prices, but demand for land is high as it is the “most basic ingredient of development for any real estate company… and is in severe short supply”. He thinks Lodha’s Thane deal is a win-win

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NAVI MUMBAI: The 2008 proposal to construct an integrated welfare centre for ex-servicemen (ESM) of the Indian Army, Navy and Air Force has hit a hurdle over the price quoted by the City and Industrial Development Corporation (Cidco) for the plot allotted in sector 5, Kharghar to the Sainik Welfare Board, state government department. Cidco had allotted the plot to the board on December 20 at Rs 8.71 crore, which Belapur-based ex-servicemen league has calculated to be 540% more than the 2010 alloted rate of Rs 1.36 crore. The league, in a letter addressed to Cidco managing director Sanjay Bhatia on April 4, asked for an immediate solution to the

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‘Recon 2014’, Kerala’s first real estate convention being organised by the Kerala Realtors Association (KRA), along with the National Association of Realtors, will be held at Dream Hotel, Kochi, from May 2 to 4. The meet is intended to be a reality check with the industry covering all the stakeholders across the real estate landscape. Other than connecting major players from different segments, the  meet is expected to brainstorm about different issues facing the industry. The meet assumes significance as it comes in the wake of the industry facing a shakeout, thanks to the overall slowdown. The meet is also expected to take stock of the price situation prevailing in

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Noida Authority has sealed realty firm Supertech’s two 40-storey towers with more than 800 flats following the Allahabad High Court’s order to demolish the buildings. The towers — Apex and Ceyane — have a combined 857 apartments, of which 600 were sold, and are a part of Supertech’s Emerald Court project.On April 11, the court ordered the demolition of the two buildings in Noida and the refund of money to apartment buyers in response to a petition that alleged their construction had violated the law. “The two towers have been sealed as per court direction,” a senior official of Noida Authority said. Supertech, which has suffered a major setback with

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Real estate sector in India needs a reality check, says Sachin Sandhir, managing director, Royal Institution of Chartered Surveyors (RICS) South Asia, a self-regulatory professional body for land, property and construction. At a time when a lot focus is directed towards efficiency and fair play, he believes that the sector needs more professionals with high ethical standards to make this possible. Talking on the sidelines of RICS Real Estate Conference 2014 – Celebrating Indian Real Estate, Sandhir discusses the role that various stakeholders will play. Has the real estate sector’s functioning in India become more transparent? There are two parts to it. First is how the industry has evolved over

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The fertile rice bowl of erstwhile Travancore, now part of Tamil Nadu’s Kanyakumari district, is gripped by a serious economic and ecological crisis. The emerald green paddy fields, banana and coconut groves in the backdrop of the Western Ghats, and irrigated by hundreds of water bodies may soon fade into a neglected prized painting, if urgent measures are not taken, warn environmentalists and agriculturists. On the one hand, a slew of factors has rendered paddy cultivation no longer lucrative and on the other the nexus between real estate brokers and elected members of local bodies is fast converting these priceless lands into housing plots, they say. “But this vital issue

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The crisis-ridden real estate sector, feeling neglected by the United Progressive Alliance (UPA) government, is warming up to the Bharatiya Janata Party (BJP) and its prime ministerial candidate Narendra Modi to lift its fortunes. In the wake of economic instability, the realty industry has been facing severe stress with a clouded investment outlook. Its industry captains are looking forward to a strong and stable government that can put the battered economy back on rails and undertake the necessary reforms to revive the real estate sector. The apex body of real estate developers, the Confederation of Real Estate Developers Associations of India (CREDAI), has been quite critical of the UPA government’s

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It’s generally presumed that bringing in a regulation is the only solution to correct the real estate market in the country. While it is important to bring in a regulation, it is equally important that the market has the right kind of financial tools linked with real estate offerings. Developed real estate markets around the world that are considered transparent have better financial products promising safe and better returns on investment.The Indian market, which has problems such as lack of regulation, irregularities in the contracts procurement and shortage of skilled professionals, needs its own financial investment tool! Among all the asset class, real estate investment trusts or REITs provides us

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Hyman Minsky, the noted American economist, linked an economy’s life cycle with speculative investment bubbles which are endogenous to it. He stated that during prosperous times when the economy booms, corporate cash flows rise higher than corporate debts, and this leads to speculative euphoria. This euphoria continues to develop, allowing borrowers to borrow more until their income streams become inadequate to service their debts, creating a financial crisis. This speculative borrowing bubble then causes banks and financial institutions to reduce lending, which in turn causes a further contraction in the overall economy. Our economy is currently facing such a contraction. Overall economic activity has slowed, with GDP growth estimated at

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