Tuesday, 10 May 2016

Mumbai – residential market in worst phase, Knight Frank



The real estate consulting firm Knight Frank in report has said, the Mumbai city’s residential market is going through one of its worst phases, as nearly 45 per cent of Mumbai Metropolitan Region’s (MMR) ready to occupy and under construction projects are remaining unsold due to dwindling demand and high prices. According to the report out of nearly 2.9 lakhs residential under construction units alomost 1.3 lakhs units have remained unsold. The unsold units percentage in National Capital  Region(NCR) is at 26% while the same was around 45% in the Mumbai Metropolitan Region(MMR). The report also states that majority of the unsold units is in the high end category. The report also points out that overall  around 10% drop in property prices are seen in the past one year, due to weak demand and oversupply of residential  units in the ciy.
BMC needs proof to register complaints

ACTMS // DEC 16,2014 //
Proof needed to register complaints - Brihanmumbai Municipal Corporation (BMC) 

The Mumbai civic body, Brihanmumbai Municipal Corporation (BMC) has issued a new set of  guidelines on filing of complaints about the unauthorised structures. It has been made mandatory to provide proof for filing of such complaints. The BMC has issued the new circular in the wake of a Bombay High Court directive and has come up with a formalized form which needs to be filled by anyone wanting to complain about illegal buildings.

 As per the new circular the person complaining has to give his details such as name, home and office address, Aadhar Card Number or Photo ID proof  stating the reason for the complaint. Further, the complainant has to give evidence and also provide documents to prove the authenticity of the complaint. The circular states that, the complaint will not be entertained if necessary documents are not provided. As per the civic officials the purpose of the circular is to prevent bogus complaints.
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