'Developers have started offering 70% to 100% extra area and beyond.' 'If the market cycle shifts -- as many are already predicting with signs of price saturation and reduction -- most recent redevelopment projects will unravel.'
Gaikwad, who was Dharavi MLA before being elected to the Lok Sabha in the 2024 general polls, also alleged the redevelopment project was real estate's biggest scam.
Thackeray wondered whether the state government was trying to favour the Adani Group at the cost of residents of Dharavi, a sprawling slum colony.
'Gautam Adani will not be able to step inside Dharavi.' 'We will ensure Adani will not get what he wants.' 'Adani has no reason to do politics with people of Dharavi but he is still doing it.'
A 5% increase is expected due to additional interest on approval costs.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
While no specific state-oriented sops were rolled out, a strong thread of political wellness ran through the Budget.
A cartelisation of Mumbai's real estate, one of the costliest in the world, in the matter of transferable development rights has put upward pressure on prices and has also caused concern in policy circles.In a recent development, just six-odd builders and developers hold 70 per cent of the 2.5-3 million sq ft TDR available. The price of TDR has also surged to Rs 2,500-Rs 3,000 per sq ft from Rs 800-1,000 sq ft in the past six months.
Reserve Bank of India has allowed authorised dealers to grant rupee loans to non-resident Indians for purposes other than those specifically prohibited by the central bank
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Gurgaon and Mumbai, the richest cities in Haryana and Maharashtra, respectively, have always been the preferred markets for investors. Most parts of these cities are beyond the reach for those looking for affordable homes.
India has eased foreign direct investment rules for the construction sector, the government said on Wednesday, in an effort to attract more money into the country to build new hotels, housing and townships.
The government has relaxed the norms for allowing foreign direct investment (FDI) in the construction development sector. It is expected the move will boost affordable housing projects and smart cities across the country.
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