In the wake of Adarsh society controversy the Mumbai government has suddenly woken up to the reality that they don’t have authentic records of land ownership and maps of many plots in one of the costliest addresses in India, South Mumbai. The state’s urban development department has written to the city collector, telling him to prepare records of ownership of land in Backbay and Nariman Point areas in south Mumbai.
The Confederation of Real Estate Developers’ Associations of India has expressed displeasure about the proposed Model Real Estate (Regulation of Development) Act in its present form, saying it could lead to an escalation of prices of housing stock in the country by Rs 300 per sq ft.
Pune’s growth and development have coincided with the boom of the IT industry, resulting in the city’s transition a pensioners’ destination to a vibrant metropolitan city. A lot of this change has been witnessed over the last 8-10 years. The skyline of the city is now defined by apartment development – the majority of which are about 7 to 11 storeys high.
Kolkata is fundamentally a Tier II city, and its real estate market is not as volatile as those of the primary cities. Because of this, Kolkata’s residential property sector was not as seriously impacted by the nationwide slump in the real estate market as cities like Mumbai, Delhi, Pune or Hyderabad.