Taking 74 lives, a building collapsed in Thane. Thane building collapse pointed to the depth of corruption existing in the real estate sector.
Thane building collapse raises questions over the corruption level in the realty?
THANE: An illegal building collapsed in Thane. Thane building collapse reveals the level of corruption existing in the real estate sector. Two builders Jamil Qureshi and Salim Shaikh have been detained by the police.
Nine people were accused in the building collapse case and all of them were arrested by the police. They are sent to the police custody for two weeks.
Police officials said that the clearance for the construction was attained through bribery. The civic officials were bribed by the builders.
Though the builders are arrested, it is unlikely for them to be charged murder-case. In fact the building collapse does not attract the murder charge under the state-laws. Continue reading →
Due to the delay in the proposed Navi Mumbai international airport, the realty sector in the area is affected badly. Navi Mumbai witnessed a fall of property prices.
The delay of Airport affects the realty sector of Navi Mumbai.
Property prices in Navi Mumbai were expected to shoot up. The proposed international airport was believed to boost the property prices in the area. However it will be, as the project is delayed, a setback to the realty sector.
Since the proposal of international airport in 2010, the property prices in and around the locality have doubled and tripled. The announcement had an impact on the prices in areas like Kalamboli, Kharghar, Panvel and Ulwe. Prices in all these neighborhood areas shot up highly.
The new airport was proposed to be developed at Navi Mumbai. It, for pure aviation purpose, needs around 1,160 hectares of land. Additionally it needs another 225 hectares of land is required for other purposes.
Out of these 1160 hectares, 291 hectares of land is yet to be attained. Prithviraj Chavan, the Maharashtra chief minister, said in a reply in the parliament. Continue reading →