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South Indian Developers Boost Presence in Mumbai Housing Market

Representative AI image Mumbai’s property market is experiencing renewed competition as major real estate developers from South India focus on the country’s largest market, drawn by ongoing housing demand and lucrative redevelopment prospects. The current entrants are utilizing a more measured approach than previous out-of-market attempts, emphasizing redevelopment projects, joint development agreements, and partnerships with local landowners, thereby establishing a capital-efficient pathway into India’s priciest property sector. Developers like Prestige Group, Puravankara, Shriram Properties, Sobha, Casagrand, and RMZ are either entering or preparing to enter the Mumbai market through various redevelopment initiatives and land acquisitions, looking to expand beyond their…

Gurugram: Homebuyers protest as MRG Meridian flats remain undelivered

GURUGRAM: Homebuyers of the MRG Meridian project in Sector 89 held a protest, demanding timely possession of their long-delayed flats. The allottees, who participated in a draw on February 18, 2019, reported that the project received environmental clearance in October 2019 and was originally promised for possession by September 2023. Despite numerous follow-ups, the builder has not delivered the homes, resulting in a two-year delay. Protesters expressed that the builder’s recent assertion of having applied for an occupation certificate (OC) offers little comfort as families struggle with financial strain from the extended wait. “The builder’s claim of applying for an…

Gurugram body cracks down on tax defaulters, seals properties

GURUGRAM: In a strengthened effort to address property tax defaulters, the MCG has sealed three properties located in Ambience Island. These properties have outstanding dues totaling Rs 3 crore. Despite numerous notifications and warnings, the owners have failed to clear the amounts owed. This operation was executed by Rajesh Yadav, the zonal taxation officer of zone 3. MCG Commissioner Pradeep Dahiya stated that the municipal body is engaged in an ongoing campaign against tax defaulters. “Property tax serves as the primary revenue for the corporation, funding various development projects in the city. Hence, we will take stringent measures against those…