#RealtyNewsRoundup: Banks Rejig Plan To Find Takers For Kingfisher House
In a bid to recover their dues from the beleaguered businessman Vijay Mallya by selling his Kingfisher House in Mumbai, banks are considering to follow a model they adopted for selling his sea-facing property in Goa. It was only after direct negotiations with the buyer that the lenders were able to seal a deal for the Goa property. Lenders are planning to do the same about Mallya’s posh Mumbai mansion, which has failed to find takers in the past auctions.
Is your property illegally occupied and you have not paid any attention to the matter for 12 years? This could amount to you losing your legal ownership over the property altogether, according to a recent ruling by the Supreme Court. According to the apex court, if a person does not protest an illegal occupation over his property for a period of 12 years, the illegal occupant will retain the ownership of the said property.
The reported increase in prices of cement is likely to shoot up property prices by jacking up the construction cost for real estate developers. According to media reports, prices of a 50-kilogram cement bag has increased from Rs 250 to Rs 300 in West Bengal in the past two months.
According to local developers, prices may shoot as much as Rs 350 by June. A similar trend is being witnessed in other states, too. This might pose difficulties in meeting Prime Minister Narendra Modi’s Housing For All by 2022 target.
As authorities have signed a loan agreement with the European Investment Bank, construction work of the 3.5-km underground track from Charbagh to KD Singh Babu Stadium of the Lucknow Metro is likely to speed up. The funds will be used to employ more people to assist the Lucknow Metro Rail Corporation to complete the underground construction by December next year.