Connect with us
Monday,31-March-2025
Breaking News

General

Mumbai’s Property Sales Decline By Over 6% Year-On-Year

Published

on

Year-on-year biannual data of property registrations done in Mumbai shows a 6.39% decline. In 2022, between January and June, a total of 66,760 agreements for sale were registered with the Department of Registration and Stamps. On the other hand, during the first six months of 2023, which is up to June 30, 62,492 agreements for sale were registered.

In June 2023, a total of 10,319 property sale agreements were registered, as per data available from the state government. The previous June, 9,919 agreements for sale were registered in Mumbai.

Brokers, and consultants remain upbeat

Despite the decline in property registrations, real estate consultants and brokerage firms continue to be upbeat. They have been terming the recent sale of properties as a “bull run” of sorts and it being at an all-time high. However, a look at the 2023 property registration data shows a contradicting picture.

“Those who are into marketing and sale of properties will always try to portray a rosy picture of the industry, because their agenda is simple – to push more sales for their company to maintain a growth trajectory,” said an industry player in confidence.

“If the market is too buoyant and the demand as projected by the real estate consultancy firms, why for years is there stagnancy in the property prices?” questioned the same individual.

“Price of a product or service is directly dependent on the interaction between demand and supply. With such a heightened demand, the property prices should have increased month-on-month, but that is not the case despite the inflationary pressures that the Reserve Bank of India’s Governor himself has been categorically pointing out, repeatedly.”

Inflation, increase in home loan interest rates have hit market

Overall, in the recent past, the real estate market has witnessed a few headwinds impacting the sale such as inflationary pressure, increase in home loan interest rates, higher stamp duty rate, layoffs, etc.

At every repo rate or interest rate hike announced by the RBI, it is widely known that the real estate industry stalwarts have been presenting itself as upset and coming up with statements that it will impact property sales. Yet, within a few days, they contradict their own statements by mentioning the sales continue to be robust and at an all-time high.

disaster

Mumbai’s Deputy Commissioner of Police (DCP) Sudhakar Pathare, who was posted in the Port Zone, passed away in a road accident on Saturday.

Published

on

Pathare had visited Hyderabad for training. He was on his way to visit a temple with a relative when the accident occurred. Both Pathare and his relative lost their lives in the crash.

Mumbai Police have been informed about the incident.

More details are awaited.

Continue Reading

Maharashtra

Order to demolish the tomb of Hazrat Syed Bale Shah Baba in Mira Bhayander

Published

on

Mumbai: The state government has issued an order to demolish the four hundred year old dargah of Hazrat Syed Bale Shah Peer Rahmatullah Alaih located in Mira Bhayander. Mira Bhayander Municipal Corporation has sent a letter to the collector declaring this dargah illegal and ordered action against it. As the dargah is located on forest land, communalists had started demanding the demolition of the dargah. In the House, Darranjan Daukhre had also demanded action against the dargah, after which now the state government has ordered to run a bulldozer on the dargah. An order has also been issued to remove and demolish the dargah by May.

Dargah trustee Amjad Sheikh said that this dargah is ancient and this order is illegal in itself. In this case, communal forces had launched a campaign against the dargah, after which this order was issued.

There is a dargah on the beach and citing the threat of terrorist and illegal activities and the presence of terrorists here, there was a demand to demolish the dargah. The dargah is close to the sea and in such a situation, the threat of a terrorist attack on Mumbai from the sea has been expressed, while the dargah administration has clearly denied this and said that communal organizations are running their agenda against the dargah and there is no such threat. Muslims have opposed this decision of the government and Muslims have also expressed their displeasure and anger over it.

The trustee says that this dargah is ancient and earlier the collector and the municipal corporation had given a notice, after which the illegal shed and other premises were demolished here and the dargah administration has taken this action at its own level. Now an order has been issued to demolish the dargah itself.

Continue Reading

Maharashtra

Haji Ali Dargah will be closed for pilgrims for a few hours on Eid due to rising sea level

Published

on

Mumbai: Due to rising sea level at Haji Ali Dargah in Mumbai, the dargah will be closed for pilgrims for a few hours on Eid. On March 31, the dargah will be closed for pilgrims from 12 noon to 3 pm. During this time, entry of pilgrims to the dargah will be restricted. The dargah will be closed on Tuesday, April 1 from 12:45 pm to 3:45 pm and on Wednesday, April 2 from 1:30 pm to 4:30 pm.

Therefore, we have appealed to the pilgrims not to gather at the dargah during these hours. This information has been released by Tahir, administrative officer of Haji Ali Dargah. Pilgrims visit Haji Ali Dargah on Eid-Basi and Tiwasi, but due to the rising water level of the sea, water gets accumulated on the way to the Dargah and entry to the Dargah is prohibited and the gate of the Dargah remains closed during these days, due to which there is a lot of crowd there. Therefore, pilgrims have been requested to come to the Dargah only at the scheduled time.

The police also remains vigilant at the Dargah during the rising sea level, as there is a crowd of pilgrims here during Eid and festivals. The Haji Ali Dargah administration has said that on the occasion of Eid, lakhs of pilgrims visit the Dargah of Haji Ali (RahmatullahAlaih). These pilgrims include pilgrims from the country and abroad, so the Dargah administration has also claimed special security arrangements on Eid. Spiritual scenes are also seen at Haji Ali Dargah during Eid prayers.

Continue Reading

Trending