Real estate sales record 2015

One of the leading real estate firm Prestige Estates Projects Ltd record more than 13 per cent sales increase in booking at Rs 5,013 crore for the fiscal year 2014-15.

On the March 31, 2015 the fiscal year ended for company and it record the sales of 4,058 residential units with more than 0.81 million sq ft of commercial space with total space of 7.73 million sq ft, of about Rs 5,013.5 crore of sales and t was up by the 13 per cent from the last fiscal year. Prestige Estates Projects stated that it collects total Rs 3,884.3 crore during 2014-15 which was up by the 32 per cent in comparison of last fiscal years.

In the FY 2014-15, the company has launched 14.63 million sq ft developable area and it delivered 8.92 million sq ft of area in the duration of FY 14-15. However; Prestige Estates stated that it has delivered the 8.92 million sq ft area out of targeted 10 to 12 million sq ft area.

Government to take action against official authorities responsible for delay in SRA projects

If there will be any irregularities in the construction of residential units under the Slum Rehabilitation Scheme, so the action will be initiated within 24 hours of receipt of cheating complaints by the buyers of Slum Rehabilitation Scheme, said Prakash Mehta, Maharashtra Housing Minister. The more he added that the developer was fined because it was found that he was engaged in malpractices and it could increase from present fine which is Rs. 24 lakh if necessary. Maharashtra Housing Minister, Prakash Mehta was replying to the queries about the irregularities complaints which are pending SRA schemes.

Prakash Binsale, MLC of NCP asked that if state government is going to take any action against official authorities then who will be responsible for delay in SRA projects. He also requested that the entire schemes should be implemented by MHADA.

In reply Prakash Mehta, who is Housing Minister, stated that “Total 96 projects on MHADA land and 129 projects on BMC land are pending as concern officials haven’t submitted proposals. However, In December 2014, CM of Maharashtra Devendra Fadnavis took meeting of all SRA officials and it was first meeting after 13 years so few issues have come up lime light. Most of the MHADA officials accepted that there was no progress in any project in last three years. And now state government is thinking that justice should be done as slum dwellers as awaiting for it and action will be taken against every official without delay if we find instances of cheating.

The present amount of fine which will be levied on developers is approx, Rs. 24 lakh but government will not hesitate to increase the amount of fine if it will be essential. Till now government has fined K K Construction with the fine amount of Rs 24 lakh and recently complaint has been lodged at Mulund Police station against Arihant Construction Company. In last one year the action has been taken against 11 real estate developers. The minister added that government will formulate an ethical and comprehensive policy for Housing and real estate market, though which all the issues of SRA would be addressed regularly.

However, Devendra Fadnavis – CM of Maharashtra has already announced that soon he will bring new Housing policy and after that all the SRA issues will be addressed as per that policy. Whereas; Metha added that, we are inviting opinions from all the concern members.