A Mumbai resident lost ₹10 lakh to a real estate scam after being promised a house in Chembur's Shell Colony. Four individuals, including a real estate agent, have been booked in connection with the case.
Mumbai Real Estate ScamShell ColonyChemburCheating CaseIndian Penal CodeReal EstateAug 18, 2024
The victim lost ₹10 lakh in the scam.
The main accused is a real estate agent, who is booked along with his wife and two others.
The accused have been booked under sections 420 (cheating) and 34 (common intention) of the Indian Penal Code.
The police have advised people to be cautious when dealing with real estate agents and to verify the authenticity of the property before making any payments.
Shell Colony has been prone to real estate scams in the past, and buyers are advised to exercise caution when purchasing property in the area.
Sunteck Realty, a prominent player in the Maharashtra property market, witnessed a 30% decline in sales during Q1 FY25, despite strong housing demand.
The Indian real estate sector may experience a significant impact with the removal of indexation benefits announced in the Union Budget 2024, leading to increased tax burdens and potential market slowdowns.
For aspiring real estate entrepreneurs, the 20th episode of the WTF podcast with Nikhil Kamath offers invaluable advice on how to break into the industry. Irfan Razack, a prominent figure in the real estate sector, shares his insights...
Real estate remains the top investment choice for 59% of Indians, with a growing preference for larger, premium properties driven by rising rental rates.
In 2024, institutional and collective vehicle investors continued to play a significant role in fuelling the Indian real estate market, contributing nearly 40% of the total investments from January to September.
The real estate market in Coimbatore has seen significant growth over the past few decades. According to Rajesh B Lund, partner at Srivari Property Developers, the city had a very small market in the 1990s, but it has expanded exponentially since then, ma