Flats for Rent in Mira Road East Mumbai

Mumbai is an expensive city wherein purchasing a property is a difficult task. Thus, the rental market in Mumbai enjoys great scope. Moreover, the infrastructural projects such as the Mumbai Coastal Road, Mumbai Trans Harbour Link (MTHL) and Navi Mumbai International Airport will further increase the demand for rental housing in Mumbai. PropGuide lists the top five localities in Mumbai that have witnessed an increase in the rental rates over the period ranging from January 2016 to November 2016.

Here is the week's top news stories from the real estate sector.

The commissioning of Line-I of the Mumbai Metro Project not only eliminated travel woes for Mumbaikars but gave a boost to the property prices in several micro-markets of the city. The elevated corridor connects the locality of Versova in the west to Ghatkopar in the east with a total of 12 stations covering 11.4 kilometre. Here is all you need to know about the Line.

After a demolition drive in Asola on March 14 and in Mehrauli on April 12, the South Delhi task force recently carried out a drive in Adhchini. Forty-year-old shops and a room that was found to be encroaching were razed. Not just these places, in March, the Delhi Traffic Police were able to remove encroachments from 32.5 km of roads in the national capital.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined the developer of the Bhagtani Serenity project at Powai in Mumbai, JVPD Properties Private Limited, for failing to deliver the project on time. It penalised the developer with a sum of Rs 7.10 crore along with an interest of 15 per cent to be paid to 21 homebuyers. The buyers, who the developer referred to as only investors, had booked apartments under the project during 2013 and 2015 but only received a letter from the developer citing approval related delays as a reason.