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Mumbai Property Scam

Last updated: July 31 2010
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  • Mumbai Property Scam

    Today HT has exposed THE GREAT PROPERTY SCAM where almost 4000 flats which were supposedly for needy people were being alloted to politicians and their families since 1995. This is not the end of it most of these flats have been sold at crazy prices by these politicians and their families. Some experts are valuating this scam in excess of 10000 crores. Similar things may be happening in other cities but are still not exposed. Another pointer to RE bubble.

    Since Mumbai is the Commercial Capital of India, Will this have an impact on the RE prices across India?
    Look forward to your opinion and poll.

    PS- This is a generic poll related to RE across India hence has no correlation with Noida forum. Anybody can poll.
    16
    Yes price correction will happen due to this scam
    12.50%
    2
    No prices will continue to rise despite this scam
    56.25%
    9
    Maybe it will have little impact on Mumbai
    18.75%
    3
    Not sure what will happen
    12.50%
    2

    The poll is expired.

    Last edited by Munish Malhautra; July 29 2010, 12:05 AM.
    MM
  • #2

    #2

    Re : Mumbai Property Scam

    Hi Munish,

    This is not the first time such type of scam has happened, infact exactly same type of scam was heard around 4 or 5 years back, where the houses for poor were bought at very low cost by some operator and then were resold and rented out.

    But I dont think this will have any significant impact on prices of Mumbai, infact it affirms the shortage of space in Mumbai.
    Digvijay

    Comment

    • #3

      #3

      Re : Mumbai Property Scam

      Originally posted by Digvijay View Post
      Hi Munish,

      This is not the first time such type of scam has happened, infact exactly same type of scam was heard around 4 or 5 years back, where the houses for poor were bought at very low cost by some operator and then were resold and rented out.

      But I dont think this will have any significant impact on prices of Mumbai, infact it affirms the shortage of space in Mumbai.
      Digvijay it affirms the 3 more things-
      -Greed of policiticans
      -Helpless common man
      -Lack of transparency

      What happened 5 years back did not seem to get exposed the way this one has. i feel it will be severe. However there are lots of ifs and buts and things can change overnight.
      MM

      Comment

      • #4

        #4

        Re : Mumbai Property Scam

        You are right Munish, in any case it will push the prices up

        4000 families will move out of the illegally purchased flats and look for shelter. The 4000 flats will be locked my MADA and court will take decision. Moreover it shows how much is the demand in the Mumbai that even such flats are chased. ( Normally these are the typical Janta flats)
        It reaffirms my belief that Mumbai is one Gravity defying RE market. I wonder how long the trend will remain up in Mumbai.
        Digvijay

        Comment

        • #5

          #5

          Re : Mumbai Property Scam

          There are thousands of scams in Mumbai related to real estate. There is the Mhada scam where a Qayamat se Qayamat se actor won the lottery for two consecutive times in two lottery drawings. His name also figured in different segments of housing (MIG/LIG) in the same drawing. With over 10L applicants the probabilities of these would be unthinkable. I'm sure there are others who won the lottery as well.


          It is meaningless to discuss scams in India as everyone is interconnected including SS/BJP/Congress/NCP and every other party.

          Subhash Desai of Shiv Sena when quizzed about the scam said that action should be taken against those who participated in the scam. However it was later pointed out to him that he too was a recipient of the flats under the CM's quota which he sold later for crores.

          There is absolute corruption in India so nothing can happen because the core is rotten beyond repair

          Comment

          • #6

            #6

            Re : Mumbai Property Scam

            Originally posted by rameshyahoo View Post


            the core is rotten beyond repair
            Hear hear.

            Lets ask David Cameron to stay back as Indian Emperor and go back to British rule
            Venky (Please read watch a or before posting)

            Comment

            • #7

              #7

              Re : Mumbai Property Scam

              This is not just greed but its blind lust for money, there was a similar case in Delhi 5 years ago where the man was caught by CBI who had bought 80% of flats meant for EWS on bogus papers.

              We need to be proactive to ensure such things don't happen.

              Comment

              • #8

                #8

                Re : Mumbai Property Scam

                Originally posted by Digvijay View Post
                You are right Munish, in any case it will push the prices up

                4000 families will move out of the illegally purchased flats and look for shelter. The 4000 flats will be locked my MADA and court will take decision. Moreover it shows how much is the demand in the Mumbai that even such flats are chased. ( Normally these are the typical Janta flats)
                It reaffirms my belief that Mumbai is one Gravity defying RE market. I wonder how long the trend will remain up in Mumbai.
                Nice way to looking at things. valid points
                MM

                Comment

                • #9

                  #9

                  Re : Mumbai Property Scam

                  Originally posted by rameshyahoo View Post
                  There are thousands of scams in Mumbai related to real estate. There is the Mhada scam where a Qayamat se Qayamat se actor won the lottery for two consecutive times in two lottery drawings. His name also figured in different segments of housing (MIG/LIG) in the same drawing. With over 10L applicants the probabilities of these would be unthinkable. I'm sure there are others who won the lottery as well.


                  It is meaningless to discuss scams in India as everyone is interconnected including SS/BJP/Congress/NCP and every other party.

                  Subhash Desai of Shiv Sena when quizzed about the scam said that action should be taken against those who participated in the scam. However it was later pointed out to him that he too was a recipient of the flats under the CM's quota which he sold later for crores.

                  There is absolute corruption in India so nothing can happen because the core is rotten beyond repair
                  Yes i agree to your point. Basically if we keep quiet and bear it we are party to it. if we shout against it maybe someday someone shall hear us. All big things happen small am i being poetic
                  MM

                  Comment

                  • #10

                    #10

                    Re : Mumbai Property Scam

                    Originally posted by rinku View Post
                    This is not just greed but its blind lust for money, there was a similar case in Delhi 5 years ago where the man was caught by CBI who had bought 80% of flats meant for EWS on bogus papers.

                    We need to be proactive to ensure such things don't happen.
                    yes the more we talk about it more alert we become
                    MM

                    Comment

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