SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Location : Mumbai City

Bombay High Court denies interim relief in SRA project dispute

21 Nov 2023

The Bombay High Court has rejected interim relief in response to a petition by slum dwellers seeking over Rs 15 crore in transit rent arrears or the cancellation of a developer's appointment in a significant Slum Rehabilitation Authority (SRA) project at Jerbai Wadia Road, Parel. The court stayed the proceedings before the Apex Grievance Redressal Committee (AGRC) and questioned the spectrum of rights claimed by the slum societies. The court highlighted the issue of enormous inequity in the city and emphasized the need for statutory interpretation in the case. The next hearing is scheduled for January 29, 2024.Read more

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Suraksha Realty Directors Paresh and Vijay Parekh acquire Luxurious Sea-Facing Apartments in Mumbai's Worli for Rs 100 Crore

18 Nov 2023

Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.Read more

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Bombay High Court upholds Swashray CHS's right to terminate agreement amidst builder's delays

18 Nov 2023

The Bombay High Court has intervened in a dispute between Swashray CHS in Borivali (West) and developer Shanti Enterprises, emphasizing that a housing society should not be bound by a development agreement if the developer consistently defaults, leaving the project incomplete. The court restrained the builder from obstructing construction either through self-development or a new appointee. Swashray CHS terminated its 2018 agreement with Shanti Enterprises in March 2023, citing a lack of faith in completion and outstanding transit rent of Rs 90 lakh.Read more

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Mahindra Lifespace Developers halts joint development project in Dahisar East

17 Nov 2023

Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations.Read more

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Charkop Lake Crisis: Mumbai's iconic wetland under siege from land mafia

16 Nov 2023

The Charkop lake in Mumbai, once a 4.5-acre wetland, is now reduced to 1,000 sq ft due to alleged collusion between the land mafia and government officials. Encroachers have built garages, go downs, restaurants, and stalls, leading to civic demolitions with limited impact. Activists claim the land mafia, with officials' support, filled the lake with debris. In 2013, the Bombay High Court ordered protection for identified wetland areas, but enforcement remains lax. Residents emphasize the ecological role of the wetland, urging officials to act. Despite ongoing environmental studies and complaints, effective conservation measures are yet to be implemented.Read more

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BMC takes stern action against smelting units by dismantles chimneys to curb air pollution

16 Nov 2023

The Brihanmumbai Municipal Corporation (BMC) is cracking down on gold and silver smelting units emitting harmful gases during metal melting in South Mumbai. The move addresses public health threats and extends to foundries in Kurla, aiming to curb poor air quality in neighbourhoods like Chembur and Colaba. The BMC has dismantled chimneys in Kalbadevi and imposed strict regulations on industrial facilities for particulate matter emissions, with non-compliance risking legal action. Stop-work notices and warnings have been issued to ready-mix concrete plants. Civic officials are actively notifying construction sites, aligning with BMC's pollution control guidelines released on October 25.Read more

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Mira Road's decade-long wait nears an end as its court complex nears completion

14 Nov 2023

Mira Road's enduring quest for a dedicated court complex, stretching over a decade, is finally approaching fruition. Despite numerous setbacks, including missed deadlines and budget constraints, the community's optimism remains unwavering. Recent inspections of the nearly completed three-story complex offer a ray of hope, with occupancy certificates on the horizon. However, bureaucratic challenges, including pending no-objection certificates and staffing issues, persist. The imminent court operation promises improved access to justice and streamlined legal processes for Mira Road's residents.Read more

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AAI's restaurant proposal on Juhu shelved in response to citizen protests

11 Nov 2023

The Airports Authority of India (AAI) has retracted its plan to build a restaurant-cum-hangout space at the Juhu parking lot in Mumbai. The decision came after strong opposition from residents and local authorities who emphasized that the area was designated for parking in the city's development plan. The proposed project by AAI was met with resistance, and local officials clarified that current regulations only allow for a security booth (chowky) to be constructed on land reserved for parking. The rollback is seen as a positive step, with hopes for the parking lot to be optimally utilized to address Juhu's parking issues.Read more

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Charni Road girls' hostel set for Rs. 90 crore redevelopment

11 Nov 2023

The State Higher and Technical Education Department has approved Rs. 90 crore for the renovation of the Savitribai Phule girls' hostel at Charni Road following a tragic incident in June. The proposed redevelopment involves an eight-storey building to replace the deteriorating hostel. Two committees were formed to investigate the incident and evaluate security measures in 40 state-wide hostels. The government, responding to recommendations, mandated stringent security measures, including a secure boundary wall, CCTV surveillance, and trained personnel. The reforms reflect a commitment to female students' safety and mark a significant response to the tragic event.Read more

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SRA and Omkar Realtors distribute 1,000 homes in world's tallest rehabilitation towers

11 Nov 2023

Mumbai's iconic Dhobi Ghat witnessed a historic moment as the Slum Rehabilitation Authority (SRA) and Omkar Realtors allocated 1,000 homes in the world's tallest rehabilitation towers. This milestone project, developed under Maharashtra's slum rehabilitation scheme, has already provided shelter to 900 families. With a vision to house 16,000 slum residents, the project covers 12 acres in Mahalaxmi, offering luxury homes with scenic views. Omkar has delivered over 17,000 units in Mumbai. This achievement marks a significant step in improving living conditions for the city's slum dwellers.Read more

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Western Railways marks progress with inauguration of sixth line in Mumbai Suburban Railway Network

11 Nov 2023

Mumbai's suburban railway network has expanded with the inauguration of its sixth line, aimed at improving capacity, connectivity, and passenger comfort. The project, initiated on October 7, 2023, successfully rehabilitated approximately 607 Project Affected People (PAPS) and relocated nearly 1,000 trees. It also provided independent connectivity to both the 5th and 6th lines at Bandra Terminus Yard by modifying existing tracks and dismantling obstacles. The project involved land acquisition, upgrading 27 foot overbridges, constructing new railway structures, including flats, electronic Interlocking buildings, traction substations, and booking offices. All previously cancelled and rescheduled services were fully restored by November 6.Read more

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BMC's Vidyavihar railway over-bridge to ease Mumbai's traffic by 2024

11 Nov 2023

The Brihanmumbai Municipal Corporation (BMC) has successfully installed the second girder of the Vidyavihar Railway Over-Bridge (ROB) in Mumbai, with each girder weighing 1,100 metric tonnes and measuring 100 meters in length and 9.5 meters in width. This marks a critical step in a project aimed at easing traffic congestion between Ghatkopar and Vidyavihar in the eastern suburbs while providing direct connectivity between Lal Bahadur Shastri (LBS) Marg and Ramkrishna Chemburkar Marg. The completion of both girders, among the longest in India without pillars for support, brings the project closer to its goal of full operation by December 2024, with an estimated cost of Rs 178 crore.Read more

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FDA issues 'stop work' notice to BKC restaurant for violating rules

11 Nov 2023

Mumbai's Food and Drug Administration (FDA) has intensified inspections, leading to the closure of 18 restaurants, including Burn-Bar and Kitchen, for hygiene violations. The FDA's crackdown highlights the importance of adhering to food safety regulations for public health. Violations at Burn-Bar and Kitchen included expired goods, synthetic food colour use, and inadequate segregation of vegetarian and non-vegetarian items. The FDA's vigilance, despite manpower challenges, emphasizes the city's commitment to stringent food safety standards. In a separate operation, the FDA collaborated with the police to dismantle a milk adulteration racket, reinforcing the agency's dedication to food integrity.Read more

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Two brothers detained for forging claims on Mumbai Police land

10 Nov 2023

Two brothers, Vasant Sham Gulhane and Sajan Sham Gulhane, were arrested for attempting to illegally claim and sell government-owned land in Chembur allotted to the Mumbai police. They erected a signboard warning trespassers and submitted forged property documents, including a 7/12 extract with their father's name as the owner. The police suspect they were manipulated by developers seeking financial gain. The brothers have not revealed the extent of their involvement with the developers. An FIR was registered against them for cheating, criminal trespass, and forgery. Further investigations are underway to identify additional suspects involved in this land-grabbing scheme.Read more

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Real Estate Buzz in Borivali East: 57 transactions clocked in October

10 Nov 2023

Borivali East, a thriving Mumbai suburb, offers diverse housing options and robust infrastructure, making it a sought-after living destination. In October, the real estate market witnessed 57 transactions, with CCI Rivali Park leading with 20 deals. The carpet area varied from Ambrosia Tower's generous 1,518 sq ft to Chandak Nishchay's snug 368 sq ft. Oberoi Sky City set a record with a luxury apartment selling for Rs. 4.4 Crores, surpassing the average rate per sq ft. Borivali East's real estate narrative highlights demand for spacious homes and a growing attraction for high-value investments.Read more

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Delays and penalties plague Mumbai's Rs 6,000 crore road concreting project

10 Nov 2023

The Brihanmumbai Municipal Corporation (BMC) faces challenges in its ambitious road concreting project, with penalties exceeding Rs 82 crore imposed on contractors due to delays. Roadway Solutions India Infra bears the largest share of Rs 54.1 crore in penalties for roadwork in the island city. The project, covering 890 stretches on 110 roads, totalling 397 kilometres, lacks clear completion percentages, raising concerns. BMC plans to deduct fines from ongoing invoices, with contractors holding a 1% security deposit to offset penalties. Following a termination notice to Roadway Solutions, the BMC may consider an ex-parte termination order. The project's future is uncertain, sparking political debates and concerns.Read more

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A closer look at Kurla Station's Rs 10.62 crore foot over bridge

10 Nov 2023

A new Foot Over Bridge (FOB) was inaugurated at Kurla Station on November 4, 2023, marking the sixth addition to Kurla's FOB network. Costing approximately Rs 10.62 crore, this bridge boasts a width of 8.00m and a length of 79.85m with 44 columns and 4 spans to accommodate a large number of passengers. The FOB features five strategically located staircases, a Skywalk of 13.61 x 4.00m, and is expected to alleviate overcrowding and enhance passenger flow at Kurla Station. This development aims to improve Mumbai's public transportation network and enhance the daily commute experience for thousands of passengers.Read more

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