14 Oct 2023

The Maharashtra state government's delay in reclaiming a 6,063-sq-ft plot of land, allocated to the Madhya Pradesh Mitra Charitable trust (MPMCT) in Goregaon, has raised concerns. Despite the state's directive to revoke the allotment due to irregularities and subleasing, neither MHADA has taken action nor regained control of the property housing the Vibgyor High School. The housing department's inquiry in 2022 acknowledged irregularities but no progress has been made. The delay has prompted questions about the government's ability to reclaim the land and resolve the longstanding dispute surrounding the school's premises.Read more

14 Oct 2023

The Bombay High Court is set to determine the future of the iconic Mehta Mahal, a 56-year-old commercial building, as it deliberates over civic guidelines for unsafe structures. A 2021 expert panel report by BMC on the building's structural stability has sparked a legal battle. While BMC permitted repairs based on its technical advisory committee's advice, one of the property owners, Drishti Hospitality, is advocating for demolition. The case not only concerns Mehta Mahal's fate but also raises significant questions about the enforceability of local body guidelines. The next hearing is scheduled for November 2, 2023.Read more

14 Oct 2023

Viacom18 Media, a division of Reliance Industries, secures a significant five-year lease for 4.1 lakh square feet of prime office space in Mumbai, with an initial monthly rent of Rs 7 crore. The company will occupy nine floors in Prabhadevi's 'One International Centre.' A noteworthy detail is a 12-month rent-free period. The monthly rent increases by 4.5% annually from the second year, reaching nearly Rs 8 crore in the final year. The lease's terms bind both landlord and tenant. A security deposit of Rs 41.8 crore further solidifies this strategic alliance.Read more

13 Oct 2023

In a Bombay High Court ruling, a builder has been directed to pay transit rent for a flat involved in an ownership dispute and subsequently vacate the property. The man's sister had contested the ownership of the flat. The court clarified that transit rent should be paid to the person being displaced from the premises and that disputes over property titles do not impact the payment of transit rent. This judgement modifies a previous order and emphasizes the importance of adhering to established legal principles regarding transit rent and property possession in redevelopment cases.Read more

13 Oct 2023

The Bombay High Court has called for granting the Slum Rehabilitation Authority (SRA) and the state government broad powers to evict unauthorized occupants from SRA flats due to concerns about illegal transfers and profiteering. The court highlights the need to protect the 10-year ownership restriction on these flats and the importance of preventing the trafficking of rehab tenements to address Mumbai's affordable housing crisis. It's also examining a case in Malad (E) where allottees are seeking rental dues, shedding light on a wider issue of unauthorised transfers and subletting.Read more

13 Oct 2023

Godrej Properties has unveiled the Taj The Trees hotel in Mumbai’s evolving Vikhroli neighbourhood. This luxury hotel, owned by Godrej Properties and managed by Indian Hotel Companies Limited (IHCL), spans 0.35 million square feet, offering 151 spacious rooms, dining options, a rooftop bar, pool, conference facilities, and a spa. The establishment has earned IGBC Platinum certification and offers captivating views of mangroves and an art and sculpture park. Vikhroli’s strategic location along the Eastern Express Highway connects it to various parts of Mumbai, including airports, making it an attractive destination for both business and leisure travellers.Read more

12 Oct 2023

The Bombay High Court has lifted the Enforcement Directorate's (ED) attachment on two flats in the dilapidated Opera House building, Hari Niwas, paving the way for its redevelopment. The building owners, Kirti Hansraj Kothari and family, offered fixed deposit receipts to replace the attachment, citing the urgent need for redevelopment. The ED's money laundering case was linked to a CBI case against M/s ABC Cotspin Private Limited. The court accepted the offer, allowing the property owners to furnish fixed deposit receipts, and upon compliance, the attachment will be lifted, facilitating the redevelopment of the 5-storey structure.Read more

12 Oct 2023

NSDL has purchased a 68,000-square-foot office space in Mumbai's BKC Complex from IDFC First Bank for approximately Rs 198 crore. The property, located in Naman Chambers, will serve as NSDL's new headquarters starting in early 2024. This acquisition allows NSDL to expand its operational infrastructure in the competitive BKC micro-market. The BFSI sector has seen significant growth in office space demand, with major firms, both domestic and global, increasing their presence. In the first half of 2023, BFSI occupiers leased approximately 3.6 million square feet, indicating a positive outlook for the sector.Read more

12 Oct 2023

Lemon Tree Hotels inaugurated India's largest hotel, the 669-room Aurika Mumbai Skycity, marking their third property in Mumbai and under the Aurika Hotels & Resorts brand. Positioned near Mumbai airport's terminal 2, the expansion aligns with Lemon Tree's goal of reaching 20,000+ rooms, both operational and upcoming, in the next four years. Lemon Tree Hotels Chairman Patanjali G. Keswani emphasizes on meeting the rising needs of business and leisure travellers while revealing plans to add 1300 rooms across 15 cities and hire 3000 new staff, half for expansion and half for replacements.Read more

11 Oct 2023

The Brihanmumbai Municipal Corporation (BMC) and Larsen & Toubro (L&T) are engaged in arbitration over a Rs 200 crore cost escalation dispute in Mumbai's Coastal Road (South) project. L&T is involved in the construction of package 1 and package 4 of the project and it is seeking an additional Rs 100 crore for each of the two construction packages. This is due to disagreements over base index to be referred for cost calculation. The Coastal Road project is an ambitious project of the BMC and it aims for completion by May 2024.Read more

11 Oct 2023

EOW investigates Rahul Yadav and his wife for Rs 288 crore fraud The Mumbai Police's Economic Offences Wing (EOW) is investigating Rahul Yadav, the founder of a property start up, for alleged mismanagement of Rs 288 crore ($38 million) of investor funds, leading to the company's collapse in just three years. Info Edge, owner of Naukri.com, had invested heavily in Yadav's startup, 4B Network Pvt. Ltd., and filed a complaint with the EOW outlining suspicious transactions, including loans to former employees during financial difficulties and the diversion of funds to other family-owned businesses. Yadav launched 4B Network in 2020, aiming to provide a tech-driven platform for real estate agents. His firm denies wrongdoing, attributing issues to Info Edge's lengthy approval processes.Read more

11 Oct 2023

Bollywood star Manoj Bajpayee and his wife, Shabana Bajpayee, have acquired four office units spanning 7,620 sq ft in Mumbai's Oshiwara area for a total of Rs 32.94 crore. These luxurious spaces, located in the Signature Building, come complete with nine car parking slots. Their purchase follows a trend of Bollywood celebrities investing in the same project, including Amitabh Bachchan, Ajay Devgan, Kajol, Kartik Aryan, and Sara Ali Khan. The Bajpayees' acquisition adds to the city's thriving real estate market, cementing Mumbai's enduring appeal to Bollywood stars.Read more

11 Oct 2023

The Bombay High Court has lifted a stay on the demolition of a shop within a housing society compound, emphasizing the worrying trend of people viewing the regularization of unauthorized structures as a fundamental right. Justices Gautam Patel and Kamal Khata expressed concern that many believe planning laws are irrelevant and they can construct unauthorized buildings, and then seek regularization. The dispute emerged when the shop owner contested the BMC's demolition notice, which the court had temporarily stayed. The judges clarified that mere existence for "many years" held no legal weight and questioned the habit of applying for regularization after unauthorized construction.Read more

10 Oct 2023

Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.Read more

10 Oct 2023

The Bombay High Court has issued a significant judgment directing the Brihanmumbai Municipal Corporation (BMC) to process permissions for the redevelopment of a property near the INS Trata naval missile battery base in Worli, Mumbai, without the need for prior approval from naval authorities. The court's decision emphasized that a structure of the same height and location should not pose a security threat merely by undergoing reconstruction. The ruling has far-reaching implications, as it quashed defence ministry circulars and established the importance of adhering to established legal procedures when imposing construction restrictions near defence installations, striking a balance between security and property rights.Read more

10 Oct 2023

SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Company, has entered into a strategic partnership with Fullerton Financial Holdings (FFH) to lease 194,000 square feet of prime office space in Mumbai. This move consolidates SMFG India Credit's offices in Powai and Andheri into a centralized workspace for over 2000 employees, focusing on back and mid-office functions. The office space is located in Embassy 247, a premium Grade-A office park in Vikhroli, Mumbai, known for attracting prestigious names in the BFSI sector. The initiative aims to provide an advanced work environment and foster growth in the Indian market. SMFG India Credit's corporate headquarters will remain in Bandra-Kurla Complex (BKC) in Mumbai.Read more

07 Oct 2023

Arkade Developers, a prominent player in the real estate sector, has successfully acquired a prime industrial plot spanning approximately three acres in Bhandup West, Mumbai, from Copper Rollers for a total value of Rs. 103.88 crore. The company has also received a letter of intent for forthcoming redevelopment projects in the Mumbai Metropolitan Region. Arkade Developers is actively working on five ongoing projects covering approximately 1.8 million square feet and plans to launch two upcoming projects in Vile Parle East and Malad West. Additionally, the company has submitted a draft red herring prospectus (DRHP) to SEBI for an IPO to raise up to Rs. 430 crore, signalling its strategic efforts for growth and expansion in the real estate market.Read more

07 Oct 2023

Raymond, the prominent textile and apparel company, is set to invest up to Rs. 301 crore in Ten X Realty (TXRL), its wholly-owned subsidiary. This investment includes Rs. 125 crore in redeemable preference shares and Rs. 176 crore via an Inter Corporate Deposit (ICD). TXRL is currently involved in redeveloping a housing society in Mumbai's Bandra locality under a joint development agreement. This strategic investment reflects Raymond's commitment to its real estate ventures.Read more

07 Oct 2023

Mumbai Metropolitan Region Development Authority (MMRDA) is forging ahead with plans to establish six expansive growth centres across Bhiwandi, Alibaug, Kalyan, and Thane, aiming to lure investment by capitalizing on proximity to major infrastructure projects. The Kharbav centre, near Bhiwandi, is poised to become a magnet for investors due to its strategic location along the Virar-Alibaug multi-modal project, Mumbai-Ahmedabad high-speed rail, and dedicated freight corridors. Meanwhile, the Poynad centre in Alibaug gains appeal from its proximity to the Mumbai Trans Harbour Link, Virar-Alibaug multimodal corridor, and the upcoming second international airport in Navi Mumbai.Read more