28 May 2024

The Bombay High Court held in Sarfaraz S. Furniturewalla vs Afshan Sharafali Ashok Kumar & Others that tax deducted at source (TDS) should not apply to transit rent/hardship allowance paid by developers to owners/occupants whose building is under redevelopment. While redevelopment benefits many, the tax status of transit rent has been debated for a long time. Developers provide transit rent to facilitate temporary relocation during redevelopment. Tax authorities viewed this as non-taxable, but developers deducted TDS. In this case, Sea Rock Construction sought PAN cards to deduct TDS from transit rent payments. The High Court clarified the difference between rent and transit rent, ruling that transit rent is not income and thus not subject to TDS.Read more

27 May 2024

Siroya Corp has revealed plans for a massive mixed-use development in Oshiwara, Andheri West, with a staggering 1 million square feet of space. This project, encompassing residential, commercial, and retail areas, aims to redefine the area's landscape. With Oshiwara experiencing significant population growth, particularly among young professionals and families, the project's 600 residential units across two towers meet a rising demand for modern living spaces. The inclusion of commercial offices and retail spaces creates a self-sufficient community, promoting convenience and sustainability. Siroya Corp's proven track record and focus on quality instil confidence in the project's success, while its strategic location ensures excellent connectivity and accessibility.Read more

27 May 2024

Gurgaon-based real estate giant DLF is re-entering Mumbai's luxury property market after an 11-year hiatus, planning to launch projects with flats priced between INR 6 crore and INR 28 crore in FY25. Targeting INR 3,500-5,000 crore of its projected INR 17,000 crore sales bookings from Mumbai's super-luxury segment, DLF aims to capture a significant market share. Additionally, DLF will launch 62 exclusive villas in Goa, priced at INR 40-50 crore each, catering to high-end buyers, including NRIs. With a solid financial foundation and a focus on high-quality developments, DLF's strategic moves are poised to strengthen its position in India's luxury real estate market.Read more

27 May 2024

Malabar Hill is a prestigious residential area in South Mumbai, renowned for its scenic beauty, colonial-era architecture, and panoramic views of the Arabian Sea. This elite neighborhood offers a mix of luxurious bungalows, high-end apartments, and exclusive housing societies, attracting the city's wealthy residents. In April, Lodha Malabar topped sales with two high-value transactions, while a budget-friendly option in Damodar Bhavan also found buyers. Property sizes in the area range from compact 350-square-foot units to expansive 9,544-square-foot residences, with prices per square foot varying widely. The real estate market in Malabar Hill highlights its status as a prime location, with high demand and limited availability reflecting its continued appeal to luxury and value-conscious buyers alike.Read more

27 May 2024

JP Infra has achieved a milestone by completing and handing over two of its prominent developments, Alexa and Aviva, at its gated community North Garden City in Mira Road, well before the mandated RERA deadlines. Spread over 22 acres, North Garden City is an ecologically sustainable project featuring amenities like Miyawaki forest and over 3000 trees. Originally scheduled for completion in December 2025 and December 2026 respectively, Alexa and Aviva are now being handed over to homeowners significantly earlier than estimated, bringing them joy. This underscores JP Infra's commitment to exceeding timelines for the benefit of customers.Read more

24 May 2024

In a joint meeting with MRIDCL officials, the BMC approved the reconstruction of Curry Road, Matunga, and Mahalaxmi bridges. The preliminary phase is underway, aiming to alleviate traffic congestion and save time and fuel. The BMC will fund the project, with MRIDCL handling construction. Additionally, progress on Ray Road, Byculla, Tilak, and Ghatkopar bridges was reviewed. The Ray Road Bridge is 77% complete, targeting a November 2024 opening. Meanwhile, Olivant, Arthur, and S bridges were deemed in good condition and will not undergo immediate reconstruction.Read more

23 May 2024

Vaidya Spaces Pvt. Ltd., a prominent Mumbai developer, unveils a significant investment plan of INR 1,000 crore for upcoming residential and commercial projects. Their focus remains on large-scale redevelopment in prime Mumbai areas, marking a year of milestones and continued growth. Notable achievements include completing projects ahead of RERA timelines and showcasing resilience during the COVID-19 pandemic. Led by seasoned architects Jayant and Sadhana Vaidya, the company boasts a flawless track record and a commitment to excellence. Their accessibility and unwavering dedication, coupled with a flawless record under MahaRERA, establish unprecedented standards in the real estate industry, shaping Mumbai's future development.Read more

23 May 2024

Vashi, a prominent residential and commercial hub in Navi Mumbai, offers well-organized infrastructure, diverse housing options, and excellent connectivity to Mumbai and other regions. The area is equipped with top-notch educational institutions, healthcare facilities, shopping malls, and recreational spaces, making it a self-sustaining neighborhood. In April, top-selling buildings like Prem Sagar CHS and Goodwill Mansion highlighted Vashi's thriving real estate market, with transactions dominated by developer sales. Catering to various budgets, Vashi provides both luxury apartments and budget-friendly options. Its strategic location and robust amenities make it an attractive destination for homebuyers and businesses alike.Read more

23 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) provided a 10% discount on fares to passengers using the Mumbai Metro lines 2A and 7 for voting on May 20th, 2024 Lok Sabha elections. The initiative aimed to make it more convenient for citizens to reach polling stations and fulfill their democratic duty by voting. With over 90 million annual riders, the metro network plays a key role in transit. Offering discounted fares for voters empowered more people to access booths and participate in elections. Under its SVEEP programme, Maha Mumbai Metro encouraged riders to vote through this discount. Over 1,13,414 passengers utilizing lines 2A and 7 availed of the discount by 8pm on voting day, demonstrating the initiative's role in boosting electoral participation.Read more

22 May 2024

With large parts of Mumbai built 60-80 years ago and no open land available, redevelopment of the city's aging housing stock is the only way for developers to access prime real estate in India's financial hub. Over 25,000 housing societies across the city have been earmarked for redevelopment by authorities, presenting a USD 2 trillion opportunity for builders according to industry estimates. While legal and logistical complexities exist, increased FSI incentives and cluster redevelopment policies are driving momentum in the market. Major developers are actively bidding for redevelopment projects, with some announcing plans worth billions. Coordinated efforts by authorities and builders will be key to tackling issues and realizing the true potential of Mumbai's redevelopment.Read more

22 May 2024

Emiza, a leading warehousing and last-mile logistics provider, expands its footprint by inaugurating its 27th state-of-the-art facility in Mumbai, spanning 125,000 square feet. This strategic move enhances Emiza's capabilities, enabling it to serve diverse industries with optimized storage, efficient picking processes, and cutting-edge technology. The new warehouse boasts advanced features like long-span shelving, dedicated return processing center, and robust security measures. Emiza aims to leverage this expansion to cater to emerging business models and broaden its services across sectors beyond its existing expertise. With successful funding rounds and strategic partnerships, Emiza fortifies its position as a leading 3PL solutions provider in India.Read more

21 May 2024

Over the past six months, slum redevelopment TDR (Transfer of Development Rights) rates in Mumbai have spiked sharply, impacting builders' profit margins and construction project timelines. TDR rates have doubled in some areas like Mulund and Borivali, with developers now paying 120% of the ready reckoner rate compared to 50-55% earlier. The recent release of 30,000 square meters of additional TDR has failed to ease market pressures, with the limited supply being quickly absorbed. Most developers are reluctant to purchase at current inflated prices due to the significant hit on their estimated profit. While some have no alternative but to buy to meet delivery commitments, others are deferring TDR purchases or exploring non-TDR redevelopment options.Read more

20 May 2024

Renowned real estate developer Rustomjee Group introduces 'The Panorama', a luxury residential project in Bandra West's Pali Hill. Following the success of 'Parishram', this venture anticipates a Gross Development Value of 375 crore rupees. Offering 4 and 5 bedroom residences, each unit features a 44 feet long balcony, providing exclusivity and stunning city views. With amenities like a swimming pool and rooftop terrace, 'The Panorama' prioritizes privacy and comfort for about 20 families. Positioned in Mumbai's cultural hub, it ensures access to premium social infrastructure.Read more

20 May 2024

Avenue Supermarts, the parent company of DMart, continues its strategic expansion with the acquisition of a 1.2-acre plot in Mumbai's Chandivali suburb for over INR 117 crore. This move highlights DMart's unique approach of owning retail space, enhancing control over design and operations while ensuring long-term stability. This acquisition follows previous ventures, including a substantial investment in a Pune distribution center and acquiring a cold chain logistics company. With 367 supermarkets nationwide and a net profit of INR 2,536 crore in FY24, DMart's focus on ownership sets a new standard in the retail sector, challenging traditional leasing models and driving aggressive growth.Read more

20 May 2024

The Bombay High Court has imposed a fine of INR 5 lakh on developer Lashkaria Housing & Infrastructure for deliberately delaying the implementation of a slum rehabilitation scheme in Jogeshwari (West) for over five to six years. The court upheld the removal of Lashkaria as the developer and directed that the fine amount be paid to Tata Memorial Hospital within eight weeks. The court took exception to the fact that the developer tried to misrepresent that it was appointed to carry out the scheme for three plots housing 432 hutments, when it was only appointed for one plot with 120 hutments, thereby wasting judicial time in ascertaining the details.Read more

17 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has received significant funding to support infrastructure development projects across Mumbai over the next decade. In March, the Maharashtra government approved loans of up to INR 60,000 crore for MMRDA from public institutions. An additional INR 30,000 crore in funding was proposed. This financing will enable expansion of Mumbai's metro rail network through six new lines totalling 337 km, as well as road tunnel, coastal road, and solid waste management initiatives. The objective is to increase Mumbai's GDP to USD 300 billion by 2030 through improved connectivity and development of new economic centres.Read more

17 May 2024

Infrastructure lender IL&FS is seeking fresh approval from the Mumbai Metropolitan Region Development Authority (MMRDA) to sell its 10-storey headquarters in Bandra-Kurla Complex, Mumbai to Brookfield Asset Management. The MMRDA had approved subletting but the National Company Law Tribunal has approved an outright sale. IL&FS argues the MMRDA approval differs from what was sought as IL&FS wanted a sale approval. Brookfield says the deal is at an advanced stage with key approvals received and a substantial amount already paid. IL&FS is selling assets to manage debt obligations following its default in September 2018 while Brookfield is seeking to expand its presence in BKC.Read more

17 May 2024

The Brihanmumbai Municipal Corporation (BMC) is dealing with a substantial shortfall in property tax collection for FY24, despite revising its target down to INR 4,500 crore from the initial INR 6,000 crore. To bridge this gap, Municipal Commissioner Bhushan Gagrani has devised a multifaceted strategy. This includes expediting the auctioning of assets seized from large defaulters, conducting comprehensive property inspections to reassess tax assessments, and imposing stricter penalties for late payments. The success of these measures is critical for maintaining essential civic services in Mumbai, underlining the urgency of addressing the shortfall in property tax revenue.Read more

17 May 2024

Ridham Gada has been elected as the new president of NAREDCO Maharashtra NEXTGEN, succeeding Rishabh Siroya who will now serve as chairman of NAREDCO Maharashtra NEXTGEN. As a partner at Prem Group and with over 15 years' experience in real estate, Ridham aims to foster growth and ensure a robust sector during his tenure. He is well-known for his innovative approach and vision to create living spaces beyond square footage. Both Prashant Sharma of NAREDCO Maharashtra and Rishabh Siroya expressed confidence in Ridham's leadership and ability to inspire young professionals.Read more

16 May 2024

The Navi Mumbai Municipal Corporation (NMMC) has made structural audits by certified auditors mandatory for housing societies and commercial units over 30 years old before any repair work. This is as per the unified development regulations and Maharashtra Regional and Town Planning Act of 1966. NMMC recently identified 528 structures as unsafe after surveying the city. However, residents have raised concerns that audits will be misused to declare buildings dilapidated and will be sent for redevelopment. They argue that well-maintained buildings can last longer than 30 years. There are also allegations of nexus between officials, builders and ex-corporators wanting to profit from redevelopment. However, NMMC has clarified that the step is necessary given the history of collapse of unsafe structures.Read more