22 Apr 2024

The BMC has initiated the alignment of Gokhale and Barfiwala bridges in Mumbai, addressing a six-foot gap between them. Supervised by IIT-B and VJTI experts, the process began with removing the top layer of Barfiwala flyover. Due to election regulations, the existing contractor for Gokhale bridge reconstruction will be responsible for merging the structures. The deadline for completion is set for June 30, with an allocated budget of INR 3 crore. VJTI confirmed the feasibility of merging without demolishing Barfiwala flyover, prioritizing structural integrity and public safety.Read more

19 Apr 2024

The Brihanmumbai Municipal Corporation (BMC) has set a deadline of May 25th for property tax payments totaling INR 3,195 crore from the last fiscal year. Failure to meet this deadline may result in penalties, typically a percentage of the outstanding amount. To assist over 5 million property owners, BMC has launched an awareness campaign and extended office hours. Separately, businesses failing to display Marathi or Devanagari signage will face double property tax charges from May 1st. Timely tax payments are crucial for BMC to provide essential services to Mumbai's 20 million residents, ensuring a better city for all.Read more

18 Apr 2024

K Raheja Corp has acquired Sobo Central Mall located in Mumbai's Haji Ali area from Future Group promoter Kishore Biyani's Bansi Mall Management Company for INR 476 crore. Originally known as Crossroads Mall, Sobo Central Mall was one of the first malls in India opening in the late 1990s but lost prominence over the years. The mall was facing financial stress owing over INR 700 crore to lenders. Creditors had initiated insolvency proceedings and put the mall on sale to recover dues. After the sale, Kishore Biyani settled the debts of INR 571 crore owed by BMMCL through a one-time payment of INR 476 crore.Read more

17 Apr 2024

Raymond Realty, Raymond Ltd's real estate arm, is leading the surge in Mumbai's property sector with projects set to yield INR 30,000 crore. A significant portion stems from developing 48 acres in Thane, part of their vast land holdings. Expanding into Mumbai, their Bandra project, valued at INR 2,000 crore, is witnessing robust sales. Two more launches are slated in Mahim and Sion, promising 5 lakh sq. ft. each, with a combined revenue potential of INR 6,000 crore. Adopting a phased approach in Thane over five years, Raymond Realty focuses on offering "affordable premium" homes, aiming to surpass their INR 2,000 crore booking target, projecting over INR 7,000 crore.Read more

17 Apr 2024

The National Company Law Appellate Tribunal (NCLAT) has upheld the insolvency resolution process initiated by the National Company Law Tribunal (NCLT) against Tulip Hotels for defaulting on corporate guarantees of INR 450 crore each provided to Cox & Kings and EzeeGo One Travel. Yes Bank, the financial creditor, had claimed a default of INR 900 crore against Tulip Hotels after invoking the guarantees when the principal borrowers failed to repay loans. While Tulip Hotels contended it had no relationship with the defaulters, NCLAT observed that as a corporate guarantor, Tulip Hotels became liable to repay the debt as soon as the principal borrowers defaulted. It dismissed the appeal by Tulip Hotels against the NCLT order.Read more

17 Apr 2024

The Bombay High Court overturned a tribunal order cancelling gift deeds of flats executed by a father in favour of his son. The HC held that the objective of the Senior Citizens Act is to ensure residence rights for elderly parents in gifted properties, not invalidate valid deeds. It observed that tribunals are often used to settle property disputes. In this case, the tribunal lacked jurisdiction and should have ensured the father's basic needs were met as the son was willing to care for him, before cancelling deeds. The HC directed the father to reside separately with monthly maintenance of INR 25000 from the son.Read more

17 Apr 2024

Indian cricketer Prithvi Shaw has purchased a luxurious 4-bedroom house located on the eighth floor of the high-end residential tower 81 Aureate in Mumbai's Bandra neighbourhood. Spread over 2,209 square feet, the INR 16.5 crore property also includes an additional 1,654 square foot terrace and boasts amenities like a terrace pool, floor-to-ceiling windows, and stylish interiors. The purchase is indicative of the real estate frenzy in Mumbai that has captured celebrities alike, with several other cricketers also investing in high-end residential and weekend properties in and around the city in recent times.Read more

15 Apr 2024

Mumbai's Keystone Realtors, recognized for its Rustomjee brand, saw a rise in sales bookings, reaching INR 2,266 crore in FY23-24, marking a 41% increase from the previous fiscal year. Moreover, the company sold 1.21 million square feet of space, up 17% from the previous year. Notably, the final quarter of FY23-24 witnessed a remarkable 78% surge in sales bookings, with INR 843 crore in bookings, and a 36% increase in area sold. Analysts credit this growth to the persistent demand for homeownership, favourable interest rates, and the reputation of developers like Rustomjee for quality and reliability. CEO Boman Irani expressed optimism, citing achievements across various metrics.Read more

12 Apr 2024

Mumbai-based NBFC, Infinity Fincorp, secured a USD 26 million funding round led by Jungle Ventures to aid small businesses' access to formal credit. Targeting micro-entrepreneurs often neglected by traditional banks, Infinity specialises in lending to businesses like tea shops and small manufacturers. With a loan book exceeding INR 750 crore across 20,000 loans, the funding will expand their reach. Founder Shrikant Ravalkar plans to invest in distribution, accelerating their mission. With micro-enterprises forming over 95% of Indian businesses facing a credit gap exceeding USD 500 billion, Infinity's investment promises a more inclusive and prosperous economic future.Read more

12 Apr 2024

From May 1st, businesses in Mumbai face double property tax penalties if they lack Marathi signage on storefronts. The Brihanmumbai Municipal Corporation has already inspected 87,000 shops, issued 3,000 legal notices, and fined 343 businesses a total of INR 32 lakh. Illuminated signs without Marathi will have licenses revoked, costing INR 25,000 to INR 1.5 lakh to renew. This enforcement follows a Supreme Court-granted two-month compliance window, which ended in November 2023. The Marathi signage requirement aims to promote linguistic diversity and inclusion, catering to the state's predominantly Marathi-speaking population. Businesses are urged to comply quickly to avoid disruptions and additional costs.Read more

12 Apr 2024

The Bombay High Court took issue with a demand of 24% interest on alleged ground rent arrears by MHADA as a condition for conveying land ownership to a cooperative society. MHADA also sought advance ground rent till 2026 totaling over INR 18 crore. The HC said the demand was unacceptable and directed MHADA to execute a land lease agreement and conveyance deed for the commercial building within three weeks. It asked MHADA to consider its observations while revising the demand legally within the next 10 weeks, failing which conveyance cannot be delayed.Read more

12 Apr 2024

The Brihanmumbai Municipal Corporation (BMC) gears up to launch a crucial 120-metre girder with a bowstring arch, connecting the southbound coastal road to the Bandra-Worli sea link on April 16-17. Overcoming challenges of the rocky seabed, the BMC devised a meticulous plan, assembling the bridge at Nhava village jetty before transporting it to Worli. Spanning 850 metres with 270 metres of steel, the project showcases engineering prowess, managed by AECOM, coordinating stakeholders and addressing design complexities. As the BMC works on the northbound arm, the launch signifies Mumbai's infrastructure progress, promising improved transportation and urban development.Read more

11 Apr 2024

Godrej Properties Limited (GPL) achieved a milestone in Mumbai with Godrej Reserve, Kandivali, selling INR 2,690 crore worth of inventory within 15 months of acquisition. This success highlighted the demand for premium residential properties in well-connected areas like Kandivali. The project benefits from Kandivali's developed infrastructure and excellent connectivity via the Western Express Highway and metro lines. With a potential revenue of INR 7,000 crore, Godrej Reserve strengthens GPL's foothold in Mumbai's suburbs. Additionally, GPL entered Hyderabad's market in February with a 12.5-acre acquisition in Rajendra Nagar, highlighting its commitment to providing quality living spaces across India.Read more