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10 Apr 2024
The Bombay High Court rejected a petition filed by the resolution professional of Truly Creative Developers Pvt Ltd, which is facing insolvency proceedings, to stop the Slum Rehabilitation Authority from acquiring a land parcel in Mumbai. The builder had acquired the land in the 1990s for a slum rehabilitation project but failed to complete it for over 16 years. In 2021, the slum society terminated Truly Creative as the builder and appointed a new one. The High Court observed that the resolution professional failed to explain how the land could be used to rehouse slum dwellers and deemed the petition an abuse of the legal process.Read more
10 Apr 2024
Mrs. Rubal Prakhar Agarwal, IAS, was appointed as the new Managing Director of Maha Mumbai Metro Operation Corporation Ltd. (MMMOCL) on April 8, 2024. With extensive experience, including as Commissioner of the Integrated Child Development Services Scheme in Maharashtra, Mrs. Agarwal's leadership is expected to steer MMMOCL through its critical phase. The corporation, overseeing metro lines and the Mumbai Monorail, is vital as Mumbai expands its metro network by 337 kilometres. Mrs. Agarwal's appointment reflects MMMOCL's dedication to enhancing public transportation in the Mumbai Metropolitan Region, aligning with the Metropolitan Commissioner's vision for efficient operations and maintenance.Read more
08 Apr 2024
In March, Mahim witnessed robust real estate activity with 24 apartments sold across nine buildings, emphasizing its allure among Mumbai homebuyers. Developer-sold units comprised 42% of transactions, while resale deals made up 37.5%, highlighting Mahim's market dynamism. Rising Midtown Bay led sales, followed by Laxmi Niwas Mahim, solidifying Mahim's status as a coveted locale. The range of properties, from INR 19.8 Lakhs to INR 6.06 crores, caters to diverse budgets. Units varied from 185 to 2,909 square feet, meeting varied needs. With prices per square foot ranging from INR 4,400 to INR 43,300, Mahim offers options for all budget brackets, affirming its inclusivity and attractiveness in Mumbai's real estate scene.Read more
08 Apr 2024
Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.Read more
08 Apr 2024
SWAMIH Fund has invested INR 300 crore in Hubtown's Rising City project in Mumbai, with the goal of speeding up completion and providing assistance to over 550 homebuyers who are awaiting possession. Rising City, located on the Eastern Express Highway, consists of six buildings with over 700 units. Despite initial delays owing to regulatory problems, the project acquired all essential licences by 2023. Hubtown, the sole developer presently, is dedicated to ensuring prompt delivery. The investment demonstrates SWAMIH Funds commitment to revitalising stalled real estate projects, tackling difficulties in the affordable housing sector, and supporting growth in Mumbai's thriving property market.Read more
08 Apr 2024
The Dharavi Redevelopment Project (DRP) in Mumbai, tasked with rehabilitating over 1.2 million residents of Asia's largest slum, has acquired 27.6 acres of the required 45 acres of land from the Railway Land Development Authority. This will enable the construction of modern housing and recreational facilities for railway employees as well as rehabilitation apartments for Dharavi tenants. The complex will include over 820 apartments across four blocks designed by Hafeez Contractor and is expected to be completed within three years. The DRP paid INR 1000 crore for the land and will pay an additional INR 2800 crore over 17 years through revenue sharing.Read more
05 Apr 2024
The BMC's assessment and collection department has issued notices to several Mumbai Metro contractors for over INR 370 crore in unpaid property tax. As metro construction works are ongoing across the city, contractors are liable to pay taxes on casting yard plots but some like HCC-MMC, CEC-ITD, Doga Soma and L&T have reported delays. Mumbai Metro One Pvt Ltd (MMOPL), which operates the city's first metro line, also owns two large land parcels in Andheri West but has not submitted taxes since 2013, leading the Andheri East and West wards to issue notices for INR 80 crore and INR 220 crore respectively. The BMC warns of cutting water supply or auctioning attached properties if dues remain unpaid by the fiscal year-end.Read more
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05 Apr 2024
The Bombay High Court recently heard an appeal by a Pune developer challenging orders directing payment of interest to two homebuyers for delayed possession of their homes beyond the promised dates of August 2016 and September 2017. While dismissing the appeal, the High Court upheld the homebuyers' right to claim interest for delayed possession under Section 18 of RERA, even after taking possession. In its ruling, the Court clarified that homebuyers can take possession first before filing complaints with MahaRERA to avoid further losses, and that Section 18 applies to both homebuyers who have withdrawn or are continuing in delayed projects.Read more
04 Apr 2024
Bollywood actor Imran Khan and girlfriend Lekha Washington have leased a sea-facing apartment in Bandra from producer Karan Johar for three years, joining a trend among celebrities preferring luxury rentals in Mumbai. The Clefepete apartment costs INR 9 lakh per month with a INR 27 lakh security deposit. Similarly, stars like Kriti Sanon, Vicky Kaushal, and Katrina Kaif opt for leased accommodations rather than purchasing a property. Some actors, like Tiger Shroff and Ranbir Kapoor, have purchased real estate as an investment. With Mumbai's real estate prices high, renting offers flexibility and quality living spaces for celebrities, ensuring the continued popularity of luxury rentals in prime Mumbai locations like Bandra and Juhu among Bollywood stars.Read more
04 Apr 2024
In March 2024, Mumbai saw a surge in property registrations, with over 14,411 properties registered, indicating a strong real estate market. Most registrations were for residential units, especially in Central and Western suburbs, showing high demand for homes with modern amenities. Though stamp duty revenue dropped due to a high base effect from the previous year, monthly figures showed a 29% increase, reaching INR 1,143 crore. Homebuyers favoured mid-sized properties, but there's also a growing interest in larger homes, reflecting changing preferences. Overall, Mumbai's real estate market remains robust, driven by confident buyers and diverse housing options.Read more
04 Apr 2024
The Brihanmumbai Municipal Corporation (BMC) aims to merge the Gopal Krishna Gokhale Bridge with the Barfiwala Flyover by seeking Election Commission of India (ECI) permission to expedite construction during the code of conduct period. Costing INR 8 crore, the merge involves lifting the last four spans of the flyover to align with the bridge. Veermata Jeejabai Technological Institute (VJTI) confirmed the feasibility in their report, estimating a 90-day process. The BMC awaits a second opinion from IIT-Bombay before floating tenders. The Gokhale Bridge's elevation, due to railway guidelines, caused misalignment with the flyover, constructed in 2008, prompting the merge for seamless connectivity.Read more
03 Apr 2024
In a significant judgment, the Bombay High Court has approved the redevelopment of a Mumbai housing society by Truearth Developers, rejecting an insolvent builder's claim over the project. The court emphasized that the Insolvency and Bankruptcy Code cannot be used to delay development or deny transit rent payments to displaced residents. It criticized the practice as "absurd" and "inequitable", underscoring that society members should not suffer due to a builder's insolvency. The ruling reaffirms residents' fundamental rights to redevelopment and compensation, setting an important precedent that prioritizes citizens' welfare over narrow corporate interests.Read more
03 Apr 2024
The state government approved CIDCO's redevelopment policy for dilapidated buildings in NAINA, granting a 30% extra area. Villagers demand 2.5 FSI for feasibility. The policy applies to 94 villages in NAINA, covering 225.59 sq km, particularly those with Town Planning Schemes ready. Residents of dilapidated or 30-year-old buildings will benefit, with either extra FSI or additional construction area without premium. NPBSUS opposes the policy, advocating for 2.5 FSI and implementation of Unified Development Control and Promotion Regulations (UDCPR). Panvel MLA Prashant Thakur supports the decision, citing safety concerns for residents. The debate continues between government initiatives and villagers' demands for sustainable redevelopment.Read more
03 Apr 2024
In a decisive move, the Bombay High Court has instructed the Navi Mumbai Municipal Corporation (NMMC) to dismantle an unauthorised structure situated on CIDCO land within the span of eight weeks. The court firmly dismissed any possibility of regularisation through fines or compensation, emphasising the paramount importance of private interests aligning with the public good. Identified as belonging to Ishwar Mavji Patel, the structure's illegal status underscores the necessity for strict adherence to legal regulations governing land usage and construction in the region.Read more
02 Apr 2024
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.Read more
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