05 Mar 2024

The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions.Read more

05 Mar 2024

A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST.Read more

05 Mar 2024

The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector.Read more

05 Mar 2024

IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.Read more

04 Mar 2024

Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.Read more

04 Mar 2024

In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions.Read more

04 Mar 2024

Jogeshwari West continues to assert its status as a bustling and thriving locality within Mumbai's western suburbs. January witnessed a flurry of real estate activity, underscoring the area's popularity among homebuyers and investors alike. With an equal mix of developer sales and resale transactions, the neighborhood demonstrates its appeal to a diverse range of buyers. From Vision Heights to Hill Park Tower and beyond, the variety of residential options cater to different preferences and budgets. As Jogeshwari West evolves with modern developments while retaining its traditional charm, it remains a dynamic and sought-after destination for those seeking convenience, accessibility, and a vibrant living environment in the city of Mumbai.Read more

01 Mar 2024

Mumbai's Slum Rehabilitation Authority (SRA) has extended the defect liability period for rehab buildings from three to ten years, following a panel's recommendations post a fatal Goregaon fire last October. In a recent circular, SRA mandated the issuance of revised letters of intent reflecting the longer liability period. Professionals and construction entities involved in projects exceeding 7,500 sqft will be accountable for structural flaws over the extended term. Meanwhile, the state's urban development department has designated BMC as the planning authority for slum rehab schemes, aiming to relocate slum dwellers affected by infrastructure projects.Read more

29 Feb 2024

Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.Read more

29 Feb 2024

The Maharashtra Real Estate Appellate Tribunal (MREAT) directed the new developer of Mumbai's Palais Royale project to maintain status quo on a home buyer's flat, preventing third-party rights until the final appeal hearing against a MahaRERA order. The project, stalled due to legal issues, saw a change in ownership under the SARFAESI Act. MahaRERA initially dismissed the buyer's complaint regarding delayed possession. However, the MREAT granted interim relief, emphasising the validity of the buyer's agreement with the former developer and affirming RERA's applicability. The ruling ensures the buyer's rights amidst the project's tumultuous legal proceedings.Read more

29 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.Read more

28 Feb 2024

The Bombay High Court has delivered a decisive verdict in favour of developers Godrej Properties and Shelton Infrastructure, allowing them to retain plots in Sanpada, Navi Mumbai, originally allocated by CIDCO. The dispute arose when CIDCO sought to revoke the allotments, citing concerns over potential financial losses. However, the High Court deemed CIDCO's actions arbitrary and discriminatory, emphasizing the developers' right to equality before the law. Represented by seasoned legal counsels, the developers argued vehemently against the cancellations, leading to a landmark ruling reinforcing the importance of due process and legal diligence in matters of public land allocation and development.Read more

28 Feb 2024

Mumbai is set to bid farewell to the 112-year-old Sion Road Over Bridge as it closes on February 29 to make way for a new, modern structure. Set to undergo demolition due to its deteriorated condition, the bridge's reconstruction aims to facilitate railway expansion and is expected to last 18-24 months. The project will extend the bridge's span to accommodate additional railway lines, enhancing urban mobility. Traffic congestion is anticipated on alternative routes, with measures like no-parking zones being implemented to mitigate the impact. This marks a significant step in Mumbai's infrastructure development, promising improved connectivity upon completion.Read more

27 Feb 2024

Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.Read more

27 Feb 2024

Raymond Realty, the real estate arm of Raymond Group, ventures into Mumbai's real estate market with 'The Address by GS, Bandra', a luxury residential project spanning 2.74 acres. Formed through joint development agreements (JDAs), it offers 2, 3, and 4 BHK apartments alongside a 16,000 sq ft clubhouse and high-street retail spaces. Strategically located in Bandra East, it ensures connectivity to prime locales like Bandra-Kurla Complex and Bandra-Worli Sea-Link. With a RERA carpet area of 0.7 million sq ft and a revenue projection exceeding INR 2,000 crore, it's poised to redefine luxury living. Raymond Realty's expansion beyond Thane signifies a strategic move towards maximizing Mumbai's real estate potential.Read more