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

27 Feb 2024

Adani Realty emerges as the highest bidder for MSRDC's 24-acre Bandra Reclamation land, outbidding Larsen & Toubro. With a potential development area of 45 lakh square feet, valued at around INR 30,000 crore, the project aims to blend commercial and residential spaces. Adani Realty's win, amidst stiff competition from industry giants, underscores their prominence in Mumbai's real estate. The revenue-sharing model ensures mutual benefits, with Adani Realty obligated to pay INR 8,000 crore or 22.79% of gross revenue to MSRDC. This collaborative effort, akin to the Dharavi Redevelopment Project, promises to reshape Mumbai's skyline while fostering sustainable and efficient urban development.Read more

27 Feb 2024

The Bombay High Court has raised concern over the handling of eviction notices by the Slum Rehabilitation Authority (SRA), stressing the need for a more compassionate approach towards slum dwellers' welfare. Amidst concerns over short eviction notices issued after two decades of promises for "permanent alternate accommodation," the court directed the Apex Grievance Redressal Committee to promptly review and potentially stay the eviction orders. The case, concerning slum dwellers near Worli Dairy in Mumbai, reiterated the importance of the Slum Act's welfare intent. The court's rebuke extended to the AGRC's conduct, emphasizing the importance of humanity over monetary concerns in such matters. The intervention underscores the court's commitment to protecting vulnerable communities' rights and well-being.Read more

26 Feb 2024

CREDAI-MCHI, in collaboration with CIDCO, organized a workshop on an amnesty scheme for Navi Mumbai residents, addressing Maveja and Additional Lease Premium (ALP) issues. Chief Minister Eknath Shinde's directive to delink CIDCO permissions from pending dues is expected to benefit over 1,000 housing societies. Five key concerns were identified, leading to a committee chaired by Ex-chief secretary Shri Sanjay Kumar to address challenges. The government accepted most recommendations, separating Maveja/ALP recovery from occupancy certificates issuance. A 50% amnesty on payable amounts until March 31, 2023, under the Abhay Yojana, aids projects facing delays. These efforts align with CREDAI-MCHI's commitment to fostering sustainable development in the Mumbai Metropolitan Region.Read more

23 Feb 2024

Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.Read more

22 Feb 2024

Ramabai Ambedkar Nagar, one of the oldest slums in Mumbai, is set for redevelopment by the Mumbai Metropolitan Region Development Authority (MMRDA). Covering a vast area of 75 acres, the redevelopment project aims to transform a significant portion of the land into a mixed residential-commercial zone. Through the project, the MMRDA plans to extend the Eastern Freeway to Thane, thereby making the redeveloped area to be seen as a very strategic location. The project envisions creating 81 lakh sq ft of rehabilitation area for 15,000 tenements and generating 75 lakh sq ft of commercial space, targeting an overall estimated revenue of INR 10,000 crore.Read more

22 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) engaged Manori residents in discussions about the Marve-Manori flyover, part of a broader initiative to improve connectivity in Mumbai's western suburbs. Local fishermen and farmers raised objections over potential ecological damage and threats to traditional livelihoods. Concerns heightened due to the lack of basic amenities in nearby villages, questioning the infrastructure's prioritization over essential services. Deputy Municipal Commissioner Vishwas Shankarwar noted diverse opinions among stakeholders during the consultation, where feedback was solicited. The BMC aims to ease congestion on key routes like SV Road and the Western Express Highway with six major bridges, despite Maharashtra Coastal Zone Management Authority's concerns about mangrove impact.Read more

21 Feb 2024

The state cabinet approved the redevelopment of 25 buildings in Sion Koliwada, Mumbai, housing Sindhi, Sikh, and Punjabi families displaced during Partition. The redevelopment, costing INR 3,000 crore, will be overseen by MHADA, providing 1,200 families with larger homes free of cost. A high-powered committee will monitor the project, ensuring at least 51% tenant consent. The buildings, erected in the 1950s and '60s for refugees, faced demolition notices from BMC in 2011. The initiative, long overdue, aims to address housing needs and marks MHADA's role as a special planning authority. Residents welcome the decision after years of efforts and displacement.Read more

21 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) is concreting roads in Mumbai's eastern suburbs, with a tender worth INR 1,224 crore covering 261 roads, augmenting ongoing work on 182 roads. Chief Minister Eknath Shinde's directive aims to eliminate potholes and enhance road quality within two years. Initially, tenders worth INR 5,800 crore for 400 kilometers were floated, later cancelled due to a lacklustre response. Fresh tenders of INR 6,080 crore for 397 kilometers were issued, but challenges persisted, leading to cancelled contracts and new tenders. Concerns about pace and quality remain, underscoring the need for addressing contractor performance and project execution issues.Read more

20 Feb 2024

In a noteworthy decision, the Income-tax Appellate Tribunal (ITAT), Delhi bench, ruled in favor of a non-resident taxpayer regarding the taxation of the variance between the stamp duty value and the agreement value of a property in Mumbai. The case of Shyamkumar Madhavdas Chugh highlighted the discrepancy between the agreement and registration dates, leading to differing values. The ITAT held that this difference cannot be deemed 'Income from other sources,' citing Section 56(2)(vi)(b) and emphasizing the importance of considering the stamp duty value on the agreement date. This ruling sets a significant precedent in clarifying tax treatment for property transactions, especially concerning timing disparities.Read more

20 Feb 2024

Phoenix Mills, a retail-led mixed-use asset developer, reported a 69% year-on-year rise in Q3 FY24. Consolidated net profit rose to INR 297 crore, with operating profit reaching INR 552 crore. Retail collections surged 30% to INR 700 crore, and rental income from retail grew 33% to INR 447 crore. The malls owned by the developers are operating at lifetime high lease occupancy and trading levels. The company also recorded robust leasing in commercial offices and maintains strong Average Room Rates (ARR) in hotels. Consolidated net debt stands at INR 2,230 crores. Residential sales show improvement, with gross sales of INR 515 crores in the first nine months of FY24.Read more

19 Feb 2024

In response to public outcry, the Brihanmumbai Municipal Corporation (BMC) has scrapped a controversial draft policy concerning open spaces, confirmed by BMC Commissioner Iqbal Chahal. The policy, introduced in September 2023, aimed to lease playgrounds and recreation grounds to private entities and NGOs for up to five years, sparking widespread opposition. With concerns raised over potential exploitation and loss of control, the BMC has opted to maintain the existing adoption policy, allowing leases for eleven months. Chahal highlighted citizen concerns and stressed the importance of elected representatives shaping city policies. The decision, applauded by activists, signifies a victory for citizen engagement and the preservation of Mumbai's public spaces.Read more

16 Feb 2024

Arkade Developers Ltd., a burgeoning real estate entity in Mumbai, unveiled Phase 1 of Arkade Nest, an upscale residential enclave in Mulund West's Sarvodaya Nagar, spanning a generous 2-acre expanse with six wings, three already operational. Concurrently, Arkade secured redevelopment contracts for Arunachal Co-op HSG Society in Goregaon East's Jay Prakash Nagar and Nutan Ayojan Co-op HSG Society in Malad West's Liberty Garden. These initiatives underscore Arkade's stature in Mumbai's real estate landscape, blending luxury, affordability, and quality craftsmanship while addressing market demands effectively.Read more

16 Feb 2024

In June 2015, the Slum Redevelopment Authority (SRA) issued a circular aiming to regulate transit rent increases for slum dwellers affected by redevelopment projects. However, this directive has remained dormant, causing distress for occupants stuck in temporary accommodations. The Bombay High Court recently intervened following a representation by Wadala slum dwellers, urging the SRA to enforce the circular mandating a 5% transit rent increase. A division bench of justices instructed the SRA to expedite a decision, responding to a petition filed by 78 eligible slum dwellers from Wadala Village Welfare CHSL. Represented by senior advocate Ranjeet Thorat and advocate Yashodeep Deshmukh, concerns were raised regarding the fairness of developers' rent offers, contrasting market rates, and the SRA's inaction, highlighting the need for prompt resolution.Read more

16 Feb 2024

Adani Realty and L&T Realty lead the race for a 24-acre development in Mumbai's Bandra Reclamation, following a stringent tender process by Maharashtra State Road Development Corporation (MSRDC). Originally attracting interest from major players like Godrej Properties and Mahindra Lifespaces, strict eligibility standards narrowed submissions to three contenders: L&T Realty, Adani Realty, and Mayfair Housing. Positioned near the Bandra-Worli Sea Link toll booth, the project holds significant commercial value, estimated at over INR 30,000 crore, with plans for a 45 lakh sq. ft. mini-township and an INR 8,000 crore payment obligation to MSRDC over the next decade-plus. Supervised by JLL, the tender imposed strict criteria, triggering opposition from locals citing environmental concerns and past agreements, potentially leading to legal challenges from groups like BRAVO.Read more