09 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has terminated a INR 1,600 crore contract with Roadway Solutions India Infrastructure Ltd (RSIIL) for the concretization of 97 km of roads in Mumbai's island city due to the contractor's failure to initiate work. BMC has introduced a fresh tender, valued at INR 1,363 crore, for the concretization of 235 roads in the island city. Despite RSIIL contesting the termination in court, BMC reiterated its decision and mandated a penalty of INR 64.6 crore, along with the forfeiture of deposits. The project aligns with BMC's goals of enhancing Mumbai's infrastructure.Read more

08 Feb 2024

Vamsiram Builders, a prominent real estate firm based in Hyderabad, has lodged a complaint with the registrar of companies (ROC) and the ministry of corporate affairs, alleging misconduct in two Mumbai redevelopment projects worth INR 3,000 crore. The complaint accuses a Mumbai-based entity of fraudulently exploiting Vamsiram Builders' identity, including its name, logo, and project details, to execute these ventures in affluent areas like Khar West and Prabhadevi. Specifically naming Vamsiram Realty Pvt Ltd and its directors, the complaint cites instances of identity theft, urging swift regulatory action to rectify the breach and protect the company's reputation and interests.Read more

08 Feb 2024

A Bombay High Court Bench comprising Chief Justice Devendra Kumar Upadhyay and Justice Arif S Doctor have instructed the BMC to submit details of the inquiry into construction lapses concerning the Lalbaug flyover within six weeks. The directive is related to disclosing the findings of the enquiry conducted by the Statutory Technical Advisory Committee (STAC) regarding any lapses or breaches by the contractor in the construction of the flyover. The High Court's decision underscores the importance of transparency and accountability in construction projects, emphasizing the need for thorough investigations into potential shortcomings in the infrastructure development process.Read more

08 Feb 2024

MMRDA is seeking a INR 4,000 crore loan for the redevelopment of Ramabai Ambedkar Nagar, a 75-acre slum in Ghatkopar. With an "expression of interest" published, the authority aims to address every aspect of rehabilitation. Terms will be disclosed this week, with a 15-year repayment plan expected. The project targets 16,575 slum-dwellers and acquisition of 5,000 tenements, overseen by the Slum Rehabilitation Authority (SRA). This marks MMRDA's inaugural venture into slum redevelopment, aiming to generate revenues of INR 1,073 crore if managed internally, or INR 2,918 crore if outsourced. Amid financial constraints, MMRDA seeks assistance from the Union Government and BMC, affirming its commitment to broader infrastructure projects.Read more

08 Feb 2024

The Royal Western India Turf Club (RWITC) members have approved the Brihanmumbai Municipal Corporation's (BMC) proposal to transform part of the Mahalaxmi Racecourse into a theme park. Out of 708 members who voted, 540 supported the proposal, while 168 opposed it. The BMC's plan involves extending the lease of the racecourse, with the condition that 120 acres of the 211-acre property be handed over to the BMC for creating an open green space. The proposal includes pathways, walkways, sitting areas, and an underground subway connecting to the Mumbai Coastal Road Project's green open space.Read more

07 Feb 2024

Ambika Chauhan Aibara, of Parle Products fame, recently acquired two lavish sea-view apartments in Mahalaxmi, Mumbai. Valued at over Rs 47.3 crore, these expansive units, spanning a combined 6,180 sq ft on the 24th and 25th floors of Raheja Modern Vivarea, reflect her confidence in the city's property market. This landmark development, covering a staggering 1 million sq ft and priced at approximately Rs 90,000 per sq ft, promises a top-tier living experience. The development, situated on reclaimed textile mill land, caters to Mumbai's affluent circles, adjacent to the renowned Raheja Vivarea.Read more

07 Feb 2024

The Brihanmumbai Municipal Corporation (BMC) has raised objections to the Maharashtra government's proposal that 40% of all Transfer of Development Rights (TDR) used in construction projects in Mumbai must come from the Dharavi redevelopment project (DRP). The BMC expressed concerns about the feasibility of implementing the Development Plan (DP-2034) and potential challenges in acquiring reserved land if conditions on Dharavi TDR utilization are imposed. The BMC emphasized that the imposition of utilizing Dharavi TDR first could result in no takers for its TDR allocated for land acquired for roads and public amenities. Additionally, the BMC opposed the proposal to eliminate indexation for DRP TDR, urging the government to consider the unique circumstances and challenges associated with the Dharavi redevelopment project.Read more

07 Feb 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids for constructing a depot for Metro 9 in Dongri village, Bhayander, on a 59.7-hectare government-owned plot. Costing around INR 626 crore, the depot will take 52 months to complete with 40 stabling lines and will serve Metro 7A as well. Challenges in acquiring land led to relocating the depot from Morva, Raimurdhe, and Murdhe villages. Dongri's government-owned land eliminates acquisition costs but requires an additional expense of INR 250-300 crore to extend Metro 9 and add stations. Despite challenges, MMRDA is fast-tracking depot construction amid space constraints in the Mumbai Metropolitan Region.Read more

07 Feb 2024

The Mumbai Urban Transport Projects (MUTP) secures a substantial allocation of INR 1,600 crores for rail initiatives in the interim budget, part of the INR 15,500 crore for Maharashtra by Indian Railways. Executed by the Mumbai Rail Vikas Corporation, the funds cover projects in various phases, including new rail lines and station upgrades. Additionally, Western and Central Railways receive significant allocations for speed enhancement, bridge restructuring, and customer amenities. The National High Speed Rail Corporation is granted INR 25,000 crore for India's first Mumbai-Ahmedabad bullet train corridor, demonstrating a commitment to advancing rail infrastructure in the region.Read more

06 Feb 2024

The Economic Offences Wing (EOW) of Mumbai has arrested prominent builder Lalit Tekchandani over allegations of cheating and forgery in connection with Supreme Constructions' Taloja project. The case involves accusations that Tekchandani and other directors accepted payments from homebuyers but failed to deliver on promises, leading to an FIR with charges of cheating and forgery. The FIR mentions an estimated cheating amount of INR 73 lakh. A lookout circular was issued, and the case was transferred to EOW for further investigation. Homebuyers, including Hera Jadhwani, disclosed promises unfulfilled since 2016, prompting authorities to uncover the extent of the alleged fraud.Read more

06 Feb 2024

In the ongoing insolvency proceedings with the NCLT, J Kumar Infraprojects has submitted a proposal to acquire Pranav Construction for INR 45 crore. This move has been approved by the bankruptcy court. The acquisition involves taking over the real estate company, with J Kumar Infraprojects addressing admitted liabilities amounting to approximately INR 212 crore. This strategic step comes within the framework of the insolvency process, signalling a significant development in the financial restructuring and resolution of Pranav Construction's assets and liabilities. The National Company Law Tribunal's approval binds all stakeholders involved in the resolution plan.Read more

06 Feb 2024

The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.Read more

05 Feb 2024

Sunteck Realty Ltd unveils ambitious plans for upscale housing projects in Mumbai's exclusive Nepean Sea Road and Bandstand in Bandra West. Projected to generate around INR 3,000 crore, these ventures signify Sunteck's strategic expansion into prime Mumbai locations, showcasing its commitment to redefine the city's real estate landscape. With a debut in South Mumbai at Nepean Sea Road, Sunteck aims to deliver ultra-luxurious residential apartments, capitalizing on the market's demand for high-end living spaces. The move aligns with Sunteck's impressive growth trajectory, doubling its Gross Development Value from INR 12,500 crore in FY2022 to INR 30,100 crore in FY2024. The projects underscore Sunteck's proactive approach to market trends and evolving consumer preferences in Mumbai's thriving property market.Read more

05 Feb 2024

CIDCO has announced a significant INR 6 lakh reduction in the prices of tenements in its Bamandongri project, focusing on economically weaker sections under the Mass Housing Scheme Diwali-2022. The move aims to lower the original flat price from INR 35.30 lakh to INR 29.50 lakh, with additional reductions to INR 27 lakh for successful applicants from the economically weaker sections category. Chief Minister Eknath Shinde commended CIDCO for addressing financial challenges and facilitating affordable housing, emphasizing the government's commitment to inclusive urban development in Navi Mumbai.Read more

05 Feb 2024

The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.Read more

05 Feb 2024

Mumbai is set for a significant transformation as the Brihanmumbai Municipal Corporation (BMC) gears up to launch a huge infrastructure project, earmarking INR 7,000 crore to overhaul 400 km of Mumbai's roads. This ambitious initiative aims to transition approximately 40% of Mumbai's roads from asphalt to concrete roads. As the city braces for this massive undertaking, traffic patterns are expected to witness substantial disruptions.Read more