18 Jan 2024

Mumbai's M East ward is set to transform its streets with a Rs 6.15 crore project under the Pedestrian First policy. The initiative, focusing on the Ghatkopar Mankhurd Link Road junction, involves constructing new footpaths along 22 roads. The project aims to prioritize pedestrian safety and accessibility, featuring tactile indicators for the visually impaired and a new clock tower at the Indian Oil Junction. This move marks a significant shift in urban design, prioritizing pedestrian needs and setting a new standard for city planning in India.Read more

16 Jan 2024

The Enforcement Directorate (ED) has provisionally attached properties totaling Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for selling flats intended for slum dwellers to influential individuals. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla allegedly selling "slum flats" to prominent figures under fraudulent circumstances. The provisional attachments include a residential flat and fixed deposits.Read more

15 Jan 2024

Tribeca Developers, known for Trump-branded projects, has partnered with Tejukaya Group to develop a luxury residential project in Mumbai’s Parel, marking its entry into Mumbai's prime real estate market. Backed by HDFC Capital, the 2.5-acre project under the Cluster Redevelopment Policy will feature over 400 luxury residences with an estimated Rs 1,800 crore sale value. Tribeca's founder, Kalpesh Mehta, highlighted the strategic move after 10 years of landmark projects across India. The project has secured necessary approvals and is expected to launch in Q1 2024-25, offering 2-3 bedroom apartments priced between Rs 3.5 crore and Rs 6 crore.Read more

15 Jan 2024

Siddha Group has teamed up with Sejal Group for an attractive Makar Sankranti offer on their Siddha Sky affordable luxury building in Sion NX, Mumbai. The deal includes 0% stamp duty, no registration cost, and a 25:75 Builder Subvention Scheme. Celebrating new beginnings, Mr. Samyak Jain, the Director, is excited to help buyers start a new chapter. Siddha Sky boasts five 40-storey towers with a unique Rooftop Skywalk featuring a 22,000 sqft Club, Sky Lounge, and more. Strategically located near major transportation links, this offer aims to make dream homes more accessible, showcasing Siddha Group's commitment to redefining living spaces.Read more

15 Jan 2024

The Bombay High Court has upheld the termination of developer Surjit Singh Arora's appointment in a prolonged legal battle over the Murugan Chawl slum rehabilitation scheme in Khar West. The court emphasized the correctness of the Slum Rehabilitation Authority (SRA) CEO and Apex Grievance Redressal Committee orders, dismissing Arora's petition and imposing a cost of Rs 50,000. The judgment underscores the devastating impact of the over two-decade delay on the slum rehabilitation scheme, labeling Arora as disinterested, negligent, and lethargic in project implementation and highlighting the need for adherence to timelines in such crucial initiatives.Read more

15 Jan 2024

Dilip Bhikhalal Desai, Chairman of DHC Advisory LLP, bought a luxurious sea-view duplex in Peninsula Bishopsgate, Breach Candy for a whopping Rs 85 crore. He chose the 10th and 11th floor of the tower. This 5,874 sq ft home sets a new standard with rates at nearly Rs 1.45 lakh per sq ft. The deal includes five parking slots, with stamp duty alone at Rs 5.10 crore. The Peninsula Bishopsgate project is a luxury project that adds to the prominence of Breach Candy. This deal shows soaring demand for premium real estate in Mumbai.Read more

15 Jan 2024

The Maharashtra State Road Corporation (MSRDC) plans to develop its prime 28-acre land parcel in Bandra Reclamation and is looking for a construction company for the big project. With a minimum expected windfall of Rs 8000 crores, MSRDC intends to implement a revenue-sharing scheme. The mixed-use site will combine commercial and residential areas, and the hired firm will create the complicated master plan. MSRDC intends to retain ownership while leasing for 60 years, with an option to extend the lease for another 30 years.Read more

15 Jan 2024

A structural audit by Veermata Jijabai Technological Institute (VJTI) revealed the need for urgent repair for 44 structures, including flyovers and subways, along Mumbai's Western Express Highway (WEH). The Brihanmumbai Municipal Corporation (BMC) will now address maintenance previously overseen by the MMRDA. The repairs will need a significant investment of Rs 200 crore. Key projects include the Andheri flyover and Parsi Panchayet underpass. The BMC's commitment to enhancing urban infrastructure safety marks a significant step in ensuring reliable and safe commutes for Mumbai's residents.Read more

12 Jan 2024

The Maharashtra Coastal Zone Management Authority (MCZMA) has approved Salma Khan's proposal for a hotel construction in Bandra West, Mumbai, clearing a plan to demolish a deserted eight-storey building on a 990 sq-m plot owned by the Khans. The hotel, with a clear sea view, will consist of 19 floors, including a cafe, restaurant, gym, swimming pool, office, convention center and guest rooms. The proposed FSI area is 5933.77 sq meters, totaling 10,208.00 square meters of construction. Despite opposition due to the plot's location in CRZ-IA and CRZ II areas, the MCZMA cited 2019 CRZ regulations, municipal approvals, and NOCs for height restrictions as grounds for clearance. Presently, no construction has commenced on the plot.Read more

12 Jan 2024

The Maharashtra Housing and Area Development Authority (MHADA) has received approval from the state housing department to take over the stalled redevelopment project of R. K. Building 1 and 2 at Ranade Road, Dadar West. The redevelopment of the Swami Samarth Krupa Building project spread across 946 square metres, was halted on the 9th floor in 2014, leaving tenants without rent for a decade. Following government authorization in August 2023, MHADA can intervene in projects inactive for over two years. Based on this, the Mumbai Building Repair and Reconstruction Board proposed MHADA's takeover, which includes scrutiny for third-party rights and loans, blacklisting the owner and developer, and filing a complaint with the BMC.Read more

12 Jan 2024

The Bombay High Court has emphasised that an Occupancy Certificate (OC) cannot be granted to individual flats but is intended for the entire building. The court has temporarily halted an OC issued by the Brihanmumbai Municipal Corporation (BMC) for two flats in Quettawalla Residency, Agripada. The decision underscores the legal distinction between certifications for individual units and those applicable to the overall building structure. The ruling aims to maintain regulatory compliance and uphold the intended purpose of OCs, ensuring that certifications accurately reflect the safety and adherence to building regulations for the entire premises.Read more

11 Jan 2024

Blackstone-backed Nexus Select Trust, the only mall focused REIT in India, is planning to add the R City Mall owned by Runwal Developers in Mumbai to its REIT portfolio. Runwal recently made a Rs 1000 crore buyout of Singapore's GIC stake and acquired full ownership of the mall. Nexus Seawoods in Navi Mumbai stands as Nexus Trust's only Mumbai asset and is thus seeking investment in premium malls like R City and enhancing their amenities, aligning with its strategy of strengthening Grade-A mall acquisitions across MMR. Anarock Retail's 2023 report ranks MMR Grade-A mall rentals, averaging Rs 358 – 396 per sq ft, as the highest among major cities.Read more

11 Jan 2024

Mumbai Trans Harbour Link (MTHL), a 21.8 km bridge connecting Sewri in Mumbai to Navi Mumbai's Chirle is set to open soon. It is hailed as a game-changer because the travelling time is set to cut down from 2 hours to just 20 minutes. With smarter technology like Orthotropic Steel Decks being used, MTHL will be accommodating 70,000 cars/day at 100 km/h. Beyond speed, it's also a real estate game-changer as Navi Mumbai property values are projected to rise by 35-45%. At Rs 250 for a one-way trip, it's a steal for Mumbai-Navi Mumbai travellers. MTHL isn't just a bridge—it's Mumbai's next real estate bestseller, redefining living and investment opportunities.Read more

11 Jan 2024

A committee advised repairing Mumbai's aging Malabar Hill Reservoir, crucial for the city's water supply, in an interim report presented to BMC Commissioner Iqbal Singh Chahal. The recommendations suggest targeted fixes rather than costly reconstruction, pending the final report. Chahal emphasised making wise decisions that strike a balance between finances and infrastructure needs. The final report will outline repair specifics, guiding budget allocations and setting precedents for future projects. Locals welcomed the repair approach, foreseeing minimized disruptions. This strategy ensures structural integrity, demonstrating Mumbai's commitment to sustainable urban development.Read more

10 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted a one-year extension to the under-construction Palais Royale tower in Worli, Mumbai. The developer, Honest Shelters Pvt Ltd, sought the extension due to pending litigation. Despite observations by MahaRERA chairperson Ajoy Mehta about the lack of a two-thirds majority consent from homebuyers and outdated Quarterly Progress Reports, the extension was approved to ensure project completion under RERA provisions. The order mandated obtaining an Occupancy Certificate by December 30, 2024, and updating all reports. Palais Royale, initially promoted by Shreeram Urban Infrastructure Ltd, faced delays and legal challenges before its clearance in 2019.Read more

10 Jan 2024

Tridhaatu Realty recently received the Occupancy Certificate for the first phase of Tridhaatu Morya, a high-end residential project in Chembur, Mumbai. The development of this project will unfold in two phases; phase 1 will feature 1 & 2 BHK units and phase 2 will have larger 2 & 3 BHK configurations, including provisions for Jodi flats. Amenities include a grand entrance lobby, clubhouse, landscaped gardens, and eco-friendly features like solar panels. Situated strategically in Chembur, the project ensures seamless connectivity and access to essential services, solidifying its appeal.Read more

10 Jan 2024

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has dismissed a complaint against Macrotech Developers (Lodha) for allegedly initiating construction on open space without obtaining the required consent from two-thirds of homebuyers. MahaRERA clarified its jurisdiction, stating that it does not oversee construction beyond the boundaries of a registered project. MahaRERA emphasized that its mandate is limited to monitoring construction within registered project boundaries and highlighted the complainant's failure to provide evidence of a violation of RERA provisions.Read more