10 Jan 2024

Residents of Bharat Nagar and Maharashtra Nagar in Bandra East have filed complaints alleging forgery and fraud in a redevelopment deal involving HDIL. They claim HDIL forged documents in 2006 to take over the slum's redevelopment rights, including creating fake sale deeds and affidavits. The complainants allege they were given temporary housing by HDIL from 2006 to 2011 but were denied rent from 2012. During a 2018 hearing, it was discovered that their documents were falsified, transferring ownership to others. FIRs were filed against HDIL's promoter and others citing criminal charges. The police are investigating to uncover the truth behind these serious allegations in the slum redevelopment scheme.Read more

10 Jan 2024

Mumbai witnessed a historic surge in real estate, marking the highest property registrations in 11 years. With 127,139 registrations in 2023, Mumbai surpassed the previous year by 4%, generating Rs 10,889 crore in stamp duty. December alone saw 12,487 units registered, a 33% increase from past year. Industry experts credit this growth to positive market sentiments, rising aspirations, and increased incomes. The western suburbs, propelled by improved connectivity and convenience, emerge as a real estate hotspot. Infrastructure upgrades and tailored offerings are contributing to Mumbai's suburbs becoming an attractive choice for diverse homebuyers, shaping a resilient and evolving real estate landscape.Read more

10 Jan 2024

Navi Mumbai Municipal Corporation (NMMC) excelled in property tax collection by collecting Rs 465.70 crore in the first nine months of the fiscal year 2023–24, a significant rise from the previous year. This success is credited to strategic planning and the dedicated efforts of officials, notably Additional Commissioner Sujata Dhole. The NMMC aims to collect Rs 800 crore by the end of this fiscal year. Chief Rajesh Narvekar emphasizes the recovery of arrears, leveraging data, and conducting a LiDAR survey. The achievement reflects sound financial management, affirming the NMMC's commitment to fiscal responsibility and sustaining economic growth in Navi Mumbai's industrial sector.Read more

09 Jan 2024

The Bombay High Court has directed the Maharashtra Housing and Area Development Authority (MHADA) to proceed with the self-development proposal for 500 dilapidated buildings in Kannamwar Nagar without requiring a No Objection Certificate (NOC) from the original developer. The court's decision provides relief to residents who have waited for 18 years for the redevelopment of their buildings. The Kannamwar Nagar Nagarpalika Bhadekaru Co-operative Housing Society must submit an affidavit-cum-indemnity to MHADA and ratify its April 8, 2021, resolution for self-redevelopment to fulfill the court's conditions.Read more

09 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

08 Jan 2024

An agreement between the government and the Royal Western India Turf Club (RWITC) for a proposed theme park on the Mahalaxmi racecourse awaits approval from 75% of the club's 2,000+ members. An extraordinary general meeting in January will be decided, with CM Eknath Shinde and BMC chief I S Chahal explaining the plan. The racecourse spans 226 acres, with 70% under the state and 30% under BMC. The government assures racing activities' would be uninterrupted during the proposed development. Ongoing debates include the racecourse's transformation into a theme park, has drawn criticism from the opposition and walkers who deem it detrimental to the city's open space.Read more

08 Jan 2024

In a recent case, the Santacruz police in Mumbai filed a fresh case of cheating against Ahuja Developers, their directors, and Chinese partners. Accused individuals, including Jagdish Ahuja, Gautam Ahuja, Chandras Kotian, Ashok Gacheria, and Chinese company officials from Jia Vei, Liyank Shaung, Ya Wang, Snehanjali SB Developers, and Hive Carbon Zero Developers Private Limited, are alleged to have cheated a flat buyer of Rs 1.33 crore. The complainant, Prashant Bhat, claimed discrepancies in the allotment process. This follows a previous arrest of Jagdish Ahuja in January for a Rs 27-crore cheating case, adding to the legal troubles faced by Ahuja Developers and their associates. The police are actively investigating to ensure justice for the affected parties.Read more

08 Jan 2024

The Mumbai Metro Rail Corporation Limited (MMRCL) has taken a proactive step to protect water pipelines by designating a 50-meter radius around the Metro 3 project as an 'influence zone.' This measure aims to prevent potential damage to pipelines caused by unauthorized development and digging activities. Property owners, societies, and entities within this zone must obtain prior approval from MMRCL before initiating certain activities. This move follows incidents of unauthorized digging causing water pipeline leaks. MMRCL's proactive approach underscores a commitment to infrastructure protection and sustainable urban development in Mumbai.Read more

08 Jan 2024

The Bombay High Court has criticized the Maharashtra Housing and Development Authority (MHADA) for hastily declaring several properties in Tardeo as dangerous without proper due process. The court's bench expressed disapproval of MHADA's reliance on visual inspections and emphasized that structurally sound buildings should not be prematurely deemed unsafe. The property owners filed petitions challenging MHADA's classification and proposed redevelopment under Section 79A of the MHADA Act. The court directed MHADA to inform all concerned parties about the structural conditions, allowing owners an opportunity to present their case. This highlights the importance of proper legal procedures in such matters.Read more

08 Jan 2024

Vile Parle, situated in Mumbai's western suburbs, is a lively locality renowned for its cultural heritage and educational institutions like Mithibai College and NMIMS University. In November 2023, Vile Parle witnessed 27 apartment transactions across 22 buildings, with resale transactions dominating the market. Moss Adhira, Anand Bhuvan Apartment, Sumit Gurukrishna, Nutan Jeevan CHSL, and Hetali Shivam CHS each closed 2 deals. Irene Building recorded the most expensive transaction at Rs. 11 Crores for 1612 sq ft. The most affordable option was in Aangan Apartment at Rs. 49 Lakhs. The average rate per sq ft in Vile Parle ranged from Rs. 16,000 to Rs. 68,300, with a weighted average of Rs. 30,000. Over 50% of flats sold were in the 501-1000 sq ft range, and approximately 80% were priced between Rs. 1 Crore and Rs. 5 Crores.Read more

08 Jan 2024

Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.Read more

05 Jan 2024

MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.Read more

05 Jan 2024

A plot on Navi Mumbai's Palm Beach Road sets a record with a bid of Rs.6.46 lakh per sqm, mirroring the intense demand for land in the area. However, 18 CIDCO plots received no bids, attributed to high base prices and market conditions. The record bid highlights the scarcity of land in the prime location, leading to the substantial price surge. CIDCO earned Rs.1,170.80 crore from the sale, but the lack of interest in other plots raises concerns. Industry experts criticise CIDCO for escalating base prices and suggest adjustments to encourage a more balanced and competitive market.Read more

05 Jan 2024

The state government has expanded Aarey Milk Colony's 'green zone' by 132 hectares, providing the entire 445-hectare area with the highest environmental protection. This landmark decision, three years in the making, secures Aarey's position as one of Mumbai's last green lungs. The move addresses concerns of potential commercial exploitation, emphasizing a commitment to preserving the city's diminishing green spaces and marking a significant victory for environmental advocates.Read more

04 Jan 2024

The Brihanmumbai Municipal Corporation (BMC) has taken decisive action against air pollution in Mumbai by issuing stop-work notices to 859 construction sites in the last two months. Two construction firms in the Grant Road area were fined Rs 2 lakh each for violating pollution control norms, and 603 sites received show-cause notices during this period. The BMC's stringent measures come in response to the deteriorating Air Quality Index (AQI) in Mumbai, prompting the issuance of guidelines on October 25 to mitigate air pollution, with a focus on using sprinklers and fogging machines at construction sites to suppress dust.Read more

04 Jan 2024

After a 20-year legal battle, Doreen Fernandes, a widow living in Santacruz, has secured victory in her dispute against Chhagan Bhujbal and his family over her rightful share following the sale of her ancestral bungalow. The Bhujbals, accused of land grabbing, settled by agreeing to pay Rs.8.41 crore as a final resolution. Doreen, the sole caregiver to her three autistic sons, gained public attention through activist Anjali Damania's expose. The financial settlement brings relief to Doreen and she plans to invest it wisely and establish a trust for her sons' future. She has expressed gratitude towards Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their intervention.Read more

04 Jan 2024

In 2023, Mumbai witnessed a 4% YoY surge in property registrations, hitting a record high of 1,26,907 units, surpassing the previous year's peak at 1,22,035 units, as per data from real estate consultant Knight Frank India. The state government collected Rs 10,869 crore in stamp duty, marking a 22% increase from the previous year. December alone saw a 31% YoY rise in registrations, reaching 12,255 units in Mumbai city. Knight Frank's data, sourced from the Department of Registrations and Stamps, Maharashtra government, indicates a robust market with residential units constituting 80% of the registered properties.Read more

04 Jan 2024

Between April 1 and December 31, 2023, the BMC generated Rs 638 crore, constituting 10% of the property tax target for 2023–24. Legal complexities in retrospective tax assessment led to delayed bill distribution, making the Rs. 6,000 crore targets by March 31 challenging. The BMC faced revenue declines due to property tax exemptions and pandemic-induced deferrals. In 2022–23, the revised target of Rs 4,800 crore was surpassed with a collection of Rs 5,575 crore. Property tax bills for 2023–24, recently distributed with objections, involve provisional bills to be settled by taxpayers in two installments, concluding on March 25, 2024.Read more

04 Jan 2024

In a significant development, the Gautam Adani-led joint venture for transforming Mumbai's Dharavi, one of Asia's largest slums, has enlisted a team of global experts. The team, including renowned architect Hafeez Contractor and international firms like Sasaki and Buro Happold, faces challenges amid public scrutiny and protests. This ambitious $619 million project, backed by Maharashtra government, seeks to revitalize the densely populated area, lacking basic amenities like clean water and toilets. The initiative promises not just physical reconstruction but a socio-economic upliftment, marking a pivotal moment in urban renewal and community development.Read more

04 Jan 2024

The Malabar Hill micro-market in Mumbai has experienced a 10% appreciation in premium housing, reaching an average weighted carpet area price of Rs.1.01 lakh per sq ft in Q3 2023-24, according to a study by Liases Foras. This growth is attributed to ongoing infrastructure developments in South Mumbai, including the Cuffe Parade to Seepz underground Aqua Metro Line and the Coastal Road project. Sales increased from 17 units in Q3 2019 to 52 in Q3 2023, with decreased unsold inventory and a rise in new housing supply, marking a positive shift in market dynamics. The average price per sq ft surpassed Rs.1 lakh for the first time in five years.Read more