20 Dec 2023

The recent e-auction by the Jawaharlal Nehru Port Authority (JNPA) secured an impressive Rs 426 crore for leasing 14 plots, totalling 42 hectares, in the JNPA Special Economic Zone (SEZ). Notable industries like Welspun One and Fine Organics secured plots, marking a significant milestone in the region's socio-economic development. The JNPA SEZ, part of the Sagarmala national flagship policy, aims to enhance exports, attract investments, and generate employment. With a transparent leasing process, 31 units have been allotted SEZ plots, covering 59 hectares, fostering industrial development with strategic connectivity through water, road, rail, and air.Read more

20 Dec 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) is embarking on a slum redevelopment initiative in Ramabai Ambedkar Nagar, a 75-acre slum near Ghatkopar’s Eastern Express Highway. Collaborating with the Slum Rehabilitation Authority (SRA), MMRDA aims for a mutually beneficial project, potentially acquiring slum land without freeway extension costs. According to the proposed plans, MMRDA will rehouse 16,575 slum dwellers and secure 5,000 tenements for project-affected persons (PAPs) from various projects. The project is estimated to generate Rs 1,073 crore, potentially alleviating MMRDA's financial strain amidst substantial infrastructure investments.Read more

19 Dec 2023

Mumbai police's Economic Offences Wing (EOW) has arrested developer Jayesh Tanna in connection with a housing fraud case involving 28 home buyers and Rs 40 crore. This marks Tanna's third arrest in housing fraud cases, as part of the ten FIRs he faces. The latest case involves the Goregaon Pearl Cooperative Housing Society, where Tanna allegedly diverted funds, failed to deliver promised flats, and left the project incomplete. Previous allegations include selling the same property to multiple buyers. Mumbai police's actions reflect a commitment to addressing malpractices and safeguarding homebuyers' interests.Read more

19 Dec 2023

Over the last five years, the Navi Mumbai Municipal Corporation (NMMC) has identified 3,500 illegal constructions, raising concerns about the extent of violations in the well-planned city. Data shows 534 unauthorized buildings were identified in the first ten months of this year alone, bringing the total to over 15,000. While the NMMC has taken actions, residents believe efforts remain insufficient. The surge in illegal constructions raises infrastructure strain and concerns about water scarcity. Buyers are also at risk, lured by low-priced flats lacking essential permissions.Read more

19 Dec 2023

The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.Read more

15 Dec 2023

DLF Group is set to re-enter Mumbai's property market with a project in Andheri West which is part of a Slum Rehabilitation Authority (SRA) initiative. The project is being developed in partnership with Trident Group. The first phase of this project encompasses 1 million sq ft, with DLF injecting Rs 400 crore as equity. DLF holds 51% of the special purpose vehicle and aims to launch before June 2024. This Andheri West project serves as a pilot and will influence DLF’s future Mumbai strategies. DLF's return follows strong financials, reporting a 29% YoY rise in Q2 net profit and targeting Rs 13,000 crore in sale bookings for the fiscal year.Read more

14 Dec 2023

Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.Read more

13 Dec 2023

Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.Read more

13 Dec 2023

Mumbai police arrested Niraj Vaid, director of Srinath Builders, in connection with a cheating case where a complainant paid nearly Rs 3.3 crore for a Ghatkopar flat, facing delays in possession. Vaid has around 10 cases related to cheating and forgery, and this arrest follows a similar incident in 2020. The complainant alleged Srinath Builders failed to complete the project on time, leading to the cheating case. Vaid and his wife faced accusations of accepting bookings but selling flats to third parties in earlier cases. This highlights recurring legal issues, emphasizing the need for regulatory compliance and transparency in real estate projects.Read more

12 Dec 2023

The recently constructed concrete road in Aarey Colony, Mumbai, has developed cracks at various locations, raising concerns about the quality of construction. The Brihanmumbai Municipal Corporation's (BMC) Road department officials have acknowledged the issue and assured residents that necessary repairs will be carried out. The construction project involved the concretization of Aarey Colony's main road from Goregaon Junction to the L & T junction of Powai. The project, initiated in 2022 and expected to be completed by 2025 with a budget of Rs. 51 crore, has a 10-year defect liability period.Read more

09 Dec 2023

The Mumbai Trans Harbour Link (MTHL), envisioned in 1962, symbolizes connectivity between Mumbai Island and Navi Mumbai. Despite delays, work began in 2018 with a proposed opening on December 25, 2023. While deck work nears completion, crucial technological systems under Package 4, including toll and transport management, pose challenges. The BJP announced the bridge's opening, contrasting with the MMRDA's acknowledgment of pending works. Over 97% of the sea link is finished, yet concerns persist about traffic management. The MTHL, India's longest sea bridge, represents ambition tempered by logistical complexities in infrastructure development.Read more

08 Dec 2023

The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.Read more

08 Dec 2023

Mumbai's ultra-luxury real estate market, featuring homes over Rs. 40 Crore, has seen a phenomenal 247% increase in sales value in 2023 compared to the previous year. Dominating the sector, Mumbai recorded 53 of the 58 high-end transactions in top Indian cities. The market, fuelled post-COVID-19, attracted predominantly businessmen and professionals, highlighting a shift in luxury housing demand. This surge underscores a significant recovery and transformation in the luxury real estate sector, marking a new era of upscale living preferences among India's wealthy populace.Read more

07 Dec 2023

The BMC is actively reassessing two ambitious projects on Little Gibbs Road, Malabar Hill, situated above twin coastal road tunnels, following the Silkyara tunnel collapse. This safety review, triggered by a citizen-activist complaint, involves scrutinizing proposals for 3-4 storey basement construction by Aakar Architects and Barai Architects. Both firms, acting as liaising consultants, received no-objection certificates for high-rise buildings. Concerns arose about the potential risks to the twin tunnels and their structural integrity. Chief Engineer MM Swami emphasized adherence to the original plans for safety. Barai Architects acknowledged the BMC's letter, while Aakar Architects' response remains pending.Read more

06 Dec 2023

Tenants associations across Mumbai are urging the chief minister and housing minister to appoint senior counsel and a reputable solicitor firm to advocate for the Maharashtra Rent Control Act, 1999, and Chapter VIII of the MHADA Act before the Supreme Court. The Property Owners Association and other stakeholders have challenged the constitutional validity of these acts since 2000, with a crucial hearing scheduled for February 6. Tenants fear a ruling in favour of property owners could jeopardize rent control in Maharashtra, potentially allowing arbitrary rents and evictions. Political leaders, including Mumbai's guardian minister and BJP representatives, pledge to address tenant concerns and protect their interests.Read more

06 Dec 2023

hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.Read more

06 Dec 2023

Despite fewer working days in November, property registrations in Mumbai rose 8% YoY to 9,713 units, contributing over Rs. 711 crores to the state exchequer. Factors such as rising incomes, positive homeownership outlook, festive discounts, and attractive home loan offers drove this success. While November's registrations dipped from October, the overall trend remains positive, with a 10% YoY rise, and stamp duty revenues likely to surpass Rs. 10,000 crores for the first time. Prime property prices saw a 6.5% YoY increase in Q3 2023, contributing to Mumbai's sustained housing sales momentum.Read more