20 Oct 2023

Bollywood star Aamir Khan's property in Mumbai's upscale Bandra locality is set for redevelopment. Atmosphere Realty, a collaboration of Wadhwa Group, MICL, and Chandak, won the bid for this project, which attracted interest from Kalpataru, K. Raheja, and Oberoi Realty. Aamir Khan actively drove the decision making process as he owns 9 of the 24 apartments in the two buildings of the society. The new apartments will offer 55-60% more space to its owners. Pali Hill is among Bandra's top three locations experiencing a redevelopment boom, with renowned developers like Rustomjee, K. Raheja, Prestige, and Ashar Group joining in on projects in the area.Read more

20 Oct 2023

Mahindra Lifespaces and landowner K K Bangur will jointly develop a 37-acre plot in Mumbai's Bhandup. The mixed-use project encompasses residential, retail, and office spaces and the sale value is anticipated to be between Rs 8,000 crore and Rs 11,000 crore. Bangur has been attempting to sell the land for a long time but no buyer was willing to pay the quoted price of Rs 2,500 crore. Thus, he has now opted for a joint development agreement with Mahindra Lifespaces. The developer, paying a significant deposit, is set to construct approximately 40 lakh sq ft over eight to ten years. The deal allocates space for public amenities, including a park, school, playground, and cultural theatre.Read more

20 Oct 2023

The Bombay High Court has stepped in to resolve a decade-old dispute involving Om Satyam Niwas CHS, a cooperative housing society in Borivali, and Greenfield Developers and Realtors LP. The cooperative housing society initiated arbitration proceedings, alleging the builder's failure to pay transit rent arrears of around Rs 3.5 crore. The developer in turn has sued the flat owners for 'GST dues' of Rs 5 crores. The CHS also says that though the building has been redeveloped, it has not received the occupancy certificate. The court has appointed senior advocate Rajiv Patil as the sole arbitrator, allowing both parties to present their claims.Read more

20 Oct 2023

The Indian Railways has yet to transfer 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the dedicated entity for the rejuvenation of the sprawling Dharavi slum. Insiders reveal that the railway still maintains goods on the mostly vacant land. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.Read more

20 Oct 2023

The Central Railway (CR) has initiated a Rs 101 crore redevelopment project for four Mumbai stations— Parel, Byculla, Kanjurmarg, and Vikhroli —under the Amrit Bharat Scheme, citing increasing footfalls. Parel and Byculla's revamp costs are Rs 19.41 crore and Rs 35.52 crore, respectively, while Vikhroli and Kanjurmarg redevelopment costs are pegged at Rs 19.16 crore and Rs 27.01 crore. The focus is on expanding station premises for enhanced movability, including foot over bridges, lifts, escalators, and better amenities like water huts and lighting. The stations will feature improved infrastructure, signage, and accessibility. The CR aims to complete the project within a year.Read more

19 Oct 2023

Chandan Cinema, an iconic Mumbai landmark, has a storied history deeply intertwined with the city's cultural tapestry. Established in the mid-1970s, it became a beloved destination for diverse cinematic experiences. In 2017, the cinema ceased operations due to structural concerns, leading to a redevelopment plan. The owner faced hurdles, including defence clearance issues, and eventually took the matter to the Supreme Court. The court ruled that redevelopment of existing structures is permitted, provided they don't exceed 15.24 meters in height. The redevelopment is set to include a commercial tower, boutique offices, a premium shopping mall, and an executive-class multiplex theatre.Read more

19 Oct 2023

The Brihanmumbai Municipal Corporation (BMC) has made significant progress in reconstructing the 150-year-old Carnac Bunder Bridge, issuing tenders for its approaches and initiating the girder manufacturing process. Despite initial concerns about delays, BMC officials are confident about completing the project within 12 months, costing 252 crore. Challenges, including poor coordination with railways, have caused setbacks, leading to traffic congestion and inconveniences. The BMC's dedicated efforts, along with continued stakeholder coordination, are crucial for ensuring a smooth reconstruction process, minimising disruptions for Mumbai's residents and commuters.Read more

19 Oct 2023

The BMC is moving forward with a road construction project in Chandivali, despite not having acquired the necessary land. The road was planned as part of a 30-year-old development plan. The BMC started construction of the road but got stuck at one-third of the stretch. The land for the remaining road is full of encroachments. Local residents protested, leading to eviction notices and re-initiation of tenders. Only two bids were received for the tender. The BMC extended the timeline due to a lack of response. The BMC emphasizes the work will commence after land acquisition but the DP department, responsible for land acquisition, faces criticism for delays. Citizens question the delayed acquisition process and inaction against encroachments and urge timely action for road development in Chandivali.Read more

18 Oct 2023

An individual named Rajan Gulhane is facing a case filed by the Tilak Nagar police for allegedly attempting to seize a one-acre salt pan land in Vikhroli, Mumbai, by placing a signboard claiming ownership. The land's ownership is disputed between the State Government and the Central Government (Salt Department) and is awaiting resolution in the Bombay High Court. Gulhane replaced a sign indicating the ongoing dispute with his own sign, asserting ownership. However, the Salt Department alleges that he submitted fraudulent documents and confirmed their forgery with the Talati office. Salt pans play a crucial role in Mumbai's defense against flooding and provide habitat for diverse wildlife. They are subject to strict Coastal Regulation Zone (CRZ) regulations.Read more

18 Oct 2023

Hiranandani Group's Empress Hill in Powai is a luxurious residential development witnessing remarkable demand. Within a week of its launch, it has achieved sales worth Rs 1,100 crore, with half of its available properties already sold. The project, with 330 units in three towers, offers three and four-bedroom configurations and is expected to be completed by FY26, with an investment of Rs 2,000 crore. Targeting affluent homebuyers, this project reflects the growing interest in upscale housing due to the COVID-19 pandemic, increased disposable income, job opportunities, and a preference for luxurious living. It has received positive feedback from both domestic HNIs and NRIs, emphasizing punctual delivery, quality, value appreciation, and rental returns.Read more

18 Oct 2023

Godrej Properties faces a setback as CIDCO cancels the allocation of two plots in Navi Mumbai. The real estate firm has strongly opposed the cancellation, asserting that it contravenes a High Court order. Legal proceedings have been initiated by Godrej in response to this step by CIDCO. In March 2021, Godrej Properties secured these plots in Sanpada, near the sought-after Palm Beach area. In a separate development, Godrej Properties' subsidiary, Godrej Redevelopers (Mumbai), confronts a GST demand of Rs. 48.31 crore, along with interest and a penalty, which the company plans to contest legally.Read more

18 Oct 2023

A forensic audit conducted by MahaRERA on the Khar project of Highstreet Paramvir Developers has revealed multiple financial and regulatory irregularities, raising concerns about the handling of project funds and possible violations of the RERA Act by the project's promoter. The audit identified issues such as failure to deposit funds into a separate project bank account, inappropriate utilization of funds, unaccounted for loans and advances, losses from land sales, unsanctioned construction, project delays, and non-submission of essential information for the audit. This marks the first time MahaRERA has taken action against financial irregularities, underscoring the need for transparency and adherence to regulations in the real estate industry. The case has been taken up by the economic offences wing of the Mumbai Police.Read more

18 Oct 2023

The Bombay High Court has denied default bail to Sanjay Chhabriaa, a realtor embroiled in a money laundering case connected to Yes Bank. The court's decision hinged on the intricate nature of money laundering cases that necessitate in-depth investigations, and the Enforcement Directorate's (ED) ongoing inquiry. Chhabriaa had argued for default bail based on the ED's submission of its prosecution complaint within the mandated 60 days, but the ED sought permission to continue the investigation. This case underscores the complexity of money laundering and the need for comprehensive scrutiny in such matters.Read more

18 Oct 2023

MahaRERA, the Maharashtra Real Estate Regulatory Authority, is taking a proactive approach to enhance the quality of real estate construction in the region. The regulatory body is developing a comprehensive framework for quality assurance reporting, aiming to prevent defects from occurring in realty projects thereby benefiting both developers and homebuyers. MahaRERA seeks to engage all stakeholders, including developers, to create a collaborative atmosphere prioritizing quality and consumer satisfaction. By proactively enforcing rigorous standards and transparency, the regulatory authority aims to reduce defects and potential disputes in the post-possession phase.Read more

18 Oct 2023

The BMC’s Rs 1,700 crore Mumbai beautification project faces a setback as decorative lights installed since October 2022 across key areas have begun to malfunction. The decorative lights were installed on the street lights and many of them on prominent roads and flyovers have stopped working. This malfunction is blamed on the street lights' inability to cater to increased power load, unsuitable wiring, and damage from illegal political hoardings. BMC Commissioner Iqbal Singh Chahal assures resolution within two weeks. Critics question the expenditure's priority over essential facilities and advocate FIRs against illegal banners. Others blame improper planning by the BMC and suggest redirecting funds for public services.Read more

18 Oct 2023

The Brihanmumbai Municipal Corporation (BMC) is planning to address Mumbai's increasing water demand by floating tenders for a new 2,000 MLD filtration plant at Bhandup, supplementing the existing 2,800 MLD units. Mumbai draws water from seven lakes and these filtration plants make the water suitable for human consumption. Of the current infrastructure, the 1,910 MLD unit has almost completed its useful life and would soon be decommissioned. Mumbai faced water cuts due to existing filtration unit malfunctions. P. Velrasu, Additional Municipal Commissioner, cites the rise in demand along with the need to improve capacity as the reason behind the proposal for the Rs 350 crore plant in the civic budget.Read more

17 Oct 2023

Three individuals, identified as Kakasaheb Khade, Vikas Dahiphale, and Mohini Tandale, are accused of defrauding 19 Navy officers of Rs 23.13 crore by promising them land in Uran in 2019. Operating under the name Sky Garuda Developers, the accused set up an office in CBD and advertised the sale of Non-Agricultural plots. After initial payments, the accused changed the promised plot location, and when the investors demanded their money back, the trio provided a bounced cheque. The case has been transferred to the Economic Offence Wing, with investigations ongoing under sections 420, 406, and 34 of the IPC.Read more