07 Nov 2023

Raymond Limited's subsidiary, Ten X Realty, recently unveiled plans to redevelop the Navjivan Society in Mumbai's Mahim area, projecting a revenue potential of Rs 1,700 crore. This move aligns with Raymond's real estate expansion strategy within the Mumbai Metropolitan Region. The company emphasized leveraging its vast land assets, aiming for substantial growth through joint ventures and development projects. This strategic step reflects Raymond's commitment to advancing real estate initiatives, diversifying its portfolio, and solidifying its position in Mumbai's real estate market.Read more

07 Nov 2023

In 1976, a 2,500-square-foot plot of land was granted to a Project-Affected Person (PAP). After nearly four decades, a complaint emerged, alleging a violation of the allocation's terms, which mandated the construction of a dwelling on the land within a year. As a result of this alleged non-compliance with the stipulated condition, the state authorities took the decision to cancel the land allotment. This move has ignited a debate surrounding the legality and fairness of revoking an allocation made many years ago, raising questions about the rights and responsibilities of land beneficiaries in long-standing cases of land distribution.Read more

07 Nov 2023

In Mumbai, over 56% of properties sold between January and October 2023 were priced above Rs 1 crore. Rising property prices and a 250 basis point increase in the policy repo rate over the past two years have affected registrations for properties below Rs 1 crore. However, higher-value properties have seen minimal impact with a consistent increase in their share. Mumbai achieved a total registration count of 104,832 units in this period, with 58,706 priced above Rs 1 crore. The Central and Western Suburbs have seen a surge in launches and strong demand, driven by factors like metro connectivity. This trend reflects the shifting preference towards more upscale accommodations, signifying buyers' capability and willingness for long-term commitments in the Mumbai residential real estate market.Read more

04 Nov 2023

Akshara Haasan, daughter of actor Kamal Haasan, recently acquired a luxurious 2,354-square-foot apartment in Khar, Mumbai, for a staggering Rs15.75 crore. The apartment, located in the high-end Ekta Verve tower on 16th Road, offers opulent living with three parking spaces and a range of amenities. Ekta Verve, developed by Ekta World, boasts 18 apartments and a duplex, featuring 4, 5, and 7-bedroom luxury residences. Akshara Haasan, a Bollywood actress herself, is following in her family's footsteps. Khar, a rapidly growing neighbourhood near Bandra, remains a hotspot for celebrity real estate investments, further enhancing its appeal.Read more

03 Nov 2023

Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.Read more

03 Nov 2023

In the midst of a wave of urban beautification projects sweeping through the city, the Brihanmumbai Municipal Corporation (BMC) has now turned its attention to the iconic Shivaji Park in Dadar. This latest development was spurred by a recent visit from Member of Parliament Rahul Shewale, during which he unveiled a comprehensive plan to revamp the beloved park. The proposed enhancements encompass a wide range of changes, including measures to combat pollution and dust, the installation of smog towers, and the addition of impressive new features like the country's tallest tricolour flag. However, these beautification plans have not been without controversy, as concerns arise regarding their impact on the park's historical and recreational significance.Read more

03 Nov 2023

The Brihanmumbai Municipal Corporation (BMC) has demolished six unauthorized structures within the privately-run Marine Aqua Zoo in Dadar, following concerns over unauthorized development within the zoo. The structures included unapproved brick buildings and sheds made of bamboo, tarpaulin, and leaves. Despite a 15-day notice to remove these structures, the zoo management did not comply, leading to their demolition. The zoo had already been under scrutiny due to animals appearing in the nearby civic-run swimming pool. The BMC's actions emphasize the importance of adhering to regulations and ensuring responsible management practices within the zoo.Read more

03 Nov 2023

Mumbai's property tax billing for the 2023-24 fiscal year has been delayed due to the BMC's retrospective tax assessment. To address the issue, the civic body plans to send provisional bills with a 10% hike to taxpayers next month. The problem arose from the BMC's adoption of the capital value system for property tax calculations, retrospectively from 2010. In 2019, the Bombay High Court invalidated certain rules related to retrospective taxation. Though the BMC approached the Supreme Court, it got no relief and was asked to create new rules and issue fresh bills. BMC would need to refund significant amounts to affected taxpayers.Read more

02 Nov 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) Appellate Tribunal has imposed restrictions on the sale of flats within 'THE NEST,' a luxury residential project in Mumbai's Andheri West, jointly developed by the Sai Group and the Wadhwa Group. This decision follows a decade-long delay and numerous complaints from homebuyers. The tribunal's actions came in response to the plight of Vijay Choksi, a buyer who had paid in full but had not received his property. The tribunal's injunction halts flat sales. Legal proceedings are ongoing. The case highlights challenges and conflicts in the real estate sector concerning property delivery and consumer rights.Read more

02 Nov 2023

The BMC in Mumbai has initiated stop-work notices for builders who fail to adhere to recent anti-air pollution guidelines. Multiple construction sites, including one in Mulund and Santacruz, received these notices. The Prestige City site in Mulund was found in violation of 13 conditions, leading to the notice. The guidelines cover various aspects, including the use of metal sheets, wet cloth, enclosed areas for certain tasks, and protective equipment for workers. Compliance is required within 15-30 days. However, some in the construction industry argue that these guidelines may lead to safety issues, and many of the required equipment are not readily available in the market.Read more

02 Nov 2023

Suburban Guardian Minister Mangal Prabhat Lodha has responded to local opposition to the reconstruction of the Malabar Hill Water Reservoir by instructing the Brihanmumbai Municipal Corporation (BMC) to establish a technical assessment committee. This committee will include professors from IIT (Bombay), BMC engineers, and local residents with technical expertise. Its primary task is to evaluate the reservoir and decide whether it should be repaired or demolished. The controversy arose due to the reconstruction plan's potential impact on trees and opposition from residents. This committee's diverse composition and its technical assessment will play a crucial role in determining the reservoir's fate, balancing historical preservation with contemporary needs.Read more

01 Nov 2023

The Bombay High Court has taken a decisive stance by ordering the Director General of Police (DGP) to launch a thorough investigation into a prominent builder accused of defrauding over 11,500 flat buyers in Thane. Expressing strong disapproval of the lacklustre investigative approach, the court emphasized the need to prioritize the victims' interests over the accused. The case involves allegations against Karam Infrastructure Private Limited and its directors. The DGP has been given four weeks to complete the inquiry, highlighting the urgency of addressing this alleged fraud and delivering justice to the victims.Read more

01 Nov 2023

Mumbai's BMC has terminated a contract with DBS Realty for a project to construct 4,000 tenements for project-affected people (PAPs) due to the developer's failure to transfer land titles as required under the "credit note" policy. Under the "credit note" policy, the BMC wanted developers to buy land, construct houses and give them to the BMC in exchange for a credit note which can be sold in the market or to settle BMC dues. The BMC was to pay DBS Realty Rs 1,584 crore for this project. The PAP scheme was introduced to construct over 35,000 flats for rehabilitating people whose homes might be demolished for various civic infrastructure projects. BMC has already issued credit notes worth about Rs 350 crore to developers though actual construction work hadn’t started in most of them.Read more

01 Nov 2023

Reliance Industries is set to unveil Jio World Plaza, India's largest luxury shopping destination, on November 1. Located in Mumbai's Bandra Kurla Complex, the 750,000 square feet mall will host prestigious luxury brands like Bulgari, Cartier, Louis Vuitton, and many more. Notably, Bulgari will make its debut in the Indian market through this venture. The mall will provide exclusive services such as personal shoppers, VIP concierge, wedding concierge, and porter service, enhancing the luxury shopping experience in India. With the country's evolving luxury retail landscape and increased demand, this launch marks a new era in luxury retailing.Read more

31 Oct 2023

CIDCO's 'Maha Nivas' housing scheme offers luxurious apartments to Maharashtra's legislators, judges, and bureaucrats at a fraction of the market rate, with price at about Rs. 19,500 per sqft, significantly lower than the area's market price of Rs. 30,000 to Rs. 60,000 per sqft. The scheme is part of a government initiative for specific VIPs and CIDCO is entrusted to construct and allocate the apartments on a lottery basis. It is designed by renowned architect Hafeez Contractor and encompasses 350 apartments on Palm Beach Road with carpet areas of 1270 sq ft and 1800 sq ft. CIDCO is welcoming applications till November 12 and has received 270 applications so far. While some praise the initiative, concerns have been raised within the real estate community about the pricing disparities and eligibility criteria.Read more

31 Oct 2023

The Mumbai Repairs and Reconstruction Board (MRRB) has taken action against Satra Property Developers and Firstwave Developers, who are managing the redevelopment of Mahavir Building complex in Matunga. The MRRB issued a stop-work notice after the builders failed to settle outstanding rent payments to original occupants, consisting of more than 200 shopkeepers and tenants, despite a prior order to do so. Consequently, the MRRB revoked the No Objection Certificate (NOC) for the project and halted construction activities related to the property's sale component. The project is one of the largest redevelopment projects in Mumbai and aims to redevelop an area of 5560 sq.m. in Matunga East.Read more

31 Oct 2023

The Bombay High Court has criticized the BMC for inaction and permitted a tenants association to seek permission for the reconstruction of a demolished building. Chandralok building on Aarey Road, Pahadi village, was constructed in 1965. It was dubbed a C-1 category dangerous building by the BMC in 2014. In July 2019, the 103 tenants vacated the building and it was demolished. The owner - who is also lessee of the land - failed to take steps for reconstruction or redevelopment or provide alternative accommodation. The HC noted the obligation of the BMC to act when there is no owner-led proposal and upheld tenants' statutory right to reconstruction.Read more

31 Oct 2023

The Navi Mumbai Municipal Corporation (NMMC) has been releasing 37 million litres of untreated sewage daily into Thane creek due to the shutdown of its sewage treatment plant (STP) amid a land dispute with CIDCO. The landowner claimed that he had not received compensation for the land acquired by CIDCO, leading to the dispute. The release of untreated sewage violates a Supreme Court order and could incur penalties from the National Green Tribunal. NatConnect Foundation, an NGO, raised concerns about this issue, emphasizing the threat to marine life and biodiversity in the creek. The NMMC is working to resolve the matter and reopen the STP. Swift action is essential to mitigate the ecological and public health risks posed by the untreated sewage discharge into the creek.Read more

28 Oct 2023

Macrotech, a developer in Mumbai, has secured a Bombay High Court directive for a 50% premium rebate on the development of the Bradbury Mills plot in Byculla. The court determined that if a party or developer couldn't pay the premium due to reasons beyond their control, such as issues with the planning authority (BMC in this case), they should not be disqualified from the rebate scheme. The scheme, established to revitalize economic growth post-COVID-19, required applications to be submitted by December 31, 2021. The court upheld the developer's right to the rebate, emphasizing that they were not at fault for the delay due to BMC's misclassification of their application.Read more