28 Oct 2023

Kosmos Developers and West Avenue Realty have unveiled Eirene, an 18-storey luxury residential project in Dadar, Mumbai. The project features spacious 800 sq.ft. two-bedroom apartments, with opulent sea-view options on higher floors. Notable for its easy accessibility to key locations in Mumbai, Eirene is within walking distance of Dadar railway station and boasts proximity to landmarks like Siddhivinayak Mandir and Shivaji Park. The Bhoomi Pujan ceremony, attended by dignitaries including Deputy Chief Minister Devendra Fadnavis, marked the project's launch. Both developers expressed their commitment to delivering high-end luxury residences at affordable prices to meet market demand for modern smart living.Read more

28 Oct 2023

In a pivotal ruling, the Bombay High Court reaffirmed the right of tenants in cessed buildings to receive 405 sq ft of carpet area for their rehabilitation flats. This decision came as a result of a writ petition filed by 59 residents of Mohamed Taibhai Chawl in Worli, contesting a developer's attempt to provide them with only 351 sq ft of carpet area under Section 33(7) of the Development Control and Promotion Regulations (DCPR) 2034. Armed with building plans obtained through the RTI Act, the residents argued for larger rehab flats, more parking space, and increased amenity open space.Read more

28 Oct 2023

During the nine-day Navratri festival from October 15 to October 23, 2023, Mumbai witnessed a remarkable 37.4% year-on-year increase in property registrations. Knight Frank India, a prominent real estate consultancy firm, reported that 4,594 units were registered, up from 3,343 units in Navratri 2022. This surge generated a revenue of Rs 435 crore for the state exchequer. The daily average registration rate rose from 371 units in 2022 to 510 units in 2023. The surge was attributed to improved buyer confidence, stable interest rates, and a growing interest in larger homes.Read more

28 Oct 2023

The restoration of Mumbai's Haji Ali Dargah, a project initiated over 17 years ago, continues to face significant delays and challenges. Trustees and government officials, including the guardian minister and representatives from various agencies, have held multiple meetings to address the project's sluggish progress. The renovation effort is divided into two components: the restoration of the shrine complex and structures, managed by the dargah trust, and the reconstruction of the pathway leading to the shrine, overseen by the state government. The estimated costs for these components have significantly increased. The restoration aims to preserve the historical significance of the dargah, emphasizing the need for efficient project management in cultural heritage preservation.Read more

28 Oct 2023

Mumbai's present real estate construction boom has contributed to worsening air pollution. The ongoing real estate construction activity spanning approximately 3.24 crore square feet is equivalent to five times the size of Nariman Point. Since 2022, incremental construction in Mumbai has grown by 68%. This surge in construction is attributed to a government initiative in 2021 which halved premiums for developers, sparking a rush by developers to get projects approved. While this construction surge has driven housing production and the state's economy, it has come at the cost of increased pollution, with a noxious haze enveloping the city.Read more

27 Oct 2023

Jailed builder Jayesh Tanna, along with his brother Deep and son Vivek, face a ninth FIR for allegedly cheating 28 flat buyers of Rs 40 crore. Tanna, imprisoned at Arthur Road jail, is implicated in multiple cases across Mumbai, primarily involving the sale of flats to third parties. The latest complaint revolves around a 2012 redevelopment project in Goregaon, where Tanna was redeveloping a building. A buyer, Bhavin Barot, booked a flat for Rs 1.6 crore with possession due in 2013, but encountered disputes in 2016. Eventually, he found that 27 more flat buyers were affected and approached the police. The case may be transferred to the economic offenses wing.Read more

27 Oct 2023

Construction of Navi Mumbai airport faces delays, with anticipated commercial operations in 2025 instead of 2024, per CAPA. The Adani Group, responsible for the project, insists it will meet the original December 2024 target. Mumbai International Airport Limited (MIAL), another Adani Group entity, is also investing in enhancing efficiency and capacity. The proximity of the Navi Mumbai Airport aims to alleviate congestion at the Mumbai Airport. The Navi Mumbai Airport is set to accommodate up to 20 million passengers initially and expand to 90 million by 2032. Mumbai Airport, even before the pandemic and Jet Airways' 2019 bankruptcy, faced infrastructure challenges, operating at near full capacity.Read more

27 Oct 2023

Bollywood actress Preity Zinta has acquired a luxurious apartment in the posh Pali Hill area in Bandra for a whopping Rs 17 crore. Located on the 11th floor of the exclusive Rustomjee Parishram residential tower, this 1,474 sq ft apartment includes two reserved parking spaces and an additional 90 sq ft of exclusive space. The property was purchased from Keystone Realtors Limited, a listed entity of the Rustomjee Group. The actress paid a stamp duty of Rs 85.07 lakh for the property. This purchase follows a trend of high-profile acquisitions by Bollywood actresses in Mumbai's thriving real estate market.Read more

26 Oct 2023

The Bombay High Court has expressed deep disappointment with the police investigation into a multi-crore housing scam involving Karrm Infrastructures (Pvt) Ltd. In their written order, the justices reprimanded the investigating police and directed the Director General of Police, State of Maharashtra, to transfer the case to a police officer with the rank of Commissioner of Police. They also mandated that the inquiry report be submitted within four weeks. The court raised serious concerns about the police's inability to respond adequately to its queries and directed the initiation of mediation to devise a comprehensive scheme for the victims. The housing scam involved thousands of flat buyers who were deceived by the developer.Read more

26 Oct 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) has received approval from the State Board of Wildlife to cut down 122 trees in the core area and eco-sensitive zone of Sanjay Gandhi National Park (SGNP) to construct twin tunnels connecting Borivali to Thane. These tunnels, part of a project valued at Rs. 18,795.70 crore, will also involve drilling 27 holes using explosives. The decision was taken at a board meeting chaired by the forest minister but kept confidential due to fears of potential backlash. Environmentalists have expressed concerns, noting the potential harm to wildlife and the need for further clearances for the project.Read more

25 Oct 2023

Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.Read more

25 Oct 2023

Mumbai's real estate market has been rattled by a controversy involving fake seals. Five people were detained in August on suspicion of using fake paperwork to develop 55 residential buildings and deceiving buyers since 2015. Among the suspects were a rubber stamp manufacturer, real estate brokers, developers, and a home loan services provider. From sub-registrar offices, architects, and the Vasai Virar Municipal Corporation, among others, they had obtained 115 counterfeit seals. There are now more builders implicated in this fraudulent activity, according to additional investigations, which raises questions about the scope of this forgeries in Mumbai's real estate industry.Read more

24 Oct 2023

Surinder Chawla, the MD and CEO of Paytm Payments Bank, invested Rs 20 crore in two duplex apartments within the Indiabulls 'Sky Forest' tower in Mumbai's Lower Parel. These apartments span 2516 square feet across the 42nd and 43rd floors and come with four parking spaces. The apartments are valued at over Rs 57,300 per sq. ft, including rights to 972 sq. ft of exclusive area. The transactions were completed in August, incurring a stamp duty of Rs 60 lakh each. Chawla's investment is part of a growing trend among bankers and tech leaders diversifying their wealth through substantial real estate acquisitions in Mumbai, a city with a thriving real estate market.Read more

24 Oct 2023

Man Infraconstruction Limited (MICL) Group has increased its equity stake in Atmosphere Realty Private Limited (ARPL) by acquiring an additional 12.5 percent for Rs. 12.5 crore. As a result, MICL's equity holding in ARPL has risen from 17.5 percent to 30 percent. ARPL is overseeing two projects, Atmosphere 02 and Atmosphere Tower G, located in Mulund West, Mumbai. Atmosphere 02, comprising three 47-storey residential towers and an 18-storey commercial tower, is nearly 90 percent sold out. Atmosphere Tower G, with 3.2 lakh sq. ft. of RERA carpet area, has seen approximately 30 percent of its inventory sold.Read more

24 Oct 2023

Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.Read more

24 Oct 2023

The Brihanmumbai Municipal Corporation (BMC) has taken a proactive step in addressing the escalating concerns over air pollution in Mumbai by issuing comprehensive pollution control guidelines to approximately 6,000 construction sites within the city. These measures are aimed at curbing the dispersal of dust and pollutants during the construction process, ensuring a concerted effort to mitigate the environmental impact and prioritize the health and well-being of the residents. By implementing these guidelines, the BMC seeks to foster a cleaner and more sustainable construction environment while maintaining the city's air quality standards.Read more

24 Oct 2023

Mumbai's BMC plans to create a new plaza near the iconic Gateway of India to provide an unobstructed view of the monument and the statue of Shivaji Maharaj. Haphazard structures, such as food stalls and security cabins, will be relocated to a more organized layout. The state archaeology department will restore the heritage structure. The project, led by consultant Abha Narain Lambah, aims to improve aesthetics and visitor experience. The cost of the plaza is estimated at Rs 9.54 crore ($1.3 million), and monument restoration at Rs 7 crore ($950,000). This coordinated effort involves multiple stakeholders, including the Mumbai Port Authority and tourism department.Read more