03 Jul 2023

K Raheja Corp Homes and media production company Cinevista have partnered to develop a four-acre parcel in Mumbai's Kanjurmarg locality. The premium residential project, expected to be completed within five years, will see K Raheja retain 75.5% of the developed space, while Cinevista will hold the remaining 24.5%. The anticipated total value of this ambitious development is estimated to exceed Rs 446 crore. This venture marks K Raheja Corp Homes' first project in Mumbai's eastern suburbs.Read more

01 Jul 2023

Macrotech Developers, a subsidiary of the Lodha Group, has emerged as the successful bidder for V Hotels Ltd., acquiring the Tulip Star (formerly Centaur Hotel Juhu) in Mumbai. The Committee of Creditors declared Macrotech Developers as the resolution applicant for the bankrupt hospitality company. Macrotech Developers highlighted the real estate assets of V Hotels that hold potential for residential and allied development. Additionally, Macrotech Developers acquired a land parcel in Kanjur Marg from HDFC. These acquisitions further solidify Macrotech Developers' position in the real estate industry and showcase their commitment to innovation and growth.Read more

29 Jun 2023

The luxury real estate market in Mumbai is experiencing a positive trend as the unsold inventory of high-end homes witnesses a notable decline. Factors such as favorable policy reforms, including GST and RERA, along with improved economic conditions, have contributed to increased demand for luxury properties. Developers have made strategic adjustments, offering flexible payment plans and attractive discounts to entice buyers. While challenges like high land acquisition costs persist, experts predict a gradual recovery in the luxury real estate market as sustained demand and improving economic indicators create a brighter future.Read more

28 Jun 2023

The Bombay High Court has taken a strong stance against the directors of Avarsekar Realty by issuing a showcause notice for civil contempt of court. This action was taken due to their willful disobedience of a court order in a petition filed by a flat purchaser of the builder's luxurious 42-storey skyscraper, which is currently under construction in Mahim. The buyer had initially approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) to seek compensation for the delayed possession of the flat, thus commencing a legal battle.Read more

27 Jun 2023

The Bombay High Court has expressed shock and concern over the high levels of fraud in a slum rehabilitation scheme at Bandra Kurla Complex (BKC). The court criticized the existing policy and law governing slum redevelopment and called for reforms to combat trafficking and profiteering. It proposed granting slum dwellers usage rights instead of ownership rights for the allocated flats. The court appointed a court receiver for the BKC project, directed the identification of trespassers and transferees, and suggested insulating the Slum Rehabilitation Authority (SRA) from political influences.Read more

26 Jun 2023

Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.Read more

26 Jun 2023

In Dombivli, Mumbai, the Runwal Group has begun construction on Central Avenue, the sixth phase of their Runwal Gardens development. The complex consists of two 32-story towers with more than 900 residential units that range in size from 421 square feet to 523 square feet. The units are priced starting at INR 44 lakh ($59,000). The project has excellent access to Thane, Navi Mumbai, and Mumbai. It is also adjacent to infrastructural developments like the Virar-Alibaug multimodal corridor and the proposed Kalyan Taloja metro line. An 11-acre central park, a cricket field, an amphitheater, picnic spots, and other facilities are also included in the project.Read more

26 Jun 2023

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a groundbreaking initiative aimed at improving the real estate market in the state. MahaRERA plans to implement a comprehensive grading system for real estate projects, making it easier for prospective homebuyers to make informed decisions when selecting a property. This will be the first initiative of its kind undertaken by any RERA authority in the country, highlighting Maharashtra's commitment to transparency and consumer protection.Read more

26 Jun 2023

The Bombay High Court has refused to halt the demolition of structures in Jogeshwari (E), stating that it would delay rehabilitation and harm those who have already vacated the area. The court dismissed a petition by 11 occupants who claimed a lack of survey and eligibility assessment. The judges criticized the petitioners' request for an extension as unfair, emphasizing that the rehabilitation units must be constructed first. The court expressed concern over the loss of community and ordered the Slum Rehabilitation Authority to expedite the eligibility process. The hearing was adjourned, and the petitioners agreed to accept transit rent.Read more

23 Jun 2023

A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.Read more

23 Jun 2023

The Maharashtra Real Estate Tribunal (MREAT) has revised a previous order by MahaRERA, granting home buyers the right to receive interest on their payments and refunds of additional fees. MREAT directed a developer to compensate home buyers by refunding the statutorily mandated payments and paying interest from the date of deposit. The tribunal rejected the relief granted to the promoter regarding the Covid moratorium period, emphasizing that interest serves as compensatory remuneration for buyers enduring possession delays. MREAT's judgment referenced Supreme Court rulings and relevant legal provisions, affirming the purpose of interest as fair compensation for the utilization of funds.Read more

23 Jun 2023

Pushpam Group, a renowned real estate developer, has launched Balibaug, a Bali-style resort located in Alibaug near Mumbai. Drawing inspiration from Bali's architectural charm, Balibaug offers luxurious villas with private pools, gardens, and Balinese design elements. The resort provides over 20 premium amenities, including restaurants, a spa, and a gym. With a focus on sustainability and hotel-like services, Balibaug presents an attractive investment opportunity for buyers seeking a holiday home and rental income. The project aims to contribute to Alibaug's transformation into a premier tourist destination.Read more

22 Jun 2023

The Bombay High Court has authorized MHADA to take action against nine unauthorized commercial structures in Kannamwar Nagar, Vikhroli (East) due to concerns about the risks posed by a deteriorating building. The residents of Sai Vihar CHSL filed a petition urging MHADA to remove the encroachments and facilitate redevelopment. The court highlighted the urgency of the situation, granting MHADA permission to proceed with the eviction process. The society's members expressed their willingness to vacate the premises, provided they are given transit rent. The court directed the members to negotiate terms with the builder, subject to MHADA's approval.Read more

22 Jun 2023

Dotom Realty and Eka Life Ltd. have partnered to introduce DOMAIN, a luxurious residential development in the prominent locality of Govandi, Mumbai. This project will feature the tallest residential luxury tower in Central Mumbai, comprising two towers with 33 floors. DOMAIN will offer premium residential segments, rooftop amenities, and multi-level car parking. The choice of Govandi as the location is driven by its excellent connectivity and infrastructure growth. The project's unique selling points include its magnificent 360-degree skyline view and a design tailored to modern luxury living.Read more

22 Jun 2023

Kalpataru Limited has announced its plans to invest in the redevelopment of a housing society spanning nearly 6 acres in Borivali, Mumbai. With a substantial investment of Rs. 700 crore, the project aims to transform the existing residential complex into a modern development covering 7 lakh sq. ft. The redevelopment will comprise 11 buildings housing a total of 400 apartments, which will be provided to the current residents as renovated units. Approximately 90% of the project will be dedicated to premium residential development, while the remaining portion will be allocated for commercial use. Kalpataru expects to generate a revenue of Rs. 1700 crores from this venture.Read more

PNT Reporter

19 Jun 2023

The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.Read more

07 Jun 2023

The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.Read more

PNT Reporter

05 Jun 2023

The chairperson of a Dadar housing society, Vinod Shah, has been acquitted by a sessions court, overturning a 2014 conviction and three-month jail sentence. The court found insufficient evidence to prove his responsibility for not carrying out necessary repairs despite a notice from the Brihanmumbai Municipal Corporation. The court also criticized the prosecution's case, citing incongruent testimonies and inadequate evidence. The verdict emphasizes the need for clear and compelling evidence to support charges and ensure fair judgments in legal proceedings.Read more

PNT Reporter

30 May 2023

In a significant move towards public safety, the Navi Mumbai Municipal Corporation (NMMC) has ordered the immediate evacuation of 524 hazardous buildings within the city. These buildings, identified after a comprehensive survey, fall under various categories of disrepair. Sixty-one are deemed highly dangerous and need instant demolition, while others require varying levels of structural repair. The NMMC has urged residents to vacate these premises promptly to prevent potential accidents and loss of life.Read more

26 May 2023

The family of Bollywood superstar Salman Khan has plans to construct a 19-floor hotel on a prime sea-facing plot in Mumbai's Bandra. Originally intending to develop the property into a residential building, the family changed course to erect a hotel. The plan features several amenities including a café, restaurant, gymnasium, swimming pool, and convention centre, providing a new luxury accommodation option in Mumbai's thriving real estate market.Read more