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

17 Oct 2023

Atmosphere Realty Pvt. Ltd., a consortium of The Wadhwa Group, Man InfraConstruction Limited, and Chandak Group, has obtained the Occupation Certificate (OC) for towers ‘D’ and ‘E’ in its 'Atmosphere O2' project at Mulund. The consortium has received the OC 15 months ahead of schedule. This is attributed to guidance from Japanese Conglomerate Marubeni which is also involved in the project. This achievement reflects a commitment to quality construction and customer satisfaction in the real estate sector. The 'Atmosphere O2' project spans 5.13 acres with up to 85% open spaces emphasizing on green spaces and Wadhwa’s focus on natural light and ventilation in each residence. The project offers 20+ amenities, a spacious clubhouse, and good connectivity.Read more

17 Oct 2023

The Bombay Development Directorate (BDD) chawls redevelopment project now has a revised completion date of 2026, following a recent site visit by MHADA vice-chairman Sanjeev Jaiswal. The project encompasses three locations, including NM Joshi Marg, Naigaon, and Worli, spanning 12 acres. Originally constructed by the British over a century ago, the chawls consist of 160 square feet houses with shared restroom facilities. The redevelopment plan aims to provide tenants with 500 square foot homes, attached toilets, and numerous amenities in high-rise towers. Despite challenges and criticism, this ambitious project signifies a positive step towards modernizing the historic chawls and enhancing housing conditions in the area.Read more

17 Oct 2023

In a significant development, Chief Minister Eknath Shinde has approved the allocation of ownership flats to over 4,700 government employees residing in Bandra (East), Mumbai's government colony. This decision, following a meeting chaired by Shinde, aims to optimize land use by redeveloping the sprawling 90-acre colony. Roughly 10 acres will be designated for a slum rehabilitation scheme, benefitting both slum dwellers and government employees in Class II and III categories. Additional ownership flats will be provided to Class IV employees within the 12 buildings slated for redevelopment. While facing some criticism, this proactive approach addresses Mumbai's housing challenges and promotes equitable urban development.Read more

17 Oct 2023

The Children Welfare Centre (CWC), a prominent educational institution in Mumbai's western suburbs, is facing investigation over the alleged misuse of land plots leased to them by the BrihanMumbai Municipal Corporation (BMC). Accusations include sub-leasing to a national school chain, charging excessive fees, unauthorized constructions, and Coastal Regulation Zone (CRZ) violations. An MLA has filed a complaint, urging the cancellation of permissions granted to CWC. Preliminary inspections revealed unauthorized construction and other concerns on CWC properties. CWC's principal has refuted the allegations, insisting their educational expansions adhere to lease terms.Read more

17 Oct 2023

Macrotech, operating under the Lodha brand, has entered into a significant developmental agreement for a slum rehabilitation project in Mumbai's Worli district, valued at Rs 359.48 crore. As part of the state government's slum rehabilitation initiative, Macrotech will handle the free-sale component while reserving the rehabilitation segment for approximately 172 slum residents. The land spans 85,153 square feet, with a Floor Space Index (FSI) approval of 5.172. The Lodha Group and Sattadhar Constructions will equitably share net revenue from the sale of constructed flats. This reflects the surge in slum redevelopment projects in Mumbai, driven by social and economic imperatives and offering developers additional FSI rights to construct premium residential complexes within the same area.Read more

14 Oct 2023

Deepak Kesarkar, Mumbai's Guardian Minister, has unveiled an ambitious plan to transform part of the Mahalaxmi Race Course into a sprawling amusement park, coexisting with the iconic racecourse. The proposal includes a "Mumbai Eye" observation wheel and improved access via the Coastal Road. The innovative concept aims to make the area accessible to a wider audience while preserving the legacy of the racecourse. Kesarkar's vision promotes community engagement, inclusivity, and adaptability to changing urban dynamics. Additionally, plans for day care centres for senior citizens and battery-operated mini buses in the Byculla Zoo further enhance the recreational and inclusive aspects of the project, ensuring its continued relevance and vibrancy.Read more

14 Oct 2023

Aaditya Builders, a real estate development company, is facing legal action as Borivali police pursue a case against them for alleged fraudulent activities involving chartered accountant Harshit Kadhi. Kadhi claims that despite paying Rs1.1 crore, the builders failed to deliver the promised 941 sq ft flat in a Borivali West redevelopment project. The dispute began in January 2018, with Kadhi initially presented with a promising plan. However, he faced delays and threats from the builders, prompting him to seek legal recourse. On October 9, a case was registered against Aaditya Builders for breach of trust and fraud, highlighting the importance of diligence and transparency in real estate transactions and the role of the legal system in addressing such disputes.Read more

14 Oct 2023

In Navi Mumbai, slum dwellers and Project Affected Persons (PAPs) are resisting the state's Slum Rehabilitation Authority (SRA) scheme. The scheme, aiming to provide proper housing for around 50,000 slum dwellers, faces opposition from PAPs demanding their sold lands back. Slum dwellers, like those in Ramnagar, express concerns about losing homes while PAPs say that they sold their lands for very little compensation. A biometric survey in September triggered political tensions, with Shiv Sena accusing BJP's Ganesh Naik of interference. PAPs formed the Zameen Haq Samiti, holding meetings to raise awareness and planning objections and a potential PIL.Read more

14 Oct 2023

The Maharashtra state government's delay in reclaiming a 6,063-sq-ft plot of land, allocated to the Madhya Pradesh Mitra Charitable trust (MPMCT) in Goregaon, has raised concerns. Despite the state's directive to revoke the allotment due to irregularities and subleasing, neither MHADA has taken action nor regained control of the property housing the Vibgyor High School. The housing department's inquiry in 2022 acknowledged irregularities but no progress has been made. The delay has prompted questions about the government's ability to reclaim the land and resolve the longstanding dispute surrounding the school's premises.Read more

14 Oct 2023

The Bombay High Court is set to determine the future of the iconic Mehta Mahal, a 56-year-old commercial building, as it deliberates over civic guidelines for unsafe structures. A 2021 expert panel report by BMC on the building's structural stability has sparked a legal battle. While BMC permitted repairs based on its technical advisory committee's advice, one of the property owners, Drishti Hospitality, is advocating for demolition. The case not only concerns Mehta Mahal's fate but also raises significant questions about the enforceability of local body guidelines. The next hearing is scheduled for November 2, 2023.Read more

14 Oct 2023

The Brihanmumbai Municipal Corporation (BMC) is facing widespread resistance to its proposed open space adoption policy, with nearly 75 objections and suggestions from political parties, activists, and citizens. The policy, which excludes parks and gardens, has drawn criticism for being a rehashed version of old ideas. Concerns arise over the 51 privately controlled plots, with allegations of commercial exploitation, even by politicians. A contentious clause in the policy suggests BMC would compensate 'caretakers' 50% of the cost of constructions on these plots, a move fervently opposed by activists who argue the illogicality of paying for public land. Activists assert BMC's responsibility in preserving essential open spaces for Mumbai's citizens.Read more

14 Oct 2023

Viacom18 Media, a division of Reliance Industries, secures a significant five-year lease for 4.1 lakh square feet of prime office space in Mumbai, with an initial monthly rent of Rs 7 crore. The company will occupy nine floors in Prabhadevi's 'One International Centre.' A noteworthy detail is a 12-month rent-free period. The monthly rent increases by 4.5% annually from the second year, reaching nearly Rs 8 crore in the final year. The lease's terms bind both landlord and tenant. A security deposit of Rs 41.8 crore further solidifies this strategic alliance.Read more