21 Mar 2023

Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.Read more

21 Mar 2023

The Maharashtra State Human Rights Commission (HRC) has taken action against CIDCO Managing Director for his “total non-action” against a private builder in the Parsik Hill slope cutting case. The HRC has directed the CIDCO MD to file his own affidavit explaining his stand before the next hearing in the case. The HRC will take up the case next on March 27. The environment department and Navi Mumbai Municipal Corporation (NMMC) have also been directed to submit their fresh affidavits.Read more

21 Mar 2023

The Bombay High Court has stayed the development of Bhagwati Greens Phase 2 in Kharghar, Navi Mumbai, until March 29. The court's decision was made in response to an order by the Maharashtra Real Estate Regulatory Authority (MahaRERA) that rendered the grievances of more than 100 flat buyers in the housing project as superfluous. The association of flat buyers had filed a complaint with MahaRERA, alleging that the builder, Bhagwati Developers, had proposed a fourth tower in a "multi-play area." The association challenged the MahaRERA order in the HC, prompting the court to stay further development of the project.Read more

14 Mar 2023

In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.Read more

14 Mar 2023

Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.Read more

09 Mar 2023

The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.Read more

02 Mar 2023

According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.Read more

27 Feb 2023

Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.Read more

01 Feb 2023

The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.Read more

09 Dec 2022

The state government of Maharashtra has struck down the April 2022 decision of the MVA regime to prohibit redevelopment of single buildings in a MHADA complexes. Residents whose buildings may have deteriorated more than neighbouring structures can now apply for redevelopment and need not wait for cluster redevelopment to take place. Earlier this week, the President of India signed off on amendments to the MHADA Act thereby allowing owners and tenants to apply for redevelopment of building termed ‘hazardous’ or ‘dangerous’ independently if faced with opposition by local authorities.Read more

24 Nov 2022

Earlier this week, The Western Zonal Bench of the National Green Tribunal (NGT) ruled that the stay order on the sale of a plot in Nerul remain and gave petitioners two weeks to respond to CIDCO’s defense. The Navi Mumbai Environment Preservation Society (NMEPS) and neighboring residents have filled two petitions with the NGT to halt the sale of this plot citing CRZ violations. CIDCO has defended its decision while questioning the NGT’s jurisdiction to have allowed such petitions to be admitted. The final hearing has been fixed for 20th December 2022.Read more

21 Nov 2022

Disgruntled homebuyers of Kalpataru township project Immensa in Kolshet Thane, staged a protest outside the company’s head office in Santacruz earlier last week. More than fifty individuals gathered during the day with placards and demanded an explanation for the extended delay in handing over possession of the flats. Two senior representatives of the company supposedly met the protesters to address their concerns and put them at ease. As per the MahaRERA website, the project is now scheduled to be delivered in 2025.Read more

01 Jan 1970

The Mumbai Metropolitan Region Development Authority (MMRDA) has introduced a strict penalty policy to address labour shortages and fast-track metro construction. Effective immediately, contractors will face fines of INR 1 lakh per day for workforce shortfalls between 25�50%, and INR 2 lakh per day if the deficit exceeds 50%, with no exceptions or prior notice. These penalties are in addition to existing fines for project delays and will be enforced across key metro corridors set to be commissioned by year-end, including Lines 2B, 4, 4A, and 9. MMRDA officials will conduct regular site audits and review consultant reports to monitor compliance, as the authority aims to curb persistent manpower issues that have historically hampered metro progress.Read more

01 Jan 1970

Larsen & Toubro (L&T) has mobilised INR 500 crore through the issuance of non-convertible debentures (NCDs) tied to environmental, social and governance (ESG) benchmarks. The NCDs, valued at INR 1 lakh each and carrying an interest rate of 6.35%, will mature in 2028 and bear annual interest. The issuance is part of SEBI�s ESG Debt Securities Framework and is expected to be listed on the NSE. Meanwhile, L&T recorded a 25% increase in consolidated profit after tax for the March quarter, supported by higher operational revenues and an exceptional gain.Read more

01 Jan 1970

The central suburbs of Mumbai, particularly Sion and Mulund, are rapidly emerging as high-demand housing destinations, driven by robust infrastructure development and expanding metro connectivity. The introduction of new metro lines, including the Aqua Line and upcoming Line 4, has significantly enhanced access to key business districts, spurring residential interest and capital appreciation. These areas offer improved commute times, upgraded amenities, and redevelopment-led luxury housing, making them appealing to professionals and families alike. With the upcoming Navi Mumbai International Airport, central suburbs are strategically positioned for further growth and rising property values.Read more

01 Jan 1970

The Mumbai Metropolitan Region Development Authority (MMRDA) has introduced a strict penalty policy to address labour shortages and fast-track metro construction. Effective immediately, contractors will face fines of INR 1 lakh per day for workforce shortfalls between 25�50%, and INR 2 lakh per day if the deficit exceeds 50%, with no exceptions or prior notice. These penalties are in addition to existing fines for project delays and will be enforced across key metro corridors set to be commissioned by year-end, including Lines 2B, 4, 4A, and 9. MMRDA officials will conduct regular site audits and review consultant reports to monitor compliance, as the authority aims to curb persistent manpower issues that have historically hampered metro progress.Read more

01 Jan 1970

Larsen & Toubro (L&T) has mobilised INR 500 crore through the issuance of non-convertible debentures (NCDs) tied to environmental, social and governance (ESG) benchmarks. The NCDs, valued at INR 1 lakh each and carrying an interest rate of 6.35%, will mature in 2028 and bear annual interest. The issuance is part of SEBI�s ESG Debt Securities Framework and is expected to be listed on the NSE. Meanwhile, L&T recorded a 25% increase in consolidated profit after tax for the March quarter, supported by higher operational revenues and an exceptional gain.Read more

01 Jan 1970

The central suburbs of Mumbai, particularly Sion and Mulund, are rapidly emerging as high-demand housing destinations, driven by robust infrastructure development and expanding metro connectivity. The introduction of new metro lines, including the Aqua Line and upcoming Line 4, has significantly enhanced access to key business districts, spurring residential interest and capital appreciation. These areas offer improved commute times, upgraded amenities, and redevelopment-led luxury housing, making them appealing to professionals and families alike. With the upcoming Navi Mumbai International Airport, central suburbs are strategically positioned for further growth and rising property values.Read more

01 Jan 1970

The Brihanmumbai Municipal Corporation's Tree Authority has approached the Supreme Court seeking approval to cut 1,134 trees in Film City, Mumbai, to facilitate the Goregaon-Mulund Link Road (GMLR) project�a key infrastructure initiative aimed at connecting the Western and Eastern Express Highways and reducing travel time by nearly an hour. Respecting the Court's earlier directive barring tree felling in Aarey without explicit permission, the Authority clarified that the proposed development does not fall within the protected Aarey Milk Colony. The trees are required for constructing twin tunnels over a 6.2-km stretch, particularly for pit excavation and tunnel boring machine operations. A shift in the launching shaft�s location to avoid displacing a tribal hamlet has also increased the number of trees to be felled. The Tree Authority has sought permission to remove 95 trees in the first phase and requested the liberty to return for further approvals in the next phase of the project.Read more