20 Sep 2023

Mumbai bid a bittersweet farewell to its iconic red double-decker buses on September 16, 2023. These beloved vehicles, which had graced the city's streets for over 80 years, were not just a means of transport but had also become cultural symbols featured in Bollywood films and songs. Their open-top design offered passengers panoramic views of Mumbai. Although outdated and inefficient, they held a special place in the hearts of residents. In their stead, 25 modern battery-powered double-decker buses have been introduced to enhance transportation and reduce emissions. The retired red double-decker buses will be remembered as a cherished part of Mumbai's history.Read more

19 Sep 2023

A fire occurred in a 12-story SRA building in Kurla, Mumbai, housing residents who were relocated from the Tansa pipeline area in 2017. This marks the third fire incident in a year, with a previous one causing a fatality. The recent fire was attributed to a faulty electric circuit, worsened by a malfunctioning fire system. Residents had previously warned the fire brigade about the circuit's condition. Now, they face a lack of electricity for over two months and financial challenges for repairs. This unfortunate situation highlights the residents' precarious living conditions and the urgent need for safety measures and support.Read more

19 Sep 2023

The Maharashtra Housing and Area Development Authority (MHADA) has announced a lottery for 5,311 affordable homes in satellite towns near Mumbai, including Thane, Palghar, and Raigad districts. These homes will range in price from Rs 9 to 49 lakh and will be available in micro-markets near Mumbai such as Vasai, Virar, Titwala, Thane, Kalyan, and Mumbra. The apartments will vary in size from 258 to 667 sq ft carpet area. Over 1,000 homes are being sold under the Pradhan Mantri Aawas Yojana (PMAY), with MHADA expecting increased applications due to revised income criteria. The lottery results will be announced on November 7, 2023.Read more

19 Sep 2023

The Maharashtra government has approved the leasing of an 8,000-square-foot office space in a Nariman Point high-rise for Mitra, a state think tank, at a monthly rent of Rs 21 lakh. This decision comes after Mitra officials expressed the need for more spacious accommodations than their initial 1,200 square feet in the New Administrative Building. The move aims to facilitate the organization's comprehensive data analysis and informed decision-making. Meanwhile, controversy surrounds the allocation of a Malabar Hill bungalow to Mitra's CEO, Praveen Pardeshi, amid rising debt concerns for the state.Read more

18 Sep 2023

In a recent judgment, the Bombay High Court rejected a tenant's plea for additional commercial space in a contentious redevelopment dispute involving a cessed building in Byculla. The tenant, Raj Bucket Factory (RBF), had sought additional carpet area within the new building. The High Court expressed incredulity that a tenant in space-constrained Mumbai could claim ignorance about the extent of the area they were occupying. The court noted previous legal battles and orders related to the property and emphasized that RBF appeared unwilling to vacate the transit building despite previous orders. This decision has implications for similar disputes in Mumbai's real estate market.Read more

18 Sep 2023

Mumbai is experiencing a surge in cooperative housing society (CHS) redevelopment projects, but complex Goods and Services Tax (GST) issues are leading to legal disputes. CHS redevelopment involves transferring development rights to a builder, who provides new flats to members in exchange for their old ones. However, GST complexities add to project costs. GST is levied on the transfer of development rights and during construction, impacting the project's viability. Developers are also liable for GST on new flats provided to CHS members, which is calculated on the market value, effectively resulting in double taxation. Calls are being made to simplify the GST mechanism for these projects.Read more

18 Sep 2023

Christian Dior has leased retail space in Mumbai's Bandra Kurla Complex for 9.5 years, according to a leave and license agreement. The deal, signed between Reliance Industries Limited and Christian Dior Trading India Private Limited, grants Dior 3,317 sq. ft. of space with rent escalation provisions. Christian Dior entered the Indian market in 2006 and has a store in Mumbai. As India becomes a significant destination for international retail, luxury brands like Dior are drawn to the growing spending power of urban consumers and the expanding retail market.Read more

18 Sep 2023

DP World has expanded its presence in India with a new 380,000-square-foot warehouse in Bhiwandi, Maharashtra. The facility, operational since September 1, 2023, can store both chemicals and non-chemicals, increasing DP World's Indian warehousing capacity to over 5 million square feet. The warehouse is divided into sections for hazardous chemicals and non-chemical storage, with advanced safety features, including temperature-controlled zones and fireproof partitions. Sustainability measures, such as a solar system, are also incorporated. This facility is expected to benefit various sectors, including agriculture, pharmaceuticals, electric vehicles, and chemical trading, and strengthen Bhiwandi's position as a warehousing hub.Read more

15 Sep 2023

A fire incident occurred at the Saki Cooperative Housing Society in Andheri East, Mumbai. The fire erupted in the electric meter box, prompting residents to contact the fire brigade. Firefighters swiftly responded, disconnecting the power supply and rescuing 33 people from the building. The cause of the fire is under investigation. Another fire incident affected a city slum, while a cooking gas leak resulted in injuries in Bandra. These incidents emphasize the importance of fire safety and preparedness in densely populated urban areas. Investigations continue to determine the causes, underscoring the need for vigilance and safety measures.Read more

15 Sep 2023

Ajmera Realty has secured a lucrative redevelopment project in Borivali's Yogi Nagar, Mumbai, comprising four societies. With an estimated sales value of Rs 330 crore, the project will feature 2 and 3 BHK residential apartments across a carpet area of 1,07,000 sq. ft. Expected to launch in H1 2024, it will take approximately three and a half years to complete. Yogi Nagar, in Borivali West, offers convenient access to numerous amenities, making it an attractive location. Ajmera Realty's focus on modern living in well-established neighbourhoods aligns with their commitment to enhancing the quality of urban life.Read more

15 Sep 2023

In a bid to prevent subversive activities and enhance security in residential areas, the Mumbai police have issued a notice requiring homeowners to provide details about their tenants. This order, effective for 60 days until November 7, aims to deter individuals with malicious intent from using residential areas for illegal activities. Landlords and homeowners within Mumbai's jurisdiction must submit tenant information through the citizen portal, including details of foreign nationals if applicable. This proactive measure underscores the importance of community safety and will be closely monitored for its impact on deterring subversive activities.Read more

15 Sep 2023

Mumbai's Economic Offences Wing (EOW) has charged a prominent builder and five associates for allegedly defrauding 139 homebuyers of Rs 45 crore. Funds were collected for the 'Maredian Heights' project in Jogeshwari (W), which remains incomplete. Initiated by a complaint from investor Moinuddin Bora, the EOW found that the developer began accepting payments in January 2008 but consistently missed delivery deadlines. The accused now face charges under the Indian Penal Code and the Maharashtra Ownership of Flats Act. Homebuyers eagerly await a resolution.Read more

15 Sep 2023

Lenders to Bansi Mall Management Co Pvt Ltd, the owner of SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover Rs 571 crore in dues. Canara Bank and Punjab National Bank (PNB) are the primary charge holders. PNB, along with Union Bank of India, also has a secondary charge over the company's assets. While the current valuation of the property is Rs 400 crore, there is potential for redevelopment and sale for over Rs 1,000 crore, offering hope for recovery amidst Future Group's financial struggles. Crisil had previously downgraded BMMCPL's credit rating due to weak liquidity.Read more

15 Sep 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) is facing another alleged land encroachment case, marking the second incident in less than 10 days. The police have registered a case against two individuals accused of attempting to encroach upon a 7,000 square meter plot owned by the MMRDA in the Bandra Kurla Complex (BKC). They are accused of illegally dumping construction debris on this valuable property. This comes after a similar case on September 2 involving encroachment on another MMRDA space in Kurla. Both cases highlight the challenges faced by the MMRDA in securing valuable plots in Mumbai's urban landscape, emphasizing the need for stringent security measures and enforcement of land regulations.Read more

14 Sep 2023

Bollywood actress Sonakshi Sinha has acquired another upscale apartment in Mumbai's Bandra suburb, valued at Rs 11 crore. Located in the prestigious 81 Aureate tower, this is her second purchase in the building, following a Rs 14 crore investment in March 2020. As Bollywood celebrities like Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan continue to invest in Mumbai's luxury real estate, the market sees a surge in high-profile transactions, underscoring the city's allure for the film industry's elite.Read more

14 Sep 2023

Mumbai's iconic Ajantha bungalow in Malabar Hill is set for demolition to make way for 12 luxury sea-view apartments. Aimed at providing dedicated residences for key legislative members, six of these apartments will house top officials, while the rest will serve as guest houses for visiting dignitaries. Speaker Rahul Narwekar confirmed the in-principle approval for the project, emphasizing the efficiency of the new construction over maintaining older structures. This initiative seeks to address the accommodation challenges often faced by opposition leaders and other officials.Read more

14 Sep 2023

Kochra Realty, a real estate firm, has taken over a long-delayed residential project in Mumbai's Dahisar suburb worth Rs 700 crore. The company plans to revive and complete the project by early 2025, bringing relief to nearly 600 homebuyers. Ashapura Housing previously managed the project but encountered financial difficulties. Kochra Realty has assumed the project's debt and ownership, with the aim of delivering 384 apartments by the end of this year, while the rest will be ready by early 2025. This move aligns with the trend of established developers rescuing stalled projects to ensure their completion.Read more

12 Sep 2023

Bollywood icons Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan, along with Amrita Singh, have made significant property acquisitions in a Mumbai commercial project in Andheri's Oshiwara locality. Bachchan purchased four offices spanning nearly 8,400 sq ft for approximately Rs 29 crore. Kartik Aryan acquired an office of around 2,100 sq ft for Rs 10 crore, while Sara Ali Khan and Amrita Singh bought a similar-sized office for Rs 9 crore. Interestingly, Ajay Devgan and Kajol had previously acquired offices in the same project. The real estate project, with 28 upper floors, is set to be completed by June 2025, and real estate remains a favoured investment among high-net-worth individuals and Bollywood celebrities.Read more

12 Sep 2023

The Mumbai City police's Economic Offences Wing has closed a 2012 case against Nirmal Lifestyle directors and others, including Videocon's founder, for allegedly cheating 28 home buyers of nearly Rs 12.7 crore. The closure comes after a thorough investigation revealed that the homebuyers had received refunds, interest, and settled their grievances, leading to the case being deemed civil rather than criminal in nature. The Nirmal Lifestyle group had been facing financial constraints, and this case was one of several registered against them in 2022.Read more

12 Sep 2023

The Maharashtra government's directorate of municipal administration has requested clarity from the Deolali Cantonment Board regarding various crucial matters in the plan to exclude civilian areas from the cantonment and merge them with a neighbouring civic body. Issues include geographical continuity, floor space index (FSI), salary and pension burdens of employees, taxation rates, infrastructure values, and revenue matters. The directorate will make its final recommendation on the merger once these issues are clarified, and the state government will then communicate it to the Ministry of Defence. This process may also apply to Aurangabad Cantonment.Read more