12 Sep 2023

The City and Industrial Development Corporation (CIDCO) is embarking on an ambitious project to create the International Corporate Park (ICP) in Kharghar, Navi Mumbai. Spanning 140 hectares, the ICP aims to rival Mumbai's prestigious Bandra-Kurla Complex (BKC) and is strategically located near the upcoming Navi Mumbai International Airport. CIDCO is currently addressing encroachments and constructing a protective compound wall around the ICP area, signalling the start of significant development. The project will include various sectors, offering corporate offices, hospitality facilities, media and entertainment infrastructure, IT company offices, residential housing, educational institutions, and healthcare facilities. Kharghar is set to become a thriving business hub, with the ICP at its core, enhancing the region's appeal.Read more

12 Sep 2023

The National Consumer Disputes Redressal Commission (NCDRC) has ruled against the developers of the World One project in 'Upper Worli,' finding them responsible for unfair trade practices and a deficiency in service. The NCDRC has ordered refunds with interest to three flat buyers, totalling approximately Rs 33 crore, with a maximum pay out of Rs 13 crore. The project faced significant delays due to the Airports Authority of India withholding a No Objection Certificate. The NCDRC rejected the developers' argument that the flat purchasers should have terminated their agreements, emphasizing the developers' responsibility for the project's delays and lack of necessary approvals. This ruling sets a precedent for consumer rights in real estate disputes.Read more

12 Sep 2023

The Bombay High Court has rejected a plea by Shiv Sena (UBT) leader and MLA Ravindra Waikar, along with his wife Manisha and three others, challenging the Brihanmumbai Municipal Corporation's (BMC) decision to cancel permission for the development of land designated for a five-star hotel in Jogeshwari (East). The court questioned the initial permission granted by BMC officials and why no action was taken against those officials when the permission was later revoked. The dispute arose from an agreement made in 2004, and the court found that the petitioners had concealed key clauses, leading to the rejection of their plea.Read more

11 Sep 2023

The Mumbai Municipal Corporation (BMC) and the Maharashtra government have been directed by the Supreme Court to retain the current housing status for conservancy workers who have long yearned for home ownership. Due to BMC intentions to revamp the colonies as part of the Ashray Yojana Program, many workers who reside in BMC colonies have received eviction notices. The workers' union requests owning apartments in accordance with government directives, but the BMC has not implemented these suggestions. While the greater housing issue for conservancy employees is yet unresolved, the Supreme Court's interim injunction offers transient relief.Read more

11 Sep 2023

The Mumbai Police's Economic Offences Wing (EOW) has arrested builder Kinnar Nayak for his alleged involvement in a case of fraud related to a redevelopment project in Mumbai. Nayak, the director of Taksha Spaces, had approached the complainant, Amjad Shaikh, and his father in 2015, requesting a substantial sum of Rs 35 crore for a redevelopment project at the Govardhan Cooperative Housing Society in Goregaon. Shaikh transferred Rs 30 crore to Nayak's accounts but, despite promises, Nayak failed to fulfill his commitments. The case underscores the importance of due diligence and legally binding agreements in real estate transactions to prevent fraudulent activities.Read more

11 Sep 2023

Brookfield Asset Management has committed over Rs.1,500 crore to The Leela Palaces, Hotels and Resorts, following an initial Rs.4,500 crore investment, marking the largest-ever foreign investment in India's hospitality sector. The brand is experiencing its best performance in three decades, driven by strong profit margins and ambitious expansion plans, including introducing the Leela Palace brand to Mumbai's Central Business District. Brookfield's global investments are propelling The Leela into international markets, with sustainability initiatives and significant room additions on the horizon, ensuring the brand's promising trajectory.Read more

11 Sep 2023

Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.Read more

11 Sep 2023

The Bombay High Court has approved the demolition of a 150-year-old structure on Malvani church land in Malad, Mumbai, to widen a congested road. However, the court has raised concerns regarding compensation and the relocation of the structure. The court noted that the structure, known as Parochial House, was not of significant heritage value, according to the Mumbai Heritage Conservation Committee. The church is willing to cooperate with the removal but seeks compensation and permission to relocate the house on the property. The judges have called for clarity on the actual area, compensation, and potential relocation.Read more

11 Sep 2023

Welspun One Logistics Parks (WOLP) plans to invest over Rs.600 crore in developing a Grade-A, in-city warehousing facility near Mumbai. This investment is through their Welspun One Logistics Parks Fund 2, which has already secured Rs.1,500 crore out of a Rs.2,000 crore target. The 6 lakh sq ft facility, situated on a 3.25-acre land parcel in Thane's Wagle Industrial Estate, will support urban last-mile delivery and cater to the surging demand for in-city warehousing driven by e-commerce and quick commerce services. WOLP aims to create a portfolio of 16-18 million sq ft across tier 1 and 2 cities, with an overall investment of over Rs.8,000 crore.Read more

09 Sep 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) is set to receive a 71.04-hectare plot of land in Thane for the construction of car sheds for four metro routes. This move, approved by the state cabinet, is expected to accelerate the progress of various metro projects, including the vital Metro 4 route, which has faced delays due to the lack of a car shed. The allocation of this land is seen as a crucial step in improving Mumbai's public transportation infrastructure and connectivity across the region, benefiting commuters and easing congestion in the city.Read more

08 Sep 2023

Bombay Dyeing, a prominent Indian textile company, is reportedly in talks to sell around 18 acres of its mill land in the prestigious Pandurang Budhkar Marg area in Worli, Mumbai, to the Japanese conglomerate Sumitomo for an estimated sum of approximately Rs. 5,000 crore. This potential transaction follows a recent public notice, issued by the law firm Wadia Ghandy on behalf of an undisclosed client, expressing interest in exploring the legal rights, ownership, and interests associated with a large land parcel owned by Bombay Dyeing and Manufacturing Co Limited. If realized, this deal could mark a significant entry or expansion into Mumbai's real estate market by Sumitomo.Read more

07 Sep 2023

Mangal Prabhat Lodha, the guardian minister of Mumbai's suburbs, has unveiled an ambitious plan to transform Gilbert Hill in Andheri (West) into a tourist attraction comparable to Dubai's Burj Khalifa. This geological marvel, made of black basalt rock, has faced issues like landslides and slum encroachments. Lodha's plan involves making Gilbert Hill a prominent tourist destination, drawing inspiration from the iconic Burj Khalifa. The proposal includes an elevator for easier access to the hill's temple, among other enhancements. This transformation aims to boost Mumbai's tourism sector and provide a unique attraction for both locals and visitors.Read more

07 Sep 2023

The Bombay High Court has issued a notice to the Central government regarding objections raised against a residential project in Kandivali. The dispute revolves around the requirement for a No Objection Certificate (NOC) from officers at the Central Ordnance Depot (COD) for the project's approval. The petitioner argues that their project is almost 80 meters away from the defence establishment, well beyond the 10-meter restriction mentioned in the Centre's 2016 circular. They allege unequal treatment compared to other developers and claim that this violates the right to equality. The HC has set a date for a response from relevant parties, including the Defence Ministry and SRA.Read more

06 Sep 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (MHADA) to bypass the requirement of obtaining a No Objection Certificate (NOC) from any prior developer or architect for a collapsed building in Kherwadi Bandra (East). The building, known as "Govinda Tower," collapsed 25 years ago, claiming 33 lives. Justices Gautam Patel and Kamal Khata expressed their dismay over the extended delay in addressing the matter and instructed MHADA to determine a new developer and present a proposal for reconstruction. The court emphasized the importance of the society itself selecting the developer and directed the society to be joined as a respondent. The case will reconvene on October 3 to address other related petitions seeking an investigation into the building's collapse, liability assignment, and compensation.Read more

06 Sep 2023

The Bombay High Court has criticized the Brihanmumbai Municipal Corporation (BMC) for its lack of organized oversight in the redevelopment of its properties and called for the establishment of clear guidelines or regulations to address this issue. The court's comments came during a hearing on petitions filed by former residents of a BMC-owned property, highlighting issues like non-payment of transit rent and significant delays in redevelopment. The judges emphasized the need for a structured development supervision system, similar to those used by other authorities, to ensure transparency and efficiency in BMC-owned building redevelopment projects. The court's recommendations aim to improve governance and accountability in urban development initiatives.Read more

06 Sep 2023

Mumbai's property market continues to thrive, registering over 10,000 property transactions for the third consecutive month in August 2023. Despite a 7% decline in government revenue compared to July 2023, it marked a substantial 21% increase from August 2022. Analysis of new property launches between April and June 2023 indicates a shift towards high-end and ultra-luxury segments, with properties priced above INR 2.5 crore gaining prominence. The Western Suburbs have seen a surge in new launches, thanks in part to new metro lines, while the Eastern Suburbs' share declined due to various factors. With the festive season approaching, Mumbai's property market remains positive and is expected to see increased activity in the coming months.Read more

05 Sep 2023

The Bombay High Court has issued directives to newly appointed Slum Rehabilitation Authority (SRA) nodal officers to ensure prompt action on complaints related to the non-payment of transit rent during the redevelopment process. These directives come in response to Public Interest Litigations (PILs) filed in 2019 regarding the non-payment of transit rent to eligible slum-dwellers, particularly in projects by Omkar Realtors and Developers Pvt Ltd. The court has mandated transparency, requiring the SRA to report on the number of complaints received and resolved. The court's intervention aims to expedite the resolution of transit rent disputes and hold relevant parties accountable, including developers and the SRA.Read more

05 Sep 2023

Three sites in the M East ward have been approved by the Brihanmumbai Municipal Corporation (BMC) for new cemeteries, while three more have been set aside for prospective revisions to reservations in the development plan (DP). This choice comes after a Bombay High Court hearing that was brought on by a PIL that residents of Govandi filed asking for more burial space. The proposed cemeteries consist of an addition to the Rafi Nagar cemetery in Govandi, a new plot in Anik Village at Vashi Naka, and the Deonar cemetery. The BMC is putting the finishing touches on the procedures for acquiring these lands, and it intends to give landowners Transfer of Development Rights (TDR) and FSI benefits in exchange for their plots.Read more

05 Sep 2023

The collapse of buildings in the Mumbai Metropolitan Region is a growing concern, leading to tragic loss of lives and injuries. Many of these incidents have been attributed to structural weaknesses, water seepage, and buildings being declared unsafe by authorities. Despite warnings and evacuation notices, some residents continue to live in such risky conditions. The local authorities, including the Brihanmumbai Municipal Corporation (BMC), have been actively trying to address this issue, issuing lists of unsafe buildings and urging residents to relocate. However, more coordinated efforts and collaboration between authorities and residents are needed to find sustainable solutions and provide alternative accommodations, especially as the city faces the challenges of the monsoon season.Read more

04 Sep 2023

The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.Read more