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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
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
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
22 May 2023
A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.Read more
19 May 2023
Mumbai Police has announced that landlords do not need a No Objection Certificate (NOC) to rent out their properties. They have provided multiple ways for citizens to furnish tenant details, including an online application process. Landlords and tenants must ensure the accuracy of the information provided. The service is free, and any instances of bribery or malpractice should be reported to the police. The police also issued a preventive order to property owners, urging them to disclose tenant information through the Mumbai Police's citizen portal. These measures aim to maintain public safety and peace in the city.Read more
19 May 2023
Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.Read more
18 May 2023
Former members of the management committee of Anjali Cooperative Housing Society in Andheri West have been banned from participating in society elections for five years due to their failure to submit audit rectification reports and alleged mishandling of financial affairs. The Deputy Registrar of Housing Societies issued the ban after complaints were made regarding the committee's actions. The committee members were found to have violated rules, resulting in financial losses to the society. The ban aims to protect the interests of the organization and its members while promoting transparency and accountability.Read more
17 May 2023
Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.Read more
12 May 2023
The Runwal Group has acquired GIC's entire 50% ownership in their joint retail development R City Mall for almost Rs 1,000 crore, making it one of the biggest purchases of a single property in the Indian retail sector. The mall is located in Mumbai's Ghatkopar area and features over 300 businesses in fashion, food, beverage, and entertainment industries. The acquisition allows Runwal to fully manage the asset and is expected to benefit from the increasing demand for high-quality retail assets in India.Read more
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11 May 2023
The Bombay High Court has granted a group of 78 flat purchasers of RNA Palazzo, a stalled residential project in Kandivli, the right to self-develop the remaining parts of the project. The flat purchasers had formed an association and filed a suit against the developer seeking specific performance by the builder of their agreements for flats. The court appointed the association of flat purchasers as an agent of the court receiver to take charge of the project and self-develop the remaining parts.Read more
11 May 2023
CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.Read more
09 May 2023
Despite protests from the housing society, the Bombay High Court approved the construction of nine additional floors by a developer in a 12-story building. The organization had contended that due to CRZ limits, the original project to build 38 levels had been reduced to 12 floors, and that additional construction would endanger the existing building. However, the developer relied on a VJTI report that authorized the extra floors. Until the petitioners file a substantive lawsuit, the developer will continue construction at their own risk, according to the division bench of justices Gautam Patel and Neela Gokhale.Read more
08 May 2023
Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.Read more
08 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.Read more
05 May 2023
The Panvel Tehsil office in Navi Mumbai has auctioned properties of builder NK Bhupeshbabu in Morbi gram panchayat and recovered Rs 4.82 crore, exceeding the reserve price of Rs 3.72 crore, in an attempt to recover a total sum of Rs 6.5 crore from the developer, against whom MahaRERA had issued 33 warrants. However, homebuyers complain that revenue officials are not serious about carrying out the recovery process, leading to their grievances being unaddressed.Read more
04 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued credit notes worth about Rs 350 crore to contractors to build houses for project-affected people in Mulund, Bhandup, and Prabhadevi, instead of paying them directly. These credit notes can be used to pay municipal taxes or premium charges to the BMC in the future or sold to other contractors for money. While there is no provision for credit notes under the MRTP Act, the state urban development department permitted BMC to implement the credit notes policy citing an earlier MMRDA precedent.Read more
03 May 2023
The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.Read more
03 May 2023
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.Read more
03 May 2023
The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.Read more
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