19 Oct 2023

Chandan Cinema, an iconic Mumbai landmark, has a storied history deeply intertwined with the city's cultural tapestry. Established in the mid-1970s, it became a beloved destination for diverse cinematic experiences. In 2017, the cinema ceased operations due to structural concerns, leading to a redevelopment plan. The owner faced hurdles, including defence clearance issues, and eventually took the matter to the Supreme Court. The court ruled that redevelopment of existing structures is permitted, provided they don't exceed 15.24 meters in height. The redevelopment is set to include a commercial tower, boutique offices, a premium shopping mall, and an executive-class multiplex theatre.Read more

18 Oct 2023

An individual named Rajan Gulhane is facing a case filed by the Tilak Nagar police for allegedly attempting to seize a one-acre salt pan land in Vikhroli, Mumbai, by placing a signboard claiming ownership. The land's ownership is disputed between the State Government and the Central Government (Salt Department) and is awaiting resolution in the Bombay High Court. Gulhane replaced a sign indicating the ongoing dispute with his own sign, asserting ownership. However, the Salt Department alleges that he submitted fraudulent documents and confirmed their forgery with the Talati office. Salt pans play a crucial role in Mumbai's defense against flooding and provide habitat for diverse wildlife. They are subject to strict Coastal Regulation Zone (CRZ) regulations.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

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

13 Oct 2023

The Bombay High Court has called for granting the Slum Rehabilitation Authority (SRA) and the state government broad powers to evict unauthorized occupants from SRA flats due to concerns about illegal transfers and profiteering. The court highlights the need to protect the 10-year ownership restriction on these flats and the importance of preventing the trafficking of rehab tenements to address Mumbai's affordable housing crisis. It's also examining a case in Malad (E) where allottees are seeking rental dues, shedding light on a wider issue of unauthorised transfers and subletting.Read more

12 Oct 2023

Recent developments and transactions in India's industrial and real estate sectors provide insights into the country's economic landscape. Bajaj Auto signed a 95 lease agreement for land in Chakan, signalling its strategic entry into the electric vehicle sector. Adore Group's acquired a 15-acre plot in Faridabad reflecting changing homebuyer preferences for modern low-rise living. Godrej Properties sold a 14-acre parcel in Gurugram underlining the surging demand for housing. Hero Realty's expansion in the region showcases growth aspirations. These developments not only shape their respective sectors but also mirror changing consumer preferences in India's evolving real estate market.Read more

11 Oct 2023

Bollywood star Manoj Bajpayee and his wife, Shabana Bajpayee, have acquired four office units spanning 7,620 sq ft in Mumbai's Oshiwara area for a total of Rs 32.94 crore. These luxurious spaces, located in the Signature Building, come complete with nine car parking slots. Their purchase follows a trend of Bollywood celebrities investing in the same project, including Amitabh Bachchan, Ajay Devgan, Kajol, Kartik Aryan, and Sara Ali Khan. The Bajpayees' acquisition adds to the city's thriving real estate market, cementing Mumbai's enduring appeal to Bollywood stars.Read more

10 Oct 2023

Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.Read more

07 Oct 2023

The Maharashtra State Housing Federation is championing amendments to the 1970 Apartment Ownership Act, aiming to expedite the redevelopment of older cooperative society apartments. A 15-member committee has already submitted recommendations to the state government, focusing on clearer definitions of common areas and empowering self-redevelopment. With 100,000 buildings under the Act and recent state cabinet approvals to tackle redevelopment obstructions, these changes could redefine urban housing in Maharashtra. The government's response is eagerly awaited.Read more

06 Oct 2023

Peyush Bansal, co-founder of Lenskart, recently grabbed headlines with his acquisition of a luxurious property in Delhi's prestigious Neeti Bagh area for Rs. 18 crore, which includes both the basement and ground floor of an opulent bungalow, spanning a total area of 939.4 sq m on a 680 sq m plot. In a parallel move, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions invested a substantial Rs. 48 crore in a residential property in Hyderabad's coveted Jubilee Hills, while Monish Darda, co-founder of Icertis, joined the trend by purchasing a lavish apartment in Mumbai's Juhu for Rs. 38 crore. These acquisitions mirror a growing pattern among billionaire tech entrepreneurs who are increasingly turning to significant real estate investments as a means to diversify their portfolios.Read more