04 Oct 2024

Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has acquired two luxury apartments in the under-construction Raheja Modern Vivaria project in Mahalaxmi, south Mumbai, for approximately INR 45.69 crore. The combined carpet area of the apartments is 5,255 square feet, reflecting the increasing appeal of high-end real estate in the city. Developed by K Raheja Corp Homes, the project is expected to be completed by 2028 and replaces a former textile mill. This acquisition underscores the growing trend of luxury living among prominent business figures in Mumbai.Read more

04 Oct 2024

MHADA pushes for cluster redevelopment to expedite Mumbai’s housing woes
MHADA has issued 1,200 notices to developers and housing societies to regain control over stalled redevelopment projects, leveraging a 1976 amendment to the Maharashtra Housing and Area Development Act. This allows MHADA to independently supervise redevelopment if no plans are submitted within six months. Vice President Sanjeev Jaiswal highlighted this initiative at the CREDAI-MCHI Redevelopment exhibition, noting 850 notifications under Section 79(A), 300 under 79(B), and 70-80 under 91(A). Jaiswal warned developer against offering excessive incentives, which delay projects. With over 14,000 cessed buildings in South Mumbai, the government is pushing for cluster redevelopment to expedite the process and improve housing.Read more

03 Oct 2024

The Navi Mumbai International Airport (NMIA) has completed its runway construction, with a trial flight scheduled for October 5, attended by Prime Minister Narendra Modi. CIDCO chairman Sanjay Shirsat expressed optimism about the project, anticipating domestic operations by March 2025 and international flights by June 2025. Developed by Adani Airports and CIDCO, NMIA will feature four terminals and is expected to alleviate pressure on Mumbai's existing airport.Read more

03 Oct 2024

The Karnataka government has made e-khata mandatory for property registration starting in October to battle fraud, urging property owners to obtain it quickly as physical khatas will be phased out. Revenue Minister Krishna Byregowda highlighted that the e-khata system, already in 12 districts, will expand statewide. To aid this transition, the revenue department has digitised property records and will collect GPS coordinates as unique identifiers for each property. Additionally, the government is expediting applications to regularise Bagar Hukum land, with 160 committees handling 9.8 lakh applications, while 81.8% of land parcels are now linked to Aadhaar.Read more

03 Oct 2024

During the recent WSO INDIA OHS&E Professional Development Symposium, the Mumbai Metropolitan Region Development Authority (MMRDA) received the prestigious Gold 4-Star Trophy for its Mumbai Metro Line 09 project, known as the Dream Line. This recognition underscores MMRDA's strong commitment to maintaining high safety and health standards in the construction industry. Under the adept leadership of Dr. Sanjay Mukherjee, MMRDA prioritises the welfare of its workers while ensuring projects are executed efficiently. Spanning 13.581 kilometres and featuring seven stations, this corridor will significantly improve regional connectivity and establish new benchmarks for safety practices in future urban infrastructure developments.Read more

03 Oct 2024

Maha Mumbai Metro Operation Corporation Ltd. has extended its train services from October 7 to October 11, 2024, to accommodate the surge in late-night commuters during the Navaratri festival. The metro will introduce twelve additional trips between Gundavali and Andheri West, increasing the total number of trips to 294. The last trains will depart at 12:30 AM, running every 15 minutes during extended hours to ensure safe and convenient transportation for festival-goers. This initiative reflects the metro's dedication to providing reliable, accessible public transport, allowing passengers to fully enjoy the celebrations without transportation concerns.Read more

02 Oct 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has approved a significant sum of INR 8,498 crore for a Slum Rehabilitation Scheme at Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar (East). This project aims to rehabilitate approximately 17,000 slum dwellers over 48 months, providing free housing and essential infrastructure. The initiative, supported by the Government of Maharashtra, will enhance living standards while promoting sustainable urban development and aiding the Eastern Freeway extension.Read more

02 Oct 2024

Metro Line 5, also known as the Orange Line, is a key addition to Mumbai's transit system, stretching 24.90 km and featuring 15 elevated stations to connect areas like Thane, Bhiwandi, and Kalyan. The project aims to alleviate traffic congestion and offer efficient public transportation. A recent milestone in the project was the successful erection of two special spans-57.50 and 46 meters long-using high-capacity cranes, completed efficiently in just five hours. This achievement showcases the technical expertise and careful planning of the construction team, with the line expected to be completed by 2025, pending logistical factors.Read more

02 Oct 2024

CREDAI-MCHI recently hosted the first-of-its-kind 'Redeveloping Mumbai: Ease of Doing Redevelopment (EODR)' exhibition at the Jio Convention Centre this week. The exhibition facilitated connections between over 900 housing societies and 40 leading developers. A key highlight was the launch of the Ease of Doing Redevelopment Report, showcasing insights into Mumbai's redevelopment landscape. The event featured discussions on streamlining processes and a commitment to transparency and inclusivity from government officials. A panel discussion included industry leaders, enhancing the dialogue on legal frameworks and redevelopment strategies.Read more

01 Oct 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a significant loan of INR 31,673.79 crores from Power Finance Corporation (PFC) to finance nine key infrastructure projects. This funding will cover 80% of the total project costs and includes initiatives such as the Thane Coastal Road, the Eastern Freeway extension, and multiple elevated roads and bridges. These developments aim to improve connectivity and enhance the quality of life in MMR, transforming its transportation landscape.Read more