Login
SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Mahindra Lifespace Developers halts joint development project in Dahisar East

#Builders & Projects#India#Maharashtra#Mumbai City#Dahisar (East)
Last Updated : 17th Nov, 2023
share-icon Share
font-size icon Font size
ABC Small ABCMedium ABCLarge
Save
print Print
comment Comment
Synopsis

Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations.

Story Image
Story Image
Story Image

Representative image

Mahindra Lifespace Developers, the real estate subsidiary of the Mahindra Group, has decided to cease the joint development of a 4.8-acre land parcel in Dahisar East, part of Mumbai Metropolitan Region. The discontinuation, as disclosed in a BSE filing, is attributed to significant delays in meeting conditions, including regulatory clearances and approvals necessary for the timely development of the land. The joint development, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. The decision to discontinue the joint development project in Dahisar East was taken considering the challenges posed by delays in fulfilling certain conditions precedent. The termination underscores the complexities associated with securing regulatory clearances and approvals within set timelines. In a separate regulatory filing, Mahindra Lifespaces revealed that it has received a notice from the construction permission and unauthorized construction department of the Pimpri Chinchwad Municipal Corporation. The notice imposes a penalty of Rs. 4.6 lakh for alleged non-compliance with applicable directions to combat air pollution at a construction site in Pune. The penalty is levied under the provisions of the Air (Prevention and Control of Pollution) Act 1981, State Level Environmental Impact Assessment Authority, and Unified Development Control and Promotion Regulations for Maharashtra State. This regulatory challenge further emphasizes the importance of adhering to environmental guidelines in the construction industry. Mahindra Lifespaces, while facing setbacks in the joint development venture, must now address compliance issues and potential financial implications associated with the penalty notice in Pune.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

Have something to say? Post your comment

Post Comment

Quick Links

Asset Class

Location

Other News
post_image

5th Jun, 2025

Mumbai emerges as top data centre hub in Asia-Pacific region
post_image

25th May, 2023

Reliance Industries acquires the Mandarin Oriental Hotel in New York
post_image

11th May, 2023

U.S. housing market sees significant decline in home listings amidst reluctant sellers and high mortgage rates
post_image

27th Apr, 2023

US single-family housing construction on the rise: positive signs for a struggling market