24 Oct 2023

Surinder Chawla, the MD and CEO of Paytm Payments Bank, invested Rs 20 crore in two duplex apartments within the Indiabulls 'Sky Forest' tower in Mumbai's Lower Parel. These apartments span 2516 square feet across the 42nd and 43rd floors and come with four parking spaces. The apartments are valued at over Rs 57,300 per sq. ft, including rights to 972 sq. ft of exclusive area. The transactions were completed in August, incurring a stamp duty of Rs 60 lakh each. Chawla's investment is part of a growing trend among bankers and tech leaders diversifying their wealth through substantial real estate acquisitions in Mumbai, a city with a thriving real estate market.Read more

21 Oct 2023

Agra, home to the iconic Taj Mahal, is grappling with a concerning issue – 470 illegal structures, comprising restaurants, cafes, and emporiums, have mushroomed within a restricted 500-meter radius of the monument. These encroachments, some standing for decades, threaten the Taj Mahal's historical integrity and allure, drawing millions of tourists each year as a UNESCO World Heritage Site. The Archaeological Survey of India (ASI) has taken steps by filing FIRs, but local authorities have been slow to act. Allegations of collusion between these illegal businesses and authorities raise questions about the commitment to preserving India's cultural heritage. Hopefully, recent promises of swift action will translate into concrete measures to safeguard these architectural marvels for future generations.Read more

20 Oct 2023

Bollywood star Aamir Khan's property in Mumbai's upscale Bandra locality is set for redevelopment. Atmosphere Realty, a collaboration of Wadhwa Group, MICL, and Chandak, won the bid for this project, which attracted interest from Kalpataru, K. Raheja, and Oberoi Realty. Aamir Khan actively drove the decision making process as he owns 9 of the 24 apartments in the two buildings of the society. The new apartments will offer 55-60% more space to its owners. Pali Hill is among Bandra's top three locations experiencing a redevelopment boom, with renowned developers like Rustomjee, K. Raheja, Prestige, and Ashar Group joining in on projects in the area.Read more

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