06 Dec 2022

The Supreme Court has passed a judgement ordering two illegal buildings constructed in 2011 in Nerul, Navi Mumbai to be brought down. The families residing in these buildings have been given six months to vacate. Individuals who purchased flats in the complex where aware of the legal standing of the buildings. The court has ordered for the civic and police officials involved in allowing the construction to take place to be held liable as well. The plots in question had been allotted for the creation of a public garden according to the area’s development plans.Read more

02 Dec 2022

According to a recent report published by JLL India, start-ups have dominated the office leasing arena by taking on over 6.5 million square feet of space in the first half of this calendar year. The start-up’s share in gross leasing grew from 17 per cent in 2021 to 28 per cent in H1 of 2022 in the top eight cities of the country. Bengaluru led the race with an approximately 2.5 million square feet leased by start-ups this year, followed by Delhi NCR at 1.9 million square feet and Mumbai at 0.95 million square feet.Read more

02 Dec 2022

According to recent reports, only 7,000 of the 16,000 plots allotted by the MIDC offices in Nagpur and Amravati for industrial estates are being actively developed. Several reasons have been cited for the delay with the primary reason being touted as disruption caused by the Covid pandemic. The Vidarbha Economic Development Council has urged MIDC to create an amnesty program to help them cope. Their recommendations include deduction of fees and penalties levied from underutilisation and water usage. Several allottees have been unsuccessful in utilising their land parcels and wish to surrender them but are unable to because of the heavy deductions made by MIDC.Read more

29 Nov 2022

According to recent reports, the government of India has fixed an indicative value of Rs 7.409 crore rupees for the iconic Ashok Hotel located in New Delhi. This action was taken in line with the National Monetisation Program which aims at raising private sector investment for new infrastructure creation. The Ashok Hotel and along with the adjacent Samrat Hotel two of the eight structures listed under the India Tourism Development Corp assets under this scheme.Read more

28 Nov 2022

Last week, a division bench of Justices R D Dhanuka and S G Dige said it would begin hearings for the petition filled by the state government regarding land acquisition from Godrej & Boyce from 5th December 2022. The state government and the company have been embroiled in a bitter court battle since 2019. The company alleges a wrongful approach undertaken by the state government to acquire the land and changes in the compensation amount offered. The state government and NHSRCL on the other hand are accusing the company of causing unnecessary hurdles thereby delaying the project.Read more

25 Nov 2022

In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.Read more

24 Nov 2022

Residential complexes in Mumbai City are fast opting for redevelopment. A concept that used to scare many is now being embraced by several housing societies across the region. Several government initiatives introduced in the recent past have helped society members opt for self-redevelopment and encouraged builders to take on such projects by way of additional FSI. As a result of this, several micro markets in Mumbai are experiencing a sudden surge in rental yields. Experts suggest rentals have increased by Rs. 5-10 /- per square foot in Mumbai Suburban and By Rs. 10-15/- per square foot in the Island City.Read more

17 Nov 2022

Bengaluru’s civic body BBMP is in a legal tussle with builders in the city over unpaid dues amassing to over 1,00 crores for land rent, licence fees, building licence fee, scrutiny fee and other such construction approvals. Collection was temporarily halted in August 2021 by a High Court directive. In January 2022, the Karnataka Municipal Corporation and Certain Other Law (Amendment) Act-2021 was revised to restart the collection process, but the amended law it yet to be implemented.Read more

16 Nov 2022

The famous Air India Building located in Nariman Point, Mumbai has few takers. The building was first handed over in 1970 on a 99-lease by the state to the then government-controlled airlines. In February 2013, as part of its asset-monetisation strategy, Air India relocated its corporate headquarters to New Delhi and vacated the property. Even though Air India requested bids for the sale of the 23-story structure in 2018, so far there are no takers. To revive talks, the bid has now been raised to 1,600 crore rupees.Read more

16 Nov 2022

Earlier this month, the C Ward of the Brihanmumbai Municipal Corporation (BMC) lifted the stop-work notice issued against the Bhendi Bazar redevelopment project, allowing work to restart after a hiatus of over two months. The notice was first issued on the behest of deputy CM Devendra Fadnavis who requested an investigation into reports that the Saifee Burhani Upliftment Trust, which is carrying out the project, had altered the original designs, removed certain roads and changed the widths of certain highways and roadways. The same complaints were investigated in December 2021 by then acting deputy speak Narhari Zirwal, who had given the Trust a clean chit.Read more