18 Oct 2024

Transcon has commenced the phased handover of 148 SRA units to residents of Sai Durga SRA Co- operative Housing Society in Santacruz, Mumbai. The event, attended by urban development advocate Shri Ashish Shelar, highlighted the company’s commitment to safe and adequate housing. Director Shraddha Kedia-Agarwal emphasized the focus on sustainability and community needs. The newly built homes prioritize comfort and essential amenities, reinforcing Transcon's dedication to positively impacting urban living and fostering growth in the community.Read more

17 Oct 2024

In Mulund East, Mumbai, the 60-acre vacant land from a former octroi naka and garbage dump has inspired local residents of Hari Om Nagar to advocate for new infrastructure projects. The community, led by the Hari Om Nagar Apex Body Federation (HONAFE), is pushing for an AIIMS hospital, a bus terminus, and a cultural and sports center. With over 2,000 signatures gathered, they aim to enhance local services, improve healthcare access, and ease transportation challenges. Despite existing government allocations, the community plans to present their proposals to authorities, hoping to bring meaningful development for 80,000 to 100,000 residents.Read more

17 Oct 2024

Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.Read more

17 Oct 2024

Ahead of the Maharashtra Assembly elections, Chief Minister Eknath Shinde has announced that light motor vehicles will be exempt from toll fees at five Mumbai toll booths starting midnight, October 15. This decision aims to benefit over 600,000 daily commuters, particularly light vehicles. The toll exemption is expected to enhance the real estate market in suburbs like Thane, Airoli, and Vashi, making them more attractive to homebuyers.Read more

16 Oct 2024

Sheth Realty's maiden redevelopment project, Codename Younique, located in Sion, has achieved a sales of over INR 200 crore within 45 days of its launch. The project, an investment of INR 150 crore with a total estimated cost of INR 800 crore, marks the developer's entry into the redevelopment sector. Spread over two acres, it offers 350 premium 2 and 3 BHK units, complemented by retail outlets and a serene Ganesh temple. Developed in partnership with the Aakshya Group, its success is attributed to strategic pricing and flexible payment plans, appealing to first-time buyers, professionals, and families upgrading their lifestyles.Read more

16 Oct 2024

In an effort to regain control over abandoned redevelopment projects on their lands, the Maharashtra Housing and Area Development Authority (MHADA) has sent out about 1,200 letters to different Mumbai developers and housing societies. This action is in response to a 1976 amendment to the Maharashtra Housing and Area Development Act (MHADA) that gave MHADA the power to independently supervise redevelopment on its plots in the event that developers and residents fail to submit any plans for the redevelopment of residential buildings, regardless of the reasons behind the failure, including disagreements or pending legal actions.Read more

16 Oct 2024

The Bombay High Court has ruled that a tenant company, Mather and Platt (India), cannot reclaim protections under the Maharashtra Rent Control (MRC) Act, 1999, after voluntarily reducing its paid-up capital below the INR 1 crore threshold. The court rejected the company's claim of financial hardship due to reorganization, stating it remains a "cash-rich entity" capable of paying market rent. The case involved eviction from Hamilton House, Ballard Estate, with the court affirming that once rent control protections are forfeited due to exceeding capital limits, they cannot be restored. This decision sets a precedent for similar landlord-tenant disputes under the MRC Act.Read more

15 Oct 2024

The Mumbadevi temple precinct in Mumbai is poised for a significant makeover as the Brihanmumbai Municipal Corporation (BMC) plans to transform the 9,000-square-metre area inspired by the Kashi Vishwanath Corridor in Varanasi. Estimated to cost INR146 crore, the project will restore the over 100-year-old temple, enhance accessibility, and beautify the surroundings with gardens and water features. The redevelopment aims to accommodate 7,000 devotees while improving crowd management and preserving local hawkers' livelihoods.Read more

15 Oct 2024

Last week, the Bombay High Court demanded a response from the Additional Chief Secretary or Principal Secretary of the state Urban Development Department (UDD) regarding the minimum time required to enforce fire safety regulations for buildings at risk. The court criticised the state government for failing to meet deadlines for issuing final notifications. It issued a warning that if the proper procedures are not followed, it may pass an order halting all development approvals granted by various planning authorities and corporations, at least within the city of Mumbai, during the next hearing.Read more

15 Oct 2024

The Maharashtra government has advanced plans to allocate around 180 acres of land in Madh Island, Malad (West), for various projects, including the Dharavi Redevelopment Project (DRP), led by the Adani Group. Of this, 140 acres are designated for relocating Dharavi residents ineligible for free housing, with additional land set aside for a hospital by the Aditya Birla Group, Kailash Kher's singing academy, a temple trust, and an MLA housing society. This move is part of a broader effort to support infrastructure development, but it has sparked criticism from opposition leaders, accusing the government of favoring corporate interests over public welfare.Read more

15 Oct 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to generate INR 656 crore by leasing three prime plots in Bandra-Kurla Complex (BKC) for vital infrastructure projects, including a clubhouse, hospital, and educational institution. The largest plot, covering 52,138 square metres, is designated for a world-class clubhouse, while additional plots will develop a hospital and an educational institute. BKC, a 19-hectare commercial hub, houses key corporate and government offices, enhancing its appeal for these upcoming projects. Over the past two decades, MMRDA has funded public initiatives by auctioning plots primarily for commercial development.Read more

11 Oct 2024

At HOMETHON Property Expo 2024, key stakeholders discussed the urgent need for redevelopment in Mumbai's Metropolitan Region (MMR) to address housing shortages. Dr. Bhushan Gagrani, BMC Commissioner, emphasized redevelopment through public-private partnerships, highlighting the importance of financial viability and awareness among residents. He noted infrastructure challenges as redevelopment scales, particularly in water and sewage systems. Former Maha RERA Chair Shri Gautam Chatterjee stressed the need for knowledge dissemination and transparency, suggesting a web portal for project monitoring and dispute resolution. NAREDCO leaders advocated for reduced redevelopment premiums, especially for self-redevelopment and lower Floor Space Index (FSI) projects, to promote affordability and sustainability. The discussions highlighted collaboration, incentives, and awareness as pivotal for Mumbai's sustainable urban growth.Read more

11 Oct 2024

The Brihanmumbai Municipal Corporation (BMC) is planning to acquire a 22-acre site at Film City in Goregaon to set up a casting yard and a boring machine for a tunnel linking Mulund and Goregaon. This initiative will involve cutting down approximately 700 trees, prompting opposition from environmentalists. Film City, adjacent to Sanjay Gandhi National Park, is a wildlife haven. The project has yet to receive final approvals, and concerns have been raised regarding deforestation and prior commitments to compensatory afforestation. The planned 6.3-kilometre tunnel aims to cut travel time significantly, with a completion target set for October 2028.Read more

11 Oct 2024

The recently launched Phase I of the Aarey to BKC metro line opened smoothly earlier this week, attracting over 15,500 passengers on its first day. The Marol to BKC segment, benefiting from connections to other metro lines, saw significant usage. While initial ridership included many joyriders, traffic increased during peak hours. Commuters reported reduced travel times and appreciated the infrastructure. However, issues like poor mobile connectivity, lack of escalators, and last-mile access remain concerns. Tickets are available at INR 10 through various methods.Read more