Advertisement
08 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.Read more
04 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued credit notes worth about Rs 350 crore to contractors to build houses for project-affected people in Mulund, Bhandup, and Prabhadevi, instead of paying them directly. These credit notes can be used to pay municipal taxes or premium charges to the BMC in the future or sold to other contractors for money. While there is no provision for credit notes under the MRTP Act, the state urban development department permitted BMC to implement the credit notes policy citing an earlier MMRDA precedent.Read more
03 May 2023
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.Read more
03 May 2023
The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.Read more
03 May 2023
The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.Read more
03 May 2023
The Bombay High Court has overturned a 2016 acquisition order by the Slum Rehabilitation Authority (SRA) for almost two acres of land in Mumbai's Goregaon, ruling that a developer and slum society had taken steps "in grabbing the property" from its owner. The court held that the owner had been deprived of his preferential rights to develop the property by fraudulent means and that the SRA's order should be set aside. The land had been declared a slum rehabilitation area in 2015.Read more
02 May 2023
Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.Read more
28 Apr 2023
Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.Read more
28 Apr 2023
The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.Read more
27 Apr 2023
The Enforcement Directorate (ED) has lifted the stay that it had imposed on Slum Rehabilitation Authority (SRA) builders who were carrying out projects under ED's probe for alleged money laundering. The SRA had issued a stop work on around 20 projects due to the ED investigation, which left over 5,000 slum dwellers without homes and rent. The state government had asked the Centre to direct the ED to let the slum redevelopment projects continue, and the issue was taken up at a meeting called by officials from the Prime Minister's Office (PMO).Read more
Advertisement
27 Apr 2023
BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.Read more
27 Apr 2023
The Covid-19 pandemic has led to a dramatic increase in gift deeds and will registrations in Mumbai, according to Maharashtra government data. The surge is attributed to property owners' heightened sense of mortality, prompting them to secure their families' interests. Data from the Department of Registrations and Stamps reveals gift deed registrations grew annually since 2019, reaching 20,843 in 2022 and 3,287 in the first quarter of 2023. Will registrations have also increased significantly, with 11,642 registered in 2022 and 3,091 in the first three months of 2023. The pandemic and reduced stamp duty rates contributed to this trend.Read more
24 Apr 2023
Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.Read more
21 Apr 2023
The Enforcement Directorate (ED) filed a chargesheet against builder Shailesh Sawla and his companies, Kunal Construction and Sawla Construction, for selling flats meant for slum dwellers to influential individuals. The case, one of the oldest pending money laundering cases since the Prevention of Money Laundering Act (PMLA) came into force in 2005, involved collusion with BMC and SRA officials to construct larger flats for wealthy buyers. Authorities have pledged to strengthen oversight and improve transparency in the slum rehabilitation process in response to the chargesheet.Read more
21 Apr 2023
Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.Read more
19 Apr 2023
The Maharashtra state government has approved the payment of rent arrears to 672 residents of Patra Chawl from January 2018 to February 2022. The decision was made after a meeting between the residents' association and MHADA officials, where residents agreed to accept rent from the time the developer had been removed by MHADA and submitted a copy of the resolution to MHADA. The rent will be paid by MHADA, incurring a cost of around Rs 85 crore for the arrears from January 2018 to February 2022, and will be a major relief to residents who have been out of their homes for more than a decade.Read more
14 Apr 2023
The Bombay High Court has ruled that tenants cannot dictate the nature of redevelopment to the owner and have limited rights in this regard. The decision was made in a case involving a Khar building where an "obstinate tenant" had been holding up redevelopment. The court directed the BMC to issue a commencement certificate for redevelopment and stated that tenants only have the right to be provided with an alternative accommodation of an equivalent area occupied by them before the building was demolished. The ruling is expected to pave the way for future redevelopment projects.Read more
14 Apr 2023
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers in the state for failing to provide satisfactory updates on their projects as required by law. These developers had already been given 30 days to update their information and fix any deficiencies, but around 16,000 of them failed to respond or submitted unsatisfactory responses. MahaRERA has stated that it will take action against those who do not respond to the notices within 15 days, as required by law.Read more
14 Apr 2023
The dilution of Coastal Regulation Zone (CRZ) in 2019 has allowed for more construction near Mumbai's coast, benefiting prominent personalities like Sachin Tendulkar, Jaya Bachchan, and Cyril Shroff. The Maharashtra Coastal Zone Management Authority has approved proposals to add extra floors to existing bungalows and expand luxury residential buildings. However, environmental activists have raised concerns about increasing the load on the coastline and not submitting to the spirit and purpose of the CRZ notification.Read more
13 Apr 2023
The Bombay High Court has ruled that the Indian state of Maharashtra cannot charge a premium on the entire freehold land of a property owner in order to lift development restrictions but can only do so on surplus vacant land under the repealed Urban Land (Ceiling and Regulation) Act. The court's decision came after a landowner filed a petition after the state sought a premium on almost one acre, he was permitted to hold under ULCA.Read more
.jpg)
Advertisement
