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13 Apr 2023
The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.Read more
10 Apr 2023
The Maharashtra government is set to purchase the iconic Air India building at Nariman Point for INR 1,600 crore. The state government has expressed interest in acquiring the property in the past, and it has been reported that the AI Assets Holding Ltd., which owns the building, has given an in-principle agreement to the sale. However, the government has clarified that they will only proceed with the deal if they receive vacant possession of the building, as several state offices are housed in private spaces across south Mumbai, costing the government a significant sum of money every month.Read more
04 Apr 2023
The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.Read more
04 Apr 2023
The Bombay High Court recently heard a petition regarding the redevelopment of Ratilal Mansion at Parekh Street in Girgaum, Mumbai, which had been stalled for a decade. The project was originally being carried out by Orbit Corporation, which went into liquidation, leading to the incomplete structure on the site today. The 44 residents of Ratilal Mansion have not been able to live in their homes since 2009 and have not received transit rent since 2013.Read more
30 Mar 2023
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, recently announced that the state government plans to introduce a new policy to expedite Slum Rehabilitation Authority (SRA) projects. According to Fadnavis, builders will be invited through a tender process for the construction of buildings while the government will handle preliminary work, such as clearing plots and determining eligibility of slum dwellers.Read more
24 Mar 2023
In a recent development, the Bombay High Court has directed MHADA to issue an occupancy certificate (OC) to a builder for the free-for-sale Ekta Tripolis towers within two weeks. This decision has come as a relief to flat buyers in the free-for-sale component of Goregaon's Patra Chawl redevelopment project. The project involves the redevelopment of 672 tenements on MHADA land by Guru Ashish Construction, a subsidiary of HDIL which was first made in 2008. However, the project has been marred by several delays, litigations and alleged money laundering case connected to the redevelopment.Read more
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21 Mar 2023
Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.Read more
14 Mar 2023
In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.Read more
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14 Mar 2023
Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.Read more
09 Mar 2023
The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.Read more
02 Mar 2023
According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.Read more
27 Feb 2023
Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.Read more
01 Feb 2023
The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.Read more
09 Dec 2022
The state government of Maharashtra has struck down the April 2022 decision of the MVA regime to prohibit redevelopment of single buildings in a MHADA complexes. Residents whose buildings may have deteriorated more than neighbouring structures can now apply for redevelopment and need not wait for cluster redevelopment to take place. Earlier this week, the President of India signed off on amendments to the MHADA Act thereby allowing owners and tenants to apply for redevelopment of building termed ‘hazardous’ or ‘dangerous’ independently if faced with opposition by local authorities.Read more
21 Nov 2022
Disgruntled homebuyers of Kalpataru township project Immensa in Kolshet Thane, staged a protest outside the company’s head office in Santacruz earlier last week. More than fifty individuals gathered during the day with placards and demanded an explanation for the extended delay in handing over possession of the flats. Two senior representatives of the company supposedly met the protesters to address their concerns and put them at ease. As per the MahaRERA website, the project is now scheduled to be delivered in 2025.Read more
01 Jan 1970
The Brihanmumbai Municipal Corporation's Tree Authority has approached the Supreme Court seeking approval to cut 1,134 trees in Film City, Mumbai, to facilitate the Goregaon-Mulund Link Road (GMLR) project�a key infrastructure initiative aimed at connecting the Western and Eastern Express Highways and reducing travel time by nearly an hour. Respecting the Court's earlier directive barring tree felling in Aarey without explicit permission, the Authority clarified that the proposed development does not fall within the protected Aarey Milk Colony. The trees are required for constructing twin tunnels over a 6.2-km stretch, particularly for pit excavation and tunnel boring machine operations. A shift in the launching shaft�s location to avoid displacing a tribal hamlet has also increased the number of trees to be felled. The Tree Authority has sought permission to remove 95 trees in the first phase and requested the liberty to return for further approvals in the next phase of the project.Read more
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