14 Sep 2023

Mumbai's iconic Ajantha bungalow in Malabar Hill is set for demolition to make way for 12 luxury sea-view apartments. Aimed at providing dedicated residences for key legislative members, six of these apartments will house top officials, while the rest will serve as guest houses for visiting dignitaries. Speaker Rahul Narwekar confirmed the in-principle approval for the project, emphasizing the efficiency of the new construction over maintaining older structures. This initiative seeks to address the accommodation challenges often faced by opposition leaders and other officials.Read more

14 Sep 2023

Kochra Realty, a real estate firm, has taken over a long-delayed residential project in Mumbai's Dahisar suburb worth Rs 700 crore. The company plans to revive and complete the project by early 2025, bringing relief to nearly 600 homebuyers. Ashapura Housing previously managed the project but encountered financial difficulties. Kochra Realty has assumed the project's debt and ownership, with the aim of delivering 384 apartments by the end of this year, while the rest will be ready by early 2025. This move aligns with the trend of established developers rescuing stalled projects to ensure their completion.Read more

12 Sep 2023

Bollywood icons Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan, along with Amrita Singh, have made significant property acquisitions in a Mumbai commercial project in Andheri's Oshiwara locality. Bachchan purchased four offices spanning nearly 8,400 sq ft for approximately Rs 29 crore. Kartik Aryan acquired an office of around 2,100 sq ft for Rs 10 crore, while Sara Ali Khan and Amrita Singh bought a similar-sized office for Rs 9 crore. Interestingly, Ajay Devgan and Kajol had previously acquired offices in the same project. The real estate project, with 28 upper floors, is set to be completed by June 2025, and real estate remains a favoured investment among high-net-worth individuals and Bollywood celebrities.Read more

12 Sep 2023

The Mumbai City police's Economic Offences Wing has closed a 2012 case against Nirmal Lifestyle directors and others, including Videocon's founder, for allegedly cheating 28 home buyers of nearly Rs 12.7 crore. The closure comes after a thorough investigation revealed that the homebuyers had received refunds, interest, and settled their grievances, leading to the case being deemed civil rather than criminal in nature. The Nirmal Lifestyle group had been facing financial constraints, and this case was one of several registered against them in 2022.Read more

12 Sep 2023

The Maharashtra government's directorate of municipal administration has requested clarity from the Deolali Cantonment Board regarding various crucial matters in the plan to exclude civilian areas from the cantonment and merge them with a neighbouring civic body. Issues include geographical continuity, floor space index (FSI), salary and pension burdens of employees, taxation rates, infrastructure values, and revenue matters. The directorate will make its final recommendation on the merger once these issues are clarified, and the state government will then communicate it to the Ministry of Defence. This process may also apply to Aurangabad Cantonment.Read more

12 Sep 2023

The City and Industrial Development Corporation (CIDCO) is embarking on an ambitious project to create the International Corporate Park (ICP) in Kharghar, Navi Mumbai. Spanning 140 hectares, the ICP aims to rival Mumbai's prestigious Bandra-Kurla Complex (BKC) and is strategically located near the upcoming Navi Mumbai International Airport. CIDCO is currently addressing encroachments and constructing a protective compound wall around the ICP area, signalling the start of significant development. The project will include various sectors, offering corporate offices, hospitality facilities, media and entertainment infrastructure, IT company offices, residential housing, educational institutions, and healthcare facilities. Kharghar is set to become a thriving business hub, with the ICP at its core, enhancing the region's appeal.Read more

12 Sep 2023

The National Consumer Disputes Redressal Commission (NCDRC) has ruled against the developers of the World One project in 'Upper Worli,' finding them responsible for unfair trade practices and a deficiency in service. The NCDRC has ordered refunds with interest to three flat buyers, totalling approximately Rs 33 crore, with a maximum pay out of Rs 13 crore. The project faced significant delays due to the Airports Authority of India withholding a No Objection Certificate. The NCDRC rejected the developers' argument that the flat purchasers should have terminated their agreements, emphasizing the developers' responsibility for the project's delays and lack of necessary approvals. This ruling sets a precedent for consumer rights in real estate disputes.Read more

12 Sep 2023

The Bombay High Court has rejected a plea by Shiv Sena (UBT) leader and MLA Ravindra Waikar, along with his wife Manisha and three others, challenging the Brihanmumbai Municipal Corporation's (BMC) decision to cancel permission for the development of land designated for a five-star hotel in Jogeshwari (East). The court questioned the initial permission granted by BMC officials and why no action was taken against those officials when the permission was later revoked. The dispute arose from an agreement made in 2004, and the court found that the petitioners had concealed key clauses, leading to the rejection of their plea.Read more

11 Sep 2023

The Mumbai Municipal Corporation (BMC) and the Maharashtra government have been directed by the Supreme Court to retain the current housing status for conservancy workers who have long yearned for home ownership. Due to BMC intentions to revamp the colonies as part of the Ashray Yojana Program, many workers who reside in BMC colonies have received eviction notices. The workers' union requests owning apartments in accordance with government directives, but the BMC has not implemented these suggestions. While the greater housing issue for conservancy employees is yet unresolved, the Supreme Court's interim injunction offers transient relief.Read more

11 Sep 2023

The Mumbai Police's Economic Offences Wing (EOW) has arrested builder Kinnar Nayak for his alleged involvement in a case of fraud related to a redevelopment project in Mumbai. Nayak, the director of Taksha Spaces, had approached the complainant, Amjad Shaikh, and his father in 2015, requesting a substantial sum of Rs 35 crore for a redevelopment project at the Govardhan Cooperative Housing Society in Goregaon. Shaikh transferred Rs 30 crore to Nayak's accounts but, despite promises, Nayak failed to fulfill his commitments. The case underscores the importance of due diligence and legally binding agreements in real estate transactions to prevent fraudulent activities.Read more

11 Sep 2023

Brookfield Asset Management has committed over Rs.1,500 crore to The Leela Palaces, Hotels and Resorts, following an initial Rs.4,500 crore investment, marking the largest-ever foreign investment in India's hospitality sector. The brand is experiencing its best performance in three decades, driven by strong profit margins and ambitious expansion plans, including introducing the Leela Palace brand to Mumbai's Central Business District. Brookfield's global investments are propelling The Leela into international markets, with sustainability initiatives and significant room additions on the horizon, ensuring the brand's promising trajectory.Read more

11 Sep 2023

Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.Read more

11 Sep 2023

The Bombay High Court has approved the demolition of a 150-year-old structure on Malvani church land in Malad, Mumbai, to widen a congested road. However, the court has raised concerns regarding compensation and the relocation of the structure. The court noted that the structure, known as Parochial House, was not of significant heritage value, according to the Mumbai Heritage Conservation Committee. The church is willing to cooperate with the removal but seeks compensation and permission to relocate the house on the property. The judges have called for clarity on the actual area, compensation, and potential relocation.Read more

11 Sep 2023

Welspun One Logistics Parks (WOLP) plans to invest over Rs.600 crore in developing a Grade-A, in-city warehousing facility near Mumbai. This investment is through their Welspun One Logistics Parks Fund 2, which has already secured Rs.1,500 crore out of a Rs.2,000 crore target. The 6 lakh sq ft facility, situated on a 3.25-acre land parcel in Thane's Wagle Industrial Estate, will support urban last-mile delivery and cater to the surging demand for in-city warehousing driven by e-commerce and quick commerce services. WOLP aims to create a portfolio of 16-18 million sq ft across tier 1 and 2 cities, with an overall investment of over Rs.8,000 crore.Read more

09 Sep 2023

The Mumbai Metropolitan Region Development Authority (MMRDA) is set to receive a 71.04-hectare plot of land in Thane for the construction of car sheds for four metro routes. This move, approved by the state cabinet, is expected to accelerate the progress of various metro projects, including the vital Metro 4 route, which has faced delays due to the lack of a car shed. The allocation of this land is seen as a crucial step in improving Mumbai's public transportation infrastructure and connectivity across the region, benefiting commuters and easing congestion in the city.Read more

08 Sep 2023

Bombay Dyeing, a prominent Indian textile company, is reportedly in talks to sell around 18 acres of its mill land in the prestigious Pandurang Budhkar Marg area in Worli, Mumbai, to the Japanese conglomerate Sumitomo for an estimated sum of approximately Rs. 5,000 crore. This potential transaction follows a recent public notice, issued by the law firm Wadia Ghandy on behalf of an undisclosed client, expressing interest in exploring the legal rights, ownership, and interests associated with a large land parcel owned by Bombay Dyeing and Manufacturing Co Limited. If realized, this deal could mark a significant entry or expansion into Mumbai's real estate market by Sumitomo.Read more

07 Sep 2023

Mangal Prabhat Lodha, the guardian minister of Mumbai's suburbs, has unveiled an ambitious plan to transform Gilbert Hill in Andheri (West) into a tourist attraction comparable to Dubai's Burj Khalifa. This geological marvel, made of black basalt rock, has faced issues like landslides and slum encroachments. Lodha's plan involves making Gilbert Hill a prominent tourist destination, drawing inspiration from the iconic Burj Khalifa. The proposal includes an elevator for easier access to the hill's temple, among other enhancements. This transformation aims to boost Mumbai's tourism sector and provide a unique attraction for both locals and visitors.Read more

07 Sep 2023

The Bombay High Court has issued a notice to the Central government regarding objections raised against a residential project in Kandivali. The dispute revolves around the requirement for a No Objection Certificate (NOC) from officers at the Central Ordnance Depot (COD) for the project's approval. The petitioner argues that their project is almost 80 meters away from the defence establishment, well beyond the 10-meter restriction mentioned in the Centre's 2016 circular. They allege unequal treatment compared to other developers and claim that this violates the right to equality. The HC has set a date for a response from relevant parties, including the Defence Ministry and SRA.Read more

06 Sep 2023

The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (MHADA) to bypass the requirement of obtaining a No Objection Certificate (NOC) from any prior developer or architect for a collapsed building in Kherwadi Bandra (East). The building, known as "Govinda Tower," collapsed 25 years ago, claiming 33 lives. Justices Gautam Patel and Kamal Khata expressed their dismay over the extended delay in addressing the matter and instructed MHADA to determine a new developer and present a proposal for reconstruction. The court emphasized the importance of the society itself selecting the developer and directed the society to be joined as a respondent. The case will reconvene on October 3 to address other related petitions seeking an investigation into the building's collapse, liability assignment, and compensation.Read more

06 Sep 2023

The Bombay High Court has criticized the Brihanmumbai Municipal Corporation (BMC) for its lack of organized oversight in the redevelopment of its properties and called for the establishment of clear guidelines or regulations to address this issue. The court's comments came during a hearing on petitions filed by former residents of a BMC-owned property, highlighting issues like non-payment of transit rent and significant delays in redevelopment. The judges emphasized the need for a structured development supervision system, similar to those used by other authorities, to ensure transparency and efficiency in BMC-owned building redevelopment projects. The court's recommendations aim to improve governance and accountability in urban development initiatives.Read more