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

06 Sep 2023

Mumbai's property market continues to thrive, registering over 10,000 property transactions for the third consecutive month in August 2023. Despite a 7% decline in government revenue compared to July 2023, it marked a substantial 21% increase from August 2022. Analysis of new property launches between April and June 2023 indicates a shift towards high-end and ultra-luxury segments, with properties priced above INR 2.5 crore gaining prominence. The Western Suburbs have seen a surge in new launches, thanks in part to new metro lines, while the Eastern Suburbs' share declined due to various factors. With the festive season approaching, Mumbai's property market remains positive and is expected to see increased activity in the coming months.Read more

05 Sep 2023

The Bombay High Court has issued directives to newly appointed Slum Rehabilitation Authority (SRA) nodal officers to ensure prompt action on complaints related to the non-payment of transit rent during the redevelopment process. These directives come in response to Public Interest Litigations (PILs) filed in 2019 regarding the non-payment of transit rent to eligible slum-dwellers, particularly in projects by Omkar Realtors and Developers Pvt Ltd. The court has mandated transparency, requiring the SRA to report on the number of complaints received and resolved. The court's intervention aims to expedite the resolution of transit rent disputes and hold relevant parties accountable, including developers and the SRA.Read more

05 Sep 2023

Three sites in the M East ward have been approved by the Brihanmumbai Municipal Corporation (BMC) for new cemeteries, while three more have been set aside for prospective revisions to reservations in the development plan (DP). This choice comes after a Bombay High Court hearing that was brought on by a PIL that residents of Govandi filed asking for more burial space. The proposed cemeteries consist of an addition to the Rafi Nagar cemetery in Govandi, a new plot in Anik Village at Vashi Naka, and the Deonar cemetery. The BMC is putting the finishing touches on the procedures for acquiring these lands, and it intends to give landowners Transfer of Development Rights (TDR) and FSI benefits in exchange for their plots.Read more

05 Sep 2023

The collapse of buildings in the Mumbai Metropolitan Region is a growing concern, leading to tragic loss of lives and injuries. Many of these incidents have been attributed to structural weaknesses, water seepage, and buildings being declared unsafe by authorities. Despite warnings and evacuation notices, some residents continue to live in such risky conditions. The local authorities, including the Brihanmumbai Municipal Corporation (BMC), have been actively trying to address this issue, issuing lists of unsafe buildings and urging residents to relocate. However, more coordinated efforts and collaboration between authorities and residents are needed to find sustainable solutions and provide alternative accommodations, especially as the city faces the challenges of the monsoon season.Read more

04 Sep 2023

The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.Read more

04 Sep 2023

Mumbai-based industrial and logistics real estate developer, Prakhhyat Group, has joined forces with Morgan Stanley Real Estate Investing (MSREI) in a strategic collaboration to construct a cutting-edge Class A warehousing complex near Mumbai spanning 0.7 million sq. ft. The venture, in which MSREI will hold a 95% stake, is projected to attract an investment ranging between INR 300-350 crore. This initiative marks MSREI's inaugural foray into Mumbai's Bhiwandi sub-market. The 25-acre K Square Logistics Park will feature state-of-the-art facilities catering to diverse sectors such as e-commerce, third-party logistics, FMCG, and FMCD.Read more

04 Sep 2023

The Maharashtra government has defended the transparency of the 2022 tender process for the Dharavi slum redevelopment project, stating that no undue favour was shown to Adani Group. The government's response came in reply to a petition by Seclink Technologies Corporation challenging the project's award to Adani Properties. The government asserted that the cancellation of the old tender was justified, and the new process attracted more bidders. The government emphasized the project's importance and inclusivity in accommodating non-eligible slum tenements. The Adani Group had won the bid, prompting the legal challenge, while the government maintained the legitimacy of the new tender.Read more

04 Sep 2023

A tragic fire outbreak at the Galaxy Hotel near Mumbai's Chhatrapati Shivaji Maharaj International Airport has claimed the lives of three individuals and left two others injured. The victims were passengers in transit, and the fire occurred due to a suspected short circuit. The hotel lacked integrated firefighting systems, and the presence of combustible materials intensified the flames. This incident underscores the critical importance of stringent fire safety measures, especially in older establishments. It serves as a sombre reminder of the need for comprehensive fire safety regulations and their strict implementation to prevent such tragedies in the future.Read more

02 Sep 2023

The reconstruction of Mumbai's Gokhale Bridge has faced a setback as the BMC's bridges department seeks the demolition of 13 structures on the Andheri East side to accommodate a crane necessary for assembling the bridge girder. While the structures hinder construction, concerns arise due to monsoon-related court orders preventing demolitions and evictions. The contractor requires more space to manoeuvre the crane, but only nine encroached structures can be demolished in October post-monsoon. The bridge, previously marred by delays, must meet a deadline for one side's completion by October. The project reflects challenges in urban infrastructure development amidst regulatory constraints.Read more

02 Sep 2023

Union Living unveils Varsity, a premium student housing in Mumbai's prime Santacruz-Juhu area, boasting a swift 90% occupancy rate post-launch. Besides offering 221 beds with modern amenities, Varsity fosters a unique sense of community through curated workshops and a mind-enhancing app subscription. Located near top educational and medical facilities, Varsity blends luxury with affordability, catering to various housing preferences. Founded in 2020 by Parth Soni and Rishabh Soni, Union Living is revolutionizing student accommodations, with ambitious expansion plans in the pipeline.Read more

02 Sep 2023

Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.Read more

01 Sep 2023

Two senior citizens have appealed to the Bombay High Court to take action against those encroaching upon refuge areas in Kingston Tower, Mumbai, and restore them to their approved plans. The building, constructed under a SRA scheme, received an Occupancy Certificate up to the 26th floor in April 2013. Subsequently, violations emerged as flats were sold above this level, incorporating refuge areas into higher floors and blocking access to common terraces. Despite reporting violations to the BMC and the fire officer, no action was taken. The High Court directed BMC to address the complaint within two weeks, underscoring the importance of adhering to plans and safety regulations in construction projects. This intervention highlights the commitment to safety in the face of unforeseen events.Read more

31 Aug 2023

The Bombay High Court has directed the BMC's Technical Advisory Committee to independently assess structures damaged by unauthorized tenant demolitions along Old Agra Road in Kurla. Justices Patel and Khata emphasized excluding private audit reports and ruled reconstruction should halt. The move addresses widespread damages caused by tenants and ensures proper authorization for repairs. The court ordered the landlord to present repair plans on September 13 and warned tenants against obstructing the assessment, hinting at potential contempt proceedings.Read more

31 Aug 2023

Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.Read more

30 Aug 2023

Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.Read more

29 Aug 2023

Roha Realty, a renowned real estate developer focused on upscale residential apartments in Mumbai and Thane, has partnered with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Demonstrating its prowess as a premium developer, Roha Realty aims to enhance residents' lifestyles through modern spacious apartments, top-tier amenities, and sustainability measures. The project will merge the two societies into a unified entity, reflecting Roha's commitment to quality and design. Chembur's strategic location and connectivity make it an attractive market for luxury living, further bolstering the investment potential of this development. Roha Realty's dedication to transparency and client satisfaction drives its mission to be Mumbai's premier real estate developer.Read more

29 Aug 2023

Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.Read more

28 Aug 2023

Utilizing drone technology, the state government has completed mapping rural land parcels in 97% of villages, expediting boundary fixing, property validation, and card issuance. With 31,069 villages surveyed out of 31,984, this innovative approach has resolved disputes and generated over 12,496 maps and 8,846 property cards, enhancing property rights for rural households. Despite pandemic setbacks, the initiative underscores a transformative shift in land management.Read more