28 Aug 2023

Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.Read more

28 Aug 2023

A three-storeyed building in Navi Mumbai's Nerul area collapsed last week, resulting in two fatalities and injuring two others. The incident, which took place around 9:11 pm in Sarsole Sector 6, saw a major section of the building's third floor crash onto the lower levels. While the interior was severely damaged, the exterior surprisingly remained intact. Immediate rescue operations were launched, with victims rushed to DY Patil Hospital. The cause of the collapse is under investigation.Read more

26 Aug 2023

Mumbai's Omkar Realtors has begun delivering homes in the world's tallest rehabilitation towers at Dhobi Ghat, Mahalaxmi. Around 1000 families have received new homes and retail units in Phase 1 of the project. Developed under the Maharashtra government's slum rehabilitation scheme, the initiative aims to house 16,000 slum residents across phases. The project, in collaboration with Piramal Realty, focuses on laundry-related labour and includes luxury housing. Omkar has a strong track record in slum redevelopment, delivering over 3,000 houses in a recent project. The iconic Dhobi business faces modernization challenges, adapting to water-efficient and healthier techniques.Read more

26 Aug 2023

In Mumbai's Matunga West, Sumit Woods Ltd. has presented exhibition apartments and a distinctive exercise facility for its Sumit Atulyam project. The building, which was finished in 15 months, features opulent residential units and facilities, such as three show flats and a cutting-edge exercise facility. Construction was sped up by the development of aluminum shuttering technology. With 60% of the project's sales completed, the managing director, Mitaram Jangid, expressed delight in its advancement and invited potential buyers to tour the sumptuous living quarters. P.N. Bhobe, Chief Architect of P.N. Bhobe & Associates oversaw the project's renovation.Read more

23 Aug 2023

Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.Read more

19 Aug 2023

In a recent case, the 62-year-old secretary of Sewree's Lodha Aria Co-op Housing Society was acquitted by the magistrate's court due to the Brihanmumbai Municipal Corporation's (BMC) inability to prove allegations. The BMC accused the secretary of not properly maintaining a swimming pool on the building's terrace, resulting in leakage in the apartment below. The complainant lacked expert evidence or relevant documents to trace the leakage's origin. The court's judgment highlighted crucial points: no approved layout plan proving the pool's existence, and no society bylaws indicating liability for internal leakage. The absence of substantial evidence led to the secretary's acquittal.Read more

19 Aug 2023

In Mumbai, the manager and two cooks of a prominent Bandra restaurant were arrested after a customer complained of discovering a baby rat in his meal. The incident unfolded at Papa Pancho Da Dhaba, a renowned eatery known for its Punjabi cuisine over the last two decades. Anurag Singh found a baby rat in his chicken dish during a visit after shopping in Bandra. The manager and cooks were taken into custody by the Bandra police and charged under IPC sections 272 and 336. They were released on bail. The restaurant manager denied previous incidents and claimed intoxicated customers were involved. The legal battle continues between the customer and the establishment.Read more

18 Aug 2023

Mumbai's Slum Rehabilitation Authority (SRA) is taking action in response to a 2019 Public Interest Litigation (PIL) that exposed developers' non-payment of transit rent to eligible slum residents. The Bombay High Court's directive on July 19 underscored the SRA's role in overseeing organized slum redevelopment, including ensuring developers regularly pay transit rent. The PIL initiated by Vijendra Rai against Omkar Realtors shed light on developers' failure to meet financial obligations. To address this, SRA appointed nodal officers across civic wards to receive complaints from affected individuals, streamlining the grievance process. The SRA is committed to transparency, sharing actions taken on their website. The court's involvement continues, with the next hearing set for August 30, marking progress toward resolving the issue of unpaid transit rent for Mumbai's slum residents.Read more

18 Aug 2023

Mahindra Lifespaces Developers Limited (MLDL) has partnered with KidZania Mumbai to empower children as sustainability advocates. MLDL's 'Experiences' within KidZania will offer interactive zones like Sustainable Design Studio, Green Power Zone, and Construction Zone, educating children about sustainable practices. The collaboration, aligned with MLDL's 'Green Army' CSR initiative, aims to foster environmentally conscious leaders. The announcement took place during a lively launch event at KidZania Mumbai, symbolizing the partnership's journey to educate young minds through engaging experiences.Read more

18 Aug 2023

Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.Read more

17 Aug 2023

Following the revelation of a counterfeit seal and forged documents scam, the VVMC swiftly responded by initiating legal action against previously served notices to illegal buildings. Fresh FIRs were lodged against unlawfully constructed properties, including Vinayak Apartment, Omkar Apartment, and Anandi Villa. The VVMC is pursuing comprehensive investigations into the confiscated records of 55 illicit residential structures linked to accused developers. With a concerning 90 percent of Virar (E) buildings being illegal, anxiety prevails among residents, underscoring the urgent need for intervention. Amidst this, activists reveal a pattern of unauthorized construction tactics, highlighting the need for robust regulatory measures.Read more

17 Aug 2023

The Bombay High Court has ousted builders Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty from a south Mumbai redevelopment project due to their failure to deposit arrears for tenants. The court ordered their complete removal by Independence Day, highlighting the builders' responsibilities and emphasizing citizens' rights in urban development. The Maharashtra Housing and Area Development Authority (MHADA) has been authorized to appoint a new builder, ensuring accountability and project progress.Read more

16 Aug 2023

Mangal Prabhat Lodha, Mumbai's suburban guardian minister, has altered his stance on a substantial public toilet tender after initially advocating for pre-cast facilities. Lodha now urges the BMC to proceed with the traditional tender, citing potential delays in construction and citizen inconvenience. Earlier, he had requested a halt to the Rs 488-crore tender, advocating for pre-cast toilets in select locations. This flip-flop in decision-making has drawn criticism from opposition leader Ravi Raja, who accuses the BMC of being unduly influenced. The situation highlights the complexities of decision-making and priorities in enhancing Mumbai's slum sanitation infrastructure.Read more

16 Aug 2023

In a significant development, the Bombay High Court has expressed grave concern over the deteriorating situation in Mumbai. The court has suggested that government intervention might be imperative to rein in rogue builders failing their obligations in redevelopment projects. Justices Gautam Patel and Neela Gokhale emphasized the priority of residents' rights over developers' profits, warning against treating citizens as mere hindrances. The court's observations were made in response to a case involving tenants' rights. The court issued a strict directive for the payment of outstanding transit rent and threatened to cancel developer permissions if defaults persist.Read more

14 Aug 2023

In response to water-logging concerns, the BMC intends to place 25 robust dewatering pumps along the entire 10 km Mumbai Coastal Road Project (MCRP) stretch. Triggered by recent water-logging at Marine Drive, a congested drainage outfall due to construction debris led BMC to utilize cranes for clean-up. Subsequently, SWD officials surveyed the coastal road area, prompting the MCRP team to deploy pumps at 25 locations, especially where drainage work is ongoing. This initiative aims to mitigate flooding risks and enhance drainage efficiency in the wake of such incidents.Read more

14 Aug 2023

Dharavi residents in Mumbai rallied on Wednesday, calling for the Maharashtra government's direct involvement in the area's redevelopment. Joined by the Aam Aadmi Party and local activists, protestors emphasized the need for an updated housing survey. Opposition to the Adani Group, recently awarded the redevelopment contract, was evident. Activists advocate for a Special Economic Zone, emphasizing Dharavi's importance as a hub for small-scale industries. The project, won by Adani Properties, has an estimated revenue potential of Rs 20,000 crore.Read more

12 Aug 2023

Five individuals, including two prominent developers, have been arrested in Mumbai for allegedly constructing 55 residential buildings under fraudulent permissions, using counterfeit seals from government authorities. Investigations reveal that the accused may have been duping potential homeowners since 2015. Besides the fake seals, fraudulent letterheads from major municipal bodies were also discovered. The full extent of the scam is still being uncovered, but losses to the state could be in crores. As the case progresses, buyers are urged to verify their property's legal standing with local municipalities.Read more

12 Aug 2023

Builder Rajan Dhruv of Orbit Ventures evaded authorities, hiding in a Pali Hill flat for two hours as Economic Offences Wing (EOW) and Khar police aimed to serve a notice in an Rs 11.76-crore cheating case. Despite doorbell issues, a key maker eventually opened Dhruv's door. A 57-year-old woman had lodged a complaint against Dhruv and other directors at Khar police station. EOW took charge of the investigation. Dhruv allegedly took 11.76 crore from the complainant and failed to repay, offering a promised commercial unit instead, but not delivering. Charges include criminal breach of trust.Read more

10 Aug 2023

Chandak Group, has signed an agreement to redevelop a housing society in Mumbai's Andheri suburb. The project will cover a land area of 3.6 acres and has a total development potential of over 460,000 sq ft. The saleable area of the project is estimated to be over 281,000 sq ft, with a revenue potential of Rs 956 crore. The project is expected to be completed within four years. Chandak Group has already obtained a no-objection certificate from the Airports Authority of India for the construction of new buildings on the land parcel. This redevelopment project is part of the company's portfolio, which includes completed and ongoing projects across Mumbai.Read more

10 Aug 2023

HDFC Bank, a leading private sector bank in India, has secured a significant lease of 1 lakh sq. ft. office space in Mumbai's competitive commercial real estate sector from Blackstone. The five-year agreement at $165 per sq. ft. monthly rent showcases the bank's commitment to expanding its presence in the city's financial hub. With world-class amenities and a strategic location, this collaboration positions HDFC Bank to leverage Mumbai's flourishing financial landscape, cater to growing customer demands, and foster innovation among its workforce. The deal is expected to spur further growth in Mumbai's commercial real estate sector.Read more