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26 Jun 2023
The Bombay High Court has refused to halt the demolition of structures in Jogeshwari (E), stating that it would delay rehabilitation and harm those who have already vacated the area. The court dismissed a petition by 11 occupants who claimed a lack of survey and eligibility assessment. The judges criticized the petitioners' request for an extension as unfair, emphasizing that the rehabilitation units must be constructed first. The court expressed concern over the loss of community and ordered the Slum Rehabilitation Authority to expedite the eligibility process. The hearing was adjourned, and the petitioners agreed to accept transit rent.Read more
23 Jun 2023
A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.Read more
23 Jun 2023
The Maharashtra Real Estate Tribunal (MREAT) has revised a previous order by MahaRERA, granting home buyers the right to receive interest on their payments and refunds of additional fees. MREAT directed a developer to compensate home buyers by refunding the statutorily mandated payments and paying interest from the date of deposit. The tribunal rejected the relief granted to the promoter regarding the Covid moratorium period, emphasizing that interest serves as compensatory remuneration for buyers enduring possession delays. MREAT's judgment referenced Supreme Court rulings and relevant legal provisions, affirming the purpose of interest as fair compensation for the utilization of funds.Read more
23 Jun 2023
Pushpam Group, a renowned real estate developer, has launched Balibaug, a Bali-style resort located in Alibaug near Mumbai. Drawing inspiration from Bali's architectural charm, Balibaug offers luxurious villas with private pools, gardens, and Balinese design elements. The resort provides over 20 premium amenities, including restaurants, a spa, and a gym. With a focus on sustainability and hotel-like services, Balibaug presents an attractive investment opportunity for buyers seeking a holiday home and rental income. The project aims to contribute to Alibaug's transformation into a premier tourist destination.Read more
22 Jun 2023
The Bombay High Court has authorized MHADA to take action against nine unauthorized commercial structures in Kannamwar Nagar, Vikhroli (East) due to concerns about the risks posed by a deteriorating building. The residents of Sai Vihar CHSL filed a petition urging MHADA to remove the encroachments and facilitate redevelopment. The court highlighted the urgency of the situation, granting MHADA permission to proceed with the eviction process. The society's members expressed their willingness to vacate the premises, provided they are given transit rent. The court directed the members to negotiate terms with the builder, subject to MHADA's approval.Read more
22 Jun 2023
Dotom Realty and Eka Life Ltd. have partnered to introduce DOMAIN, a luxurious residential development in the prominent locality of Govandi, Mumbai. This project will feature the tallest residential luxury tower in Central Mumbai, comprising two towers with 33 floors. DOMAIN will offer premium residential segments, rooftop amenities, and multi-level car parking. The choice of Govandi as the location is driven by its excellent connectivity and infrastructure growth. The project's unique selling points include its magnificent 360-degree skyline view and a design tailored to modern luxury living.Read more
22 Jun 2023
Kalpataru Limited has announced its plans to invest in the redevelopment of a housing society spanning nearly 6 acres in Borivali, Mumbai. With a substantial investment of Rs. 700 crore, the project aims to transform the existing residential complex into a modern development covering 7 lakh sq. ft. The redevelopment will comprise 11 buildings housing a total of 400 apartments, which will be provided to the current residents as renovated units. Approximately 90% of the project will be dedicated to premium residential development, while the remaining portion will be allocated for commercial use. Kalpataru expects to generate a revenue of Rs. 1700 crores from this venture.Read more
19 Jun 2023
The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.Read more
07 Jun 2023
The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.Read more
05 Jun 2023
The chairperson of a Dadar housing society, Vinod Shah, has been acquitted by a sessions court, overturning a 2014 conviction and three-month jail sentence. The court found insufficient evidence to prove his responsibility for not carrying out necessary repairs despite a notice from the Brihanmumbai Municipal Corporation. The court also criticized the prosecution's case, citing incongruent testimonies and inadequate evidence. The verdict emphasizes the need for clear and compelling evidence to support charges and ensure fair judgments in legal proceedings.Read more
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30 May 2023
In a significant move towards public safety, the Navi Mumbai Municipal Corporation (NMMC) has ordered the immediate evacuation of 524 hazardous buildings within the city. These buildings, identified after a comprehensive survey, fall under various categories of disrepair. Sixty-one are deemed highly dangerous and need instant demolition, while others require varying levels of structural repair. The NMMC has urged residents to vacate these premises promptly to prevent potential accidents and loss of life.Read more
26 May 2023
The family of Bollywood superstar Salman Khan has plans to construct a 19-floor hotel on a prime sea-facing plot in Mumbai's Bandra. Originally intending to develop the property into a residential building, the family changed course to erect a hotel. The plan features several amenities including a café, restaurant, gymnasium, swimming pool, and convention centre, providing a new luxury accommodation option in Mumbai's thriving real estate market.Read more
22 May 2023
A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.Read more
19 May 2023
Mumbai Police has announced that landlords do not need a No Objection Certificate (NOC) to rent out their properties. They have provided multiple ways for citizens to furnish tenant details, including an online application process. Landlords and tenants must ensure the accuracy of the information provided. The service is free, and any instances of bribery or malpractice should be reported to the police. The police also issued a preventive order to property owners, urging them to disclose tenant information through the Mumbai Police's citizen portal. These measures aim to maintain public safety and peace in the city.Read more
19 May 2023
Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.Read more
18 May 2023
Former members of the management committee of Anjali Cooperative Housing Society in Andheri West have been banned from participating in society elections for five years due to their failure to submit audit rectification reports and alleged mishandling of financial affairs. The Deputy Registrar of Housing Societies issued the ban after complaints were made regarding the committee's actions. The committee members were found to have violated rules, resulting in financial losses to the society. The ban aims to protect the interests of the organization and its members while promoting transparency and accountability.Read more
17 May 2023
Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.Read more
12 May 2023
The Runwal Group has acquired GIC's entire 50% ownership in their joint retail development R City Mall for almost Rs 1,000 crore, making it one of the biggest purchases of a single property in the Indian retail sector. The mall is located in Mumbai's Ghatkopar area and features over 300 businesses in fashion, food, beverage, and entertainment industries. The acquisition allows Runwal to fully manage the asset and is expected to benefit from the increasing demand for high-quality retail assets in India.Read more
11 May 2023
The Bombay High Court has granted a group of 78 flat purchasers of RNA Palazzo, a stalled residential project in Kandivli, the right to self-develop the remaining parts of the project. The flat purchasers had formed an association and filed a suit against the developer seeking specific performance by the builder of their agreements for flats. The court appointed the association of flat purchasers as an agent of the court receiver to take charge of the project and self-develop the remaining parts.Read more
11 May 2023
CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.Read more
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