Advertisement
09 May 2023
Despite protests from the housing society, the Bombay High Court approved the construction of nine additional floors by a developer in a 12-story building. The organization had contended that due to CRZ limits, the original project to build 38 levels had been reduced to 12 floors, and that additional construction would endanger the existing building. However, the developer relied on a VJTI report that authorized the extra floors. Until the petitioners file a substantive lawsuit, the developer will continue construction at their own risk, according to the division bench of justices Gautam Patel and Neela Gokhale.Read more
08 May 2023
Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.Read more
08 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.Read more
05 May 2023
The Panvel Tehsil office in Navi Mumbai has auctioned properties of builder NK Bhupeshbabu in Morbi gram panchayat and recovered Rs 4.82 crore, exceeding the reserve price of Rs 3.72 crore, in an attempt to recover a total sum of Rs 6.5 crore from the developer, against whom MahaRERA had issued 33 warrants. However, homebuyers complain that revenue officials are not serious about carrying out the recovery process, leading to their grievances being unaddressed.Read more
04 May 2023
The Brihanmumbai Municipal Corporation (BMC) has issued credit notes worth about Rs 350 crore to contractors to build houses for project-affected people in Mulund, Bhandup, and Prabhadevi, instead of paying them directly. These credit notes can be used to pay municipal taxes or premium charges to the BMC in the future or sold to other contractors for money. While there is no provision for credit notes under the MRTP Act, the state urban development department permitted BMC to implement the credit notes policy citing an earlier MMRDA precedent.Read more
03 May 2023
The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.Read more
03 May 2023
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.Read more
03 May 2023
The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.Read more
03 May 2023
The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.Read more
03 May 2023
The Bombay High Court has overturned a 2016 acquisition order by the Slum Rehabilitation Authority (SRA) for almost two acres of land in Mumbai's Goregaon, ruling that a developer and slum society had taken steps "in grabbing the property" from its owner. The court held that the owner had been deprived of his preferential rights to develop the property by fraudulent means and that the SRA's order should be set aside. The land had been declared a slum rehabilitation area in 2015.Read more
Advertisement
02 May 2023
Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.Read more
28 Apr 2023
Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.Read more
28 Apr 2023
The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.Read more
27 Apr 2023
The Enforcement Directorate (ED) has lifted the stay that it had imposed on Slum Rehabilitation Authority (SRA) builders who were carrying out projects under ED's probe for alleged money laundering. The SRA had issued a stop work on around 20 projects due to the ED investigation, which left over 5,000 slum dwellers without homes and rent. The state government had asked the Centre to direct the ED to let the slum redevelopment projects continue, and the issue was taken up at a meeting called by officials from the Prime Minister's Office (PMO).Read more
27 Apr 2023
BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.Read more
27 Apr 2023
The Covid-19 pandemic has led to a dramatic increase in gift deeds and will registrations in Mumbai, according to Maharashtra government data. The surge is attributed to property owners' heightened sense of mortality, prompting them to secure their families' interests. Data from the Department of Registrations and Stamps reveals gift deed registrations grew annually since 2019, reaching 20,843 in 2022 and 3,287 in the first quarter of 2023. Will registrations have also increased significantly, with 11,642 registered in 2022 and 3,091 in the first three months of 2023. The pandemic and reduced stamp duty rates contributed to this trend.Read more
26 Apr 2023
The Bombay High Court has ordered state authorities to take strict action, including punitive measures, against those involved in illegal sand mining in Vaitarna Creek and near Julie Island. The court observed that the state's efforts have not yielded results, and remedial steps, such as the installation of barricades near bridges, need to be taken to prevent erosion of the banks of Julie Island. The court has directed the state to take positive steps by June 8.Read more
24 Apr 2023
Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.Read more
21 Apr 2023
The Enforcement Directorate (ED) filed a chargesheet against builder Shailesh Sawla and his companies, Kunal Construction and Sawla Construction, for selling flats meant for slum dwellers to influential individuals. The case, one of the oldest pending money laundering cases since the Prevention of Money Laundering Act (PMLA) came into force in 2005, involved collusion with BMC and SRA officials to construct larger flats for wealthy buyers. Authorities have pledged to strengthen oversight and improve transparency in the slum rehabilitation process in response to the chargesheet.Read more
21 Apr 2023
Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.Read more
Advertisement
