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19 Apr 2023
The Maharashtra state government has approved the payment of rent arrears to 672 residents of Patra Chawl from January 2018 to February 2022. The decision was made after a meeting between the residents' association and MHADA officials, where residents agreed to accept rent from the time the developer had been removed by MHADA and submitted a copy of the resolution to MHADA. The rent will be paid by MHADA, incurring a cost of around Rs 85 crore for the arrears from January 2018 to February 2022, and will be a major relief to residents who have been out of their homes for more than a decade.Read more
14 Apr 2023
The Bombay High Court has ruled that tenants cannot dictate the nature of redevelopment to the owner and have limited rights in this regard. The decision was made in a case involving a Khar building where an "obstinate tenant" had been holding up redevelopment. The court directed the BMC to issue a commencement certificate for redevelopment and stated that tenants only have the right to be provided with an alternative accommodation of an equivalent area occupied by them before the building was demolished. The ruling is expected to pave the way for future redevelopment projects.Read more
14 Apr 2023
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers in the state for failing to provide satisfactory updates on their projects as required by law. These developers had already been given 30 days to update their information and fix any deficiencies, but around 16,000 of them failed to respond or submitted unsatisfactory responses. MahaRERA has stated that it will take action against those who do not respond to the notices within 15 days, as required by law.Read more
14 Apr 2023
The dilution of Coastal Regulation Zone (CRZ) in 2019 has allowed for more construction near Mumbai's coast, benefiting prominent personalities like Sachin Tendulkar, Jaya Bachchan, and Cyril Shroff. The Maharashtra Coastal Zone Management Authority has approved proposals to add extra floors to existing bungalows and expand luxury residential buildings. However, environmental activists have raised concerns about increasing the load on the coastline and not submitting to the spirit and purpose of the CRZ notification.Read more
13 Apr 2023
The Bombay High Court has ruled that the Indian state of Maharashtra cannot charge a premium on the entire freehold land of a property owner in order to lift development restrictions but can only do so on surplus vacant land under the repealed Urban Land (Ceiling and Regulation) Act. The court's decision came after a landowner filed a petition after the state sought a premium on almost one acre, he was permitted to hold under ULCA.Read more
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13 Apr 2023
The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.Read more
12 Apr 2023
The Maharashtra State Human Rights Commission (MSHRC) has criticized the City and Industrial Development Corporation (CIDCO) for its "total non-action" against a private builder who has been cutting into Parsik Hill in Navi Mumbai. Environmentalists claim that this slope cutting is endangering the lives and properties on top of the hill. CIDCO had earlier entered into a Leave & License Agreement with the builder only for plantation and maintenance of part of the hill. However, the builder made a pathway and erected advertisement hoardings, for which CIDCO served notice on the builder.Read more
10 Apr 2023
The Maharashtra government is set to purchase the iconic Air India building at Nariman Point for INR 1,600 crore. The state government has expressed interest in acquiring the property in the past, and it has been reported that the AI Assets Holding Ltd., which owns the building, has given an in-principle agreement to the sale. However, the government has clarified that they will only proceed with the deal if they receive vacant possession of the building, as several state offices are housed in private spaces across south Mumbai, costing the government a significant sum of money every month.Read more
04 Apr 2023
The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.Read more
04 Apr 2023
The Bombay High Court recently heard a petition regarding the redevelopment of Ratilal Mansion at Parekh Street in Girgaum, Mumbai, which had been stalled for a decade. The project was originally being carried out by Orbit Corporation, which went into liquidation, leading to the incomplete structure on the site today. The 44 residents of Ratilal Mansion have not been able to live in their homes since 2009 and have not received transit rent since 2013.Read more
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30 Mar 2023
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, recently announced that the state government plans to introduce a new policy to expedite Slum Rehabilitation Authority (SRA) projects. According to Fadnavis, builders will be invited through a tender process for the construction of buildings while the government will handle preliminary work, such as clearing plots and determining eligibility of slum dwellers.Read more
24 Mar 2023
In a recent development, the Bombay High Court has directed MHADA to issue an occupancy certificate (OC) to a builder for the free-for-sale Ekta Tripolis towers within two weeks. This decision has come as a relief to flat buyers in the free-for-sale component of Goregaon's Patra Chawl redevelopment project. The project involves the redevelopment of 672 tenements on MHADA land by Guru Ashish Construction, a subsidiary of HDIL which was first made in 2008. However, the project has been marred by several delays, litigations and alleged money laundering case connected to the redevelopment.Read more
21 Mar 2023
Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.Read more
21 Mar 2023
The Maharashtra State Human Rights Commission (HRC) has taken action against CIDCO Managing Director for his “total non-action” against a private builder in the Parsik Hill slope cutting case. The HRC has directed the CIDCO MD to file his own affidavit explaining his stand before the next hearing in the case. The HRC will take up the case next on March 27. The environment department and Navi Mumbai Municipal Corporation (NMMC) have also been directed to submit their fresh affidavits.Read more
21 Mar 2023
The Bombay High Court has stayed the development of Bhagwati Greens Phase 2 in Kharghar, Navi Mumbai, until March 29. The court's decision was made in response to an order by the Maharashtra Real Estate Regulatory Authority (MahaRERA) that rendered the grievances of more than 100 flat buyers in the housing project as superfluous. The association of flat buyers had filed a complaint with MahaRERA, alleging that the builder, Bhagwati Developers, had proposed a fourth tower in a "multi-play area." The association challenged the MahaRERA order in the HC, prompting the court to stay further development of the project.Read more
14 Mar 2023
In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.Read more
14 Mar 2023
Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.Read more
09 Mar 2023
The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.Read more
02 Mar 2023
According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.Read more
27 Feb 2023
Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.Read more
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