Mumbai's Slum Rehabilitation Authority (SRA) has extended the defect liability period for rehab buildings from three to ten years, following a panel's recommendations post a fatal Goregaon fire last October. In a recent circular, SRA mandated the issuance of revised letters of intent reflecting the longer liability period. Professionals and construction entities involved in projects exceeding 7,500 sqft will be accountable for structural flaws over the extended term. Meanwhile, the state's urban development department has designated BMC as the planning authority for slum rehab schemes, aiming to relocate slum dwellers affected by infrastructure projects.Read more

Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.Read more

The Maharashtra Real Estate Appellate Tribunal (MREAT) directed the new developer of Mumbai's Palais Royale project to maintain status quo on a home buyer's flat, preventing third-party rights until the final appeal hearing against a MahaRERA order. The project, stalled due to legal issues, saw a change in ownership under the SARFAESI Act. MahaRERA initially dismissed the buyer's complaint regarding delayed possession. However, the MREAT granted interim relief, emphasising the validity of the buyer's agreement with the former developer and affirming RERA's applicability. The ruling ensures the buyer's rights amidst the project's tumultuous legal proceedings.Read more

The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.Read more

Mumbai is set to bid farewell to the 112-year-old Sion Road Over Bridge as it closes on February 29 to make way for a new, modern structure. Set to undergo demolition due to its deteriorated condition, the bridge's reconstruction aims to facilitate railway expansion and is expected to last 18-24 months. The project will extend the bridge's span to accommodate additional railway lines, enhancing urban mobility. Traffic congestion is anticipated on alternative routes, with measures like no-parking zones being implemented to mitigate the impact. This marks a significant step in Mumbai's infrastructure development, promising improved connectivity upon completion.Read more

Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.Read more

Raymond Realty, the real estate arm of Raymond Group, ventures into Mumbai's real estate market with 'The Address by GS, Bandra', a luxury residential project spanning 2.74 acres. Formed through joint development agreements (JDAs), it offers 2, 3, and 4 BHK apartments alongside a 16,000 sq ft clubhouse and high-street retail spaces. Strategically located in Bandra East, it ensures connectivity to prime locales like Bandra-Kurla Complex and Bandra-Worli Sea-Link. With a RERA carpet area of 0.7 million sq ft and a revenue projection exceeding INR 2,000 crore, it's poised to redefine luxury living. Raymond Realty's expansion beyond Thane signifies a strategic move towards maximizing Mumbai's real estate potential.Read more

Adani Realty emerges as the highest bidder for MSRDC's 24-acre Bandra Reclamation land, outbidding Larsen & Toubro. With a potential development area of 45 lakh square feet, valued at around INR 30,000 crore, the project aims to blend commercial and residential spaces. Adani Realty's win, amidst stiff competition from industry giants, underscores their prominence in Mumbai's real estate. The revenue-sharing model ensures mutual benefits, with Adani Realty obligated to pay INR 8,000 crore or 22.79% of gross revenue to MSRDC. This collaborative effort, akin to the Dharavi Redevelopment Project, promises to reshape Mumbai's skyline while fostering sustainable and efficient urban development.Read more

The Bombay High Court has raised concern over the handling of eviction notices by the Slum Rehabilitation Authority (SRA), stressing the need for a more compassionate approach towards slum dwellers' welfare. Amidst concerns over short eviction notices issued after two decades of promises for "permanent alternate accommodation," the court directed the Apex Grievance Redressal Committee to promptly review and potentially stay the eviction orders. The case, concerning slum dwellers near Worli Dairy in Mumbai, reiterated the importance of the Slum Act's welfare intent. The court's rebuke extended to the AGRC's conduct, emphasizing the importance of humanity over monetary concerns in such matters. The intervention underscores the court's commitment to protecting vulnerable communities' rights and well-being.Read more

Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.Read more

Ramabai Ambedkar Nagar, one of the oldest slums in Mumbai, is set for redevelopment by the Mumbai Metropolitan Region Development Authority (MMRDA). Covering a vast area of 75 acres, the redevelopment project aims to transform a significant portion of the land into a mixed residential-commercial zone. Through the project, the MMRDA plans to extend the Eastern Freeway to Thane, thereby making the redeveloped area to be seen as a very strategic location. The project envisions creating 81 lakh sq ft of rehabilitation area for 15,000 tenements and generating 75 lakh sq ft of commercial space, targeting an overall estimated revenue of INR 10,000 crore.Read more

The Brihanmumbai Municipal Corporation (BMC) engaged Manori residents in discussions about the Marve-Manori flyover, part of a broader initiative to improve connectivity in Mumbai's western suburbs. Local fishermen and farmers raised objections over potential ecological damage and threats to traditional livelihoods. Concerns heightened due to the lack of basic amenities in nearby villages, questioning the infrastructure's prioritization over essential services. Deputy Municipal Commissioner Vishwas Shankarwar noted diverse opinions among stakeholders during the consultation, where feedback was solicited. The BMC aims to ease congestion on key routes like SV Road and the Western Express Highway with six major bridges, despite Maharashtra Coastal Zone Management Authority's concerns about mangrove impact.Read more