BMC is set to revamp Mumbai's Eastern Freeway with a Rs 33.66 crore project, calling for tenders to address crucial upgrades. The 16.8-kilometer elevated road, linking Mankhurd to P D'Mello Road, has been operational since 2014 under BMC's jurisdiction. Identified issues include potholes and joints affecting traffic flow, prompting comprehensive repairs. The project covers bridge bearing changes, pothole fixes, and utility management over 18 months. Once completed, it promises smoother and safer commuting, representing a key stride in BMC's commitment to Mumbai's transportation infrastructure.Read more

NAREDCO Maharashtra is advocating for a reduction in premiums for affordable and other categories of housing in the state. President of NAREDCO Maharashtra, Sandeep Runwal, emphasized that such a move would support the government's "Housing for All" initiative by making home ownership more accessible to a broader segment of the population. Dr. Niranjan Hiranandani, Chairman of NAREDCO, acknowledged the challenges, particularly in Mumbai, where there is a cap of Rs 45 lakh for affordable housing. He urged the state government to consider re-pricing the affordable housing segment and increasing the cap to align with market rates.Read more

The Maharashtra State Housing Minister, Shri Atul Save, recently announced plans to amend the Housing Policy, aligning with the 'Housing for All' vision. The objective is to ensure every citizen owns a home, utilizing initiatives like MHADA, SRA, and others. This initiative echoes the PM Awaas Yojana, focusing on affordable housing. The government prioritizes the real estate sector, aiming for increased investment and housing development in Mumbai and the state. The upcoming Housing Policy will address pending issues, streamline approvals through a one-window clearance, and encourage developer participation. The government is committed to providing ten lakh houses for the Low-Income Group (LIG) in the OBC category.Read more

At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.Read more

Chheda Nagar, a 156-acre residential cluster in Mumbai with a 50-year history, faces a new twist in its land dispute. A court stayed the suburban collector's 2022 order declaring the area as state government land. The collector's decision canceled titles, recognized housing societies' rights, and restricted BMC's authority. The Salt Commissioner, Government of India, Chheda family, and Maharashtra government are key claimants. Legal battles, dating back to the 1970s, continue, impacting redevelopment plans. Residents sought relief through land conversion, but the court's stay, pending final decision, has left the fate of Chheda Nagar in limbo.Read more

Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.Read more

Construction has commenced on a 3,747-meter-long boundary wall in Mumbai's Aarey Milk Colony for safeguarding 812 acres of designated forested area. The Public Works Department (PWD) is overseeing the project. Allegations of tree damage by locals prompted forest department investigations, finding no evidence of harm. While wildlife enthusiasts welcome the protective measure, green activists criticizes the construction, citing hindrance to animal movement and the fact that walls or any such construction is not allowed in an Ecologically Sensitive Zone (ESZ)/Forest area.Read more

NAREDCO Maharashtra is gearing up for the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, Bandra-Kurla Complex (BKC), Mumbai, from November 24 to 26, 2023. Following the remarkable success of last year's inaugural expo, this edition boasts an even greater developer presence. With prominent developers and leading housing finance companies giving attractive offers, the expo anticipates a revenue generation of Rs. 1000 crore for the finance companies, leveraging the post-Diwali surge in homebuyer sentiments.Read more

Siddha Group, in collaboration with Sejal Group, celebrates the receipt of the Occupational Certificate for 'Siddha Seabrook,' their first premier 57-storied residential project in Mumbai. Located in Kandivali (W), this iconic tower stands as the tallest in the area. Despite Covid-related delays, the project, with 282 well-designed units, including 2 BHK Smart & Premium and 3 BHK Premium + Sky Garden apartments, was completed in 60 months. Boasting luxurious amenities, scenic views, and strategic connectivity in Kandivali, the project signifies Siddha Group's commitment to quality and timely deliveryRead more

After an 11-year legal battle, the Usha Sadan Housing Society has won its case against the BMC regarding the demolition of an 'unauthorized' structure in one of its wings. The city civil court dismissed the municipal order, criticizing the BMC for initiating proceedings without an approved building plan. The society argued that the structure in question had existed since the building's construction in 1958 and was used for storing old files. The court questioned the basis for deeming the structure unauthorized and emphasized the lack of examination of the complainant resident. This victory highlights the importance of due process in such matters.Read more

In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.Read more

The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.Read more

Real estate couple Pronit Prem Nath and Amisha face allegations of defrauding actor Karishma Tanna's husband and TV host Samir Kochhar, along with real estate businessman Varun Bangera, of Rs 1.03 crore. The duo promised flats in Bandra, but after receiving payments, Nath reportedly concealed a bank loan on the property. Despite assurances, he reneged on the deal, prompting legal action. Nath allegedly sold the flats to a third party, leading to a police complaint and High Court involvement. Kochhar's legal efforts resulted in injunctive relief against Nath's attempts to create third-party rights.Read more

The Building and Construction Department (BMC) has decided to lower the initially proposed height requirement for tin sheets at construction sites from 35 feet to 25 feet. This decision follows concerns raised by developers and architects about the structural stability of taller tin sheets. While a formal order confirming the change is pending, the BMC is recommending the use of a green cloth above 25 feet. Experts have highlighted the on-site challenges posed by the original guidelines, emphasizing the importance of sturdy sheets to prevent life-threatening incidents. The BMC is also urging other authorities to establish flying squads to monitor compliance with air pollution guidelines.Read more

Matharpacady, a compact area within Mazgaon, is witnessing tug-of-war between progress and heritage in the village. Locals wrestle with a pivotal choice – to cherish their historic haven or embrace redevelopment. The struggle pits those yearning for better living against owners anxious about losing their distinct identity. Shreepati Build Infra Heritage emphasises urgent redevelopment, citing compromised infrastructure. Amid legal complexities, the village stands at a crucial juncture, its fate hanging in the balance of collective desires and legal intricacies, leaving the community in suspense about what lies ahead.Read more

Everest Food Products Pvt Ltd, renowned as Everest Spices, a leading Indian spice brand for over 52 years, spices-up its portfolio with its promoter acquiring a Rs 73.50 crore apartment in Mumbai's luxurious Three Sixty West project by Oberoi Realty. The high-rise project registered on October 30, is a part of Oberoi's 60-plus acquisitions in the luxurious development, previously making headlines for India's largest property deal in 2023.Read more

The Bombay High Court has ruled against the Thane Municipal Corporation's (TMC) refusal to grant Sheth Developers additional space, calling it "manifestly arbitrary." The court found the TMC's decision violated legal principles, including legitimate expectations and the doctrine of promissory estoppel. The dispute centred on the TMC's suspension of its Buy-Back Policy (BBP), which Sheth Developers contested, citing principles of legitimate expectations and promissory estoppel. The ruling underscores the court's commitment to preventing arbitrary actions by authorities and upholding fairness in administrative decisions, promoting transparency and adherence to commitments made by governmental bodies.Read more