The Bombay High Court has expressed deep disappointment with the police investigation into a multi-crore housing scam involving Karrm Infrastructures (Pvt) Ltd. In their written order, the justices reprimanded the investigating police and directed the Director General of Police, State of Maharashtra, to transfer the case to a police officer with the rank of Commissioner of Police. They also mandated that the inquiry report be submitted within four weeks. The court raised serious concerns about the police's inability to respond adequately to its queries and directed the initiation of mediation to devise a comprehensive scheme for the victims. The housing scam involved thousands of flat buyers who were deceived by the developer.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has received approval from the State Board of Wildlife to cut down 122 trees in the core area and eco-sensitive zone of Sanjay Gandhi National Park (SGNP) to construct twin tunnels connecting Borivali to Thane. These tunnels, part of a project valued at Rs. 18,795.70 crore, will also involve drilling 27 holes using explosives. The decision was taken at a board meeting chaired by the forest minister but kept confidential due to fears of potential backlash. Environmentalists have expressed concerns, noting the potential harm to wildlife and the need for further clearances for the project.Read more

Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.Read more

Mumbai's real estate market has been rattled by a controversy involving fake seals. Five people were detained in August on suspicion of using fake paperwork to develop 55 residential buildings and deceiving buyers since 2015. Among the suspects were a rubber stamp manufacturer, real estate brokers, developers, and a home loan services provider. From sub-registrar offices, architects, and the Vasai Virar Municipal Corporation, among others, they had obtained 115 counterfeit seals. There are now more builders implicated in this fraudulent activity, according to additional investigations, which raises questions about the scope of this forgeries in Mumbai's real estate industry.Read more

Surinder Chawla, the MD and CEO of Paytm Payments Bank, invested Rs 20 crore in two duplex apartments within the Indiabulls 'Sky Forest' tower in Mumbai's Lower Parel. These apartments span 2516 square feet across the 42nd and 43rd floors and come with four parking spaces. The apartments are valued at over Rs 57,300 per sq. ft, including rights to 972 sq. ft of exclusive area. The transactions were completed in August, incurring a stamp duty of Rs 60 lakh each. Chawla's investment is part of a growing trend among bankers and tech leaders diversifying their wealth through substantial real estate acquisitions in Mumbai, a city with a thriving real estate market.Read more

Man Infraconstruction Limited (MICL) Group has increased its equity stake in Atmosphere Realty Private Limited (ARPL) by acquiring an additional 12.5 percent for Rs. 12.5 crore. As a result, MICL's equity holding in ARPL has risen from 17.5 percent to 30 percent. ARPL is overseeing two projects, Atmosphere 02 and Atmosphere Tower G, located in Mulund West, Mumbai. Atmosphere 02, comprising three 47-storey residential towers and an 18-storey commercial tower, is nearly 90 percent sold out. Atmosphere Tower G, with 3.2 lakh sq. ft. of RERA carpet area, has seen approximately 30 percent of its inventory sold.Read more

Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.Read more

The Brihanmumbai Municipal Corporation (BMC) has taken a proactive step in addressing the escalating concerns over air pollution in Mumbai by issuing comprehensive pollution control guidelines to approximately 6,000 construction sites within the city. These measures are aimed at curbing the dispersal of dust and pollutants during the construction process, ensuring a concerted effort to mitigate the environmental impact and prioritize the health and well-being of the residents. By implementing these guidelines, the BMC seeks to foster a cleaner and more sustainable construction environment while maintaining the city's air quality standards.Read more

Mumbai's BMC plans to create a new plaza near the iconic Gateway of India to provide an unobstructed view of the monument and the statue of Shivaji Maharaj. Haphazard structures, such as food stalls and security cabins, will be relocated to a more organized layout. The state archaeology department will restore the heritage structure. The project, led by consultant Abha Narain Lambah, aims to improve aesthetics and visitor experience. The cost of the plaza is estimated at Rs 9.54 crore ($1.3 million), and monument restoration at Rs 7 crore ($950,000). This coordinated effort involves multiple stakeholders, including the Mumbai Port Authority and tourism department.Read more

Ajmera Realty & Infra India Ltd (ARIIL) is set to redevelop the Balkrishan Co-operative Housing Society in Versova, Mumbai, with estimated sales of Rs. 360 crore. The project, offering 3 BHK residential apartments covering approximately 90,700 sq ft carpet area, reflects ARIIL's strategic move in the booming redevelopment sector. The project's favourable location near Versova Metro Station enhances accessibility to all social infrastructure, contributing to its potential success in the dynamic Mumbai Metropolitan Region. Ajmera has been involved in other redevelopment projects recently like the SRA redevelopment project situated on LBS Marg in Bhandup.Read more

The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.Read more

The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.Read more

Residents in the Powai-Chandivali area of Mumbai took to the streets in protest, frustrated by the Brihanmumbai Municipal Corporation's (BMC) prolonged inaction on encroachments on the Adityavardhan Raheja Vihar Road footpath. The Chandivali Citizens Welfare Association (CCWA) and housing society members criticized BMC's indifference. Allegations arose that these encroachments were strategic moves to gain land ahead of a proposed road widening project, as part of a political ploy. CCWA had previously raised concerns about shops on the footpath, but BMC remained unresponsive until the protest. The BMC eventually responded by deploying a bulldozer to demolish a recently erected structure.Read more

The Brihanmumbai Municipal Corporation (BMC) is considering delaying the reconstruction of the Parel TT bridge to coincide with the Mumbai Metropolitan Region Development Authority's Sewri-Worli Elevated Connector (SWEC) project. Mumbai traffic police approved bridge closures for reconstruction, but the BMC plans to synchronize Parel bridge work with the SWEC project to mitigate congestion. The Parel TT bridge, over 40 years old, is set to undergo reconstruction given its damaged condition. In parallel, Central Railway is moving swiftly to replace the 110-year-old Sion rail overbridge at an estimated cost of 50 crore.Read more

The state Dairy Department has decided to outsource the Aarey Hospital in Mumbai's Goregaon East to a private charitable trust. The Aarey Hospital was caught in a dispute between BMC and the state Dairy Department for a long time. This decision ends BMC's hopes to gain a foothold in Aarey Colony. The move aims to revive the dilapidated facility, potentially aiding the 40,000 residents, including tribal communities, who lacked essential medical services. Concerns about potential privatization have arisen, with local activists questioning the need for a charitable trust intermediary to run the hospital. Aarey Dairy's CEO assures that the move isn't privatization but a transfer to a trust, ensuring affordability and quality in healthcare through a stringent bidding process.Read more

Bollywood star Aamir Khan's property in Mumbai's upscale Bandra locality is set for redevelopment. Atmosphere Realty, a collaboration of Wadhwa Group, MICL, and Chandak, won the bid for this project, which attracted interest from Kalpataru, K. Raheja, and Oberoi Realty. Aamir Khan actively drove the decision making process as he owns 9 of the 24 apartments in the two buildings of the society. The new apartments will offer 55-60% more space to its owners. Pali Hill is among Bandra's top three locations experiencing a redevelopment boom, with renowned developers like Rustomjee, K. Raheja, Prestige, and Ashar Group joining in on projects in the area.Read more

Mahindra Lifespaces and landowner K K Bangur will jointly develop a 37-acre plot in Mumbai's Bhandup. The mixed-use project encompasses residential, retail, and office spaces and the sale value is anticipated to be between Rs 8,000 crore and Rs 11,000 crore. Bangur has been attempting to sell the land for a long time but no buyer was willing to pay the quoted price of Rs 2,500 crore. Thus, he has now opted for a joint development agreement with Mahindra Lifespaces. The developer, paying a significant deposit, is set to construct approximately 40 lakh sq ft over eight to ten years. The deal allocates space for public amenities, including a park, school, playground, and cultural theatre.Read more

The Bombay High Court has stepped in to resolve a decade-old dispute involving Om Satyam Niwas CHS, a cooperative housing society in Borivali, and Greenfield Developers and Realtors LP. The cooperative housing society initiated arbitration proceedings, alleging the builder's failure to pay transit rent arrears of around Rs 3.5 crore. The developer in turn has sued the flat owners for 'GST dues' of Rs 5 crores. The CHS also says that though the building has been redeveloped, it has not received the occupancy certificate. The court has appointed senior advocate Rajiv Patil as the sole arbitrator, allowing both parties to present their claims.Read more