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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
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
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
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
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
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
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
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
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
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
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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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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
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
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
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
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
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
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
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
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
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