Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.Read more

Two senior citizens have appealed to the Bombay High Court to take action against those encroaching upon refuge areas in Kingston Tower, Mumbai, and restore them to their approved plans. The building, constructed under a SRA scheme, received an Occupancy Certificate up to the 26th floor in April 2013. Subsequently, violations emerged as flats were sold above this level, incorporating refuge areas into higher floors and blocking access to common terraces. Despite reporting violations to the BMC and the fire officer, no action was taken. The High Court directed BMC to address the complaint within two weeks, underscoring the importance of adhering to plans and safety regulations in construction projects. This intervention highlights the commitment to safety in the face of unforeseen events.Read more

The Bombay High Court has directed the BMC's Technical Advisory Committee to independently assess structures damaged by unauthorized tenant demolitions along Old Agra Road in Kurla. Justices Patel and Khata emphasized excluding private audit reports and ruled reconstruction should halt. The move addresses widespread damages caused by tenants and ensures proper authorization for repairs. The court ordered the landlord to present repair plans on September 13 and warned tenants against obstructing the assessment, hinting at potential contempt proceedings.Read more

Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.Read more

Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.Read more

Roha Realty, a renowned real estate developer focused on upscale residential apartments in Mumbai and Thane, has partnered with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Demonstrating its prowess as a premium developer, Roha Realty aims to enhance residents' lifestyles through modern spacious apartments, top-tier amenities, and sustainability measures. The project will merge the two societies into a unified entity, reflecting Roha's commitment to quality and design. Chembur's strategic location and connectivity make it an attractive market for luxury living, further bolstering the investment potential of this development. Roha Realty's dedication to transparency and client satisfaction drives its mission to be Mumbai's premier real estate developer.Read more

Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.Read more

Utilizing drone technology, the state government has completed mapping rural land parcels in 97% of villages, expediting boundary fixing, property validation, and card issuance. With 31,069 villages surveyed out of 31,984, this innovative approach has resolved disputes and generated over 12,496 maps and 8,846 property cards, enhancing property rights for rural households. Despite pandemic setbacks, the initiative underscores a transformative shift in land management.Read more

Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.Read more

A three-storeyed building in Navi Mumbai's Nerul area collapsed last week, resulting in two fatalities and injuring two others. The incident, which took place around 9:11 pm in Sarsole Sector 6, saw a major section of the building's third floor crash onto the lower levels. While the interior was severely damaged, the exterior surprisingly remained intact. Immediate rescue operations were launched, with victims rushed to DY Patil Hospital. The cause of the collapse is under investigation.Read more

Mumbai's Omkar Realtors has begun delivering homes in the world's tallest rehabilitation towers at Dhobi Ghat, Mahalaxmi. Around 1000 families have received new homes and retail units in Phase 1 of the project. Developed under the Maharashtra government's slum rehabilitation scheme, the initiative aims to house 16,000 slum residents across phases. The project, in collaboration with Piramal Realty, focuses on laundry-related labour and includes luxury housing. Omkar has a strong track record in slum redevelopment, delivering over 3,000 houses in a recent project. The iconic Dhobi business faces modernization challenges, adapting to water-efficient and healthier techniques.Read more

In Mumbai's Matunga West, Sumit Woods Ltd. has presented exhibition apartments and a distinctive exercise facility for its Sumit Atulyam project. The building, which was finished in 15 months, features opulent residential units and facilities, such as three show flats and a cutting-edge exercise facility. Construction was sped up by the development of aluminum shuttering technology. With 60% of the project's sales completed, the managing director, Mitaram Jangid, expressed delight in its advancement and invited potential buyers to tour the sumptuous living quarters. P.N. Bhobe, Chief Architect of P.N. Bhobe & Associates oversaw the project's renovation.Read more

Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.Read more

In a recent case, the 62-year-old secretary of Sewree's Lodha Aria Co-op Housing Society was acquitted by the magistrate's court due to the Brihanmumbai Municipal Corporation's (BMC) inability to prove allegations. The BMC accused the secretary of not properly maintaining a swimming pool on the building's terrace, resulting in leakage in the apartment below. The complainant lacked expert evidence or relevant documents to trace the leakage's origin. The court's judgment highlighted crucial points: no approved layout plan proving the pool's existence, and no society bylaws indicating liability for internal leakage. The absence of substantial evidence led to the secretary's acquittal.Read more

In Mumbai, the manager and two cooks of a prominent Bandra restaurant were arrested after a customer complained of discovering a baby rat in his meal. The incident unfolded at Papa Pancho Da Dhaba, a renowned eatery known for its Punjabi cuisine over the last two decades. Anurag Singh found a baby rat in his chicken dish during a visit after shopping in Bandra. The manager and cooks were taken into custody by the Bandra police and charged under IPC sections 272 and 336. They were released on bail. The restaurant manager denied previous incidents and claimed intoxicated customers were involved. The legal battle continues between the customer and the establishment.Read more

Mumbai's Slum Rehabilitation Authority (SRA) is taking action in response to a 2019 Public Interest Litigation (PIL) that exposed developers' non-payment of transit rent to eligible slum residents. The Bombay High Court's directive on July 19 underscored the SRA's role in overseeing organized slum redevelopment, including ensuring developers regularly pay transit rent. The PIL initiated by Vijendra Rai against Omkar Realtors shed light on developers' failure to meet financial obligations. To address this, SRA appointed nodal officers across civic wards to receive complaints from affected individuals, streamlining the grievance process. The SRA is committed to transparency, sharing actions taken on their website. The court's involvement continues, with the next hearing set for August 30, marking progress toward resolving the issue of unpaid transit rent for Mumbai's slum residents.Read more

Mahindra Lifespaces Developers Limited (MLDL) has partnered with KidZania Mumbai to empower children as sustainability advocates. MLDL's 'Experiences' within KidZania will offer interactive zones like Sustainable Design Studio, Green Power Zone, and Construction Zone, educating children about sustainable practices. The collaboration, aligned with MLDL's 'Green Army' CSR initiative, aims to foster environmentally conscious leaders. The announcement took place during a lively launch event at KidZania Mumbai, symbolizing the partnership's journey to educate young minds through engaging experiences.Read more

Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.Read more

Following the revelation of a counterfeit seal and forged documents scam, the VVMC swiftly responded by initiating legal action against previously served notices to illegal buildings. Fresh FIRs were lodged against unlawfully constructed properties, including Vinayak Apartment, Omkar Apartment, and Anandi Villa. The VVMC is pursuing comprehensive investigations into the confiscated records of 55 illicit residential structures linked to accused developers. With a concerning 90 percent of Virar (E) buildings being illegal, anxiety prevails among residents, underscoring the urgent need for intervention. Amidst this, activists reveal a pattern of unauthorized construction tactics, highlighting the need for robust regulatory measures.Read more

The Bombay High Court has ousted builders Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty from a south Mumbai redevelopment project due to their failure to deposit arrears for tenants. The court ordered their complete removal by Independence Day, highlighting the builders' responsibilities and emphasizing citizens' rights in urban development. The Maharashtra Housing and Area Development Authority (MHADA) has been authorized to appoint a new builder, ensuring accountability and project progress.Read more