During the nine-day Navratri festival, Mumbai's property market experienced a significant uptick, with 5,199 registrations, reflecting a 13.2% year-on-year increase. This surge generated Rs 502 crore in revenue, a notable rise from last year. Industry leaders attribute this growth to buyer confidence, strategic investments, and favourable economic conditions, suggesting continued positive momentum in the real estate sector.Read more

The Bombay High Court has invalidated the Bank of India's designation of Pune Buildtech Pvt Ltd as 'fraud' and its related blacklisting, which restricted the firm's credit access. Additionally, the court ordered the bank to remove Pune Buildtech from its 'wilful defaulter' list and retract any reports sent to Credit Information Companies. This decision followed the firm's full settlement of INR 703.35 crore with the bank in June 2024, after which the bank issued a 'No Dues Certificate.' Despite this, the bank maintained the 'fraud' label, prompting the court to emphasize the importance of honoring consent terms, particularly after a one-time settlement (OTS) was reached. This ruling clears Pune Buildtech's path to restore its reputation and reaccess credit, highlighting the critical role of transparency and adherence to agreements in banking.Read more

Over 40 citizens have voiced concerns to the Maharashtra Directorate of Archaeology and Brihanmumbai Municipal Corporation (BMC) over the restoration of Bandra Fort, claiming that the work undermines the 17th-century fort's historical integrity. Originally constructed by the Portuguese at Land's End, Bandra, the Grade-I heritage site was recently covered in cream-coloured plaster, which many residents see as damaging. The letter, authored by activist Zoru Bhathena, criticizes changes, including the removal of the heritage arch and application of lime plaster, which allegedly contravene heritage laws. The state Archaeology Department is investigating, potentially setting a precedent for future heritage restorations.Read more

Maha Mumbai Metro Operations Corporation Ltd. has unveiled a groundbreaking WhatsApp-based ticketing service, aimed at enhancing commuter convenience and efficiency. Inaugurated by women commuters during the Navratri celebrations, this service is available on Metro Lines 2A and 7. It enables passengers to purchase tickets effortlessly through WhatsApp, fostering digital adoption and promoting eco-friendly practices. Commuters can generate multiple tickets in one transaction, making group travel even more convenient.Read more

The Urban Development Department announced that Regulation 13(10) will not be included in the Development Control and Promotion Regulations (DCPR) 2034, affecting the redevelopment of Mumbai's Mahalaxmi Race Course. The Brihanmumbai Municipal Corporation (BMC) had proposed a 1.33 Floor Space Index (FSI) for the club, gymkhana, and stables on the 58.3-acre site, envisioning facilities like sports amenities, a clubhouse, and a veterinary hospital. However, the state government approved only an FSI of 0.3 for the 32-acre club area and maintained the existing built-up area for the 26.3-acre stables. The decision aligns with environmental priorities and heritage conservation, emphasizing sustainable development and the enhancement of public spaces within the Mahalaxmi Race Course area.Read more

Transcon has commenced the phased handover of 148 SRA units to residents of Sai Durga SRA Co- operative Housing Society in Santacruz, Mumbai. The event, attended by urban development advocate Shri Ashish Shelar, highlighted the company’s commitment to safe and adequate housing. Director Shraddha Kedia-Agarwal emphasized the focus on sustainability and community needs. The newly built homes prioritize comfort and essential amenities, reinforcing Transcon's dedication to positively impacting urban living and fostering growth in the community.Read more

In Mulund East, Mumbai, the 60-acre vacant land from a former octroi naka and garbage dump has inspired local residents of Hari Om Nagar to advocate for new infrastructure projects. The community, led by the Hari Om Nagar Apex Body Federation (HONAFE), is pushing for an AIIMS hospital, a bus terminus, and a cultural and sports center. With over 2,000 signatures gathered, they aim to enhance local services, improve healthcare access, and ease transportation challenges. Despite existing government allocations, the community plans to present their proposals to authorities, hoping to bring meaningful development for 80,000 to 100,000 residents.Read more

Residential transactions in Mumbai Metropolitan Region (MMR) saw a 7% year-on-year increase in the September quarter of 2024, with 52,745 transactions registered. The total value of sales grew by 10%, reaching INR 48,409 crore. Godrej Properties led the developers in home sales value, with Godrej Reserve in Kandivali topping the list of projects. Meanwhile, Conceptual Advisory Services led in unit sales with their Suraksha Smart City project in Vasai. Peripheral areas, like Kalyan-Dombivli, dominated low-to-mid range transactions, while premium properties saw rising demand in suburbs closer to Mumbai. This growth is expected to continue during the festive season.Read more

Ahead of the Maharashtra Assembly elections, Chief Minister Eknath Shinde has announced that light motor vehicles will be exempt from toll fees at five Mumbai toll booths starting midnight, October 15. This decision aims to benefit over 600,000 daily commuters, particularly light vehicles. The toll exemption is expected to enhance the real estate market in suburbs like Thane, Airoli, and Vashi, making them more attractive to homebuyers.Read more

Sheth Realty's maiden redevelopment project, Codename Younique, located in Sion, has achieved a sales of over INR 200 crore within 45 days of its launch. The project, an investment of INR 150 crore with a total estimated cost of INR 800 crore, marks the developer's entry into the redevelopment sector. Spread over two acres, it offers 350 premium 2 and 3 BHK units, complemented by retail outlets and a serene Ganesh temple. Developed in partnership with the Aakshya Group, its success is attributed to strategic pricing and flexible payment plans, appealing to first-time buyers, professionals, and families upgrading their lifestyles.Read more

In an effort to regain control over abandoned redevelopment projects on their lands, the Maharashtra Housing and Area Development Authority (MHADA) has sent out about 1,200 letters to different Mumbai developers and housing societies. This action is in response to a 1976 amendment to the Maharashtra Housing and Area Development Act (MHADA) that gave MHADA the power to independently supervise redevelopment on its plots in the event that developers and residents fail to submit any plans for the redevelopment of residential buildings, regardless of the reasons behind the failure, including disagreements or pending legal actions.Read more

The Bombay High Court has ruled that a tenant company, Mather and Platt (India), cannot reclaim protections under the Maharashtra Rent Control (MRC) Act, 1999, after voluntarily reducing its paid-up capital below the INR 1 crore threshold. The court rejected the company's claim of financial hardship due to reorganization, stating it remains a "cash-rich entity" capable of paying market rent. The case involved eviction from Hamilton House, Ballard Estate, with the court affirming that once rent control protections are forfeited due to exceeding capital limits, they cannot be restored. This decision sets a precedent for similar landlord-tenant disputes under the MRC Act.Read more

The Mumbadevi temple precinct in Mumbai is poised for a significant makeover as the Brihanmumbai Municipal Corporation (BMC) plans to transform the 9,000-square-metre area inspired by the Kashi Vishwanath Corridor in Varanasi. Estimated to cost INR146 crore, the project will restore the over 100-year-old temple, enhance accessibility, and beautify the surroundings with gardens and water features. The redevelopment aims to accommodate 7,000 devotees while improving crowd management and preserving local hawkers' livelihoods.Read more

Last week, the Bombay High Court demanded a response from the Additional Chief Secretary or Principal Secretary of the state Urban Development Department (UDD) regarding the minimum time required to enforce fire safety regulations for buildings at risk. The court criticised the state government for failing to meet deadlines for issuing final notifications. It issued a warning that if the proper procedures are not followed, it may pass an order halting all development approvals granted by various planning authorities and corporations, at least within the city of Mumbai, during the next hearing.Read more

The Maharashtra government has advanced plans to allocate around 180 acres of land in Madh Island, Malad (West), for various projects, including the Dharavi Redevelopment Project (DRP), led by the Adani Group. Of this, 140 acres are designated for relocating Dharavi residents ineligible for free housing, with additional land set aside for a hospital by the Aditya Birla Group, Kailash Kher's singing academy, a temple trust, and an MLA housing society. This move is part of a broader effort to support infrastructure development, but it has sparked criticism from opposition leaders, accusing the government of favoring corporate interests over public welfare.Read more