The Bombay High Court has issued a temporary injunction against the Maharashtra government's decision to redevelop 25 housing societies in the Guru Teg Bahadur Nagar (GTB Nagar) refugee colony, known as the Punjabi colony, in Sion. This injunction follows a challenge filed by developer Lakhani Housing Corporation, who had secured redevelopment agreements with some of these societies. The court's decision comes amidst concerns over jurisdictional authority and the legality of the government's redevelopment plan. Lakhani Housing Corporation argued that the decision infringed on their contractual rights and voided existing agreements. The court has temporarily halted the redevelopment plan and scheduled a further hearing for May 8 to examine the matter in detail. As the legal process unfolds, ensuring the residents' access to safe and dignified housing remains a paramount concern.Read more

Mahatma Jyotiba Phule Mandai, commonly known as Crawford Market, is undertaking a phased redevelopment. After undergoing Phase 1 renovations from 2015-2018, the heritage market is set to open this summer. The redevelopment includes the iconic fountain as well as an open space in its center, and the new market building will cater to fish and meat sellers. The project aims to enhance the market's appeal and functionality to visitors while preserving its historical significance. Once complete, the revitalized market will honor its past while gaining amenities to better serve customers for years to come.Read more

The Economic Offences Wing (EOW) of the city police has arrested Nasli alias Bunny Batliwala (49), a trustee of the HIMS Botawala Charitable Trust, for allegedly conspiring to defraud a developer of INR 21 crore in a property redevelopment scheme. Javed Hussain, the complainant and owner of Reliable Investment and Developers, had entered an agreement with the trust to jointly redevelop a property. However, the trust allegedly sold the property to another party without his consent. The arrest sheds light on the alleged fraud by the trustees, potentially undermining public trust in charitable organizations. The police aim to uncover the full extent of the conspiracy and ensure justice for the complaining developer.Read more

Anil Gupta, chairman of Wellknown Polyesters, alongside his wife and the company, purchased two sea-facing apartments in Mumbai's Lodha Malabar project for over INR 270 crore, marking one of India's priciest residential transactions at INR 1.41 lakh per square foot. The deal highlights the rising demand for luxury housing in Mumbai's upscale areas. The Lodha Malabar project, slated for completion by June 2026, has witnessed other record-breaking deals, indicating fierce competition for prime Mumbai real estate. Gupta's move signals a potential trend of large corporations investing in luxury real estate, potentially reshaping the sector's dynamics.Read more

After months of bureaucratic back-and-forth between the BMC and Aarey Milk Colony over clearing debris dumped along Mithi River's banks in Aarey, the National Green Tribunal (NGT) has intervened. The NGT has ordered for the formation of a committee, led by Maharashtra's chief secretary, to determine responsibility, relocation of debris, and funding. With BMC, MPCB, Aarey Milk Colony, and environmental experts onboard, the committee has a month to devise an action plan as monsoon approaches. The directive stems from Vanashakti's petition, highlighting environmental hazards. Urgent action is imperative before monsoon exacerbates the damage, underscoring the committee's crucial role in prioritizing ecological preservation.Read more

The Brihanmumbai Municipal Corporation (BMC) has identified 74 vulnerable landslide-prone areas in Mumbai, out of a total of 160. These areas, mostly natural hillocks and elevated lands, pose significant risks, with 15 in Ghatkopar, 9 in Kurla, and 5 in various other locations. The eastern suburbs have the highest number of vulnerable sections. Following a tragic landslide in Pune in 2017, the Geological Survey of India provided recommendations, prompting BMC to take action. Landslide-prone areas are categorized into high, medium, and low-risk zones, with population estimates for each. BMC's disaster management cell is training locals on landslide warnings and evacuation procedures. Recent incidents have led to temporary resettlement efforts.Read more

The National Company Law Tribunal (NCLT) bench in Mumbai resolved the corporate insolvency proceedings against Mumbai Metro One Private Limited, which operates Mumbai's busiest metro line. This resolution followed a one-time debt settlement between the company and its lenders led by State Bank of India and IDBI Bank. The resolution could enable the Maharashtra government to acquire Reliance Infrastructure's majority stake in MMOPL. The Maharashtra cabinet had recently cleared a sum of INR 4000 crore for purchasing this majority stake.Read more

The BMC has initiated the alignment of Gokhale and Barfiwala bridges in Mumbai, addressing a six-foot gap between them. Supervised by IIT-B and VJTI experts, the process began with removing the top layer of Barfiwala flyover. Due to election regulations, the existing contractor for Gokhale bridge reconstruction will be responsible for merging the structures. The deadline for completion is set for June 30, with an allocated budget of INR 3 crore. VJTI confirmed the feasibility of merging without demolishing Barfiwala flyover, prioritizing structural integrity and public safety.Read more

The Brihanmumbai Municipal Corporation (BMC) has set a deadline of May 25th for property tax payments totaling INR 3,195 crore from the last fiscal year. Failure to meet this deadline may result in penalties, typically a percentage of the outstanding amount. To assist over 5 million property owners, BMC has launched an awareness campaign and extended office hours. Separately, businesses failing to display Marathi or Devanagari signage will face double property tax charges from May 1st. Timely tax payments are crucial for BMC to provide essential services to Mumbai's 20 million residents, ensuring a better city for all.Read more

K Raheja Corp has acquired Sobo Central Mall located in Mumbai's Haji Ali area from Future Group promoter Kishore Biyani's Bansi Mall Management Company for INR 476 crore. Originally known as Crossroads Mall, Sobo Central Mall was one of the first malls in India opening in the late 1990s but lost prominence over the years. The mall was facing financial stress owing over INR 700 crore to lenders. Creditors had initiated insolvency proceedings and put the mall on sale to recover dues. After the sale, Kishore Biyani settled the debts of INR 571 crore owed by BMMCL through a one-time payment of INR 476 crore.Read more

Raymond Realty, Raymond Ltd's real estate arm, is leading the surge in Mumbai's property sector with projects set to yield INR 30,000 crore. A significant portion stems from developing 48 acres in Thane, part of their vast land holdings. Expanding into Mumbai, their Bandra project, valued at INR 2,000 crore, is witnessing robust sales. Two more launches are slated in Mahim and Sion, promising 5 lakh sq. ft. each, with a combined revenue potential of INR 6,000 crore. Adopting a phased approach in Thane over five years, Raymond Realty focuses on offering "affordable premium" homes, aiming to surpass their INR 2,000 crore booking target, projecting over INR 7,000 crore.Read more

The National Company Law Appellate Tribunal (NCLAT) has upheld the insolvency resolution process initiated by the National Company Law Tribunal (NCLT) against Tulip Hotels for defaulting on corporate guarantees of INR 450 crore each provided to Cox & Kings and EzeeGo One Travel. Yes Bank, the financial creditor, had claimed a default of INR 900 crore against Tulip Hotels after invoking the guarantees when the principal borrowers failed to repay loans. While Tulip Hotels contended it had no relationship with the defaulters, NCLAT observed that as a corporate guarantor, Tulip Hotels became liable to repay the debt as soon as the principal borrowers defaulted. It dismissed the appeal by Tulip Hotels against the NCLT order.Read more

The Bombay High Court overturned a tribunal order cancelling gift deeds of flats executed by a father in favour of his son. The HC held that the objective of the Senior Citizens Act is to ensure residence rights for elderly parents in gifted properties, not invalidate valid deeds. It observed that tribunals are often used to settle property disputes. In this case, the tribunal lacked jurisdiction and should have ensured the father's basic needs were met as the son was willing to care for him, before cancelling deeds. The HC directed the father to reside separately with monthly maintenance of INR 25000 from the son.Read more