The Maharashtra Real Estate Appellate Tribunal (MREAT) directed the new developer of Mumbai's Palais Royale project to maintain status quo on a home buyer's flat, preventing third-party rights until the final appeal hearing against a MahaRERA order. The project, stalled due to legal issues, saw a change in ownership under the SARFAESI Act. MahaRERA initially dismissed the buyer's complaint regarding delayed possession. However, the MREAT granted interim relief, emphasising the validity of the buyer's agreement with the former developer and affirming RERA's applicability. The ruling ensures the buyer's rights amidst the project's tumultuous legal proceedings.Read more

The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.Read more

The Bombay High Court has delivered a decisive verdict in favour of developers Godrej Properties and Shelton Infrastructure, allowing them to retain plots in Sanpada, Navi Mumbai, originally allocated by CIDCO. The dispute arose when CIDCO sought to revoke the allotments, citing concerns over potential financial losses. However, the High Court deemed CIDCO's actions arbitrary and discriminatory, emphasizing the developers' right to equality before the law. Represented by seasoned legal counsels, the developers argued vehemently against the cancellations, leading to a landmark ruling reinforcing the importance of due process and legal diligence in matters of public land allocation and development.Read more

Mumbai is set to bid farewell to the 112-year-old Sion Road Over Bridge as it closes on February 29 to make way for a new, modern structure. Set to undergo demolition due to its deteriorated condition, the bridge's reconstruction aims to facilitate railway expansion and is expected to last 18-24 months. The project will extend the bridge's span to accommodate additional railway lines, enhancing urban mobility. Traffic congestion is anticipated on alternative routes, with measures like no-parking zones being implemented to mitigate the impact. This marks a significant step in Mumbai's infrastructure development, promising improved connectivity upon completion.Read more

Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.Read more

Raymond Realty, the real estate arm of Raymond Group, ventures into Mumbai's real estate market with 'The Address by GS, Bandra', a luxury residential project spanning 2.74 acres. Formed through joint development agreements (JDAs), it offers 2, 3, and 4 BHK apartments alongside a 16,000 sq ft clubhouse and high-street retail spaces. Strategically located in Bandra East, it ensures connectivity to prime locales like Bandra-Kurla Complex and Bandra-Worli Sea-Link. With a RERA carpet area of 0.7 million sq ft and a revenue projection exceeding INR 2,000 crore, it's poised to redefine luxury living. Raymond Realty's expansion beyond Thane signifies a strategic move towards maximizing Mumbai's real estate potential.Read more

Adani Realty emerges as the highest bidder for MSRDC's 24-acre Bandra Reclamation land, outbidding Larsen & Toubro. With a potential development area of 45 lakh square feet, valued at around INR 30,000 crore, the project aims to blend commercial and residential spaces. Adani Realty's win, amidst stiff competition from industry giants, underscores their prominence in Mumbai's real estate. The revenue-sharing model ensures mutual benefits, with Adani Realty obligated to pay INR 8,000 crore or 22.79% of gross revenue to MSRDC. This collaborative effort, akin to the Dharavi Redevelopment Project, promises to reshape Mumbai's skyline while fostering sustainable and efficient urban development.Read more

The Bombay High Court has raised concern over the handling of eviction notices by the Slum Rehabilitation Authority (SRA), stressing the need for a more compassionate approach towards slum dwellers' welfare. Amidst concerns over short eviction notices issued after two decades of promises for "permanent alternate accommodation," the court directed the Apex Grievance Redressal Committee to promptly review and potentially stay the eviction orders. The case, concerning slum dwellers near Worli Dairy in Mumbai, reiterated the importance of the Slum Act's welfare intent. The court's rebuke extended to the AGRC's conduct, emphasizing the importance of humanity over monetary concerns in such matters. The intervention underscores the court's commitment to protecting vulnerable communities' rights and well-being.Read more

CREDAI-MCHI, in collaboration with CIDCO, organized a workshop on an amnesty scheme for Navi Mumbai residents, addressing Maveja and Additional Lease Premium (ALP) issues. Chief Minister Eknath Shinde's directive to delink CIDCO permissions from pending dues is expected to benefit over 1,000 housing societies. Five key concerns were identified, leading to a committee chaired by Ex-chief secretary Shri Sanjay Kumar to address challenges. The government accepted most recommendations, separating Maveja/ALP recovery from occupancy certificates issuance. A 50% amnesty on payable amounts until March 31, 2023, under the Abhay Yojana, aids projects facing delays. These efforts align with CREDAI-MCHI's commitment to fostering sustainable development in the Mumbai Metropolitan Region.Read more

Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.Read more

Ramabai Ambedkar Nagar, one of the oldest slums in Mumbai, is set for redevelopment by the Mumbai Metropolitan Region Development Authority (MMRDA). Covering a vast area of 75 acres, the redevelopment project aims to transform a significant portion of the land into a mixed residential-commercial zone. Through the project, the MMRDA plans to extend the Eastern Freeway to Thane, thereby making the redeveloped area to be seen as a very strategic location. The project envisions creating 81 lakh sq ft of rehabilitation area for 15,000 tenements and generating 75 lakh sq ft of commercial space, targeting an overall estimated revenue of INR 10,000 crore.Read more

The Brihanmumbai Municipal Corporation (BMC) engaged Manori residents in discussions about the Marve-Manori flyover, part of a broader initiative to improve connectivity in Mumbai's western suburbs. Local fishermen and farmers raised objections over potential ecological damage and threats to traditional livelihoods. Concerns heightened due to the lack of basic amenities in nearby villages, questioning the infrastructure's prioritization over essential services. Deputy Municipal Commissioner Vishwas Shankarwar noted diverse opinions among stakeholders during the consultation, where feedback was solicited. The BMC aims to ease congestion on key routes like SV Road and the Western Express Highway with six major bridges, despite Maharashtra Coastal Zone Management Authority's concerns about mangrove impact.Read more

The state cabinet approved the redevelopment of 25 buildings in Sion Koliwada, Mumbai, housing Sindhi, Sikh, and Punjabi families displaced during Partition. The redevelopment, costing INR 3,000 crore, will be overseen by MHADA, providing 1,200 families with larger homes free of cost. A high-powered committee will monitor the project, ensuring at least 51% tenant consent. The buildings, erected in the 1950s and '60s for refugees, faced demolition notices from BMC in 2011. The initiative, long overdue, aims to address housing needs and marks MHADA's role as a special planning authority. Residents welcome the decision after years of efforts and displacement.Read more

The Brihanmumbai Municipal Corporation (BMC) is concreting roads in Mumbai's eastern suburbs, with a tender worth INR 1,224 crore covering 261 roads, augmenting ongoing work on 182 roads. Chief Minister Eknath Shinde's directive aims to eliminate potholes and enhance road quality within two years. Initially, tenders worth INR 5,800 crore for 400 kilometers were floated, later cancelled due to a lacklustre response. Fresh tenders of INR 6,080 crore for 397 kilometers were issued, but challenges persisted, leading to cancelled contracts and new tenders. Concerns about pace and quality remain, underscoring the need for addressing contractor performance and project execution issues.Read more