The Mumbai real estate industry welcomes recent efforts by Maharashtra Real Estate Regulatory Authority (MahaRERA) and CREDAI-MCHI to clarify staircase and lift well calculations in building projects. New regulations ensure only the first staircase is included in carpet area calculation (Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034), benefiting developers and homebuyers by bringing transparency and fair practices. These clear guidelines remove ambiguity, aiding efficient project planning, reducing costs, and fostering trust in the market. Collaboration between regulatory bodies and industry players promises a more organized, transparent, and thriving real estate sector in Mumbai.Read more

MahaRERA ensured homebuyer protection by permitting deadline extensions for housing projects, maintaining buyer rights intact. Developers should secure 51% consent for further extensions, with all grievances addressed promptly. MahaRERA made sure any grievances lodged by flat purchasers are properly resolved, regardless of the project's extension status. In circumstances where developers are unable to obtain the necessary approval from homebuyers, MahaRERA has the power to give conditional extensions to projects that have been stalled for more than a year. Ajoy Mehta, Chairman of MahaRERA, emphasised their commitment to completing stalled projects while safeguarding homebuyer interests.Read more

Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.Read more

Actress Suhana Khan, daughter of Bollywood icon Shahrukh Khan, made headlines with her recent purchase of a lavish home in Alibaug, a favored coastal retreat among Mumbai's elite. The transaction, exceeding INR 10 crore with stamp duty charges, marked her second significant investment in the area within 8 months. The property spans 1.8 acres, featuring three distinct structures. Suhana's stamp duty payment of INR 57 lakh underscores the financial weight of such transactions. Her ventures extend beyond real estate, with roles as a cosmetic brand ambassador and in the film 'The Archies'. This move echoes similar investments by Bollywood peers, highlighting Alibaug's allure amidst infrastructure enhancements bridging Mumbai and the coastal town.Read more

Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.Read more

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released its Quarterly Progress Report (QPR) for June, showing a significant improvement in compliance with project reporting requirements. Out of 633 projects, 333 (52.6%) submitted all required forms before the due date, a significant increase from January's 0.03% compliance rate. However, since the start of the year, overall, 557 developers (62.86%) remain non-compliant, despite penalties and notices. MahaRERA remains concerned about this indifference and aims to continue to take strict action, including project suspensions and financial penalties, to enforce compliance. The QPR system provides homebuyers with up-to-date information on project progress, enabling them to make informed decisions, and is thus significant for the MahaRERA.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

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