Three individuals, identified as Kakasaheb Khade, Vikas Dahiphale, and Mohini Tandale, are accused of defrauding 19 Navy officers of Rs 23.13 crore by promising them land in Uran in 2019. Operating under the name Sky Garuda Developers, the accused set up an office in CBD and advertised the sale of Non-Agricultural plots. After initial payments, the accused changed the promised plot location, and when the investors demanded their money back, the trio provided a bounced cheque. The case has been transferred to the Economic Offence Wing, with investigations ongoing under sections 420, 406, and 34 of the IPC.Read more

Deepak Kesarkar, Mumbai's Guardian Minister, has unveiled an ambitious plan to transform part of the Mahalaxmi Race Course into a sprawling amusement park, coexisting with the iconic racecourse. The proposal includes a "Mumbai Eye" observation wheel and improved access via the Coastal Road. The innovative concept aims to make the area accessible to a wider audience while preserving the legacy of the racecourse. Kesarkar's vision promotes community engagement, inclusivity, and adaptability to changing urban dynamics. Additionally, plans for day care centres for senior citizens and battery-operated mini buses in the Byculla Zoo further enhance the recreational and inclusive aspects of the project, ensuring its continued relevance and vibrancy.Read more

The Bombay High Court has called for granting the Slum Rehabilitation Authority (SRA) and the state government broad powers to evict unauthorized occupants from SRA flats due to concerns about illegal transfers and profiteering. The court highlights the need to protect the 10-year ownership restriction on these flats and the importance of preventing the trafficking of rehab tenements to address Mumbai's affordable housing crisis. It's also examining a case in Malad (E) where allottees are seeking rental dues, shedding light on a wider issue of unauthorised transfers and subletting.Read more

Recent developments and transactions in India's industrial and real estate sectors provide insights into the country's economic landscape. Bajaj Auto signed a 95 lease agreement for land in Chakan, signalling its strategic entry into the electric vehicle sector. Adore Group's acquired a 15-acre plot in Faridabad reflecting changing homebuyer preferences for modern low-rise living. Godrej Properties sold a 14-acre parcel in Gurugram underlining the surging demand for housing. Hero Realty's expansion in the region showcases growth aspirations. These developments not only shape their respective sectors but also mirror changing consumer preferences in India's evolving real estate market.Read more

Bollywood star Manoj Bajpayee and his wife, Shabana Bajpayee, have acquired four office units spanning 7,620 sq ft in Mumbai's Oshiwara area for a total of Rs 32.94 crore. These luxurious spaces, located in the Signature Building, come complete with nine car parking slots. Their purchase follows a trend of Bollywood celebrities investing in the same project, including Amitabh Bachchan, Ajay Devgan, Kajol, Kartik Aryan, and Sara Ali Khan. The Bajpayees' acquisition adds to the city's thriving real estate market, cementing Mumbai's enduring appeal to Bollywood stars.Read more

Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.Read more

The Maharashtra State Housing Federation is championing amendments to the 1970 Apartment Ownership Act, aiming to expedite the redevelopment of older cooperative society apartments. A 15-member committee has already submitted recommendations to the state government, focusing on clearer definitions of common areas and empowering self-redevelopment. With 100,000 buildings under the Act and recent state cabinet approvals to tackle redevelopment obstructions, these changes could redefine urban housing in Maharashtra. The government's response is eagerly awaited.Read more

Peyush Bansal, co-founder of Lenskart, recently grabbed headlines with his acquisition of a luxurious property in Delhi's prestigious Neeti Bagh area for Rs. 18 crore, which includes both the basement and ground floor of an opulent bungalow, spanning a total area of 939.4 sq m on a 680 sq m plot. In a parallel move, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions invested a substantial Rs. 48 crore in a residential property in Hyderabad's coveted Jubilee Hills, while Monish Darda, co-founder of Icertis, joined the trend by purchasing a lavish apartment in Mumbai's Juhu for Rs. 38 crore. These acquisitions mirror a growing pattern among billionaire tech entrepreneurs who are increasingly turning to significant real estate investments as a means to diversify their portfolios.Read more

Mumbai based builder Vikas Oberoi and his wife Gayatri Oberoi were victims of a terrible road accident earlier this week, in Sardinia, Italy. Multiple publications have confirmed that both are safe and have not sustained any major injuries. Mr Oberoi was said to be driving with his wife in the passenger seat of a rented blue Lamborgini (Huracan Spider), which collided with a white camper van and a red Ferrari. They were partaking in the multi-day “Sardinia Supercar Experience” event when the incident occurred. A Swiss couple in the red Ferrari lost their lives, while the couple in the camper van are fine and recuperating in a nearby hospital.Read more

Goregaon West, a thriving Mumbai suburb in the Mumbai Metropolitan Region (MMR), is a prime choice for professionals and families due to its strategic location along the Western Express Highway, offering excellent citywide connectivity. The area provides a diverse range of housing options, from upscale apartments to more budget-friendly residences. In a week spanning from September 25th to October 1st, 2023, Goregaon West recorded 16 transactions, highlighting its popularity. Leading the way, Chandak 34 Park Estate accounted for six deals, with Sunteck City 4th Avenue hosting the most expensive transaction at Rs 3.06 Crores. The area's real estate market is robust, attracting both homebuyers and investors.Read more