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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    Bombay HC directs RNA Group's GA Builders to pay transit rent within a week

    The court then took the submission as an undertaking given to the court, and directed advocate Anushka Shreshtha, who appeared for Chauhan family, to share the NEFT details to enable the developer to pay transit rent directly to their bank account.
    MUMBAI: The Bombay High Court has come to the rescue of a home buyer suffering due unpaid transit rent by the developer, and directed the RNA group company to release the rent for 11 months within a week’s time.

    Hearing a notice of motion in the commercial suit filed by Shantilal Chauhan and his two sons against GA Builders Pvt Ltd, a part of RNA Group, in connection with RNA Sagar project in Pant Nagar in Ghatkopar, Justice BP Colabawalla said the petitioner had pointed out that the developer had failed comply with the court’s past orders to pay transit rent.

    “According to the plaintiff, defendant no.1 has not paid the transit rent since February 2020 and it has become extremely difficult for the plaintiffs to pay the rent to their landlord, who has in turn been harassing the plaintiffs to vacate the premises that they have occupied on rent,” the order dated October 12 said.

    Advocate Chinoy Kamdar, appearing for the developer, submitted that his client shall pay the transit rent from February 2020 till December 31, 2020 within one week. The court then took the submission as an undertaking given to the court, and directed advocate Anushka Shreshtha, who appeared for Chauhan family, to share the NEFT details to enable the developer to pay transit rent directly to their bank account.

    “We are grateful to the court for the order. The developer has been paying Rs 15,000 rent per month since 2011 without the 10 per cent incremental increase each year, and even this rent was stopped from February this year,” said Mukesh Chauhan, whose father is the owner of the apartment at RNA Sagar.

    Chauhan said the building is on a MHADA plot and went into redevelopment in 2006. “29 other residents have been given possession in the building, but the building is yet to get Occupancy Certificate. I am entitled to get transit rent till the Occupancy Certificate is received,” he said.

    The court has adjourned the matter concerning rent arrears to November 23.









    https://realty.economictimes.indiatimes.com/news/regulatory/bombay-hc-directs-rna-groups-ga-builders-to-pay-transit-rent-within-a-week/78702670
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    • Re : Mumbai Real Estate News

      BAI approaches Maharashtra CM to support Mumbai slum, cess buildings redevelopment

      “While doing this, BAI is not asking for any monitory gain or the changes in the Development Control Rule. The government agencies will be free to sell off the housing stock generated out of the sealable components and generate revenue. File photo


      MUMBAI: The Builders Association of India (BAI), which counts more than 20,000 construction companies as its members, has approached Maharashtra government with the proposal to join hands for the redevelopment of 14,250 cessed buildings and 1,500 slum rehabilitation projects stuck for years in the city.

      The body has extended its willingness to assist the state government and its agencies by providing contractors for the completion of the projects.

      In a letter to Maharashtra Chief Minister Uddhav Thackeray and Housing Minister Jitendra Awhad, BAI has stated that if the proposal is accepted by the government, the Mumbai can be slum and dilapidated buildings free.

      “While doing this, BAI is not asking for any monitory gain or the changes in the Development Control Rule. The government agencies will be free to sell off the housing stock generated out of the sealable components and generate revenue. Thus, all the stakeholders such as tenants, owners, occupants and the government will be benefited from these projects,” stated the letter by Mohinder Rijhwani, Chairman, Mumbai Center, BAI.

      As per the government records there are 14,250 buildings called as Cessed properties in categories A, B and C of Development Control Rule 33(7).

      According to BAI’s Housing and RERA Committee Chairman Anand Gupta, there are 1,500 slum projects under Development Control Rule 33(10) comprising 14 lakh slum units, housing 60 lakh dwellers in Mumbai. There redevelopment has been stuck in limbo for various reasons, one major being lack of confidence among slum dwellers about the system of present functioning.












      https://realty.economictimes.indiatimes.com/news/industry/bai-approaches-maharashtra-cm-to-support-mumbai-slum-cess-buildings-redevelopment/78714230
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      • Re : Mumbai Real Estate News

        Soon, buyers can call Kalyan-Dombivli civic body's helpline to check if property is legal

        The Kalyan-Dombivli Municipal Corporation had decided to launch a helpline for citizens seeking property details and also issue weekly action-taken reports on illegal structures and ‘dangerous’ buildings for the public to access. Representative image KALYAN: Those looking to buy a home in the twin city of Kalyan-Dombivli will soon be able to verify if the property is legal or not by just making a phone call to the local civic body.

        The Kalyan-Dombivli Municipal Corporation had decided to launch a helpline for citizens seeking property details and also issue weekly action-taken reports on illegal structures and ‘dangerous’ buildings for the public to access.

        According to local RTI activist Kaustub Gokhale, there are nearly two lakh illegal structures in Kalyan-Dombivli. Of these, 67,000 had been built before 2004, as per the Agyar committee report submitted to the Bombay high court in 2016.

        The KDMC move came after the HC, while taking serious note of Bhiwandi’s Jilani building collapse that had claimed 38 lives, recently asked all civic bodies in Mumbai Metropolitan Region, including KDMC, to submit an action-taken report on ‘dangerous’ and illegal structures in their jurisdictions.

        “A team from the town planning department will man the helpline. We will provide property details, including whether it is legal or not, so that people do not get cheated,” KDMC commissioner Vijay Suryawanshi told TOI. “Through the complaints we receive on the helpline, we will also know about new illegal constructions.”

        Builders have lauded the KDMC initiative. Shrikant Shitole, president of MCHI-CREDAI Kalyan-Dombivli unit, said: “We welcome the bold move taken by the KDMC chief because it is in favour of both property buyers and developers.”

        Gokhale pointed out: “Illegal structures are built using inferior quality material and without proper planning which may prove risky for residents.”










        https://realty.economictimes.indiatimes.com/news/residential/soon-buyers-can-call-kalyan-dombivli-civic-bodys-helpline-to-check-if-property-is-legal/78717484
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        • Re : Mumbai Real Estate News

          Kalpataru Properties wins 15-year court battle for prime plot in Mumbai's Worli

          The Supreme Court has upheld the award given by the Arbitral Tribunal in favor of the developer, while dismissing appeals filed by the insolvency resolution professional (IRP) on behalf of Shree Ram Urban Infrastructure against the earlier orders passed by the Bombay High Court.
          MUMBAI: Realty developer Kalpataru Properties has won an over 15-year long arbitration matter regarding a 5-acre prime plot in Mumbai’s Worli locality. The Supreme Court order now brings finality to the long-pending case for one of Mumbai’s prized properties.

          The Supreme Court has upheld the award given by the Arbitral Tribunal in favor of the developer, while dismissing appeals filed by the insolvency resolution professional (IRP) on behalf of Shree Ram Urban Infrastructure against the earlier orders passed by the Bombay High Court.

          In 2004, Shree Ram Urban Infrastructure, the owner of over 16 acres of mill land in Worli, had entered into a memorandum of understanding (MoU) to convey a 5-acre land parcel at Worli to Kalpataru.

          Kalpataru initiated arbitration proceedings in 2005 against Shree Ram Mills and had sought an award directing the latter to specifically perform the said agreement and to sell, transfer and convey the said Worli land parcel to Kalpataru.

          The Arbitral Tribunal, in its majority award in August 2016, had ruled in favour of Kalpataru asking Shree Ram Urban Infrastructure to sell and convey the title of the property to the developer as per the original terms agreed between the parties in 2004.

          Dismissing Shree Ram Urban Infrastructure, the Arbitral Tribunal had then observed that so far as financial capacity and ability to pay purchase price was concerned, Kalpataru was all throughout in a position to pay the consideration and was also ready and willing at all times to perform their part of the contract. Shree Ram Urban Infrastructure had failed to perform its obligations under the agreement and had raised allegations about financial capacity of Kalpataru.

          The award was challenged by Shree Ram Urban Infrastructure before the Bombay High Court where petitions were dismissed by a single-judge order in July 2017. Shree Ram Urban Infrastructure subsequently challenged the single judge order before the Bombay High Court’s division bench. The division bench also, in October 2018, dismissed these appeals filed by Shree Ram Urban Infrastructure.

          Shree Ram Urban Infrastructure is now admitted under the National Company Law Tribunal (NCLT) for insolvency proceedings and is now being represented by the IRP that filed its Special Leave Petitions before the Supreme Court.

          On Friday, the Supreme Court dismissed the IRP’s petition while observing that the court “did not find any reason to interfere in the matter”. The said Order is binding on the IRP who will have to perform the agreement and convey the land to Kalpataru Properties.












          https://realty.economictimes.indiati...worli/78760850
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          • Re : Mumbai Real Estate News

            Xander Group set to make over Rs 700 crore exits from Rustomjee projects

            The alternative investment firm had invested around Rs 370 crores in 2014 through non-convertible debentures in Kapstone Constructions, which includes residential projects including Rustomjee Urbania in Thane and Rustomjee Elements in upscale Juhu suburb of Mumbai.
            MUMBAI: Global investment firm the Xander Group is set to make an exit worth around Rs 700 crore from its investments in realty developer Rustomjee’s subsidiary Kapstone Constructions, said two persons with direct knowledge of the development.

            The alternative investment firm had invested around Rs 370 crores in 2014 through non-convertible debentures in Kapstone Constructions, which includes residential projects including Rustomjee Urbania in Thane and Rustomjee Elements in upscale Juhu suburb of Mumbai.

            The transaction with around two-fold returns on investments, once concluded, will be one of the most profitable exits for a global investor in Indian residential market in recent years. It reflects that the residential market is showing signs of pick-up and quality portfolios in select areas continue to witness demand.

            “The exit will be provided by Rustomjee and one of its partner company--a Singapore-based diversified conglomerate. While the exit from Thane project will be funded by the partner, Rustomjee will finance the balance amount for Juhu project from its internal accruals led by recent residential sales,” said one of the persons mentioned above.

            Real estate transactions in residential space have been gaining momentum after the Maharashtra government reduced the stamp duty to 2% from 5%. Property developers are hoping for a further pickup in sales ahead of the festive season. The residential side of the market was facing challenges from sales, funding and regulatory perspectives even before the outbreak of Covid19 pandemic. However, the segment is showing signs of recovery now.

            ET’s email query to the Xander Group and Rustomjee remained unanswered until the time of going to press.

            Rustomjee Urbania is an integrated township project spread over 127 acre in Thane near Mumbai. Rustomjee Elements is a 3-acre gated community project in Mumbai’s prime locality of Juhu.

            The Xander Group Inc, a global investment firm focused on emerging markets with an emphasis on India and South East Asia, has so far committed more than $3 billion of equity across private, public, credit, venture, and real estate, investments and platforms in India. It has investments across office, retail and warehousing segments in the country.

            In one of the rare land deals transacted on outright basis in 2019, Xander’s retail arm Virtuous Retail South Asia (VRSA) had acquired a prime nearly 20-acre land parcel in Thane near Mumbai from textile major Raymond for $100 million or over Rs 710 crore. It has also set up an industrial real estate platform for India to invest $250 million in the high growth logistics and e-commerce sector along key industrial corridors across leading Indian cities.










            https://realty.economictimes.indiatimes.com/news/industry/xander-group-set-to-make-over-rs-700-crore-exits-from-rustomjee-projects/78789693

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            • Re : Mumbai Real Estate News

              Fire At Mumbai Mall, 3,500 Residents Evacuated From Next Building

              Mumbai mall fire: The cause of the fire is under investigation. No one was injured. The fire had spread to the second and third floors of the mall


              Two firefighters were injured while trying to control the blaze, ANI reported.


              Mumbai:
              Some 3,500 people adjacent to a mall in Mumbai were evacuated after a fire broke out at the shopping complex, officials said today. The fire broke out late on Thursday night and efforts to douse the flames went on till this morning.

              The cause of the fire is under investigation. No one was injured. The fire had spread to the second and third floors of the mall.

              Residents of the 55-storey building adjacent to the mall were taken to a nearby ground for their safety.

              Two firefighters were injured while trying to control the blaze at City Centre Mall in Nagpada in central Mumbai, news agency ANI reported.

              It has been declared a level-5 fire. #Maharashtrapic.twitter.com/YDpgpRHXcm

              - ANI (@ANI) October 23, 2020
              Twenty-four fire trucks are at the site and some 250 firefighter including Mumbai's Chief Fire Officer Shashikant Kale are working to extinguish the fire.

              Mumbai Mayor Kishori Pednekar and other officials visited the site on Thursday night to check the situation.













              https://www.ndtv.com/india-news/fire...ilding-2314457



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