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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    South Mumbai's Bhendi Bazaar redevelopment project completes first phase

    In the first phase, the Saifee Burhani Upliftment Trust, which has undertaken the project on non-profit basis, has completed two high-rise super-structures with over 610 residences and 128 commercial outlets that have been rehabilitated in the last few months post lifting of the lockdown by the state government.
    MUMBAI: India’s largest ever urban renewal project, the Bhendi Bazaar Redevelopment Project in South Mumbai, has completed the first phase of the total development that involves over 20,000 people across 250 dilapidated buildings.

    In the first phase, the Saifee Burhani Upliftment Trust, which has undertaken the project on non-profit basis, has completed two high-rise super-structures with over 610 residences and 128 commercial outlets that have been rehabilitated in the last few months post lifting of the lockdown by the state government.

    This is one of the first large redevelopment projects being executed under the state government’s cluster redevelopment policy announced in 2009.

    “Residents had started to shift to the new premises a few months ago. However, the shifting process was put on hold given the announcement of lockdown following the Covid19 outbreak and was resumed once the regulations were relaxed,” said spokesperson of the Saifee Burhani Upliftment Trust.

    The construction of both--36 storey and 41 storey-- towers had started in 2016 and has been completed in 45 months.

    “As per our aim to complete the entire project simultaneously and bring the people of Bhendi Bazaar back to their new homes and shops at the earliest. Work on other sectors is also progressing well. We plan to complete the entire next phase of the project by 2025,” he said.

    The project will help decongest major parts of south Mumbai with wider roads and better infrastructure around Mohammed Ali Road, Pydhonie and Nagpada that are characterized by narrow lanes and high traffic during most parts of the day.

    More than 80% of the buildings are old, worn-out and have been declared dilapidated unfit for living by the Maharashtra state housing body, MHADA. Some of the buildings and chawls are as old as 150 years that usually witness accidents during the monsoon.

    “Being India’s largest cluster redevelopment project till date, the project offers hopes of better life for millions living in awful conditions, and provides a blueprint for other future urban renewal projects across the country,” said Qutub Mandviwala, master planner and architect of the project.

    The redevelopment comprises 16.5 acres of land with more than 250 decrepit buildings, 3,200 families and 1,250 shops, all of which are incorporated into a sustainable development with 12 new buildings, wide roads, modern infrastructure, more open spaces and highly visible commercial areas.

    Over 90% of the residents had been living as tenants for decades in old Bhendi Bazaar with no ownership rights and with the completion of the first phase, these 610 tenants are now given flats on ownership.
















    https://realty.economictimes.indiatimes.com/news/residential/south-mumbais-bhendi-bazaar-redevelopment-project-completes-first-phase/79241292
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    • Re : Mumbai Real Estate News

      Mumbai: Neepa Real Estates moves court against three housing societies

      While the residents have been protesting against water leakage problems in houses and loss of open space, the developer has demanded removal of allegedly defamatory banners on balconies and statements on social media.
      MUMBAI: A real estate developer moved city civil court against three housing societies in Marol on Tuesday. While the residents have been protesting against water leakage problems in houses and loss of open space, the developer has demanded removal of allegedly defamatory banners on balconies and statements on social media. He has claimed that the banners have cost him customers and that he has consequently incurred losses.

      The builder has sought Rs 95 lakh as compensation with 18 per cent interest per annum from the residents. The court on Wednesday did not give immediate ad-interim relief to the builder, but postponed the matter to November 25 for residents to submit a formal response.

      The legal notices have been issued by Neepa Real Estates (P) Ltd (Sheth Creators) to three housing societies at Vasant OasisOrnella Tiffany Emerald CHS, Veronica Rosabel Ebony CHS and Petunia Bluebell CHS.

      The residents, for their part, said they have paid nearly Rs 2 crore for their apartments but have still suffered from constant water leakage problems. They also alleged that the builder wants to take away the open space where their children play and turn it into stack mechanised parking.

      The eight-tower Vasant Oasis complex has 1,102 families comprising 4,000 residents. Chairman of Veronica Rosabel Ebony CHS, Dhananjay Wagh said, “Our apartments have leakages and are infested with termites. The builder’s notice says we have mala fide interests and are seeking monetary benefit out of it. It has only been three years and our only open space is being taken away.” Wagh alleged that the developers have not been able to sell all flats and want the residents to compensate for the loss.

      Samarjeet Singh, a resident of Ornella Tiffany, said the builder has started the work on stack parking at the stilt level (S-level), where children play and cycle and the elderly sit out and walk.

      Singh said the developers, for over a month, have been trying to build the parking. “When we objected and asked for BMC permissions to be shown, they said it isn’t within our rights. When we approached the BMC, we were told no such permission was granted,” he said.

      Confirming that the court has been moved against the residents, a spokesperson for Neepa Real Estates responded to an email query from Mirror, saying, “We are constructing the layout in accordance with law and after receipt of all permissions. All open spaces are in the layout. In fact, we have handed over a huge garden area to the BMC, which can be used by the residents and other citizens.” The spokesperson said the builder has provided all amenities as stated in the brochure. “There is no stack parking in the S-level and we will carry out activities after receipt of necessary permissions,” the statement read.


















      https://realty.economictimes.indiatimes.com/news/residential/mumbai-neepa-real-estates-moves-court-three-housing-societies/79295984
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      • Re : Mumbai Real Estate News

        Maharashtra government to build 8.82 lakh houses under Maha Awas Yojana

        Currently, the cost of the project has been estimated to be around Rs 4,000 crore. However, during the launch of the project, the Chief Minister has assured that funds scarcity will not be an issue.
        • ANI
        • November 21, 2020, 16:00 IST

        MUMBAI: Maharashtra Chief Minister Uddhav Thackeray has launched a new rural housing project named "Maha Awas Yojana," under which 8.82 lakh rural houses will be built in 100 days period.

        Maharashtra's Rural Development department will undertake this project, which will include toilets and other necessary amenities.

        Currently, the cost of the project has been estimated to be around Rs 4,000 crore. However, during the launch of the project, the Chief Minister has assured that funds scarcity will not be an issue.

        A total of 8,82,135 houses are targeted to be built under this project by February end.

        Rural development minister Hasan Mushrif, MOS Rural Development Abdul Sattar, and other offices of chief minister's office and Rural development department were also present during the launch event yesterday at Sahyadri guest house.















        Maharashtra government to build 8.82 lakh houses under Maha Awas Yojana, Real Estate News, ET RealEstate (indiatimes.com)

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        • Re : Mumbai Real Estate News

          Mumbai: Housing society chairman who failed to audit his old building acquitted


          Rebecca Samervel | TNN | Updated: Nov 22, 2020, 07:12 IST

          Representative image

          MUMBAI: A magistrate court recently acquitted the chairman of a Ghatkopar (W) housing society two years after he was booked for failing to get a structural audit done on the old and reportedly dilapidated building despite a BMC notice. The court held that without making the legal entity, the housing society, an accused, only the office-bearer could not be held responsible in his personal capacity.

          “Evidence on record reveals the notice is issued only to the chairman and secretary of the premises without issuing a notice to the society. The owner is the society. Hence, without making the legal entity an accused, only office-bearers cannot be held responsible in their personal capacity,” the court said.

          The court said provisions of Mumbai Municipal Corporation (MMC) Act, under which chairman Deepak Doshi was facing prosecution, every owner or occupier of the premises was bound to carry out a structural audit of the building. “As the society is not prosecuted, the accused cannot be held guilty in his personal capacity for not carrying out the audit. Therefore, I hold the accused not guilty. He is entitled for acquittal,” the court said.

          The complaint was submitted to court by the municipal corporation in July 2018. It was alleged that after receipt of a complaint from building resident Vanmani Bhuvan, a junior engineer inspected the premises in January 2018. He observed that there were two- and four-storeyed structures on the premises. The corporation said the engineer noticed cracks on beams and columns and vegetation growth on the buildings. He prepared the inspection report and submitted it to the assistant engineer.

          Subsequently, in March, 2018 a notice was issued to Doshi. He was directed to carry out a structural audit of the building through a licensed structural engineer registered with the corporation. He was told to submit the structural stability certificate within a month. It was alleged that since Doshi failed to comply, an offence sheet was prepared against him and forwarded to the legal department of N ward for prosecution under MMC Act.

          In February 2019, Doshi pleaded not guilty to the charges against him and denied the allegations.

          During trial, the corporation’s lawyer examined five witnesses including the building resident who first complained, the junior engineer, assistant engineer, executive engineer and head clerk.










          Mumbai: Housing society chairman who failed to audit his old building acquitted | Mumbai News - Times of India (indiatimes.com)
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          • Re : Mumbai Real Estate News

            Mumbai: Stalled since 2013, Orbit Corporation's project hits fresh roadblock

            With a changed sub-division number, Orbit Residency Park’s RRR for one of the two plots, which was earlier Rs 38,100 for every square metre, has now been jacked up to Rs 89,770 for the financial year 2020-21. File photo MUMBAI: Hundreds of buyers of flats in the Orbit Corporation’s budget housing project in Andheri, who were hoping that the project stalled since 2013 would take off after the developer settles the debts, have been disappointed once again.

            The project has hit another roadblock with the ready reckoner rate (RRR) of one of the two plots being pushed up by 136 per cent from the original rates “completely jeopardising the viability of the project.”

            With a changed sub-division number, Orbit Residency Park’s RRR for one of the two plots, which was earlier Rs 38,100 for every square metre, has now been jacked up to Rs 89,770 for the financial year 2020-21. The second plot’s RRR continues to remain consistent at Rs 38,100.

            The project comprises six towers with 281 residential units and six commercial units.

            The project is currently under an Interim Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT) after Ahinsa Buildtech Pvt Ltd, a subsidiary of Orbit Corp that has undertaken the project, was dragged to the law tribunal by one of its creditors. As per procedure, the IRP had invited applications for a resolution plan, through which the project would be completed.

            This resolution plan, flat buyers say, is the only hope that one day they would be living in the houses they purchased 10 years ago.

            The flat buyers under the umbrella unit of Orbit Residency Park CHS were one of the six entities to submit their applications showing interest in completing the project. However, with the hiked up RRR, they say, the project is no more viable.

            Not only the home buyers, the resolution professional, Vivek Lulla, has also written to the Collector of Stamps and IGR Registration asking them to restore the RRR to what it originally was.

            Explaining the impact the changed RRR will have, Sarju Saini, who leads the flat purchasers’ group, said that fresh approvals will be required from the BMC and certain premiums will have to be paid which are all linked to the RRR. Moreover, the sale agreements for many flat buyers couldn’t be registered, and now they will be charged stamp duty at these new rates.

            “The people who have booked their flats are from middle class backgrounds, and they invested their life’s savings in this project 10 years ago. The flat buyers have already suffered huge financial losses and mental agony due to delays in the project. This project was supposed to have been completed in 2014, and the flat owners have, so far, collectively paid Rs 155 crore towards their instalments. The only hope they now have is that the resolution process is initiated under NCLT,” the resolution professional said in the letter.

            In 2009, Pujit Aggarwal, promoter of Orbit Corporation, started accepting bookings for several projects in the city, some of which were SRA projects, some redevelopment projects, and some new constructions like the one in Saki Naka, promising flats by 2013. For this, Aggarwal took loans from several banks and non-banking institutions.

            He took a loan of Rs 325 crore from LIC Housing Finance Limited for three projects – Orbit Residency, Orbit Grand, a luxurious redevelopment project in Lower Parel and for another project in Lalbaug.

            The promoter also used these projects as security against his loans.

            However, by 2015, after making part payment, Aggarwal had defaulted on most of his loans. Flat buyers of Orbit Residency Park, in Saki Naka, had approached the High Court, willing to buy back their project but were directed to NCLT after the sister company's insolvency proceedings.

















            Andheri: Stalled since 2013, housing project hits fresh roadblock, Real Estate News, ET RealEstate (indiatimes.com)

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            • Re : Mumbai Real Estate News

              NAREDCO Maharashtra extends zero stamp duty benefit for buyers until Dec end

              The government of Maharashtra has already reduced the stamp duty on property registrations to 2% --from earlier 5%--for transactions between September 1 and December 31. From January 1 to March end, the stamp duty will be 3% for registered agreements.
              Realty developers body NAREDCO Maharashtra has decided to continue absorbing the reduced stamp duty on housing sales until December end to push demand for residential properties further. This will lead to zero stamp duty burden for homebuyers in Maharashtra.

              The government of Maharashtra has already reduced the stamp duty on property registrations to 2% --from earlier 5%--for transactions between September 1 and December 31. From January 1 to March end, the stamp duty will be 3% for registered agreements.

              Realty developers, who are part of National Real Estate Development Council (NAREDCO) in Maharashtra, will be paying the reduced stamp duty on behalf of the homebuyers.

              “It’s a win-win for both the homebuyers and the developers, as the zero-stamp duty window will bring more homebuyers of Maharashtra into the buying net. It will not only push the housing sales trajectory; but also send positive signals to the foreign investors to accelerate their investment plans into the sector flushing more liquidity to tighten the supply side,” said Ashok Mohanani, President, NAREDCO Maharashtra.

              Buoyed with a demand upsurge that pushed the housing sales in Mumbai and Pune to top the national sales charts with a share of 41%, NAREDCO Maharashtra is eyeing a similar kind of growth in the residential segment by December end with this stamp duty waiver.

              According to NAREDCO, the zero-stamp duty offered by them until October end pushed Mumbai’s residential realty sales by 300% in October from August.

              “The zero stamp duty intervention set the precedence and boosted the entire sector in a growth mode. It ensured a quick inventory turnover and the trend will continue in the long-run. The next fiscal will see more liquidity with the foreign investors coming in action,” Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra.

              The trade body also expects a major policy upheaval like the affordable rental policy of the government, the proposed housing policy of the Maharashtra state and the Finance Minister’s announcement providing tax relief to both the developers and homebuyers with respect to the relaxations granted under the Section 43 (CA) and Section 56 (2) of the Income Tax Act. These policies together will play a major role in shaping up the demand.

















              NAREDCO Maharashtra extends zero stamp duty benefit for buyers until Dec end, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Mumbai Real Estate News

                Demand for luxury residences in Mumbai set to rise in 2021; prices to remain flat: Report

                Prices of prime residential properties across the top 22 global cities, on average, are expected to remain static in 2020, before rising by 2% in 2021, Knight Frank’s Prime Global Forecast 2021 report said.
                MUMBAI: The demand for luxury residences in Mumbai is expected to rise significantly in 2021, while prices are likely to see a flat annual price change despite the buoyancy in demand for the prime properties, said property consultant Knight Frank.

                Prices of prime residential properties across the top 22 global cities, on average, are expected to remain static in 2020, before rising by 2% in 2021, Knight Frank’s Prime Global Forecast 2021 report said.

                It expects 20 of the 22 cities to see prices remain flat or increase in 2021, a slight reversal of the trend seen in 2020, where analysts expect nine cities to end the year with lower prices.

                “With the modest price correction in the Indian real estate sector, post-lockdown, the luxury market has seen significant traction. Buyers are responding favourably to residential purchase across segments including luxury as sale prices have corrected in the last few quarters making investment in property attractive. It is also not surprising that those markets that are already witnessing an economic rebound have moved higher in the rankings in this quarter,” said Shishir Baijal, CMD, Knight Frank India.

                During the quarter ended September, Delhi’s prime residential market performed better than Mumbai and Bengaluru. Globally, the city ranked 27th with a 0.2% annual price change; with a sequential price decline of 0.1%.

                Mumbai ranked 33rd with 1.3% annual price decline until the end of third quarter; the city also saw a sequential decline of 0.7% price change. Bengaluru property market ranked 34th with an annual price decline of 1.4% for the period with a 1.5% sequential price decline during the third quarter.

                Shanghai and Cape Town lead the forecast for 2021 with annual price growth of 5% forecast in 2021 whereas Buenos Aires is expected to be the weakest-performing global city, with prime residential prices falling by 8.0% during the period.











                Demand for luxury residences in Mumbai set to rise in 2021; prices to remain flat: Report, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Mumbai Real Estate News

                  Maharashtra: Sewri-Worli connector by 2023, to cost Rs 1,300 crore

                  Manthan K Mehta | TNN | Updated: Nov 26, 2020, 07:20 IST

                  MUMBAI: Work on the long-delayed Sewri-Worli connector is expected to start soon as the MMRDA has finalised the contractor for the Rs 1,276-crore project. The 4.5km flyover will connect the under-construction Mumbai Trans-Harbour Link (MTHL) with the Bandra-Worli Sea Link (BWSL), cutting down an hour’s travel time between the two points to just 10 minutes.


                  “The flyover’s section above the Parel-Prabhadevi tracks will have a double-decker design similar to a section of the Santacruz-Chembur Link Road,” said an MMRDA official.

                  “The contractor, J Kumar Infra Projects Ltd, has been given a deadline of 2023.” To cross the Parel-Prabhadevi tracks section, MMRDA had earlier toyed with the idea of an underground stretch, but dropped it.











                  Maharashtra: Sewri-Worli connector by 2023, to cost Rs 1,300 crore | Mumbai News - Times of India (indiatimes.com)


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                  • Re : Mumbai Real Estate News

                    Bombay HC asks Maharashtra to reply on why Dharavi revamp bid was scrapped

                    SecLink Technologies Corporation filed the petition to assail as “arbitrary, illegal and malafide” the conduct of the state in issuing a government resolution (GR) on November 5 to cancel the tender which it said was “approved” in February 2019.
                    MUMBAI: The Bombay high court on Tuesday directed the state to file a reply within two weeks on a petition filed by a consortium challenging the cancellation of its Rs 7,200-crore ‘winning’ bid for the Dharavi Redevelopment Project.

                    SecLink Technologies Corporation, the lead company in the consortium registered in the Republic of Seychelles, filed the petition to assail as “arbitrary, illegal and malafide” the conduct of the state in issuing a government resolution (GR) on November 5 to cancel the tender which it said was “approved” in February 2019. It urged the court to quash the cabinet decision and the GR, and order a stay on the cancellation and re-invitation of bids.

                    Birendra Saraf, counsel for the consortium, submitted the interim plea before a bench of Justices Nitin Jamdar and Milind Jadhav at the first physical hearing which resumed on an experimental basis in the HC. The bench adjourned the matter.

                    The petition, through Parinam Law, said that in June 2018, the then chief minister had “visited Dubai and met the royal family to discuss the project and garner interest”. In March-April 2019 reports emerged that the state was considering scrapping the tender and acquisition of railway land was cited as one of the grounds. On October 29, 2020, the state cabinet decided to cancel the tender and float a new one.

                    Special counsel Milind Sathe, representing the state, said the petitioner did not win the bid as the tender was not finalised, and as the railways offered the land, but with added conditions, it was decided to call for fresh tenders.

                    In its petition, the consortium claimed that it was the highest bidder for the redevelopment project, but since February 2019, the state, through its officers and agencies, “stymied the project by delaying the issuance of letter of award and abruptly, arbitrarily, irrationally and capriciously now proceeded to cancel the tender”. The cancellation was communicated to the consortium on November 11.

                    Dharavi which is spread over 240 hectares, houses to around nine lakh population. The long-delayed Dharavi Redevelopment Project was declared as a “vital public purpose project” by the state since 2004. Multiple failed attempts later, global tenders were called for through a special purpose vehicle in 2018.















                    Bombay HC asks Maharashtra to reply on why Dharavi revamp bid was scrapped, Real Estate News, ET RealEstate (indiatimes.com)
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