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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    First batch of BDD Chawl tenants to get homes in Mhada lottery today

    State housing board Mhada (Maharashtra Housing and Area Development Authority) will conduct a computer lottery this afternoon for tenants residing in the BDD chawls at NM Joshi Marg, Lower Parel.
    MUMBAI: The long awaited rehabilitation of the residents of the city's BDD Chawl complexes finally gets off the ground on Thursday.

    State housing board Mhada (Maharashtra Housing and Area Development Authority) will conduct a computer lottery this afternoon for tenants residing in the BDD chawls at NM Joshi Marg, Lower Parel. This draw constitutes the first resettlement of the residents of this sprawling chawl complex.

    The draw will be held at the housing board headquarters in Bandra (East). It will also be broadcast online at http://mhada.ucast.in

    Mhada issued a statement saying, "A total of 272 tenants had been shifted to transit homes and a lottery will be held for these tenants." State housing minister Jitendra Awhad, senior ministers Aaditya Thackeray, Aslam Shaikh as well as senior government officials and Mhada representatives will attend.

    The lottery was to be conducted in March 2020 but was postponed owing to the Covid-19 pandemic.












    BDD chawls: First batch of BDD Chawl tenants to get homes in Mhada lottery today, Real Estate News, ET RealEstate (indiatimes.com)


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    • Re : Mumbai Real Estate News

      Mhada lottery: BDD tenants go from 150 sq ft to 500 sq ft

      A total of 2,560 residents live in 32 chawls in this location. So far, 607 tenants out of 800 living in 10 chawls have been deemed eligible for resettlement. Their new homes will be 500 square feet in size with individual toilets. The current size of their 1RK accommodation is 150-160 sq ft. File photo


      MUMBAI: The long-awaited redevelopment of the city’s BDD chawls finally got off the ground on Thursday. State housing board Mhada conducted a lottery to allot apartments to eligible tenants of the old, dilapidated structures in Lower Parel. Construction of the buildings is yet to begin though.

      The entire project constitutes the largest resettlement undertaking in the country, given the sprawl of these old buildings in south Mumbai. This particular lottery was drawn for 272 tenants of the five-hectare BDD chawl plot at NM Joshi Marg, Lower Parel. They have been granted transit accommodation until their structures are rebuilt.

      A total of 2,560 residents live in 32 chawls in this location. So far, 607 tenants out of 800 living in 10 chawls have been deemed eligible for resettlement.

      Their new homes will be 500 square feet in size with individual toilets. The current size of their 1RK accommodation is 150-160 sq ft.

      Residents S Nandgaonkar and one Kesarkar became the first winners of the computerised draw and were felicitated at the event. Ministers Aaditya Thackeray and Aslam Shaikh, state housing minister Jitendra Awhad, mayor Kishori Pednekar and senior Mhada officers attended the draw that was held at the housing board headquarters in Bandra (East).

      Thackeray said the redevelopment marked a milestone in the history of BDD chawls that have sheltered two or three generations of each family.

      He said the construction would be of high quality and would be completed in a timely manner.

      Awhad expressed the hope that the bhoomipujan of the resettlement would take place within 15-20 days. He said to TOI: “The project was delayed because people had lost faith in the government. They insisted that the allotment and flat details be embedded in their agreement and now their faith has been restored because we are doing so.”

      Awhad said Mhada held the distinction of being the biggest landowner in the city. “Still, land stocks are fast depleting. Given the needs of the city’s population, we are bringing new provisions whereby Mhada can engage in joint ventures with private land bankers to develop low-cost housing for the public as our predecessors envisaged. Ideally, the plan is to develop a bank of 5,000 acres in the MMR region in the next five years,” he said.

      He further said the historic BDD chawls are the oldest and largest settlements in the city. As a result, their redevelopment is the largest resettlement project in the country.

      This lottery was to have been conducted in March 2020 but was postponed due to the Covid-19 pandemic.














      Mhada lottery: BDD tenants go from 150 sq ft to 500 sq ft, Real Estate News, ET RealEstate (indiatimes.com)
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      • Re : Mumbai Real Estate News

        BMC may opt for online auction of properties

        In the current financial year, attachments, auctions and disconnection of water supply were prolonged owing to Covid-19, said BMC commissioner Iqbal Singh Chahal in his 2021-22 budget speech earlier this month.
        MUMBAI: With the Covid-19 scare still looming in the city, the BMC is considering online auction of properties in the coming days.

        Already the civic body’s revenue income from property tax is dipping year after year and therefore various measures are being initiated to increase it in the coming days, one being online auction so that interested bidders do not have to gather at one place.

        In the current financial year, attachments, auctions and disconnection of water supply were prolonged owing to Covid-19, said BMC commissioner Iqbal Singh Chahal in his 2021-22 budget speech earlier this month.

        Senior civic officials said that while physical auctions may take place on a large ground so that precautionary measures for Covid-19 are followed, like social distancing, but then having an auction online would make it convenient for all the stakeholders.

        While in 2020-21, the civic body had estimated to collect Rs 6,768 crore from property tax, now the same has been revised to Rs 4,500 crore. So far, the BMC has managed to collect Rs 1,800 crore. Last year (2019-20) the revenue collected from property tax was Rs 3,735 crore even while the estimated target set was over Rs 5,000 crore.

        BMC officials said that with the lockdown being enforced in March very few people ended up paying their bills. “Every year a bulk of payments happen at the end of March but last year that too did not take place, owing to which the revenue dipped,” said an official.

        A BMC official said that the property tax bills this year were issued in early December 2020 and residents have three months to pay these. A penalty of 2% would be levied in case of those not paying their bills. “We have already started sending out voice notes via messaging services as a reminder to citizens to pay their property tax. We are therefore putting in place all measures for effective recovery of property tax,” said the official.

        The BMC this year has attached 3,424 properties of various kinds namely open land, commercial and residential properties and these would be auctioned based on their capital value.












        BMC may opt for online auction of properties, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Mumbai Real Estate News

          ED arrests businessman in PMLA case against Omkar Realtors

          The central probe agency had last month arrested chairman of Omkar Relators and Developers, Kamal Kishore Gupta and MD Babulal Varma (managing director) after raids were carried out against them and the group.
          • PTI
          • February 15, 2021, 09:40 IST

          MUMBAI: The Enforcement Directorate has arrested a businessman in connection with a money laundering case against city-based realty group Omkar Realtors and Developers, official sources said on Monday. They said Sachin Joshi was arrested under various sections of the Prevention of Money Laundering Act (PMLA) on Sunday after he was questioned here in connection with the case.

          Joshi is stated to be an actor and a promoter of the JMJ business group. His role and links with the realty group are being investigated, they said.

          Joshi is expected to be produced before a local court here on Monday where the Enforcement Directorate (ED) will seek his remand for custodial interrogation, they said.

          The central probe agency had last month arrested chairman of Omkar Relators and Developers, Kamal Kishore Gupta and MD Babulal Varma (managing director) after raids were carried out against them and the group.

          The PMLA case pertains to alleged irregularities in the execution of the SRA (slum rehabilitation authority) scheme in development of a housing society in Mumbai.

          The company and the two executives are also facing allegations of "diverting" over Rs 400 crore loan from Yes bank.

          The ED case has been filed after studying an FIR of Aurangabad (Maharashtra) district police that was registered under various sections of IPC like cheating and criminal breach of trust, the agency had said earlier.

          The ED had quoted the police FIR to say that "Omkar Realtors and Developers Pvt Ltd and its directors bought a firm 'Surana Construction' which had SRA rights for re-development of Anand Nagar SRA Cooperative Housing Society in Mumbai's Wadala area".

          "However, Omkar and its promoters did not pay back the amount due to the seller and also mortgaged future FSI (floor space index) of the said SRA project and took huge amounts of loans," it said.

          The ED also claimed its probe found that "loans to the tune of Rs 410 crore were diverted and not used for intended purposes".

          "No work of SRA building was undertaken. The requisite rules and procedures under SRA were ignored by the accused and documents relating to names of slum dwellers were forged to claim more FSI for mortgaging the same with banks for taking the loans," the ED had alleged.

          Reacting to the arrests of its top executives last month, the company had said that it was "emphatic that Omkar Group is not in violation of any lending norms and slum approvals".











          ED arrests businessman in PMLA case against Omkar Realtors, Real Estate News, ET RealEstate (indiatimes.com)

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          • Re : Mumbai Real Estate News

            HDFC Capital invests Rs 375 crore in Runwal Group's housing project

            Around Rs 210 crore of this amount will be utilised to provide complete exit to Piramal Capital, existing lender of the project, while balance will support construction of the project.
            MUMBAI: HDFC Capital Advisors, the wholly-owned private equity arm of India's largest mortgage lender, has invested Rs 375 crore in realty developer Runwal Group's mid-income and affordable housing project Runwal Avenue in Mumbai’s eastern suburb of Kanjur Marg.

            The fund has made this investment though a mezzanine equity structure. Around Rs 210 crore of this amount will be utilised to provide complete exit to Piramal Capital, existing lender of the project, while balance will support construction of the project.

            Runwal Avenue is a greenfield project spread over a total 6 acres with total potential of 1.7 million sq ft saleable space development. Piramal Fund Management had invested in the project at the land acquisition stage and is now exiting the investment.

            The developer had recently pre-launched the project in mid-December and has achieved sales of over 150 apartments. The project offers apartments configurations of up to 3 bedrooms priced in the range of Rs 1 crore to Rs 1.5 crore. The project is expected to be completed in four years from now.

            “This is HDFC Capital Advisor’s fourth investment in our projects and we have managed to perform well in earlier projects too with their support and provided them exits ahead of schedule. We look forward to building this relationship further,” Subodh Runwal, Director, Runwal Group, told ET, while confirming the development.

            ET’s email queries to HDFC Capital and Piramal Capital remained unanswered until the time of going to press.

            In the first and rare exit achieved by any institutional investors in 2020, HDFC Capital Advisors had made an ahead of schedule 50% exit from its total Rs 500 crore investment in Runwal Group's 115-acre township project Runwal Gardens in Dombivli near Mumbai in October.

            The exit assumed significance not only because of ongoing liquidity squeeze but also given that the fund had made the investment just 18 months ago and has exited three years prior to scheduled exit primarily on the high velocity in the affordable segment.

            HDFC Capital Advisors has made this new investment in Runwal Avenue through its affordable and mid-income housing investment platform HDFC Capital Affordable Real Estate (H-CARE) that counts Abu Dhabi Investment Authority, the sovereign wealth fund of the Gulf emirate, and India's sovereign fund, the National Investment & Infrastructure Fund, as principal investors.

            The investment also underlines that liquidity is available for developers with established track record and for right-priced products.

            HCARE, set up in 2017, is now one of the largest residential funds in mid income and affordable housing space and has committed more than Rs 7,000 crore across over 25 investments in affordable housing projects in India.

            HDFC Capital runs one of the largest institutional funds in the residential housing segment and has raised over $1.25 billion through two of its funds H-CARE 1 and H-CARE 2.

            The primary objective of this platform is to provide long term, equity and mezzanine capital, to developers with execution track record, at the land and pre-approval stage for the development of affordable and mid-income housing in India.

            It is aiming to push established grade A developers towards affordable and mid-income housing projects as this will ensure not only increased supply but also support the much-needed quality of construction. Ends











            HDFC Capital invests Rs 375 crore in Runwal Group's housing project, Real Estate News, ET RealEstate (indiatimes.com)

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            • Re : Mumbai Real Estate News

              Kalpataru to invest Rs 300 crore to develop residential project in Mumbai

              The project, spread over 2.4 acres, will comprise of over 400 apartment units across 2BHK and 3BHK configurations and will be developed in two phases.
              NEW DELHI: Kalpataru will invest Rs 300 crore to develop a residential project-Kalpataru Park Riviera at Panvel, Mumbai, the company said in a media release

              The project, spread over 2.4 acres, will comprise of over 400 apartment units across 2BHK and 3BHK configurations and will be developed in two phases.

              In the first phase, 171 units are being launched with prices starting Rs 73 lakh. They will be ready for possession by June 2025.

              "Savings at a historical high between 8-10%, on account of softening of interest rates and various incentives by the government and industry makes this the best time to acquire real estate," said Parag Munot, MD, Kalpataru.












              Kalpataru Park Riviera: Kalpataru to invest Rs 300 crore to develop residential project in Mumbai, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Mumbai Real Estate News

                Lodha Developers plans to raise Rs 2,500 crore with 10% dilution through IPO

                This is the third time the developer is proposing to take the company public with a share sale after attempting the same in 2009 and 2018 and later deferring the issue in the backdrop of unfavorable market conditions.
                MUMBAI: Mumbai-based realtor Macrotech Developers or erstwhile Lodha Developers is looking to raise up to Rs 2,500 crore by diluting 10% stake in the company through an initial public offer (IPO) in the next few months.

                For the proposed share sale, India’s largest real estate developer by residential sales has filed its draft red herring prospectus (DRHP) with the capital market regulator late Tuesday.

                This is the third time the developer is proposing to take the company public with a share sale after attempting the same in 2009 and 2018 and later deferring the issue in the backdrop of unfavorable market conditions.

                “The business is being valued at around Rs 25,000 crore and a primary raise with 10% dilution will help the company fetch around Rs 2,500 crore,” said one of the persons with direct knowledge of the development.

                The company is planning to utilize the issue proceeds for partial repayment of debt and support growth.

                Lodha has roped in JP Morgan, Axis Capital and Kotak Investment Banking as the lead bankers to the issue. ET’s email query sent to Lodha Group on Tuesday did not elicit any response.

                The recent spike in housing demand, sales conversion and improved investors sentiment has prompted the developer to hit the market with its fundraising plan.

                During the quarter ended December, Lodha reported over Rs. 2,500 crores of bookings led by both luxury and affordable housing projects. The group reported increased demand for its luxury and premium homes, clocking around Rs 1,000 crores of bookings, while its mid-income and affordable business witnessed Rs 1,500 crores of bookings during the period.

                The company reported revenue worth Rs 12,440 crore in the financial year 2019-20 against Rs 11,910 crore a year ago, while its net debt eased to Rs 23,490 crore from Rs 25,120 crore.

                Residential property market has witnessed a spike in sales in the last few months as market conditions remain favorable for homebuyers as interest rates and property prices are at multi-year lows.

                Lodha is known for its ultra-luxury projects including the Trump Towers in Mumbai and 1 Grosvenor Square in London and also affordable integrated township Palava near Mumbai.

                The government of Maharashtra’s decision to reduce stamp duty has also resulted in a rush among homebuyers to buy and conclude their transactions. In terms of its presence with projects and revenue potential Mumbai Metropolitan Region (MMR) is the most crucial property market for Lodha Group.

                Recently, Moody's Investors Service affirmed Macrotech Developers’ Caa1 corporate family rating (CFR) and Caa1 senior secured rating of Lodha Developers International’s US Dollar bonds guaranteed by Macrotech Developers. Moody’s has changed the outlook on the ratings to stable from negative.

                The rating action followed Macrotech Developers’ repayment of the construction loan for Grosvenor Square (GSQ) -- one of its London projects -- through a combination of recent collection proceeds and a four-year inventory financing facility and earnings for the quarter ended September. Ends














                Lodha Developers: Lodha Developers plans to raise Rs 2,500 crore with 10% dilution through IPO, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Mumbai Real Estate News

                  Residents stall tree-trimming at Aarey by power discom

                  TNN | Updated: Feb 20, 2021, 10:19 IST

                  Representative Image


                  MUMBAI: Tata Power Company stayed trimming of trees at Aarey Colony following complaints by local residents. Tabrez Sayyed, a resident, said the company was carrying out heavy trimming of trees around transmission towers at Ambawadi, near Tapeshwar Mandir, on Friday.

                  “When I asked workers why they were cutting entire branches, they said it would otherwise cause sparks. I asked them to show permission for trimming, but they showed a letter they had written to S ward. When I asked why no tree officer was present, they said the person was around, but there was no one. I alerted members of Aarey Conservation Group, who filed a complaint,” said Sayyed.

                  Sayyed alleged it was excessive trimming so only stumps were left. “Earlier, you could see only one transmission tower. Now, you can see all three,” he said. Activists said there was a Supreme Court stay on cutting of trees at Aarey Colony.

                  Tata Power said it refrains from being associated with such activities. “We conduct tree-trimming along Right of Way of our transmission lines, to maintain adequate clearances from power conductors, as per safety norms, and also for safety of citizens. It is a standard practice followed over the years, and this year too, we obtained prerequisite permission from competent authorities. With valid permissions, we were carrying out tree-trimming, which was immediately stopped after a complaint was made. Work is on hold.”










                  Residents stall tree-trimming at Aarey by power discom | Mumbai News - Times of India (indiatimes.com)

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                  • Re : Mumbai Real Estate News

                    Bombay HC slams SBI for 'illegal, high-handed' evictions of tenants

                    A bench of Justices A A Sayed and Madhav Jamdar said SBI gave the tenants no notice and had made “false statements in their application before the recovery officer that the building was occupied by illegal occupants”.
                    MUMBAI: The Bombay high court has slammed the State Bank of India (SBI), describing its move to forcibly evict all occupants, including tenants protected under the rent Act, and seal a commercial building at Mazagaon with the help of the police on October 26, 2020, as “high-handed” and “entirely illegal”.

                    A bench of Justices A A Sayed and Madhav Jamdar said SBI gave the tenants no notice and had made “false statements in their application before the recovery officer that the building was occupied by illegal occupants”. It noted that SBI was entitled to take over only 3,777 sq ft, not the entire ground-plus-five-storey building.

                    “We are unable to turn a blind eye and allow the illegality on the part of SBI to perpetuate,” said the court in its order on February 16, after hearing counsel R J Singh for SBI and M M Chunawala for the court receiver. It directed the Debt Recovery Tribunal (DRT) receiver to identify and seal only 3,777 sq ft in the building and restore possession of the remaining area to the tenants.

                    The landlord of Amar Chambers at Masjid Bunder Street had mortgaged the building as collateral while taking a loan of Rs 24 crore from SBI. When he defaulted, the bank initiated proceedings before DRT to recover over Rs 16 crore.

                    After the sealing, a recovery officer of the DRT on October 29 issued a public notice to e-auction the building. The tenants objected, but their plea to stay the auction was rejected in November and December.

                    Advocate Siddhesh Bhole, counsel for tenant Sanjay Shah and 14 others, sought quashing of an October order by the DRT recovery officer for appointment of a court receiver to forcibly evict residents and take possession of the building. The tenants also sought an order to restore physical possession of their rooms.

                    The HC said considering the “gross facts and fraud’’, its intervention was necessary in its writ jurisdiction. It set aside orders passed last November and December by the recovery officer and directed him to hear afresh applications filed by the tenants who questioned the mortgaging of the tenanted property.

                    The bench added: “We are of the view that the DRT ought to have realised the seriousness of the matter --- that tenants who are protected under the law have been overnight thrown out of their respective units in such a high-handed manner by …SBI. The DRT has granted adjournments in the appeal without considering the urgency and injustice meted out and hardships being faced by the tenants for no fault of theirs.”











                    Bombay HC slams SBI for 'illegal, high-handed' evictions of tenants, Real Estate News, ET RealEstate (indiatimes.com)
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                    • Re : Mumbai Real Estate News

                      Work on plots up to 3200 sq ft doesn’t need urban planner nod: Maharashtra Govt

                      By: Express News Service | Mumbai | Updated: February 26, 2021 1:41:34 am

                      The urban development ministry has initiated the reform to simplify the process and expedite construction activities in rural areas.(File)

                      The state government has said development work on plots measuring up to 3,200 square feet can be carried on without seeking approval from the urban planning department. The move, aims to to boost construction activities in rural Maharashtra, was announced on Thursday by Rural Development Minister Hasan Mushrif.

                      For work on plots measuring 1,600-square feet, all relevant documents such as land title, layout plan, land map, building plan along with permissions under the unified development control rules and engineer’s consent certificates will have to be submitted to gram panchayats along with development cess.

                      However, certificate of consent will not be mandatory from gram panchayats for plots measuring up to 1,600 square feet.

                      In case of work on plots measuring 1,600 to 3,200 square feet, development cess charge will be determined within 10 days after all relevant documents, authorised by a licensed engineer, are submitted to gram panchayats. The developer, after paying the charges, will not require commencement certificate as mandated earlier.

                      As per the unified development control rules, the urban development ministry has initiated the reform to simplify the process and expedite construction activities in rural areas. The change in rules has been conveyed to the rural development ministry and zilla parishads.

                      Mushrif said, “All construction projects that have been delayed due to lack of consent from urban planner will move ahead in rural areas. Gram panchayats often had to run from pillar to post to seek consent from urban planner which caused a lot of inconvenience.”

                      However, all construction work on plots measuring above 3,200 square feet will have to get the urban planner’s nod.

                      In rural areas, the construction for residential, commercial or other purposes are regularly carried out on small plots of land. Majority of these projects are confined to smaller areas.

                      Mushrif cited shortage of staff in the urban planning department as a reason for delay in completion of projects.











                      Work on plots up to 3200 sq ft doesn’t need urban planner nod: Maharashtra Govt | Cities News,The Indian Express

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