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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    Godrej Properties to redevelop a residential project in Mumbai

    Spread across 7.5 acres, this project will offer about 1.6 million sq ft of saleable area comprising of residential apartments, the company said in a BSE filing.
    NEW DELHI: Godrej Properties has entered into an agreement to redevelop a land parcel in Wadala, Mumbai. Spread across 7.5 acres, this project will offer about 1.6 million sq ft of saleable area comprising of residential apartments, the company said in a BSE filing.

    The company had recently sold homes worth Rs 575 crore in second phase of its project Godrej Woods in Noida.

    It had reported a consolidated net profit of Rs 17.01 crore for the first quarter of the financial year 2021-22 as against a net loss of Rs 19.26 crore in the corresponding quarter previous year.

    The company's total consolidated income rose to Rs 261.99 crore in Q1 FY22, from Rs 195.66 crore in the similar period of the last year.

    The Mumbai bench of NCLT on July 29, 2021 approved the merger of Godrej Landmark Redevelopers with Godrej Projects Development (wholly-owned subsidiary of Godrej Properties), however, the company has not received the final order till date, it had said in the regulatory filing.












    godrej properties: Godrej Properties to redevelop a residential project in Mumbai, Real Estate News, ET RealEstate (indiatimes.com)
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    • Re : Mumbai Real Estate News

      Report on compliance of order on potholes, Bombay HC tells state govt

      Rosy Sequeira / TNN / Updated: Sep 29, 2021, 13:27 IST


      Bombay high court

      MUMBAI: The Bombay high court on Tuesday directed the state chief secretary to reply about compliances made to orders passed in a suo motu public interest litigation on the poor condition of roads across Maharashtra.

      A bench of Justices Amjad Sayed and S G Dige heard contempt petition filed in 2019 by advocate Ruju Thakker regarding wilful non-compliance of February 24/April 12, 2018 orders. Her petition said that “most roads in Mumbai, including arterial roads, have developed potholes.”

      “This is statewide and not only confined to the city of Bombay (sic). The state has not bothered to reply. We are here to assist the court as citizens,” argued senior advocate Janak Dwarkadas for Thakker. He said the HC, besides holding that it was the statutory duty of authorities to maintain good roads, had imposed a further duty on the state government to set up a centralised grievance redressal mechanism and file quarterly reports. This was in addition to grievance mechanisms for municipal corporations and councils . “As far as we know, it is non-existent, not working and nobody is able to access it. There are people dying because of potholes. Pregnant women have lost children…The taxpayer is paying taxes to get this at the end of the day,” said Dwarkadas. He added that had the orders “been complied with rather than observed in breach, we would not see what we are seeing.”

      Dwarkadas referred to BMC’s reply that it has complied with the orders. “Corporation wants us to believe there are no potholes in the city. On a daily basis, there are 900 potholes whether you are travelling from western or eastern express highways. The condition of roads is pathetic. What has the state done to hold any body accountable?” he asked.

      The judges enquired if there is a grievance mechanism for Mumbai. Dwarkadas replied that “there is an app (by BMC) and we have listed the difficulties faced to access it.” He urged that a responsible officer of the state file an affidavit on compliances. The judges then directed the chief secretary to file the affidavit and the advocate general to appear in the matter.








      Report on compliance of order on potholes, Bombay HC tells state govt | Mumbai News - Times of India (indiatimes.com)
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      • Re : Mumbai Real Estate News

        Home registrations in Mumbai region up 35% in September 2021: Knight Frank

        "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.
        • PTI
        • September 30, 2021, 17:30 IST
        NEW DELHI: Registration of housing properties in the Mumbai municipal region increased 35 per cent year-on-year to 7,556 units during this month on rising demand, according to Knight Frank. The registrations for September 2021 were 87 per cent higher compared to the pre-pandemic period of September 2019.

        "Mumbai BMC region (Churchgate to Dahisar and Colaba to Mulund) recorded its best September month performance. Recording 35 per cent YoY growth in property registrations in September 2021, 7,556 units is a 10-year best performance in the month of September," Knight Frank said in a statement.

        The registration data is till 9 am morning.

        The consultant highlighted that 94 per cent of property registrations in September 2021 pertain to fresh sales. The share of houses in the Rs 1 crore and above segment has increased to 49 per cent in September 2021, compared to 30 per cent in April 2021 and 40 per cent in June 2021.

        Knight Frank said that the government revenue collection increased by a strong 186 per cent YoY in September 2021.

        "Higher stamp duty rate and increased sales volume played a role in this robust revenue collection. Higher than the 2019 monthly pre-pandemic average revenue collection rate of Rs 454 crore, the revenue collection stood 14 per cent higher at Rs 516 crore in September 2021," it said.

        Shishir Baijal, chairman and managing director of Knight Frank India, said buyers remained active despite the roll-back of the stamp duty incentive.

        "Improved pandemic scenario and conducive factors of multi-year low property price and multi-decade-low home loan interest rate have also played an instrumental role," he said.

        With the upcoming festival season, Baijal said the market is gearing up for new project launches to benefit from this improved demand conditions.

        "Given the prevalence of conducive demand drivers, sales momentum going forward is expected to remain strong," he added.

        In Mumbai's primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are major players.







        Home registrations in Mumbai region up 35% in September 2021: Knight Frank, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Mumbai Real Estate News

          Mumbai: BMC panel clears part of Rs 574 crore project for redevelopment

          The committee cleared proposals for redevelopment of conservancy workers’ quarters in N ward (Chirag Nagar), L (Lions Garden), S (Amrapali Building) and T wards (Gaikwad Nagar). Proposals for redeveloping quarters in P-South (Mithanagar, Pragati Nagar) were also cleared. This project will cost BMC Rs 351 crore.
          MUMBAI: BMC’s standing committee cleared part of the Ashray Yojana project worth Rs 574 crore on Tuesday. The proposal was kept on hold after allegations of irregularities and diluted tender conditions by the opposition BJP.

          The committee cleared proposals for redevelopment of conservancy workers’ quarters in N ward (Chirag Nagar), L (Lions Garden), S (Amrapali Building) and T wards (Gaikwad Nagar). Proposals for redeveloping quarters in P-South (Mithanagar, Pragati Nagar) were also cleared. This project will cost BMC Rs 351 crore.

          The total project cost for the redevelopment projects is Rs 574 crore. But proposals for redeveloping quarters in R-South ward (Akurli Road) and R-Central ward (Babhai Naka) worth Rs 89 crore were deferred.

          The committee had cleared proposals for redevelopment of conservancy workers’ quarters in B ward (Dongri), F-South (Parel, Sewri) and G-south (Worli) under Ashray Yojana to provide bigger homes.

          BJP had objected to the process of appointment of contractors for redevelopment of staff quarters. BMC plans to spend around Rs 3,500 crore on the entire scheme.

          “In many tenders, BMC got a single bid but still awarded the contract. As per CVC guidelines, BMC should have reinvited the tenders,” BJP corporator Vinod Mishra said.








          Mumbai: BMC panel clears part of Rs 574 crore project for redevelopment, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Mumbai Real Estate News

            Raymond Realty forays into commercial development

            Raymond Realty said that it is evaluating several options through joint development agreement without land acquisition in the Mumbai Metropolitan region.
            NEW DELHI: Raymond Realty plans to develop 'Grade A' commercial and high street retail space at Thane land spread across 9.5 acres, the company said in a media release.

            The company also plans to build residential units comprising of 3 & 4 BHK configurations spread across 1 million sq. ft.

            Raymond Realty said that it is evaluating several options through joint development agreement without land acquisition in the Mumbai Metropolitan region.

            "The current project has given us enough confidence now to expand our horizons beyond Thane and our venture into real estate is not limited to land monetization only. We are exploring various options of joint development without land acquisition outside Thane," said Gautam Hari Singhania, chairman and managing director of the company.

            With over 100 acres land parcel in Thane, Raymond forayed into the real estate space in 2019 with its project '10X', which is spread over 14 acres.

            "Structurally, the first three towers of our maiden project are complete and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline," said Singhania.









            raymond realty: Raymond Realty forays into commercial development, Real Estate News, ET RealEstate (indiatimes.com)
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            • Re : Mumbai Real Estate News

              Oberoi Realty's sales bookings jump over two-fold to Rs 828.52 crore in Q2 FY22

              In terms of volume, it sold nearly 4.4 lakh sqft area in the second quarter as compared to over 1.3 lakh sq ft area in the corresponding period of the previous year.
              • PTI
              • October 08, 2021, 09:38 IST

              NEW DELHI: Oberoi Realty Ltd on Thursday reported over two-fold jump in its sales bookings at Rs 828.52 crore for the quarter ended September on improved housing demand driven by low mortgage rates. Its sales bookings stood at Rs 327.30 crore in the year-ago period, the company said in a regulatory filing.

              The Mumbai-based company sold 200 units during the July-September quarter as against 45 units in the year-ago period.

              In terms of volume, it sold nearly 4.4 lakh sqft area in the second quarter as compared to over 1.3 lakh sq ft area in the corresponding period of the previous year.

              During the April-September period, Oberoi Realty sold 239 units as against 50 units in the year-ago period.

              It booked 5.36 lakh sqft area in the first six months of this fiscal area as compared to 1.42 lakh sqft in the first half of last fiscal.

              In value terms, sales bookings jumped to Rs 998.49 crore during April-September 2021 from 352.09 crore in the year-ago period.

              Oberoi Realty is one of the leading real estate developers in the country.








              oberoi realty: Oberoi Realty's sales bookings jump over two-fold to Rs 828.52 crore in Q2 FY22, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Mumbai Real Estate News

                Mumbai: Two prime flats owned by Harshad Mehta's crony up for auction

                The two flats - each measuring 1,150 square feet super built-up - No 202 and 301 in Vandana CHS, Janki Kutir plot, at posh Juhu, are now proposed to be auctioned through public tenders by November 25.
                MUMBAI: Two months after the Maharashtra ATS arrested Niranjan J. Shah - a close associate of the late scamster Harshad Mehta - in a narcotics case, the Custodian appointed by a Special Court here has announced a public auction of his two prime flats in Juhu next month.

                The two flats - each measuring 1,150 square feet super built-up - No 202 and 301 in Vandana CHS, Janki Kutir plot, at posh Juhu, are now proposed to be auctioned through public tenders by November 25.

                The auction shall be executed by the Custodian, appointed by the Special Court (Trial of Offence Relating to Transactions in Securities - TORTS), 1992, under the Ministry of Finance which had seized the properties after the stock market scam and related matters erupted in the early 1990s.

                The flats belong to the partners in Romil Exports - the late Sushila J. Shah and Niranjan J. Shah, who are the 'judgement debtors' of Orion Travels Pvt Ltd, a notified entity and the late Harshad Mehta, both notified by the Office of the Custodian.

                While there is no minimum reserve price indicated for the two sea-facing flats, realty circles indicate the two flats may fetch between Rs 7-8 crore each though the property is quite old and several other factors like the condition of the building and the two flats being closed for years, etc, would count.

                The Custodian will open up both the flats for two hours from 10.30 a.m. to enable a guided physical inspection by prospective buyers on October 26-27.

                The bids/offers must be submitted in sealed envelopes to the Custodian by November 25, including a cheque/pay order of 5 percent of the total bid amount.

                Subsequent to receiving the bid/offers, the Custodian shall submit its report on them to the Special Court (TORTS) at the Bombay High Court, for its consideration.

                The Special Court (TORTS) will take the final decision on the sale of the two flats, accept or reject any bids/offers without assigning any reasons whatsoever.

                Shah, 65, a hawala operator and close crony of the late Big Bull, was nabbed in a dramatic operation by Maharashtra ATS in August from his hideout in New Delhi's Munirka.

                Shah's name was revealed during interrogation by drug peddler Sohel Yusuf Memon who was arrested on March 17 this year, by the Juhu ATS with 5.50 kg of mephedrone valued at around Rs 2.50 crore, and apparently led to busting an international drug syndicate.

                Absconding since many years and eluding arrest with multiple disguises, the Maharashtra ATS tracked his trail for nearly six months in Maharashtra, Karnataka, Madhya Pradesh, Telangana, Rajasthan, Uttar Pradesh, and finally to Delhi.

                Here he was caught living in disguise as a 'poor man' in a decrepit rented room in Munirka and the Maharashtra ATS even as he is wanted by others like the Mumbai Police's Anti-Narcotics Cell plus Economic Offences Wing, the Department of Revenue Intelligence, Delhi, and several complaints pending against him in police stations in both the cities.










                Mumbai: Two prime flats owned by Harshad Mehta's crony up for auction, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Mumbai Real Estate News

                  HDFC Bank inks lease renewal for head office building in Mumbai's Worli

                  The lease tenure for the office where the bank's top officials sit is set at 36 months, taking the total rent payout to over Rs 52.2 crore. File photo HDFC Bank has renewed the lease for an entire office building that houses its head office on Dr Annie Besant Road in Mumbai’s Worli locality at a monthly rental of Rs 1.45 crore.

                  The lease tenure for the office where the bank's top officials sit is set at 36 months, taking the total rent payout to over Rs 52.2 crore.

                  The commercial property, Sandoz House, with a basement, ground floor and eight upper floors has a total 64,872 sq ft space. The office building has parking slots for 40 cars.

                  HDFC Bank has paid Rs 3.79 crore as security deposit for the lease, as per documents accessed through real estate data analytics firm CRE Matrix.

                  The lease transaction between the bank and the landlord, Dr Syedna Taher Saifuddin Memorial Foundation, was registered on September 29.

                  The deal values rentals at this property at Rs 224 per sq ft, in line with the rentals in the vicinity for properties such as Ceejay House, Poonam Chambers and Shiv Sagar Estates.

                  Commercial properties in this vicinity house headquarters and corporate offices of some large Indian companies and global entities including financial services firms Barclays Corporate & Investment Bank, Credit Suisse AG, Nomura Financial Advisory & Securities (India).

                  ET's email query to HDFC Bank remained unanswered until the time of going to press on Monday.

                  Despite the much-talked about emergence of the work-from-home option and hybrid model following the outbreak of Covid19 pandemic last year, several occupiers and tenants of large commercial complexes across the country are renewing their lease agreements.

                  These renewals of existing leases including several large deals like HDFC Bank that have been concluded recently are an indication that even large corporate entities continue to either retain or increase their physical offices presence.

                  According to industry experts and commercial real estate developers, the renewals are a strong indicator towards pickup in demand activity once substantial workforce returns to office. Developers are also witnessing existing tenants continue to consolidate and expand their presence in most of the micro markets across the country.

                  India’s office transactions recorded a strong quarterly growth in the September quarter, despite a much more severe second wave of Covid19 infections and the looming threat of a third wave.

                  The total office space absorbed across major cities was at 12.5 million sq ft during the quarter, representing 168% year-on-year growth, showed data from Knight Frank India.

                  With corporate India taking significant steps toward resuming work from office, aggressive rate of vaccinations along with fewer restrictions on mobility, improved the business environment is supporting a recovery to market traction levels seen in pre-pandemic times.











                  hdfc bank: HDFC Bank inks lease renewal for head office building in Mumbai's Worli, Real Estate News, ET RealEstate (indiatimes.com)
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                  • Re : Mumbai Real Estate News

                    Mumbai: SCDRC directs builder to pay compensation to home buyers

                    ​The builder was also directed to hand over possession of the 1,070 sq ft flat in Saffire project at Magathane, hand over another flat of the same dimensions in that locality to the complainants or refund the Rs 23 lakh paid for the flat in 2013, along with 18% interest pa.
                    MUMBAI: The State Consumer Disputes Redressal Commission has directed a Borivli builder to pay a compensation of Rs 1 lakh for mental pain and agony to an IIT-B professor and his wife, who had booked a Rs 75-lakh flat in the builder’s project in 2013.

                    The builder was also directed to hand over possession of the 1,070 sq ft flat in Saffire project at Magathane, hand over another flat of the same dimensions in that locality to the complainants or refund the Rs 23 lakh paid for the flat in 2013, along with 18% interest pa.

                    Complainants Dr Dinesh Kabra and Nitika Kabra entered into an MoU with Amogh Enterprises and Rajaram Manjavkar in 2013, for the sale of the flat and the complainants paid around Rs 23 lakh. The promoters had agreed to hand over the flat within three-and-a-half years.

                    The complainants, represented by advocate Dharmendra Damani, said the promoters did not start construction even after five years of the agreement. Therefore, the complainants issued a termination notice in 2018 and told the promoters to cancel the MoU, and refund the amount along with interest. But the promoters did not comply with the notice and assured possession in due course.

                    Subsequently, as no construction was carried out and possession was not given, the complainants filed a complaint. D R Shirasao, presiding judicial member of the commission, in an order on October 30, directed the promoters to hand over the flat within three months of passing of the order.

                    The order stated that if the promoters could not hand over possession, the promoter was directed to hand over another flat of the same dimensions in that locality. The order also stated a third alternative: If the promoters cannot hand over any flat, they would have to refund the amount paid by the complainants along with 18% interest pa. The presiding judicial member directed the promoters to pay a compensation of Rs 1 lakh for mental pain and agony, besides cost of Rs20,000.









                    Mumbai: SCDRC directs builder to pay compensation to home buyers, Real Estate News, ET RealEstate (indiatimes.com)
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                    • Re : Mumbai Real Estate News

                      Mumbai: New BDD flats to go to government in case of family disputes

                      The Rs 17,000-crore BDD chawl redevelopment project will result in around 7,000 families benefiting from the scheme. These families currently reside in 160-sq-ft homes at Worli, N M Joshi Marg and Naigaum in Dadar.
                      MUMBAI: The government will take over the 500-square-foot free flats of BDD chawl tenants in case of family disputes. A circular issued by the housing department on Thursday says the flat will be registered in the name of director, BDD chawls, if families are unable to resolve their differences.

                      The Rs 17,000-crore BDD chawl redevelopment project will result in around 7,000 families benefiting from the scheme. These families currently reside in 160-sq-ft homes at Worli, N M Joshi Marg and Naigaum in Dadar. The price of new flats is estimated to be in crores of rupees which these families cannot afford. All the three sprawling sites are centrally located and once redeveloped would change the skyline of central Mumbai.

                      Raju Waghmare, president, Akhil BDD Chaali Sarva Sanghatana Ekatrit Sangh, who has been fighting for individual agreements for every tenant before being shifted out to transit camps said at least 40% families are already in dispute over the ownership of the new flat.

                      “There are joint families that still continue to live together in these tiny tenements and there are families where some of the siblings have moved residence but have laid claim to a share of the flat. The father died and the sons are fighting for a share in the new flat,” he said.

                      Kiran Mane, general secretary, Akhil BDD Chawl Bhadekaru Haqq Sanrakshan Samiti, said there were at least three to four family disputes in every building in all the three BDD complexes.

                      “We have instances of police complaints being filed, physical fights between members of a family. There are cases where the tenement has been transferred in the name of the elder brother on the assurance that the others would get their share when the tenement is redeveloped but he has now refused to honour his word,” said Mane.

                      Waghmare said the government must not interfere in family disputes. He cited the case of Prateeksha Nagar where Mhada had built homes in the 1990s. “Several families had disputes so the government took over the tenements and locked them. The locks were broken and illegally occupied. The government could not throw out the encroachers. Finally the Devendra Fadnavis government regularised the encroachments. A similar situation will ensue here,” he said.

                      Mane said his organisation had suggested to the government to form a three-member conciliatory committee headed by the local MLA with the director and a Mhada official as members.

                      Waghmare, though, said for BDD chawls too names of heirs should be recordedin the agreement like in the land records (7/12 extract) after the head of a family dies.








                      Mumbai: New BDD flats to go to government in case of family disputes, Real Estate News, ET RealEstate (indiatimes.com)





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