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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    Redevelopment boost in Maharashtra gives Mhada record payoff


    In just five months, from April to August 2021, MHADA collected Rs 1,171.86 crore through this approach. In comparison, in 12 months from April 2020 to March 2021, the agency had collected 261.38 crore.MUMBAI: The redevelopment of old buildings received a push in the state during Covid as Mhada gave record approvals to projects, in the process collecting its highest revenue levels from fees and premiums: in just five months, from April to August 2021, the agency collected Rs 1,171.86 crore through this approach. In comparison, in 12 months from April 2020 to March 2021, the agency had collected 261.38 crore.

    From the time the pandemic began, Mhada’s total revenue collection has been over Rs 1,433 crore, a record for the housing agency. From April 2020 till August 2021 (the last month for which data is available), Mhada gave approvals or offer letters to 193 redevelopment projects. In comparison, the agency had approved only 162 projects in three years from 2017 to 2020 before the pandemic broke out.

    Mhada officials said fast-tracking approvals and a 50% discount in premiums offered by the state government had helped builders and that was the reason behind the redevelopment push.

    Builders pay premiums to Mhada for getting additional construction space and concession in rules like having large amounts of open space and staircases.

    Housing minister Jitendra Awhad said he was pushing to fast-track redevelopment of old and dilapidated Mhada-regulated buildings and the agency had been asked to issue offer letters in a time-bound manner.

    “We have cleared several projects that were stuck for decades. We have given offer letters and made way for the redevelopment of several projects like Patra Chawl, Chikhalwadi, Motilal Nagar and even BDD chawls. This has happened because of fast-tracking of processes. Those living in these old buildings will soon get new homes,” Awhad said.

    There are 14,000-odd cessed buildings in the city. Many are in urgent need of redevelopment.













    Redevelopment boost in Maharashtra gives Mhada record payoff, Real Estate News, ET RealEstate (indiatimes.com)
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    • Re : Mumbai Real Estate News

      DPR being made for Mumbai, Nagpur bullet train project

      The project is aimed at reducing the travel time between the two cities by over 50 per cent.

      Written by Vallabh Ozarkar | Mumbai | Updated: November 19, 2021 6:30:00 am

      The bullet train project will pass through 10 districts. (Representational Photo)



      The National High Speed Rail Corporation Limited (NHSRCL) is preparing a Detailed Project Report (DPR) for the proposed 766-km bullet train corridor between Mumbai and Nagpur. The DPR is expected to be submitted to the government in early next year. Officials said a series of surveys, including the lidar survey, aerial survey, social impact assessment (SIA) and environmental impact assessment (EIA), have been completed for the Mumbai-Nagpur bullet train project. “The data collected is being analysed for the DPR,” said an official.

      The bullet train project will pass through 10 districts. Land would be needed to be acquired in some districts, said officials.

      The project is aimed at reducing the travel time between the two cities by over 50 per cent. “Currently, by road, it takes around 12 hours to reach Nagpur from Mumbai, and the bullet train is expected to reduce the time to four hours,” said an official. “Once the government sanctions the project, the further procedure will be decided,” the official added.

      The possibility of running bullet trains parallel to Mumbai-Nag-pur Samruddhi Mahamarg are being also explored, said officials. The Maharashtra State Road Develop-ment Corporation is constructing a six-lane 700 km of expressway between Mumbai and Nagpur.











      DPR being made for Mumbai, Nagpur bullet train project | Cities News,The Indian Express
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      • Re : Mumbai Real Estate News

        Thane civic body passes resolution to waive property tax of houses up to 500 sq ft

        ​The resolution was passed during the general body meeting of the civic body held on Thursday, where the members were present in-person. Mayor Naresh Mhaske presided over the meeting.
        THANE: Ahead of the civic elections due early next year, the Thane Municipal Corporation (TMC) has passed a resolution to waive the property tax of houses measuring up to 500 square feet in the city limits.

        The resolution was passed during the general body meeting of the civic body held on Thursday, where the members were present in-person. Mayor Naresh Mhaske presided over the meeting.

        The resolution will now be forwarded to the Maharashtra government for approval, only after which the decision can come into force.

        The mayor termed the move as "historic", while BJP leader Manohar Dhumbre dubbed it as a "poll gimmick" as the civic elections just a few months away.

        The Shiv Sena, which rules the TMC, had promised in its poll manifesto before the last civic election that if it is returns to power it will waive the property tax of houses up to 500 sq ft.

        During the meeting, the mayor also ordered the TMC administration to maintain a database of all the civic properties and ensure that none of them are grabbed by private persons.

        The issue came up for discussion after Shiv Sena member Gurmukh Singh Gyan sought to know the ownership of a garden in Wagle Estate, which was beautified by the civic body at a cost of Rs 5 crore.

        The officials told the house that they were unaware of the ownership of the garden.

        Civic body elections in Thane are due in February-March next year.








        Property tax in Thane: Thane civic body passes resolution to waive property tax of houses up to 500 sq ft, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Mumbai Real Estate News

          Critical repairs of Mumbai's old buildings on hold since July 2021

          After MLA Amin Patel complained to housing minister Jitendra Awhad, steps are being taken and Rs 70 crore has been ordered to be released, raising hopes of the critical repair work being resumed. MUMBAI: The repair and reconstruction of old and dilapidated cessed buildings in the island city ground to a halt since July this year as contractors complained that funds were not being made available.

          After MLA Amin Patel complained to housing minister Jitendra Awhad, steps are being taken and Rs 70 crore has been ordered to be released, raising hopes of the critical repair work being resumed.

          Earlier in the year, contractors put up banners at some of the dilapidated buildings saying the Repair and Reconstruction Board has no funds and their bills are pending. The board, though autonomous, is under the Maharashtra Housing Area Development Authority (Mhada).

          Since July 1, it has been decided by the contractors association to stop all work. During this period if there are any accidents, we cannot be held responsible," said the banners put up by the Mhada Contractors Association.

          Mhada officials responsible for ensuring repairs had informed their superiors in writing that since funds have not been made available, the repairs cannot be carried out. "In the event, if any untoward incident occurs in a building whose repair estimate is yet to be approved, the divisional office and the office of the deputy chief engineer concerned should not be held responsible," said a letter to a department head.

          On Monday, Congress MLA Patel filed a complaint with Awhad against Mhada withholding funds for the repair of 177 dilapidated cessed buildings in Dongri and Kamathipura since July. Both these areas are part of Patel's constituency.

          "These are very old buildings and in urgent need of repairs. The RRB prepares the estimate. Mhada gives the major component of the funds for the repairs and the tenants pay the rest. If tenants are unable to do so, this is given from the MLA/MLC local area fund," said Patel. In most cases, tenants have paid their share or MLA funds have been sanctioned, but Mhada is yet to release its share of the expenses he added.

          Awhad said he was unaware of funds not being made available till he received Patel's letter. "I will enquire into the matter and ensure the necessary funds are released," he said.

          Late on Wednesday evening, the housing department issued orders for the immediate release of Rs 70 crore approved as supplementary demands by the legislature to the RRB. Milind Mhaiskar, principal housing secretary, said since it's a special situation, the government has decided to approve a resolution allowing Mhada to transfer funds to the RRB for the necessary repairs.

          There are approximately 14,000 dilapidated buildings in south Mumbai spread across 15 civic wards housing 42 lakh residents, said Mhada officials. Most buildings need to be pulled down and redeveloped, however, a lack of political will has held up the process.










          Critical repairs of Mumbai's old buildings on hold since July 2021, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Mumbai Real Estate News

            MHADA inks pact with Chadha Developers for affordable housing township near Mumbai

            More than 1,000 applicants have already been selected for the allotment through a lottery draw in the last two lots since its launch in September 2021. A lottery for around 3,000 flats will be closing on December 25, while the draw date is January 1.
            The Maharashtra Housing & Area Development Authority (MHADA) has entered into a memorandum of understanding with realty developer Chadha Developers & Promoters to develop an integrated residential project spread over 80 acres near Mumbai under public private partnership.

            Chadha Developers & Promoters will be investing around Rs 1,100 crore to develop the project in Vangni over the next four years. The company will be developing 8,228 apartments across a total 133 towers in this project and 50% of these will be reserved under the government’s affordable housing support scheme the Pradhan Mantri Awas Yojna (PMAY)-Urban for the economically weaker section (EWS).

            “MHADA will be acting as the planning authority for this project that has already been approved by the state and central government. As the nodal agency, we will also be taking care of distribution of subsidies worth Rs 1.5 lakh from central government and Rs 1 lakh from the state government to allottees through PMAY (Urban) scheme,” Nitin Mahajan, Chief Officer, Konkan Board of MHADA, told ET.

            MHADA will also be responsible for screening the eligible beneficiaries, who will be able to buy these houses at Rs 5.61 lakh after factoring the subsidy benefit.

            More than 1,000 applicants have already been selected for the allotment through a lottery draw in the last two lots since its launch in September 2021. A lottery for around 3,000 flats will be closing on December 25, while the draw date is January 1.

            “This is the first time that MHADA has come up with a public-private partnership. We are excited to enter into a tie-up with the government for a project that serves the purpose of buying homes at affordable rates to the common people. We have taken measures to maintain transparency in order to have a long-lasting relationship with MHADA,” said Dimple Chadha, MD, Chadha Developers.

            Part of the project, under the pact between MHADA and Chadha Developers, consists of 66 towers of 7-storey buildings comprising 4,114 flats of 1 bedroom and the same has secured approval from the Real Estate Regulatory Authority (RERA).

            The project will include a commercial shopping complex, school, 15 gardens and charging stations for electric vehicles in each building among key amenities.

            The government has been pushing the supply of affordable housing through various schemes and incentives for the last few years. The adoption of PMAY policy in 2015, the government of India has targeted to meet a demand of 11.22 million homes. Since the launch of the policy until March, 11.3 million houses have been sanctioned, out of which, 4.8 million have been completed till date.

            The need for affordable housing in the growing urban sprawls of India has caught the attention of many developers, who are looking to tap this growing demand. Over 50% of all India residential launches in the top eight cities in the last 5 years have been in the sub-Rs 50 lakh segment.

            Last year, the government of Maharashtra had invited private real estate developers to partner with its housing agency MHADA to build affordable residential projects across the state. This model has already been explored by the state governments of Uttar Pradesh, Haryana and West Bengal.









            MHADA inks pact with Chadha Developers for affordable housing township near Mumbai, Real Estate News, ET RealEstate (indiatimes.com)
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            • Re : Mumbai Real Estate News

              Thane: Mhada now plans to make Kalwa affordable housing hub

              Jitendra Awhad said the department was working out a plan to procure a disputed land belonging to a now defunct engineering company spread over 100 acres in Kalwa (east).
              THANE: The Maharashtra Housing and Area Development Authority (Mhada) is planning to turn Kalwa into a hub of affordable housing in the state by constructing one of the biggest economically priced complexes here, cabinet minister Jitendra Awhad informed.

              Speaking to he media in Thane last week, he said the department was working out a plan to procure a disputed land belonging to a now defunct engineering company spread over 100 acres in Kalwa (east).

              The company had shut down few decades back and the issue of compensating its stakeholders is still pending in Court.

              “The land is under litigation but Mhada is ready to settle the dues and purchase the land to construct one of Maharashtra’s biggest housing projects comprising 29,000 flats for the low, middle and high income group. In addition, nearby slum settlements and encroachments could also be brought under the fold,” said Awhad.

              He said the idea is to project Kalwa as a place for affordable housing. “We plan to ensure flats that are being sold for over a crore would be available at a fraction of the cost,” Awhad said.







              Thane: Mhada now plans to make Kalwa affordable housing hub, Real Estate News, ET RealEstate (indiatimes.com)
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              • Re : Mumbai Real Estate News

                ArcelorMittal Nippon Steel leases office space in BKC for India headquarters

                AM/NS India, which is 60% owned by the world’s biggest steelmaker and the rest by Japan’s Nippon Steel, has leased over 45,000 sq ft office space in Raheja Towers for a tenure of five years.



                ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between two of the world’s leading steel manufacturers, has picked up two floors of prime office space in Mumbai’s business district Bandra-Kurla Complex to set up its headquarters in the country, said people with direct knowledge of the development.

                AM/NS India, which is 60% owned by the world’s biggest steelmaker and the rest by Japan’s Nippon Steel, has leased over 45,000 sq ft office space in Raheja Towers for a tenure of five years.

                The steel manufacturer will be occupying the entire 6th and 7th floor of the 15-storey commercial tower and will pay rental of Rs 250 per sq ft a month for the office space. The five-year lease agreement includes a clause to escalate rentals by 15% after initial three years. The company may extend the lease term by an additional five years.

                The company’s total rental pay-out works out to Rs 72 crore over the tenure of the deal, while the company has paid security deposit worth six months’ rentals.

                “We confirm that ArcelorMittal Nippon Steel India (AM/NS India) today shifted to a new office in Raheja Towers, which is strategically located in the Bandra Kurla Complex (BKC) business district. The modern office embeds a hybrid working model along with sustainability focus,” said a spokesperson of AM/NS India.

                ET's K Raheja Corp remained unanswered until the time of going to press. Transaction advisor Knight Frank India declined to comment for the story.

                As a leading integrated flat carbon steel producer in India, AM/NS has an achievable crude steel capacity of around 9 million tonnes per annum. It produces a full diversified range of flat steel products, including value-added steel, and has a pellet capacity of 20 million tonnes.

                In December 2019, ArcelorMittal acquired Essar Steel India for Rs 42,000 crore in one of the largest stressed-asset deals in India. Following this, the company tied up with Nippon Steel, the world’s third-largest steel producer. With its main facility in Gujarat’s Hazira, AMNS India is the top steel producer in western part of the country.

                This is the third office lease transaction taking place in Bandra-Kurla Complex in the last two months for setting up the headquarters of the company strengthening the micro-market’s position as Mumbai’s de-facto central business district (CBD).

                Earlier this month, IDFC First Bank leased a 10-storey BKC property, erstwhile Citibank headquarters, for a total 9 years from K Raheja Corp and Blackstone Group-backed Mindspace Business Parks REIT.

                In October, fantasy sports platform Dream11 entered into an agreement with private equity major Blackstone Group-entity Nucleus Office Parks to pick up two entire floors spread over 120,000 sq ft on lease at One BKC to set up its headquarters.

                After witnessing a sluggish pace of leasing for over a year due to the pandemic, lease transactions for large office spaces have started to gain momentum across key property markets.

                Steady economic recovery, aggressive vaccination drives and increasing number of companies planning return of workforces to offices is helping the market recover from slumber.

                The July-September quarter has already witnessed a sharp uptick in absorption of office spaces led by leasing activity in the information technology and IT-enabled services sector.











                ArcelorMittal Nippon Steel leases office space in BKC for India headquarters, Real Estate News, ET RealEstate (indiatimes.com)
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                • Re : Mumbai Real Estate News

                  Supreme Court rejects builder’s plea against Wadala flat buyers’ refund order

                  TNN / Updated: Nov 29, 2021, 15:14 IST


                  Supreme Court. File photo

                  MUMBAI: The Supreme Court, granting no relief to Bombay Dyeing and Manufacturing Company, dismissed its special leave petitions for permission to file appeal against an August 30 high court judgment that had upheld a Real Estate (Regulation and Development) Act (RERA) tribunal order for refund to flat buyers over possession delay. The project is in Wadala.

                  After hearing the counsel for Bombay Dyeing and perusing the documents placed on record, the SC bench of Justices Dinesh Maheshwari and Vikram Nath on Friday ruled: “We are not persuaded to entertain these petitions seeking leave to appeal against the judgment.” The HC ruling had come in a batch of appeals.

                  The SC, however, said, “Even while not entertaining these petitions, we would leave it open for the parties in taking recourse to other appropriate proceedings, including the proposition for settlement, as may be advised and as may be permissible in law.”

                  In its order on August 30, the Bombay high court had served a setback to Bombay Dyeing, which constructed two “ultra-luxurious” towers in Wadala. The HC had upheld the RERA tribunal’s order directing it to refund with interest amounts received from buyers who booked flats in 2012-13. The flats were to be delivered by 2017.

                  Ashok Narang, a realtor, and other buyers had initially filed a complaint with Maharashtra Real Estate Regulatory Authority alleging delay in possession. They had sought refund and an exit under Section 18 and invoked Section 12 of RERA for compensation. They alleged reduced amenities and other “unilateral changes” in the apartments and project layout by the builder while registering the then ongoing project in May 2017 when the MahaRera Act came into force. The developer said amenities were provided.

                  Section 12 of RERA places an obligation on a builder or promoter of a project for “veracity” of an advertisement or brochure. It states that when a buyer who has paid a deposit based on information in a brochure or advertisement suffers a loss due to false information contained in it, he can be compensated by the builder.

                  The HC judgment by Justice C V Bhadang, had held: “Section 12 would also apply to the obligation of the promoter regarding the information given...prior to the registration of the project under the RERA Act of 2016 as ongoing project.”

                  The provision is “retroactive”, it had held. The HC had said the “brochure indeed mentions the date of possession as 2017”. The developer had said that the date was subject to its disclaimer in the brochure. The HC had rejected the argument saying the disclaimer did not mention the possession date.









                  Supreme Court rejects builder’s plea against Wadala flat buyers’ refund order | Mumbai News - Times of India (indiatimes.com)
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                  • Re : Mumbai Real Estate News

                    IT department detects tax evasion worth crores after raids on Mumbai-based builder

                    The CBDT said in a statement on Thursday that the searches on the group, that undertakes construction of both residential and commercial projects, were launched on November 25 and about 30 premises were covered.
                    • PTI
                    • December 02, 2021, 18:16 IST
                    NEW DELHI: The income tax department has detected alleged tax evasion worth crore of rupees after it recently raided a real estate group engaged in development of slum rehabilitation projects in Mumbai and Navi Mumbai region.

                    The CBDT said in a statement on Thursday that the searches on the group, that undertakes construction of both residential and commercial projects, were launched on November 25 and about 30 premises were covered.

                    Over Rs 6 crore cash was also seized, it said.

                    "Various methods of tax evasion adopted by the group have been unearthed and several documentary and digital evidences have been seized demonstrating receipt of cash to the tune of Rs 100 crore, as part of consideration on sale of flats, which is not accounted for in the regular books of account," the statement said.

                    "The fact of receipt of on-money (cash) on such transactions is also corroborated in the statements recorded during the searches," the statement said.

                    The statement said the unidentified group issued "promissory notes equivalent to the on-money (cash) component to the customers and these promissory notes are destroyed after registration of the flat."

                    "Incriminating evidence regarding unaccounted cash payments made not only to the original tenants of the slums for vacating the dwelling unit but also to some other persons for facilitating vacation of the properties by slum dwellers has been seized," it said.

                    Evidences suggesting irregularities and violation of guidelines of slum rehabilitation authority (SRA) have also been detected, the Central Board of Direct Taxes (CBDT) said.

                    Preliminary analysis of evidences found that the group has acquired controlling stake in a company by paying in cash, it claimed.

                    "Defaults on compliances to the provisions of tax deduction at source have also been found. The assessee group did not deduct tax at source on certain payments claimed by it which aggregate to more than Rs 300 crore," it said.










                    IT department detects tax evasion worth crores after raids on Mumbai-based builder, Real Estate News, ET RealEstate (indiatimes.com)
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                    • Re : Mumbai Real Estate News

                      Year after arrest, no bail for promoters of Omkar Group

                      “Huge public money Rs 410 crore were basically generated as proceeds of crime and then laundered by the applicant and his associates,” special judge MG Deshpande said in two orders.
                      MUMBAI: Refusing to grant bail to Omkar Group promoters Babulal Varma and Kamalkishore Gupta, almost a year after their arrest in a money-laundering case, a special PMLA court has observed that since economic offences are products of wise brains and highly-qualified people are involved, their release will not be safe for the trial.

                      “Huge public money Rs 410 crore were basically generated as proceeds of crime and then laundered by the applicant and his associates,” special judge MG Deshpande said in two orders.

                      The two were arrested in January this year. The ED in its chargesheet against businessman Sachin Joshi, Varma

                      (51), Gupta (62) and 14 firms alleged that Omkar promoters allegedly took Rs 410 crore from Yes Bank to construct rehabilitation buildings under the Slum Rehabilitation Authority (SRA) scheme at Wadala but diverted the money to their other group companies. Joshi allegedly helped Omkar Group to launder Rs 87 crore. The loan money was used for other purposes, alleged the ED.

                      ED’s special public prosecutors Hiten Venegaonkar and Kavita Patil strongly opposed the bail pleas.

                      The court said that the role played by Prabhadevi resident Varma emanates prima facie material on how public money is siphoned by generating proceeds of crime and further laundering the same that too, by making false representation to the authorities about eligible tenements. “All actions of the applicant [Varma] egregiously show deep-rooted criminal conspiracy with other accused persons and Yes Bank officials, management,” the court said. The court noted he was the MD of M/s Omkar Realtors and Developers Pvt Ltd and held held 99% shares in Surana Developers, (Wadala) LLP. It said that he fraudulently represented to the SRA a false number of eligible tenements to increase the tenements density beyond 650 per hectare for getting an FSI of 4 from the SRA.

                      The court made similar observations against Nepean Sea road resident Gupta, chairman of Omkar Group and director in Surana Developers (Wadala) LLP. “Saleable area is also falsely declared as 3.5 lakh sqft that led to availing of credit of Rs 410 crore from Yes Bank in the name of Surana Developers (Wadala) LLP on the basis of notional FSI and misdeclared saleable area...using same as collateral to have maximum amount of credit from the Bank,” the court said. The court held that Gupta was, thus, involved and assisted activity of generating, placement, layering and integrating of proceeds of crime.









                      Year after arrest, no bail for promoters of Omkar Group, Real Estate News, ET RealEstate (indiatimes.com)
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