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Mumbai Real Estate News

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  • Re : Mumbai Real Estate News

    Rs 5,800 crore Brihanmumbai Municipal Corporation plan for concrete roads

    TNN / Updated: Aug 3, 2022, 05:18 IST


    Brihanmumbai Municipal Corporation

    MUMBAI: Following a diktat from chief minister Eknath Shinde last month that all roads should be cement concretised by 2024 to eradicate the pothole problem, the BMC on Tuesday invited bids from five companies for Rs 5,800 crore works for 400km of roads- more than twice the Rs 2,000 crore it spends on an average annually on repairs.

    BMC officials said floating of the tenders was a step towards making the city pothole-free.

    In a first, the civic body has restricted joint ventures for road works and expects a response from companies with experience in road construction at the state and national level. Another reason for expecting a response only from larger companies of repute is because five tenders have been invited for 400km of road construction instead of multiple smaller tenders in the past.

    All these road works are to be completed within 24 months of a work order. After completion of the works, the company's liability period will be for 10 years and 20% of the road works payment will be retained so that these are properly maintained and repaired during the fault-liability period.

    Officials said barricades around road repair works will have QR codes. By scanning these, one can get detailed information on road repair while actual works are underway.

    Roads will also be designed keeping in mind needs of the differently abled.

    The BMC has also planned a separate underground passage for utility service channels, rainwater catchment pits, and appointment of an organisation for quality control and CCTV cameras.

    The tender condition itself will make it mandatory to construct separate underground passageways for utility service channels so that there is no need for frequent trenching for utility service channel works. Drainage pits to allow for absorption of rainwater into the soil will be constructed at regular intervals on the roads too.








    Rs 5,800 crore Brihanmumbai Municipal Corporation plan for concrete roads | Mumbai News - Times of India (indiatimes.com)
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    • Re : Mumbai Real Estate News

      Mumbai: Builder breaks into sealed flat, booked

      TNN / Updated: Aug 3, 2022, 11:27 IST


      Image used for representational purpose only

      MUMBAI: A Ghatkopar builder who allegedly broke into his flat sealed by Maharashtra Real Estate Regulatory Authority (MahaRera) in connection with a default payment and started staying in it, was booked by Mumbai Police.

      Tilak Nagar police on Monday, based on a complaint of the collector’s office, booked the proprietor of Srinath Builders, Niraj Ved, for trespass and are looking for him. Ved’s two mobile numbers were switched off when TOI tried to contact him.

      The complaint was filed by Nilesh Bhangre, a talathi from Kurla (collector) office who alleged that in 2019 the collector (Mumbai suburban) passed an order to collect an outstanding payment of Rs1.5 crore with 10.5% interest from Ved. Eight flat-buyers complained to MahaRera. —S Ahmed Ali










      Bldr Breaks Into Sealed Flat, Booked | Mumbai News - Times of India (indiatimes.com)
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      • Re : Mumbai Real Estate News

        Mumbai: Reconstruction work of Carnac Bridge to begin from Nov, says BMC

        Reopening the newly-constructed Hancock Bridge at Sandhurst Road for traffic on Monday this week paved the way for authorities to take up the demolition of the Carnac Bridge.

        Written by Jia Doshi | Mumbai |
        Updated: August 5, 2022 8:05:17 am

        If everything goes according to plan, the BMC hopes that the reconstruction of the Carnac Bridge will be completed by May 2024.(File photo)

        THE BRIHANMUMBAI Municipal Corporation (BMC) will begin reconstruction of the Carnac Bridge at Masjid bunder in November, approximately two years after schedule, officials associated with the project said on Thursday. The Railway authorities are likely to undertake the demolition of the bridge by mid-August.

        Reopening the newly-constructed Hancock Bridge at Sandhurst Road for traffic on Monday this week paved the way for authorities to take up the demolition of the Carnac Bridge.

        As both the bridges provide east-west connectivity in South Mumbai, the traffic police had earlier refused to permit to carry out reconstruction work of the two bridges together.

        If everything goes according to plan, the BMC hopes that the reconstruction of the Carnac Bridge will be completed by May 2024. The project is estimated to cost Rs 41.27 crore. The Carnac Bridge is approximately 150 years old and was constructed in the 1860s. The movement of heavy vehicles on the bridge was closed in 2014.







        Mumbai: Reconstruction work of Carnac Bridge to begin from Nov, says BMC | Mumbai news (indianexpress.com)
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        • Re : Mumbai Real Estate News

          Collector can't revise stamp duty already levied and paid, rules Bombay HC

          Read more at:
          https://realty.economictimes.indiati...ay-hc/93366682



          The HC quashed and set aside a show cause notice issued in February to the builder for attachment of his properties over default in payment after repeated demand notices to pay an alleged outstanding of more than Rs 1 crore.


          MUMBAI: In a setback to the state’s stamps department and relief to a builder, the Bombay high court had recently held that the collector of stamps had no power under the Maharashtra Stamp Act to revise the stamp duty after it was already levied once and paid.

          The HC quashed and set aside a show cause notice issued in February to the builder for attachment of his properties over default in payment after repeated demand notices to pay an alleged outstanding of more than Rs 1 crore.

          “In the scheme of the enactment, once the collector has passed an order i.e., he certifies an endorsement on the document depicting payment of full duty, then adjudication becomes effective and final and it is not open for him to reopen the said adjudication,” Justice Bharati Dangre had held.

          The state is now contemplating filing a review petition against the HC single judge bench order.

          Sukoon Construction Pvt Ltd had filed a petition to challenge as “arbitrary and illegal” the collector’s notice and action in relation to a deed of assignment dated August 2009, handing over all rights title and interest of a 4,000-odd sq meter plot at Mouje Oshiwara in its favour. His counsel Mayur Khandeparkar said that the full stamp duty as determined by the collector in May 2010, of over Rs 30 lakh, was paid by the developer.

          But on December 31, 2013, the stamp collector issued a notice saying that its audit team noticed that the 2009 deed was “inadequately stamped”. He then received a demand notice in 2019, for paying ‘deficit stamp duty’ of Rs 26 lakh and later two more demand notices, including the last one in February 2022, to also pay penalty of Rs 73 lakh.

          Khandeparkar argued that the notice issued is beyond what the Maharashtra Stamp Act contemplates as only the Chief Controlling Revenue Authority has the power to — within six years — revise the decision of the collector — in fixing the stamp duty amount. Once collector endorses the amount, he becomes ‘functus officio’ — lacks power to re-examine the decision.

          Khandeparkar also said “action (of attachment) contemplated is in blatant violation of principles of natural justice, as no hearing was granted to the petitioner before revising the stamp duty payable on the said deed and before issuing demand notice.”

          State’s lawyer Jyoti Chavan said the revision was justified as the stamp duty earlier levied was improperly calculated.

          “The collector has clearly acted beyond his powers in revising the stamp duty on the ground that it was not properly levied and since he had become functus officio, he could not have exercised the power of revising the duty,” said the high court.
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          • Re : Mumbai Real Estate News

            Mumbai dug-up: Residents wonder if iconic spot near Princess Street flyover will ever regain past glory


            Written by Pallavi Smart | Mumbai | August 5, 2022 8:13:00 pm

            Marine Drive near Charni Road Railway Station. (Express Photo by Amit Chakravarty)

            The iconic patch of marine drive near the Princess Street flyover is in shambles currently as it is all dug up for the Coastal Road project. Even as many are looking forward to the road which is expected to significantly reduce travel time from south Mumbai to western suburbs, many residents wonder if the past glory of the spot can be regained. The ongoing work has narrowed the patch from the Princess Street flyover to Girgaon Chowpatty from four broad lanes on each side to just two lanes now.

            Location: Charniroad near the Princess Street flyover

            Dug up for: Coastal Road

            Project details: Coastal Road is an 8-lane, 22.2km freeway that will connect South Mumbai to suburbs. It will run along Mumbai’s western coastline connecting Marine Lines in south Mumbai to Kandivali in the north.

            Implementing agency: Brihanmumbai Municipal Corporation

            Importance: The freeway, which will not have signals, is expected to reduce travel time between south Mumbai to suburbs from 2 hours to 40 minutes.

            Initial estimate: Rs 12,000 crore

            Revised cost: Rs 12,950 crore

            Work started in: 2019

            Initial deadline for the stretch: End of 2022

            Expected to be complete in: November 2023

            The ongoing work has narrowed the patch from the Princess Street flyover to Girgaon Chowpatty from four broad lanes on each side to just two lanes now. (Express Photo by Amit Chakravarty)

            Reasons cited for the delay: Initial delay due to court proceedings after petitions were filed alleging that land reclamation was illegal and would irreversibly alter the coastal environment. Impact of the pandemic lockdown on the pace of the work, and most recently, a protest by the fishermen community.

            Locals speak

            “You no longer have the promenade in this patch of the road. It has been a popular spot for several locals for jogging or walking. But that is not possible now. There is no clarity on how this promenade will be rebuilt,” said Rahul Hakani, from the Federation of Churchgate Residents.

            Amisha Popat, a resident of the Meghdoot building, which is opposite to the construction site, complained how the removal of tetrapods for construction work led to their building experiencing vibrations. “The work continues even during the early hours affecting our sleep. We just hope that the work completes soon,” said Popat.

            Vehicle users speak

            “You cannot pick up speed here anymore as there are several diversions with barricades leading to sharp turns, especially the one near the government central press,” said Rajesh Thakur, a taxi driver. Paresh Gupta, who drives a private vehicle, said, “If there is a bus passing by, all other vehicles have no option but to keep tailing it.”










            Mumbai dug-up: Residents wonder if iconic spot near Princess Street flyover will ever regain past glory | Cities News,The Indian Express
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            • Re : Mumbai Real Estate News

              No trees cut in Aarey forest, Mum Metro tells apex court

              By PuneMirror BureauSat, 6 Aug 2022

              The matter is scheduled for further hearing next week. PHOTO: IANS
              Claims only some branches & bushes removed by authorities concerned

              Mumbai Metro Rail Corporation Limited (MMRCL) on Friday told the Supreme Court that no tree cutting has been carried out in Aarey forest in Mumbai, rather some weeds and branches were removed.

              Senior advocate Chander Uday Singh, representing the petitioners, contended before a bench headed by justice UU Lalit that tree cutting has been resumed in the Aarey forest region for the metro car shed project, despite the status quo orders.

              The bench, also comprising justices S Ravindra Bhat and Aniruddha Bose, noted that matter needs to be heard in detail. “What we will do is, we will order the status quo,” noted the bench.

              Solicitor general Tushar Mehta, representing MMRCL, submitted that no tree cutting was going on in the area, and after the status quo order was passed by the top court in 2019, no tree was cut.

              He added that there were bushes, weeds, and shrubs, which have grown in the area, and they were being removed by the concerned authority. Mehta emphasized that only trimming of certain branches were carried out citing the affidavit filed by MMRCL in the matter.

              Mehta said, “If public interest litigations are filed with misleading allegations, it will leave a bad taste.” The bench replied that there are benefits of having PILs. During the hearing, justice Lalit pointed out that he was an amicus curiae in the TN Godavarman Thirumalpad case and asked if there was any conflict of interest in his hearing of the matter. Mehta said he does not see any conflict.

              Justice Lalit said, “Can’t hear this Aarey matter. I have not heard any forest matter for the past eight years (as SC judge)...”

              The bench said that in view of this stand taken by the MMRCL, there is no requirement for any interim order to be passed in the matter, and took on record MMRCL response that no trees have been cut since the top court’s status quo order in 2019. The matter is scheduled for further hearing next week. IANS




              No trees cut in Aarey forest, Mum Metro tells apex court (punemirror.com)
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              • Re : Mumbai Real Estate News

                Mumbai: EOW arrests Srinath Developer's director in cheating case

                Read more at:
                https://realty.economictimes.indiati...-case/93360916



                Interestingly, Ved is the same builder who was booked last week by the Tilak Nagar police for allegedly breaking into his flat which was sealed by the MahaRera officials for default payments.

                Mumbai: EOW arrests Srinath Developer's director in cheating case

                MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police on Wednesday arrested Ghatkopar-based builder Neeraj Ved (54) of Srinath Developer for duping flat buyers to the tune of over Rs 6.17 crore.

                Interestingly, Ved is the same builder who was booked last week by the Tilak Nagar police for allegedly breaking into his flat which was sealed by the MahaRera officials for default payments.

                The housing unit of EOW arrested Ved and is now looking for his wife who is also a director of Srinath Developers.

                Ved and his wife Sapna Ved have been booked under the IPC sections of cheating, criminal breach of trust and under the Maharashtra Flat Owners Act 13.

                Ved had in 2010 started to construct a redevelopment project at Vihar Lake Road in Bhandup west. In the building, he was to first rehabilitate the existing tenants and sell the remaining flats to new buyers in open market.

                Police said that builder was to construct a 13-storey building. However, he constructed up to 16 floors after which the authorities had given him stop work notice and served him notice under MRTP.

                The first complaint came from businessman Mahendra Gharot who filed a complaint stating that he bought three flats in the project floated by the firm in Bhandup.

                Police said Gharot's friend Dhamji Nagda also bought property in the same scheme. The two paid a total Rs 6.17 crore and booked six flats and a shop.

                "When the project was incomplete even in 2015, Gharot and Nagda started calling Ved who, instead, asked them to fork out more money for extra area and taxes," said a police officer.

                Gharot then learnt all the seven flats had been sold to a third party. These six complainants had even filed a complaint against the builder before the MahaRera which passed an order to pay a fine.
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                • Re : Mumbai Real Estate News

                  Nisus Finance invests over Rs 60 crore in EON Group's residential project in Mumbai

                  Read more at:
                  https://realty.economictimes.indiati...umbai/93394383



                  The project EON ONE spread over more than three-quarters of an acre near Siddhivinayak Temple involves redevelopment of an old housing society with rehabilitation of its existing 27 members.


                  Nisus Finance & Investment Managers LLP, an alternative investment manager, has invested over Rs 60 crores in a premium boutique residential project of realty developer EON Group in Prabhadevi.

                  The project EON ONE spread over more than three-quarters of an acre near Siddhivinayak Temple involves redevelopment of an old housing society with rehabilitation of its existing 27 members.

                  While the rehabilitation part of the project is close to completion, the sale component has a total development potential of 1.5 lakh sq ft that will be completed by December 2025 as it has already secured all the approvals.

                  The project is expected to generate revenue worth Rs 400 crore based on the ongoing property rates in the vicinity.

                  “Our investment in this Project is uniquely structured to provide superior return to all stakeholders and timely delivery of the Project. EON Group has a good track record with a strong balance sheet,” said Amit Goenka, CEO Nisus Finance.

                  Nisus Finance & Investment Managers has invested in the project through a structured instrument of Non-Convertible Debentures (NCDs) for a total tenure of 48 months. The funding is aimed at accelerating construction activity and delivery of the project.

                  “Nisus Finance’s adeptness in structuring real estate investments is a key factor in bringing this unique project to life. We are confident that Nisus is the right capital partner to unlock maximum value from this project while swiftly delivering a very special and superior product,” said Palash Shah, MD, EON Group.

                  Prior to joining the family business, Shah had previously held positions in real estate private equity firms Brookfield Asset Management and Starwood Capital Group.

                  The project with two- and three-bedroom sea facing apartments has already achieved bookings for 20% of its inventory.

                  Nisus Finance has already invested funds in projects of listed developers like Shriram Properties and Purvankara Projects besides other key developers in Mumbai. In April, in the first ever private equity investment in a self-redevelopment project undertaken by a housing society, it had invested in a project in Mumbai’s Ghatkopar suburb.

                  Private equity investments into the real estate sector have continued to rise over the last few years and even the last two years despite the pandemic scenario.

                  The appetite for Indian real estate assets among both global and domestic institutional investors continues to be strong as they are eyeing a number of investment opportunities across residential, mixed-use, commercial, retail, industrial and other segments.
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                  • Re : Mumbai Real Estate News

                    Online tenant checks in Maharashtra from August-end

                    TNN / Updated: Aug 7, 2022, 05:12 IST


                    https://www.indianrealestateforum.co...25#post2707825
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                    • Re : Mumbai Real Estate News

                      Maharashtra: 126 more realtors to start flat registrations at own office

                      https://www.indianrealestateforum.co...46#post2707846
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