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  • Re : Mumbai Real Estate News

    State coastal authority finds CRZ violations by film studios at Madh


    mumbai news
    Published on Sep 21, 2022 12:30 AM IST

    The Maharashtra Coastal Zone Management Authority (MCZMA) has found that several film studios are being constructed in violation of the coastal regulation zone (CRZ) norms at Madh



    A studio at Madh being razed by BMC last week HT Photo


    The Maharashtra Coastal Zone Management Authority (MCZMA) has found that several film studios are being constructed in violation of the coastal regulation zone (CRZ) norms at Madh. Of the six studios it had earlier recommended action against, two were demolished last week.

    The authority had in August issued notices to the Brihanmumbai Municipal Corporation (BMC) and the suburban collector based on a complaint by Bharatiya Janata Party (BJP) leader Kirit Somaiya. Subsequently, MCZMA officials visited the spot for an inspection. It was found that the BMC had extended the permission to the studios without having sought the no-objection certificate (NOC) from MCZMA. The firms had never sought NOCs after their initial expiry of six months.

    The officials found that some of the constructions were very close to the high tide line, the restricted area for construction up to 500 metres from the line. They are of the opinion that the construction activities were actually allowed in CRZ-I by misrepresenting the area as CRZ-II. They also found that the material used for the construction was not eco-friendly and this was overlooked by the BMC while granting the permission.

    The District Coastal Zone Monitoring Committee headed by the collector submitted its report to MCZMA last week. “During our two visits we found irregularities and discrepancies. Some had no permission at all while the others failed to get the NOC from MCZMA. Since MCZMA is the authority in the matter of coastal regulations, we expect that it will take the final decision,” an official from the collectorate said.

    Meanwhile, BMC has constituted a one-man committee headed by deputy commissioner Harshad Kale, who is expected to submit his report in the second week of October. The committee has been asked to look into the irregularities by 49 studios. “The panel visited the spot and found another 21 studios in the enclosed premises besides five studios on the open land. The committee is, however, expected to recommend its restrictions on the studios erected in P/North ward,” a BMC official said.

    Somaiya had complained to MCZMA about the violations of the CRZ rules by six studios in Erangal and Bhati villages. He alleged that the BMC had illegally extended the permission given in February 2021 for just six months. MCZMA, on August 5, directed the local bodies to take action. After notices to these studios, BMC razed two of them last week.

    MCZMA, in its response to Somaiya’s complaint, said that the permission given by it was just for six months, and the studios should use eco-friendly material. After six months, BMC should either submit a report to MCZMA confirming that the construction had been dismantled or the company should approach the authority for a fresh NOC.

    Though there is no restriction on the height of the studios in the policy drafted by BMC in March 2019, they were at least 40 feet high, posing a threat to the environment, officials said. The policy has earmarked Madh, Marve, Manori, Gorai, and surrounding areas as the special entertainment film shooting and ancillary activities zone.









    State coastal authority finds CRZ violations by film studios at Madh | Mumbai news - Hindustan Times
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    • Re : Mumbai Real Estate News

      M&M Financial leases 275,000 sq ft office space near BKC, Mumbai

      Read more at:
      https://realty.economictimes.indiati...umbai/94340393



      The Mahindra Group company is planning to consolidate operations of all its four entities in this newly-leased office. The company will be paying monthly rental of ₹2.50 crore, taking the total pay out to around ₹270 crore.


      Mahindra & Mahindra Financial Services has leased nearly 275,000 sq ft office space in Piramal Realty's commercial complex Agastya Corporate Park in central Mumbai's Kurla locality near business district Bandra-Kurla Complex (BKC), said persons with direct knowledge of the development.

      The Mahindra Group company is planning to consolidate operations of all its four entities in this newly-leased office. The company will be paying monthly rental of ₹2.50 crore, taking the total pay out to around ₹270 crore.

      This is amongst the largest office lease transactions in the country's commercial capital post the Covid-19 pandemic. The long-term lease for a total tenure of 10 years will start this month and will see rental escalation of 5% every year.

      Financial services firm Edelweiss Securities recently picked up nearly 100,000 sq ft of office space in Adani Realty's commercial project Inspire BKC in the business district through a long-term lease of over nine years. The rental pay out in this deal will be Rs 285 crore over the total tenure of the deal and is the largest office space transaction this year.

      ET's separate email query to Piramal Realty and Mahindra Group remained unanswered until the time of going to press. Transaction advisor Colliers India declined to comment for the story.

      Piramal Agastya, spread over 16 acres on LBS Marg, is one of the country's largest non-information technology (IT) commercial developments, with a total project size of nearly 2 million sq ft.

      ET has reported earlier that Singapore-based diversified conglomerate Keppel Corporation's property arm Keppel Land is set to acquire part of Piramal Realty's this commercial development for more than ₹1,200 crore.

      Keppel Land has signed the term sheet to acquire nearly 1 million sq ft of commercial real estate spread across a total of six entire floors in this multi-tenanted tower.
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      • Re : Mumbai Real Estate News

        Mumbai: Five-foot-long Indian rock python rescued from 5th floor in Powai

        Vijay Singh / TNN / Sep 21, 2022, 18:29 IST



        The volunteers of ACF and PAWS-Mumbai — Bhushan Salve and Dheeraj Phodkar — rushed to the fifth-floor flat of Jaltarang Society to rescue the python.

        MUMBAI: A nearly five-foot-long Indian rock python — which had somehow reached the grilled window of a fifth-floor flat in Powai in Maharashtra's central Mumbai — was rescued by activists of Amma Care Foundation (ACF) and Plant and Animals Welfare Society (PAWS-Mumbai) on Wednesday.

        "The volunteers of ACF and PAWS-Mumbai — Bhushan Salve and Dheeraj Phodkar — had rushed to the fifth-floor flat of Jaltarang Society in Rambaug area of Powai to rescue the python which had coiled itself around the iron grills of the window.

        "Pythons are good climbers, so they can use pipes and such window grills to reach higher floors," said honorary wildlife warden Sunish Subramanian of PAWS-Mumbai.

        The python was taken to veterinarian Rahul Meshram for a health check-up, and later released in a safe forested region after informing the forest department.

        It is illegal to harm or kill any snake species (including pythons) as per the Indian Wildlife (Protection) Act, 1972.

        Citizens can call the fire brigade, recognized snake rescuers or the state forest helpline number 1926, if they see a snake in their area.

        The Indian rock python (Python molurus) is a large python species native to tropical and subtropical regions of the Indian subcontinent and Southeast Asia.









        Mumbai: Five-foot-long Indian rock python rescued from 5th floor in Powai | Mumbai News - Times of India (indiatimes.com)
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        • Re : Mumbai Real Estate News

          Pidilite Industries leases entire 10-storey office tower in Mumbai's Andheri

          Read more at:
          https://realty.economictimes.indiati...dheri/94340469



          The company has entered into an agreement with property owner Beekalene Fabrics for the same and will be paying monthly rental of Rs 1.80 crore, taking its total pay out to Rs 119 crore across the total tenure of the lease including the escalation in rentals.


          Pidilite Industries, which owns adhesive brand Fevicol, has picked up an entire 10-storey commercial tower Opus Prime at Santa Cruz Special Economic Zone (SEEPZ) in Mumbai’s Andheri suburb through a long-term lease of five years.

          The company has entered into an agreement with property owner Beekalene Fabrics for the same and will be paying monthly rental of Rs 1.80 crore, taking its total pay out to Rs 119 crore across the total tenure of the lease including the escalation in rentals.

          The agreement includes a clause to escalate the rentals by 5% at the end of every 12 months. The company has already paid the property owner security deposit worth Rs 10.80 crore. As part of the agreement, Beekalene Fabrics is not allowed to terminate the lease until its tenure comes to an end, while Pidilite will have a lock-in period of 36 months.

          The lease will be in effect from the rent commencement date January 1, 2023 until 31, December 2027, showed the documents accessed through CRE Matrix, a real estate data analytics firm. The transaction was registered on September 2.

          “We regularly keep looking for office space requirements in line with our business needs and have leased an additional office space close to our corporate office in Andheri,” Pidilite Industries said in an email response to ET query.

          Email to Beekalene Fabrics remained unanswered until the time of going to press.

          As part of the lease agreement, the speciality chemicals company operating in construction chemicals and sealants will get exclusive access to a total 128 car parking slots including 118 in the parking tower.

          The project Opus Prime is built on two plots assigned by the Maharashtra Industrial Development Corporation (MIDC) to Bombay Knitting, now known as Beekalene Fabrics, through a 95-year lease starting in 1974 and 1977. The property owner has obtained the occupancy certificate of the building from the MIDC in December 2021.

          According to the agreement, the MIDC’s subletting and sub-licensing charges of the said premises will be borne by the property owner, Beekalene Fabrics.

          Office demand in suburban locations or secondary business districts has been outpacing that in the central business districts across India’s major markets.

          Mumbai’s Secondary Business District (SBD) North including Andheri East-West, Vile Parle and Jogeshwari is a preferred sub-market amongst occupiers from information technology, IT-enabled services (IT/ITeS), pharmaceuticals, logistics and FMCG sectors looking for large space at a lower rental value compared to Bandra-Kurla Complex (BKC).

          The sub-market benefits from its proximity to international and domestic airports and the easy commute between the western and eastern parts of the city.

          According to experts, the trend that began in Mumbai over the last few years with the shift in preference from Nariman Point to BKC, is now seeing corporates even considering suburbs such as Andheri and Vikhroli as a key office location and that has started to reflect in the rentals commanded by these micro-markets.
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          • Re : Mumbai Real Estate News

            Mumbai: Slum rehabilitation authority warns builders over rent dues

            Read more at:
            https://realty.economictimes.indiati...-dues/94340541



            According to estimates, at least 50,000 families haven't got rent for several months, in some instances even years, in these 150 projects.


            MUMBAI: Publishing a list of 150 slum rehabilitation projects in the city where tenants have not been paid rent for months or even years, the Slum Rehabilitation Authority (SRA) has told the builders to clear the pending dues and submit an affidavit within a month's time.

            In case of non-compliance, the SRA will issue stop-work notices to the sale component of the said SRA scheme. "If they still don't pay the rent, we will initiate change of developer proceedings under Section 13 (2) of the SRA Act," said a senior official. "Also, the developer will not be able to submit any new scheme as some builders have multiple SRA projects. The developer will also be declared a defaulter."

            According to estimates, at least 50,000 families haven't got rent for several months, in some instances even years, in these 150 projects. The rent amount, which is agreed upon by the slumdwellers and builders, varies from project to project - from Rs 12,000 per unit to Rs 20,000. Each slum unit has an average of five persons, so the total number of people affected by non-payment of rent is around 2.5 lakh.

            SRA CEO Satish Lokhande said the agency was undertaking a special drive to ensure that slumdwellers get rent. "We were receiving complaints about non-payment of rent, so this time we have started a special and intense drive. We hope developers will comply and pay rent and dues or else action will be taken. Approvals and permissions are no longer an issue, but the backlog of rent was huge, so this drive was started," he said.

            Most of the 150 projects are major SRA schemes with a minimum 100 tenants; and a few have over 2,000 tenants, said a senior official. "Once the slumdwellers vacate their homes, they are supposed to get a fixed monthly rent from the builder till they get a unit in the rehabilitation component of the SRA project. The developers also build the sale component and this cross-subsidises the slum rehabilitation," added the official.

            Nearly 2.1 lakh families in Mumbai have got new apartments in the last 24 years since the SRA was formed. According to SRA estimates, there are 12.5 lakh slums in the city housing a population of 62 lakh.

            Despite the Covid-19 pandemic, in the last two-and-a-half years while a record approvals were given, the highest number of slum rehabilitation units has been completed too.
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            • Re : Mumbai Real Estate News

              Avendus Capital leases 1 lakh sq ft in Mumbai's BKC

              Read more at:
              https://realty.economictimes.indiati...s-bkc/94364215



              The company will be paying average monthly rentals of Rs 278 per sq ft including the rental escalation over the total tenure of the lease, taking its total pay out to around Rs 153.44 crore during the entire term.


              Financial services group Avendus Capital has picked up nearly 1 lakh sq ft office space in commercial tower Platina in Mumbai’s business district Bandra-Kurla Complex through a long-term lease of five years with the property developer Wadhwa Group.

              The company will be paying average monthly rentals of Rs 278 per sq ft including the rental escalation over the total tenure of the lease, taking its total pay out to around Rs 153.44 crore during the entire term. The starting monthly rent will be 2.53 crore, showed the documents accessed by ET.

              Avendus Capital currently operates out of a nearly 55,000-sq-ft office in beleaguered IL&FS’ erstwhile headquarters, a 10-storey iconic property in BKC. Global alternative investment major Brookfield Asset Management recently emerged as the successful bidder for this IL&FS property and is in the process of acquiring the same.

              “Yes, the premise in Platina, BKC will be our new head office and will house all our businesses, home to over 450 employees based in Mumbai. We are a people-intensive business and this is part of our overall growth plans. We plan to move to the new premises in Q4 of FY23,” said Sameer Kamath, Group CFO, Avendus, while confirming the deal.

              The company has leased the office space spread over four floors through two separate transactions that were registered on Friday. The financial services company has paid a security deposit of over 15.22 crore to the developer Raghuleela Estates, a subsidiary of the Wadhwa Group.

              “Front office markets like BKC, Worli and Lower Parel are witnessing a very strong comeback in 2022 on the back of leasing activity by large Indian and international Investment Banks, law firms, consulting companies and private equity firms. We anticipate rents to increase aggressively for the BKC trophy assets,” said Rachit Mohan, Co-Head, Office Leasing Advisory, India, JLL.

              As part of the deal, the company will also get exclusive access to a total 80 car parking slots.

              Both, the tenant as well as the property owner’s side will have to stick to a lock-in period of the entire five years term of the lease.

              Platina is one of the early developments in the business district of BKC and it houses key tenants like SAP, Sumitomo Corp, Ferrari, GROHE, Bandhan Bank and Avaya across its 3.5 sq ft office space.

              The commercial office segment, which was significantly impacted by the pandemic, has made a strong comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring, and a return to the office trend, keeping the office sector buoyant.

              The Indian office market grew substantially and delivered a strong performance in the first half of 2022. Office transactions recorded at 25.3 million sq ft, a 107% on-year growth, indicated the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.

              New large-size leases are an indication that the market is seeing a steady recovery and confidence among occupiers with regard to the organisations’ real estate requirements is inching upward.
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              • Re : Mumbai Real Estate News

                Maharashtra government focuses on e-registration of properties

                Read more at:
                https://realty.economictimes.indiati...rties/94388619



                More realtors registered with Maharashtra Real Estate Regulatory Authority (MahaRERA) would soon get the software following due checks, a senior property registration official said on Thursday.


                PUNE: The property registration department has in the run-up to Dasara and Diwali reached out to more developers across the state to commence e-registration of first-sale units from their offices.

                With the updated software available, over 400 developers have applied for the facility. More realtors registered with Maharashtra Real Estate Regulatory Authority (MahaRERA) would soon get the software following due checks, a senior property registration official said on Thursday.

                "Nearly 7,000 units have already been registered from the developers' offices with the software in the past few months. Six dedicated officers have been appointed to speed up the e-registration process," state Inspector General of Registration (IGR) Shravan Hardikar said.

                "The aim is to ensure more developers go for e-registrations. This will reduce the rush to the sub-registrar offices," he said, adding that training for the process would be provided to developers and workshops were on at various exhibitions.

                Data available with the department revealed that 423 applications were received from developers, of which 363 have been approved. "While 7,000-plus units have been registered through various builders' offices, 1,27,595 will be registered in the coming days," the official said. The response to the e-registration is high in Pune, Mumbai and Thane (see graphic).

                The e-registration facility from the developers' offices was announced in October 2021. " Most developers received training even before they started the process. The response is healthy," said deputy IGR (IT) Suhas Mapari.

                He said blockchain technology would be used to prevent any duplication of the original agreements. "A pilot project on the technology has been started with banks and other mortgage companies, including Indian Bankers Association. They are being made aware of the e-registration documents. In the second stage, we will have a unique number on the registered property documents. The bankers can key in the numbers in the system and match the documents. A mismatch will mean that the documents have been tampered with," he said.

                Credai national vice-president Shantilal Kataria told TOI, "The initial hiccups have been ironed out and many developers are interested in the process. By the end of the year, maximum builders will carry out the registration process from their offices."
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                • Re : Mumbai Real Estate News

                  Ulhasnagar: Building declared 'dangerous', yet five flats were occupied

                  Read more at:
                  https://realty.economictimes.indiati...upied/94401012



                  Over the past 12 years, 38 buildings in Ulhasnagar have collapsed, some partially, killing 42 people and leaving at least 5,000 homeless.


                  MUMBAI: In the latest instance of slab collapse in a Ulhasnagar building, three members of the Dhanwani family lost their lives. The deceased persons have been identified as Priya (24), her mother Renu (55) and father Dholandas (58).

                  Over the past 12 years, 38 buildings in Ulhasnagar have collapsed, some partially, killing 42 people and leaving at least 5,000 homeless. On Thursday afternoon, locals, who were alerted by the huge sound of the crash, called up the fire brigade and the police and started to clear the rubble in the hope of finding survivors. Priya was the first to be extricated from the rubble, followed by Sagar.

                  Priya was taken to Central Hospital, Ulhasnagar, where she was declared ‘brought dead’.

                  The injured person, who is a resident of the fourth floor, sustained a minor bruise on the hand. Officials said that it was not clear where exactly he had been in the building premises at the time the building collapsed.

                  The rescue operation lasted for more than four hours. Initially, there was apprehension that customers had been present in the shops on the ground floor of the ill-fated building. However, after the entire debris was cleared and no one was found, the rescue operation was called off around 5pm. The shopkeepers left their shops soon after the crash.

                  The concerns raised by citizens are serious. Too many people continue to die in these building crashes. Dilapidated buildings need to be redeveloped on a priority basis. The state must speed up the process and issue the notification.- TimesView

                  While the building houses 20 flats and four commercial establishments, only five of the homes had been occupied. The other residents had sold their flats to a builder who had bought them soon after the structure was declared ‘dangerous’ while a few other residents had moved elsewhere.

                  The building had been constructed between 1993 and 1994. Sources said that nearly 90% of the buildings that had sprung up in Ulhasnagar in the early ’90s have collapsed in recent times as “inferior quality of Ulwe cement” had been used.

                  Assistant commissioner of Ulhasnagar Municipal Corporation, Ganesh Shimpi, said that several notices had been issued to the residents, asking them to get a structural audit of the building conducted. “But the residents failed to get the audit done,” Shimpi said. Besides officials from the fire brigade and the police, the municipal commissioner and a few other senior officials were also at the spot.

                  An accidental death report will be filed for now until the police investigation is completed, said deputy commissioner of police Prashant Mohite.
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                  • Re : Mumbai Real Estate News

                    Maharashtra: SC clarifies eco-sensitive zone curbs, relief for developers

                    Read more at:
                    https://realty.economictimes.indiati...opers/94409732



                    In a relief to developers and flat-buyers, the Supreme Court has upheld the eco-sensitive zone (ESZ) notifications for the Sanjay Gandhi National Park (SGNP) in 2016 and for the Thane Creek Flamingo Sanctuary in 2021.


                    MUMBAI: In a relief to developers and flat-buyers, the Supreme Court has upheld the eco-sensitive zone (ESZ) notifications for the Sanjay Gandhi National Park (SGNP) in 2016 and for the Thane Creek Flamingo Sanctuary in 2021.

                    In August, the ESZ monitoring committee for SGNP had issued directives to the municipal commissioners of Mumbai, Thane and Mira-Bhayandar to stay all ongoing projects that did not have its approval though the corporation had issued NOC, and not to issue NOCs to new proposals.

                    The move came after a Supreme Court order on June 3 that there should be no development within 1km of the ESZ around a national park, sanctuary or protected area. It later modified its directive, allowing ongoing projects to continue.

                    National Real Estate Development Council (Maharashtra) filed an interim application before the Supreme Court for clarity as several housing projects in Mumbai, Thane, Navi Mumbai, Mira-Bhayandar were affected.

                    Advocate Saket Mone who appeared for NAREDCO (Maharashtra) said: "We pointed out the ESZ notifications for SGNP and TCFS were already issued and the ESZ boundaries had been demarcated and notified. All development is now regulated in line with these notifications. We informed the court that construction activity is permissible in the ESZ," he said.
                    The apex court accepted the plea and pointed out that in para 42 of its June 3 order it had already given the specific instance of SGNP and Guindy National Park in Chennai as exceptions.

                    Para 42 states: "...It was argued before us that the 1km-wide "no-development zone" may not be feasible in all cases and specific instances were given for SGNP and Guindy National Park in Mumbai and Chennai metropolis, respectively, which have urban activities in very close proximity. These sanctuaries shall form special cases."

                    Sandeep Runwal, Naredco (Maharashtra) president, said in a city like Mumbai where the SGNP is surrounded by urbanisation, it would have been impossible to implement the 1km no-development norm within the ESZ. "This order is a huge relief not just for developers but also flat buyers who have invested in these projects. At least 100 new projects are under construction at this stage in Thane, Mulund, Goregaon, Malad. Another 50-60 projects are underway in Navi Mumbai which would have been impacted."
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                    • Re : Mumbai Real Estate News

                      EY India renews lease for 40,330 sq ft office space in Mumbai’s Dadar, Real Estate News, Realty Beat



                      Professional services firm EY India has renewed its lease for an office spread over 40,330 sq ft on an entire floor at commercial tower The Ruby in central Mumbai’s Dadar locality for the next 30 months.

                      The firm will be paying a total nearly Rs 20 crore as rentals for this office during the entire tenure of the lease based on monthly rentals of Rs 165 per sq ft.

                      EY Services has entered into an agreement with Bhavana Holdings, the owner of the property on the 17th floor of the commercial tower for the same. It has already paid Rs 5.43 crore towards the security deposit for the lease, showed the documents accessed through CRE Matrix, a real estate data analytics firm.

                      As part of the lease agreement, which was registered on September 5, the professional services firm will get access to 14 car parking slots.

                      ET’s email query to EY India remained unanswered.

                      EY has offices across 13 cities in India including Mumbai, New Delhi, Bangalore, Pune, Hyderabad, Kolkata, Chennai and Ahmedabad. In Mumbai region, the firm has a total of four offices in Lower Parel, Goregaon and Thane apart from the office space at The Ruby.









                      EY India renews lease for 40,330 sq ft office space in Mumbai’s Dadar, Real Estate News, Realty Beat – Realty Beat
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