Press Release

Nahar Group bags India’s Most Admired Brand for 2016-17
February 23, 2017

Nahar Group bags India’s Most Admired Brand for 2016-1723rd February 2017 Prominent real estate developer Nahar Group has bagged three prestigious awards from White Page International including India’s Most Admired Business Leader - Chairman and Managing Director and India’s Most Admired Brand for the year 2016-17. The award ceremony held at Trident Hotel in Mumbai. Among those present at the awards was Sudhir Mungantiwar, Honorable Minister of Finance, Planning and Forest, Maharashtra.  Read More

Press Release

Spenta Corporation join hands with ACC for Alta Vista project
February 22, 2017

Spenta Corporation join hands with ACC for Alta Vista project22nd  February 2017 Mumbai based developer Spenta Corporation has joined hands with Arabian Construction Company (ACC) for their new project, Alta Vista in Chembur, Mumbai. The project, which is estimated to cost Rs 1800 crore, will be one of the biggest real estate projects in India post demonetisation. Renowned architect Hafeez Contractor has been appointed as the designer of this project.   Read More

Press Release

K Raheja Corp receives Gold rating for Bangalore-based IT building
February 20, 2017

K Raheja Corp receives Gold rating for Bangalore-based IT building20th  February 2017 One of India's prominent real estate developer K Raheja Corp has acquired Gold rating from Leadership in Environment and Energy Design (LEED) for its commercial IT building situated at Whitefield in Bangalore. The building secured 64 points based on various parameters such as soil restoration, energy and water conservation, rainwater harvesting and water efficient landscaping. Read More

Mumbai Railway proposes zone-based fare structure
February 19, 2017

The Mumbai Railway Vikas Corporation (MRVC) has proposed that the suburban rail system in Mumbai be divided into four separate fare zones. Such a structure is used in London and can significantly reduce fares for commuters in the city and its vicinity, especially those who commute longer distances. The four zones would be on the Western Railway (WR) and Central Railway's (CR) Main and Harbour corridors. MRVC has stated that this structure would help it… Read More

Maharashtra proposes separate regulator for co-operative housing societies
February 13, 2017

Maharashtra government is planning to set up a dedicated regulatory authority for handling co-operative housing societies in the state. For this move, the state intends to draft a separate chapter for housing in the Co-operatives Act. The new chapter in the Act will put down guidelines for dispute redressal related to housing societies. It would also give judicial powers to the dedicated regulatory authority so that minor issues do not get dragged to courts. This proposal… Read More

Navi Mumbai airport project to reacquire villagers’ consent
February 12, 2017

The much-delayed Navi Mumbai airport project has hit a slight setback with the documents related to the earlier gram sabha having gone missing. The authorities will have to reconvene the gram sabha and acquire the consent of 50 percent of affected villagers to clarify that the land has no pending tribal rights. This permission is needed for land acquisition in the core aeronautical area of the project. This is a must for acquiring stage II… Read More

Pune and Mumbai see surge in property registrations during January
February 2, 2017

According to official data, property registrations in Maharashtra dipped by 24 percent during January 2017. While the daily property registrations in the state reduced to 5,857 in January as against 7,721 before demonetisation, a few micro-markets such as Mumbai, Pune and Thane showed improvement in the first month of 2017. In Pune division alone, the registrations increased by one percent while Mumbai and Thane grew by seven percent and nine percent property registration-wise, respectively, against… Read More

Maharashtra government offers tax relief to owners of unauthorised properties
January 11, 2017

Maharashtra state government has passed a resolution allowing civic bodies to compute the tax for unauthorised properties in the state. Properties that have deviated from their sanctioned plans, not been registered, or have changed their usage without approval will benefit from this move.  Residents of such properties are currently being penalised with amounts close to twice or thrice the average tax. Thus, this decision is expected to bring a wave of cheer among such property… Read More

Dharavi to be divided into 12 sectors for redevelopment project
January 10, 2017

The Maharashtra government has decided to divide Dharavi’s slum into smaller sectors to attract developers. The state government’s previous attempts to invite bids for the Dharavi redevelopment project have failed monumentally as not a single application was received from any developer. Earlier, Dharavi Redevelopment Authority (DRA), the nodal agency for the project, had divided the area into five sectors and had called bids for four sectors. As per the plan, the fifth sector was to… Read More

CIDCO sanctions Rs 11.76 crore for infrastructure projects in Ulwe
January 10, 2017

The City and Industrial Development Corporation (CIDCO) has recently allocated Rs 11.76 crore for infrastructure development in Ulwe, a node of Navi Mumbai. The amount is intended for strengthening basic infrastructure in sectors 20, 21 and 23 such as the development of more than nine km of road and almost one km of storm water drains. On the back of work carried out in sectors 2, 3, 5 and 19, CIDCO has come up with… Read More

Revised draft development plan for Mumbai finalised after 1,430 amendments
January 10, 2017

After two weeks of discussions regarding the suggestions and objections received on the revised draft Development Plan (DP), the final report has been prepared. After the six-member panel concluded the mandatory hearings, three government representatives on the panel signed it, while three others have not done so. A total of 7,887 citizens either appeared before the panel or submitted their suggestions and objections in writing, which resulted in the panel agreeing to make 1,433 changes… Read More

Mumbai construction ban hit redevelopment projects in 2016
January 8, 2017

According to Brihanmumbai Municipal Corporation’s (BMC) development plan (DP) department, new redevelopment proposals fell by 50 percent during May-December 2016 as compared to the same period in previous years. Vinod Chithore, Chief Engineer, DP department, shared that the civic body received just about 600-650 proposals for redevelopment in Mumbai’s suburbs during this period as compared to around 1,300 every year in the past. Chithore stated that this was a direct result of the Bombay High… Read More

Maharashtra slum dwellers must form cooperative societies to retain home ownership
January 8, 2017

As per the directive of Maharashtra’s revenue department, slum dwellers in the state must form cooperative housing societies in order to retain ownership of their homes. The department has announced that it will provide slum dwellers living on nazul land with ownership papers only when this condition is met. This decision has been approved by a resolution which states that ownership documents shall be given either to individual slum dwellers or to cooperative housing societies… Read More

Redevelopment projects in Mumbai may attract additional cess for excess FSI
January 7, 2017

The Maharashtra government has recently proposed an additional tax for redevelopment projects exceeding the permissible floor space index (FSI). As per the state government’s plan, a builder will be charged an additional amount of Rs 5,000 per sq m if the construction goes beyond the permitted FSI during the redevelopment of old buildings in the suburbs. The amount, which can be increased every three years, would have to be paid during the construction period. Considering… Read More

Maharashtra notifies new housing policy draft
January 6, 2017

Maharashtra government has finally notified the new housing policy draft that had been announced in September 2016. The policy draft allows the redevelopment of more than 25,000 buildings with about 2.25 lakh units, situated on Maharashtra Housing and Development Authority (MHADA) layouts. With the new policy, the state government has relaxed the condition for redevelopment on plots less than 2,000 sq m which required the additional stock to be shared with the government. This change… Read More

Mumbai civic body to introduce ‘Crown Policy’
January 4, 2017

Brihanmumbai Municipal Corporation (BMC) is expected to introduce a new policy which will permit the terraces of high-rise buildings in Mumbai to have ornamental projections enabling the towers of such projects to get connected. The proposed policy is being termed as ‘Crown Policy’. Ajoy Mehta, Commissioner, BMC, shared that developers and architects have been asking the civic body to allow such features which are not permitted under the current rules. The new development control rules… Read More

BMC allows private entities to maintain public spaces
January 1, 2017

Brihanmumbai Municipal Corporation (BMC) has recently cleared an interim policy regarding the city’s open spaces. The policy allows private players to take over the maintenance responsibilities of public spaces in Mumbai for 11 months. The interim policy states that the private players adopting the spaces would ensure that no construction occurs on the plot. They would also have to provide free entry to the public and bear the cost of maintaining the space. Earlier, BMC’s… Read More

Press Release

Godrej Properties Limited to construct new project in Bavdhan
December 30, 2016

Godrej Properties Limited to construct new project in Bavdhan30th December 2016 Mumbai-based real estate developer Godrej Properties Limited will develop a 5.5 acres project off the Mumbai-Bangalore bypass in Bavdhan, West Pune, in partnership with another realtor. The project will be developed under the profit share arrangement and will offer approximately 560,000 sq ft of saleable area. Read More

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