Maharashtra RERA multiplies registration fee by 10 times
April 25, 2017

While Maharashtra’s recent implementation of Real Estate (Regulation and Development) Act (RERA) rule is ready to instil transparency in the state’s real estate landscape, it may force builders to pass on the increased project costs to homebuyers. As the registration fee has been hiked by almost 10 times, experts are largely undivided in their understanding of its consequences. Along with a hike in the registration fee, clearance costs for developers, including title and environment clearances,… Read More

Mumbai may soon have landmark taller than Burj Khalifa
April 18, 2017

A structure taller than the world's tallest skyscraper - Burj Khalifa (Dubai) may soon become a reality, becoming part of a new eastern waterfront on a wasteland in Mumbai. According to Nitin Gadkari, Union Minister for Shipping, Road Transport and Highways, the plans to build a structure with a green boulevard, which would be bigger than Mumbai's Marine Drive, are ready and awaiting the Centre's nod. The plan revolves around a 7-km long marine drive… Read More

Maharashtra seeks financial aid to provide housing to police personnel
April 16, 2017

Maharashtra government has recently permitted the Maharashtra State Police Housing and Welfare Corporation (MSPHWC), to procure loans from banks, which would be disbursed to Maharashtra police personnel so that they can build their own houses. This move has been prompted by the fund shortage being faced by the state government. MSPHWC, a state government agency, is responsible for constructing homes for the police force as well as for formulating housing schemes for the police staff,… Read More

MMRDA plans smart upgrades for BKC
April 5, 2017

Mumbai Metropolitan Region Development Authority (MMRDA) intends to bring about advanced improvements to the Bandra-Kurla Complex (BKC) in order to turn it into a smart city. The proposed upgrades include improved road connectivity and other infrastructure, Wi-Fi, and hybrid or electric buses. Out of its 2017-18 budget of Rs 6,976 crore, the authority has allocated Rs 75 crore for the project. BKC is a prominent commercial hub of Mumbai, housing major financial offices such as… Read More

Ready reckoner rates hiked in Mumbai, Nashik
April 3, 2017

Real estate properties in Mumbai and Nashik are likely to become more expensive with the authorities revising the ready reckoner rates (RRR) upward in the two cities. While the average RRR in Mumbai has been increased by five percent, Nashik’s rates have been hiked by up to 20 percent, with the average being pegged at six percent. The new rates have come into effect from April 1, 2017. RRR refer to the property value assessment… Read More

Maharashtra to regularise unauthorised structures built before December 31, 2015
April 3, 2017

By amending the Maharashtra Regional Town Planning (MRTP) Act, the state has paved the way to enable unauthorised structures built before December 31, 2015 to be regularised. This development will provide relief to 2.5 lakh buildings in Thane and more than 50,000 buildings in Mumbai that do not have occupation certificates. Ranjit Patil, Maharashtra’s urban development minister, clarified that regularisation will be permitted only for structures that conform with the Development Control Regulations and have minor… Read More

No stamp duty for residents moving into their redeveloped projects in Mumbai
April 3, 2017

The Maharashtra department of registration and stamps has announced that residents moving into their apartments after they have been redeveloped do not need to pay any stamp duty for the same. This decision has pleased homeowners as it might help them save more than Rs 1 lakh. Industry experts expect redevelopment projects in Mumbai suburbs, including Ghatkopar, Mulund, Chembur, Kandivli, Borivli, Goregaon, and Andheri will witness the greatest benefit of this move. Until now, every resident… Read More

Draft Maharashtra Rent Control Rules may allow rent to be hiked for repairs
April 2, 2017

The draft Maharashtra Rent Control Rules, 2017, includes a provision which allows the rent of a property to be increased for carrying out structural improvements, alterations, repairs, and any additions to the property or amenities. However, this increase would be valid for a temporary period. Officials share that the draft rules have been published following a high court order received a year ago. The final rules will be prepared after considering all objections and suggestions… Read More

Mumbai salt pans classified under CRZ I
April 2, 2017

The new draft of Mumbai’s Coastal Zone Management Plan (CZMP) has categorised salt pans under the Coastal Regulation Zone I (CRZ I). It should be noted that no construction is allowed in areas marked as CRZ I. A regulatory policy for construction activities, CRZP also includes environmental concerns in its purview. The policy is also aimed at curbing densification of the areas along the water channels and the coastline. The draft CRZP has been opened for public suggestions and… Read More

Mumbai homes may soon attract 1% extra surcharge
March 30, 2017

The Brihanmumbai Municipal Corporation (BMC) has proposed a one percent surcharge on all property transactions in Mumbai. If approved by the state government, the rule will also be applicable on gifted properties. As confirmed by BMC officials, this new levy could help yield an additional revenue of Rs 3,000 crore for the civic body. At present, a buyer has to pay five percent of the property price as stamp duty and Rs 30,000 as registration… Read More

Illegal buildings in Maharashtra to be listed in newspapers, hoardings
March 29, 2017

In an attempt to curb the mushrooming of illegal structures in the state, the Maharashtra urban development department has asked civic bodies to publish a list of illegal projects in newspapers or hoardings. Additionally, the authorities have been asked to vacate such illegal buildings if deemed dangerous during structural audits. The motive behind this decision is to enlighten prospective buyers about illegal structures and protect them from unknowingly buying cheap but unsafe constructions. The local… Read More

Maharashtra cancels property tax penalty on illegal flats up to 600 sq ft
March 29, 2017

In a move that will offer relief to holders of unauthorised apartments in Maharashtra, the government will no longer charge double property tax on illegal flats measuring up to 600 sq ft. Until now, such properties had to pay twice the property tax as a form of penalty. The latest resolution states that illegal properties spread over 601-1,000 sq ft will be liable to pay additional 50 percent of the total property tax as penalty.… Read More

Press Release

Tata Housing announces Cashback Revolution campaign on Gudi Padwa
March 28, 2017

Tata Housing announces Cashback Revolution campaign on Gudi Padwa28th March 2017 On the auspicious occasion of Gudi Padwa, real estate developer Tata Housing announced one-of-a-kind Cashback Revolution campaign. Under this campaign, buyers are eligible to avail cashback offers of up to Rs 10 lakh on projects such as Amantra in Kalyan, Arrosa in Bhandup, Aveza in Mulund, Serein in Thane  Read More

Press Release

Godrej Properties joins hand with Shivam Realty for Mumbai project
March 27, 2017

Godrej Properties joins hand with Shivam Realty for Mumbai project27th March 2017 Mumbai-based developer Godrej Properties has entered into a joint venture with Shivam Realty to construct a residential group housing project at Hanuman Nagar, Kandivali (East) in Mumbai. Situated in proximity to the Western Express Highway, the project will span over 5 acres of land and offer contemporary-designed apartments in different configurations. Read More

Sewage treatment plants might become mandatory for Thane housing societies
March 20, 2017

The Thane Municipal Corporation (TMC) intends to make it mandatory for new small housing projects to have water treatment and recycling plants. This will be enforced by ensuring that henceforth, all housing proposals include a built-up area of 20,000 sq ft or 2,000 sq m to develop Sewage Treatment Plants (STP). An official survey carried out last year showed that about 75 percent of households in TMC jurisdiction lacked basic sewerage disposal facility. Authorities shared that only 25 percent… Read More

Maharashtra to set up SPV for monetising land to fund infra projects
March 20, 2017

Maharashtra government has decided to set up a special purpose vehicle (SPV) in order to monetise government land. This is aimed at raising funds for the cash-strapped government for developing infrastructure across the state. The state is targeting a total of Rs 1 lakh crore to be raised via the SPV, which would be used over the next five years. Named Mahainfra, the SPV would allow the aggregation of idle land held by various departments… Read More

Maharashtra allows architects to self-certify bungalows
March 20, 2017

Maharashtra state urban development department has issued a notification according to which architects may now self-certify their own projects in Mumbai. This would relieve the burden of approvals on the civic administration and speed up the building approval system. The notification stated that the architects would be responsible for plinth checking and monitoring the construction, and would also be authorised to issue approval plans and approval letters. Periodical site progress and inspection reports would have to… Read More

Maharashtra acts against encroachment on Waqf properties
March 19, 2017

Acting on complaints regarding Waqf properties in the state being encroached, the Maharashtra government has decided to carry out a survey of Waqf properties. An earlier review had estimated about the share of encroached Waqf land at 70 percent. The aim of this survey is to establish total Waqf land by checking the title of the properties and any encroachments on the same. Waqf properties are primarily used for religious and philanthropic purposes under Muslim… Read More

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