MHADA to develop six lakh affordable homes in Mumbai
June 20, 2018

The Maharashtra Housing and Area Development Authority (MHADA) has got around 60 proposals since the Authority has been accorded a status of planning authority by the State government. Of all received proposals, the Authority has given the final nod to six proposals. The decision will fasten the redevelopment process of 114 MHADA layouts across Mumbai and reduce red-tapeism. Layouts are located in areas such as Malad, Kalachowki, Goregaon, Bandra, Santacruz, Andheri, Borivli, Vikhroli, Chembur, Kurla and Dahisar. The redevelopment process is more likely to generate over six lakh new houses in Mumbai in years to come, fulfilling the Government’s agenda…

MahaRERA to mandate land title insurance for projects soon
June 18, 2018

The Maharashtra Real Estate Regulatory Authority has decided to mandate land title insurance for all registered developers under the Real Estate (Regulation and Development) Act (RERA). The decision was taken considering the keen interest was shown by the insurance companies in granting title insurance for all registered real estate projects under the Act. Gautam Chatterjee, Chairman, MahaRERA, has informed that the Authority, at present, is not in a state to implement the clause immediately as there is no insurance player providing such a cover. The Authority will draft a detailed proposal for the same and the rules will be implemented…

Maharashtra to address complaints of non-RERA projects
June 14, 2018

The Maharashtra government has decided to identify a group of professionals and form a committee to address homebuyers complaints received against unregistered projects with the Maharashtra Real Estate Regulatory Authority (MahaRERA). Officials have informed that MahaRERA has authority to take action against the unregistered projects. Recently, a complaint registered by a plot owner for not registering the project under RERA. The High Court directed the State government to submit its reply to a petition filed. The State Housing Department has reverted that the State's regulatory authority would take necessary steps in the case. Vasant Prabhu, Secretary, MahaRERA, has informed that…

Registration of illegal properties banned in Maharashtra
June 13, 2018

The Maharashtra government has directed the civic bodies and the planning authorities to prepare and submit a list of illegal and unauthorised properties across the State to the department of stamps and registration. The stamps and registration department has been ordered to not register any illegal property in the State. Officials have shared that the civic bodies will soon publish the list of unauthorised properties on its websites and in the daily newspaper. Experts have opined that the number of illegal properties have gone up in the recent past and have become a major concern in the State. Several developers…

MHADA to conduct lottery draw for selling 1,000 houses in Mumbai
June 9, 2018

The Maharashtra Housing and Area Development Authority (MHADA) is planning to sell 1,000 houses situated in Mahavirnagar in Borivli, Kannamwar Nagar in Vikhroli, Pant Nagar at Ghatkopar, Gawanpada at Mulund, Mankhurd and Goregaon parts of Mumbai, through a lottery. The civic body plans to accept applications for these flats from the first week of July post which, lottery will be conducted by end of August. Deependra Singh Kushwa, Vice-President and Chief Officer (Mumbai board) said that the houses will be priced less than their market value and that the civic body anticipates good response for its lottery draw. It is…

Bombay HC permits redevelopment of MIG colony project in Bandra
June 7, 2018

Setting aside a condition imposed by BMC, the Bombay High Court has allowed the redevelopment of a part of the MIG Colony in Bandra that was halted for the past few years. The condition imposed by the civic body was that the developer must execute a registered agreement with the existing tenants/occupiers to get the construction Commencement Certificate (CC). A division bench constituting Justices AS Oka and RI Chagla found that the section of the Development Control Regulations (DCR), under which the redevelopment work was being undertaken, did not impose that condition on the developer. The issue is related to…

Nagpur-Mumbai Samruddhi Expressway set to take-off
June 1, 2018

According to a senior government official, work orders for the ambitious Nagpur-Mumbai Samruddhi Expressway is likely to be issued by the Maharashtra State Road Development Corporation (MSRDC) in June. The corporation on Thursday disclosed the list of 13 lowest bidders for the 700 km project, which would be constructed in 13 packages. In a release, MSRDC Vice-Chairman and Managing Director Radheshyam Mopalwar said that post the result of the financial bids, the corporation shall immediately carryout the evaluation process of the valuation submitted by the financial bidders. After completion of the due diligence in next few days, the corporation may…

Slum Rehabilitation Authority surveys over 3 lakh units in Mumbai
May 30, 2018

In a survey conducted by the Slum Rehabilitation Authority (SRA) in Maharashtra, over three lakh huts in Mumbai has been inspected till date to accommodate slum dwellers under the existing Slum Rehabilitation Schemes (SRS) and under the Central government’s ‘Housing for all’ by 2022 scheme. The survey is anticipated to go on for a long time since there are more than 2,379 major slum pockets, housing over 62 lakh people. The area of these slum colonies varies between 318.50-2.17 lakh sq m. As per a government resolution issued by the state housing department dated 16 May 2018, dwellers staying in…

Maharashtra CM provides free land to slum dwellers
May 30, 2018

Maharashtra Chief Minister Devendra Fadnavis and Union Transport Minister Nitin Gadkari had offered land ownership to slum dwellers for free. While ownership documents were issued to around 1,000 slum dwellers, the same were handed over with ground rent demand note, which is as high as Rs 1 lakh per annum. Interestingly, the Nagpur Improvement Trust (NIT) is computing the ground rent at 2 percent of lease premium, which is zero. The average ground rent for slum dwellers varies between Rs 5,000-10,000 per year. In NIT’s last board meeting, the decision to impose ground rent on slum dwellers was approved by…

Maharashtra scraps 7/12 extract ownership document
May 29, 2018

The Maharashtra government has scrapped a crucial property document, 7/12 extract for property transactions in Mumbai. Introduced in the early 20th century, the 7/12 extract document provides vital information about the owner and its area. In short, it is used for agricultural land. The State government's decision to scrap the document will be eligible in all urban areas of Maharashtra, where every plot now has a city survey number. Sachin Kurve, Suburban Collector, has shared that there are around 87,000 Saat Baara Utara records between Bandra and Dahisar and from Kurla to Mulund. As most of the agricultural plots in…

MahaRERA disposes over 1500 complaints
May 27, 2018

Since the implementation of Real Estate (Regulation and Development) Act (RERA), the Maharashtra government remained the most active State in executing the norms across the State. It has been reported that the Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved a total of 16,562 ongoing projects across the State. The Authority has granted RERA certificates to 14,632 agents. RERA was enacted to bring transparency and accountability in the real estate sector, which can only be achieved if all buyers' complaints are resolved in time. In this arena, MahaRERA has surpassed all other States across the country. Till now, the regulatory…

Mumbai-Nagpur Expressway project receives bid from 18 companies
May 25, 2018

Official sources announced on Wednesday that around 18 construction majors including L&T and Reliance Infrastructure are in the race for the proposed Rs 46,000-crore Nagpur-Mumbai Super Communication Expressway project.   The nodal agency for the project, Maharashtra State Road Development Corp (MSRDC), opened the financial bids presented by experienced contractors to construct 13 out of 16 packages of the 700-km long NMSCE. The Bid process for remaining 3 packages is under progress and will be announced later. Another project of Chief Minister Devendra Fadnavis, the NMSCE, or Maharashtra Samruddhi Mahamarg project, will connect Mumbai directly with a high-speed corridor to Nagpur in eastern Maharashtra. The 18 eligible bidders are: Reliance Infrastructure, Megha Eng & Infra Ltd, NCC Ltd, IL&FS Transportation Networks Ltd, TPL CENGIZ JV, L&T Ltd, Sadbhav Eng Ltd, Afcon Infrastructure Ltd, PNC Infratech Ltd, BSCPL GVPR Jv, Navayuga Eng Co Ltd, APCO Infratech Pvt Ltd, KNR Constructions Ltd, Dilip Buildcon Ltd, Montecarlo Ltd, Ashoka Buildcon Ltd, Gayatri Projects Ltd and Oriental Structural Eng Pvt Ltd. Radheshyam Mopalwar, MD and MSRDC Vice Chairman shared that a milestone has…

MahaRERA plans to bind Mhada builders
May 25, 2018

Prakash Mehta, State Housing Minister convened an official meeting recently, comprising few officials from Maharashtra Real Estate Regulatory (MahaRERA) along with officials from Slum Rehabilitation Authority, housing and urban development departments and Maharashtra Housing and Area Development Authority ( MHADA). The meeting was carried out to discuss the proposed amendments and inclusion of various projects under MahaRERA. There are many projects under Mhada that are still incomplete. Further, Prakash Mehta iterated that amendments made to the Mhada Act for terminating contracts with private builders have been failing to complete projects on a given timeline. A comprehensive report will be prepared by the committee and shall be submitted to the chief minister to execute the projects speedily, adds Mehta. The mandate of State housing authority is to build affordable…

MahaRERA: Only 10 percent brokers register till now
May 23, 2018

Poor registration figures of real estate agents in Maharashtra has put the Maharashtra Real Estate Regulatory Authority (MahaRERA) in concern due to which, it has approached the Confederation of Real Estate Brokers’ Association of India (CREDAI) to push up the numbers. Even after a year since MahaRERA came into force, only 14,000 of over one lakh real estate brokers have registered themselves with the state’s regulator accounting for less than 10 percent. According to MahaRERA Secretary Vasant Prabhu, the authority was concerned with the dismal number of registrations because of which, they approached CREDAI since it wanted to ensure that…

Press Release

Nirmal Lifestyle partners with as L&T Finance, Godrej Properties and Shapoorji Pallonji
May 21, 2018

Nirmal Lifestyle partners with as L&T Finance, Godrej Properties and Shapoorji Pallonji21st May 2018 Nirmal Lifestyle has partnered with industry giants such as L&T Finance, Godrej Properties and Shapoorji Pallonji and raised capital worth Rs 14,000 + crores. While the venture with L&T, spread over 32 lakh sq ft, is expected to generate a turnover of Rs 5,500 crore in the next 7-8 years, that with Godrej Properties, an integrated township project, is anticipated to make a business worth Rs 3,500 crore in the next 5 years.

MahaRERA issues recovery warrants against six developers
May 18, 2018

The Maharashtra Real Estate Regulatory Authority or MahaRERA has issued recovery warrants against six developers based in Mumbai, Pune, Thane, Chandrapur and Raigad for the non-execution of orders. The warrants were issued after several homebuyers approached the regulatory authority seeking implementation of its earlier orders against these developers, ordering the latter to refund money. If officials of the regulator are to be believed, these orders were unresolved and there were repeated complaints. The official added that the cases have been forwarded to the collectors of the respective districts who are now expected to implement the recovery warrants at the earliest.…

Maharashtra govt plans to build 15 lakh affordable homes
May 18, 2018

Speaking at a conference, Prakash Mehta, Minister of Housing, Mining & Labour, Maharashtra said that the state government is looking to construct at least 15 lakh affordable homes, of which, 10 lakh would be in the Mumbai Metropolitan Region (MMR) while the remaining 5 lakh would be built across the rest of the state. In addition to this, the government is thoroughly devoted to enhancing the existing infrastructure of MMR and other cities across Maharashtra. The government is also looking look forward to associate with the private sector in achieving the Union government’s ‘Housing for All by 2022’ mission. Recently,…

Press Release

Wework launches co-working spaces in Mumbai and Bangalore
May 17, 2018

WeWork, a co-working space provider, expanded their presence in India to 8 locations after launching new collaborative spaces in Mumbai and Bangalore. The one in Mumbai is located in Vikhroli and can accommodate 1,300+ members. In Bangalore, the office has been opened in Hebbal with 890+ desks. 

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