BMC plans an elevated road from Lokhandwala to Lagoon Road
February 20, 2019

The Brihanmumbai Municipal Corporation (BMC) proposed an elevated road from Lokhandwala, Andheri to Lagoon Road, Malad. The plan was tabled in the recently held municipal budget meet. The 2 km stretch will constitute two lanes, each 13 meters wide, and will be developed at an estimated cost of Rs 450 crore. If executed, the road would significantly benefit people commuting between Marve and Madh in Malad, since it would allow direct access to Andheri and would also reduce the travelling time. As per the BMC official, “The general administrative drawing of the project is ready and is awaiting approval from…

MahaRERA kick-starts training of 500 construction trainers
February 20, 2019

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has kick-started the ‘Training of expert trainers’ programme under which, it will train 500 expert trainers, who will further impart training to 15 lakh construction workers across the State in the next five years. According to the MahaRERA Chairman, Gautam Chatterjee, Rs 3 crore will be spent on the initiative by the regulatory authority. Chatterjee recently inaugurated the first training batch comprising 50 experts at a specially-designed training space at Nanded City, which comprises of classrooms, tools display area, activity hall and a workshop. As per a provision under the Real Estate (Regulation…

Developers must deposit 30 pc refund for appealing: MahaRERA tribunal
February 19, 2019

A recent ruling by the Maharashtra Real Estate Appellate Tribunal (MREAT) has made it clear that the tribunal can only contemplate a promoter's appeal if he/she deposits a minimum of 30 percent of the amount in contention. The judgement was given by a three-member tribunal constituting Justice Indira Jain, retired High Court Judge and Sumant Kolhe, Member, Judicial. Justice Sumant Kolhe cited the provision under Section 43 (5) of the Real Estate (Regulation and Development) Act (RERA), which makes it compulsory for a promoter to deposit at least 30 percent of the amount in contention before getting its case heard…

CIDCO announces online lottery draw of 1,100 apartments in Navi Mumbai
February 18, 2019

The City and Industrial Development Corporation of Maharashtra (CIDCO) announced the results of the Mega Housing Scheme for as many as 1,100 unsold residential units at CIDCO Bhavan, Central Business District (CBD) Belapur. The 1,100 flats were a part of 14,838 homes that were doled out in October 2017. The applicants who failed to register in the last year’s draw participated in the scheme. Total, 57,700 valid applications were received by the Authority. Homes under the project are being developed at 11 locations in five nodes of Navi Mumbai. Key micro-markets where these homes will be constructed include Taloja, Kharghar,…

Government to grant uniform development rules to 7 corporations near Mumbai
February 18, 2019

In a bid to propel the real estate sector, the government has decided to grant uniform development rules to seven Mumbai Metropolitan Region (MMR)-based corporations (excluding Mumbai). These corporations include Navi Mumbai, Thane, Vasai-Virar, Mira-Bhayandar, Ulhasnagar, Kalyan-Dombivli and Bhiwandi-Nizampur. The decision has been taken keeping in mind their proximity to Mumbai and similar land use features. These corporations will be granted a base Floor Space Index (FSI) of 1.1 instead of the existing one, and a maximum FSI of three for slums and affordable housing projects, depending upon the width of the road. Under the new norms, 15 percent FSI…

Buyers to approve extension of unfinished projects: MahaRERA
February 14, 2019

According to a directive issued by the Maharashtra Real Estate Regulatory Authority (MahaRERA), it has decided to give a second chance to genuine real estate developers to complete their projects, if over 50 percent consumers of the halted project gives their consent. The time-frame for the extension would be set and it will be applicable over the existing one year extension that the Authority gives to real estate developers to finish incomplete projects. MahaRERA Secretary, Vasant Prabhu, said that nearly 90 percent of the complaints received by the Authority are related to project delays. The directive will allow consumers to…

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Poddar Housing announces plans for the affordable segment
February 14, 2019

With the aim of becoming the largest affordable housing development company in India, Poddar Housing and Development Ltd has announced its business expansion plans, wherein, it intends to deliver over 27,000 homes across Mumbai. The Company has recently held a first ever knowledge seminar with a vision to deliver superior value to its stakeholders. The event was marked by the presence of over 500 delegates and eminent industry experts who shared their insights on key policies such as RERA and PMAY along with market sentiments, government initiatives, booming affordable housing segments, green construction and the need for green housing policy.

Stamp duty in Mumbai up by 1 percent
February 12, 2019

Finally, the Maharashtra government has issued a notification regarding an extra one percent of stamp duty to be levied as a surcharge on property transactions in Mumbai. The additional charge will be applicable on all property deals from February 8, 2019. The State government is expecting to generate more than Rs 1,000 crore from this amendment. The revenue will be collected by the Stamps and Registration Department and passed on to the Mumbai Metropolitan Region Development Authority (MMRDA) to carry out several infrastructure projects in Mumbai, including nine Metro corridors, and the Versova-Bandra Sea Link (VBSL). The decision will now increase…

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Mahindra Lifespace executes an agreement to acquire land in Pune
February 12, 2019

Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the famed Mahindra Group has recently executed an agreement to acquire approximately seven acres of land in Pune, wherein, it plans to develop a mid-segment residential project with development potential of approximately 0.7 million sq ft. The Project falls under the jurisdiction of Pimpri Chinchwad Municipal Corporation and the said move is a part of the company’s pursuit to acquire land for business expansion.

Mumbai civic body announces 2019-20 budget
February 5, 2019

The Brihanmumbai Municipal Corporation (BMC) has announced a Rs 30,692-crore budget for 2019-20 fiscal with a focus on creating civic infrastructure. The civic body exceeded its 2018-19 budget by 12.60 percent and did not announce any new taxes in the existing one. Around 51 percent of the funds have been allocated to bridges, roads and traffic, information and technology, stormwater drains, sewerage disposal, water supply and health department. While no new project announcements were made in the budget, the Corporation will emphasise on big-ticket projects such as the Goregaon-Mulund link road, the coastal road project and up gradation of Sewage Treatment Plants (STP). The civic…

Spend on infra projects in Mumbai touches Rs 75,000 crore
February 5, 2019

Speaking to reporters after inaugurating Central Railways first Rajdhani Express between Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai and Hazrat Nizamuddin, Delhi, Union Minister Piyush Goyal asserted that the Government has spent Rs 75,000 crore on infrastructure development in Mumbai  so far. In contrast to an investment of Rs 1,171 crore in railways during the 2009-2014 period, a corpus of almost Rs 4,345 crore has been spent between 2014 and 2018. Talking about the progress of Phase 3-A of the Mumbai Urban Transport Project (MUTP), he said that the Centre along with the State cabinet has given the nod to the…

CIDCO housing scheme: Over 68,000 applications received
February 3, 2019

In Navi Mumbai, the City and Industrial Development Corporation (CIDCO) had launched a lottery scheme for over 1,100 budget flats under the Pradhan Mantri Awas Yojana (PMAY). For the scheme, over 68,000 applications have been received by the Corporation. Officials have shared that out of all the received applications, a total of 51,622 applicants have submitted the registration fees. The online draw of the houses will be held on February 14, 2019 at 11 am.   Priya Ratambe, Public Relation Officer (PRO), CIDCO, has shared that the Corporation had launched a dedicated website, lottery.cidcoindia.com, to simplify the process of registration for…

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Rustomjee launches uber luxury project
January 31, 2019

Rustomjee launches uber luxury projectJanuary 29, 2019 Leading real estate developer, Rustomjee launched a luxury project ‘Rustomjee Crown’ located in Prabhadevi, Mumbai. Spread across 5.75 acres, the architectural marvel boasts of ‘Thoughtfully Built’ three, four and five bed residences ranging from 1335-2528 sq ft, overlooking the Arabian Sea. Rustomjee Crown is conceptualised by the renowned Architect Hafeez Contractor and designed by Bangkok’s leading interior design firm PIA Interiors and is the choicest location for the affluent class who prefer discreet opulence. 

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Piramal Realty inaugurates World-Class Experience Centre at Piramal Mahalaxmi
January 30, 2019

Piramal Realty, the real estate arm of the Piramal Group in a joint venture with Omkar Realtors, has recently inaugurated its World-Class Experience Centre at Piramal Mahalaxmi- a flagship project in South Mumbai. The Experience Centre, which has been designed in collaboration with internationally acclaimed partners, showcases a perfect fusion of the rich culture and contemporary living reflecting the quintessence of Piramal Mahalaxmi which is also one of the most sought-after addresses in Mumbai.

Ministry lays foundation stone for two highway projects in MMR
January 27, 2019

The Ministry of Road Transport has laid the foundation stones for two highway projects in the Mumbai Metropolitan Region (MMR). Nitin Gadkari, Road Transport and Highways Minister, has launched projects including eight-laning of the Vadape-Thane bypass (of NH-3) and four-laning of the road connecting Shahapur, Murbad, Karjat and Khopoli. Officials have shared that the highway projects will be developed at an estimated cost of Rs 1,600 crore. The Vadape-Thane bypass project will be developed at Rs 1,183 crore and will be executed by MEP Infra on hybrid annuity mode. The bypass project envisages constructing a new railway over-bridge (ROB) and two new…

Government to connect Navi Mumbai airport via waterways
January 27, 2019

The Central Government is planning to connect the upcoming Navi Mumbai International Airport to neighbouring cities of Mumbai, Thane, Kalyan, and Vasai via waterways. The information was shared by the Minister for Road Transport and Highways, Nitin Gadkari at the foundation laying ceremony of two highway projects in Thane. Officials have been directed to conduct studies to churn out the possibility of connecting the upcoming airport to nearby metros via water routes. Nitin Gadkari has already discussed plans with Mumbai Port Trust and a feasibility test had shown favourable results. The water-based transport modes such as hovercrafts, seaplanes, and airboats…

Mumbai Metro: Over 650 residents to be relocated
January 25, 2019

More than 650 residents from Girgaum and Kalbadevi will be provided temporary accommodation by Mumbai Metro Rail Corporation Limited (MMRCL) to give way for the Mumbai metro 3 project. Out of 687 families who are likely to be affected by the construction of the said metro line, around 541 families have already been shifted and the remaining 146 would be shifted by the end of February, 2019. The process of signing the agreements with the remaining families is still under process. It is expected that 19 buildings including 277 residential units and over 346 commercial units would be affected by…

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Lodha Developers International Limited announces buy-back programme
January 22, 2019

The subsidiary of Lodha Group, one of the leading real estate developers in India, has recently announced a buy-back programme for its dollar denominated bonds which are due in 2020. The Company has entered into agreement with J.P Morgan Securities PLC for repurchasing up to US$65 million of the said bonds on its behalf. The group, post the buy-back procedure, will reduce its gross debt and provide liquidity to the bondholders.

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