Tag: Mumbai

Latest StoriesResidential

Hrithik Roshan Rents Juhu Flat for Saba Azad at Discounted Rate

Actor Hrithik Roshan has rented a sea-view flat in his luxurious Juhu property to partner Saba Azad for just ₹75,000 per month, significantly lower than current market rates. The leave-and-licence agreement, registered on August 4, stipulates a monthly rent of ₹75,000 with a security deposit of ₹1.25 lakh for a 12-month period, as per data from property platform Zapkey. Roshan purchased three floors in Mannat Apartments (also known as Vartamaan) on Juhu-Versova Link Road in October 2020 for ₹97.5 crore, specifically the 18th, 19th, and 20th floors. This rental rate starkly contrasts with a 2023 agreement in the same building,…

Latest StoriesRegulatory

Bombay HC: MLA Must Not Interfere in Redevelopment Efforts

MUMBAI: The Bombay High Court has prohibited the Slum Rehabilitation Authority (SRA) and BMC from responding to complaints and interference from BJP MLA Parag Alavani and a competing developer regarding a slum rehabilitation project in Vile Parle (E), as reported by Rosy Sequeira. The bench, consisting of Justices Girish Kulkarni and Arif Doctor, remarked, “It reflects poorly when any statutory authority abandons its statutory responsibilities due to outside interference, which is evidently what the respondent 2 (SRA) appears to have done,” during their ruling last Friday. In November 2020, the Shree Gurukrupa CHS, a slum-dwellers’ society, appointed Sateri Builders for…

Latest StoriesRegulatory

SC Upholds Bombay HC Order on Bandra Church Land Acquisition

MUMBAI: The Supreme Court, emphasizing the “invisible yet pervasive influence of powerful private developers” involved in land acquisitions under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, has upheld a Bombay High Court ruling that invalidated the acquisition of Church Trust land at Mount Mary in Bandra by the Slum Redevelopment Authority (SRA) on Friday. The SC noted that the Trust has shown interest in redeveloping the land since 2013. In a landmark ruling, the SC bench consisting of Justices Surya Kant and Ujjal Bhuyan stressed the need for practical and actionable safeguards within a legal framework amid competing…

Latest StoriesRegulatory

Bombay HC Urges Strict Safety Adherence for High-Rise Buildings

MUMBAI: The Bombay High Court has mandated that all planning authorities incorporate a specific condition regarding adherence to “special safety control recommendations for working at heights during high-rise construction” when issuing development permissions for high-rise buildings, as per an expert committee’s report. The state informed the court that directives were issued on August 20 to all municipal corporations and councils to ensure these recommendations are followed. This follows the court’s previous orders highlighting significant safety lapses, particularly regarding machinery such as suspended cranes used in high-rise construction projects. The bench comprising Justices Girish Kulkarni and Manjusha Deshpande has established that…

IndustryLatest Stories

BMC to Launch Safety Licenses for High-Rise Site Officers

Representative image created by AI MUMBAI: The BMC’s building proposal department should implement a professional safety license for Licensed Safety Officers (LSOs) for each high-rise development in the city. The special safety control guidelines recommended by a committee, as directed by the Bombay High Court, were approved by the state government and sent to the BMC on August 20. In 2022 and 2023, there were incidents involving tower cranes that affected pedestrians. On February 14, 2023, a tragedy occurred at a residential construction site where concrete blocks fell from the 42nd floor onto an adjacent road, resulting in the deaths…

IndustryLatest Stories

NeoLiv Purchases 17.5 Acres in Mumbai Area

Representative image NEW DELHI: Realty firm NeoLiv has secured a 17.5-acre plot in the Mumbai area and is set to invest Rs 150 crore in a new housing project. On Thursday, the company announced the acquisition of land in Khopoli within the Mumbai Metropolitan Region (MMR) but did not disclose the purchase price. According to NeoLiv founder and CEO Mohit Malhotra, “We will develop approximately 180 residential plots on this land, with the total project costing Rs 150 crore.” The project will also feature villas. Malhotra mentioned that this marks the company’s third development venture. NeoLiv highlighted that the Panvel-Khalapur-Khopoli…

Latest StoriesResidential

Mumbai: No Extra Fees for Rented Flats in Housing Societies

MUMBAI: The deputy registrar of co-operative societies has informed the Chaitanya Cooperative Housing Society in Pratiksha Nagar, Sion East, Mumbai, that it is prohibited from collecting any excess fees from members renting out their flats, except for non-occupancy charges. This ruling follows a complaint from a flat owner who alleged that the society was unlawfully charging Rs 5,000 as a building development fund. Abhijit Deshpande, deputy registrar of co-operative societies at Mhada Mumbai City, stated that it is inappropriate for the society to collect any funds under the guise of a development fund from members renting their flats. He ordered…

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Runwal Enterprises Secures Sebi Approval for ₹1,000 Crore IPO

Runwal Enterprises, a real estate developer based in Mumbai and promoted by Subodh Runwal, has received approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) valued at ₹1,000 crore. The proposed IPO will consist of a fresh issue of equity shares with a face value of ₹2 each, with no offer-for-sale component included. The company stated that the proceeds from the IPO will be allocated to support its expansion plans and enhance its balance sheet. Furthermore, there will be a reservation of shares for eligible employees, allowing them to subscribe at a…

Latest StoriesResidential

Maharashtra Minister: Don’t Demolish Unauthorized Homes This Ganesh

Here’s a rewritten version of the content: MUMBAI: Maharashtra Revenue Minister Chandrashekhar Bawankule has instructed officials to refrain from demolishing unauthorized homes or issuing notices to residents during the upcoming Ganesh festival, emphasizing that such measures should only occur post-festival. The ten-day Ganesh festival begins on August 27. Bawankule stated, “Demolitions should not occur during the festive period, and no notices should instill fear among citizens. Any necessary actions must wait until after the Ganesh festival.” Local residents in North Mumbai had appealed for a suspension of the ongoing demolition efforts by the Brihanmumbai Municipal Corporation (BMC) targeting unauthorized constructions.…

Latest StoriesRera

MahaRERA Freezes Accounts, Suspends 4,812 Lapsed Projects

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended registrations for 4,812 housing projects statewide since July, freezing their bank accounts because developers failed to update construction progress or request extensions despite multiple reminders. The majority of suspended projects are in major urban areas, with Pune leading at 1,219 suspensions, followed by Thane (535), Raigad (465), Mumbai suburban (438), and Palghar (377). These projects will now be barred from property transactions, and developers could face penalties up to ₹50,000 for non-compliance. This action follows a crackdown initiated in December when MahaRERA identified 10,773 projects lacking updated timelines. “Many developers…