Tag: Mumbai

IndustryLatest Stories

Goa: GIDC Allocates Three Plots for New IT Park

Representative image PANAJI: The Goa Industrial Development Corporation (GIDC) has allocated three out of the six large plots at the upcoming Hello World Innovation & Research Park located in the Verna industrial estate. Spanning approximately 4 lakh sqm at the end of Phase IV of the Verna Industrial Estate, this facility is anticipated to create between 20,000 to 30,000 jobs, according to Industries Minister Mauvin Godinho. “Hello World is a prestigious project initiated by GIDC at Verna, dubbed the Innovation Hub or R&D Hub and IT Hub. Of the six large plots available, three have already been secured by a…

IndustryLatest Stories

Vedanta Ventures into Real Estate Market

NEW DELHI: Vedanta Ltd announced on Wednesday the establishment of a wholly-owned subsidiary, Vedanta Property Platforms Ltd (VPPL), to enter the real estate sector. VPPL will act as a strategic platform for Vedanta’s ventures in real estate and associated activities. This initiative is designed to monetize excess land and non-core property assets while creating a dedicated structure for prospective joint ventures and asset-light strategies to finance growth in its primary metals and energy sectors. According to a filing with BSE, VPPL was incorporated in Mumbai, Maharashtra, on June 22. The subsidiary will provide a strategic framework for engaging in real…

IndustryLatest Stories

BMC Revives OC Amnesty for Pre-Nov 2016 Mumbai Buildings

MUMBAI: Nearly three months after proposing an amnesty scheme aimed at issuing occupation certificates (OCs) for buildings lacking mandatory approvals—even if they have been occupied for years—the BMC is set to revisit this proposal at the civic standing committee meeting on Thursday. Civic officials indicate that the scheme will target buildings constructed before November 17, 2016, including those that had previously been ineligible for OCs due to deviations from approved plans or additional constructions. When first presented in April, the BJP-led standing committee chose not to discuss the proposal, mainly due to disagreements over a clause that includes housing units…

Latest StoriesRegulatory

SREI Finance Withdraws Plea on Nirmal Lifestyle’s Revival Plan

The heavily indebted realty firm, Nirmal Lifestyle (Mulund) Pvt Ltd, has seen one of its secured creditors, SREI Equipment Finance Ltd, withdraw its appeal to the National Company Law Appellate Tribunal (NCLAT). This withdrawal follows the resolution applicant’s clarification that the contested mortgaged property is not part of the approved plan. In April, the Mumbai bench of the National Company Law Tribunal approved the acquisition of Nirmal Lifestyle (Mulund) by Pune-based developer, Mantra Properties and Developers Pvt Ltd. The company carries liabilities totaling Rs 1,491 crore, while the bidder proposed Rs 215 crore under the resolution plan to reinstate the…

IndustryLatest Stories

Mumbai: 450-Acre Antop Hill Slum Cluster to Be Redeveloped

MUMBAI: Following the 101.4-acre Juhu Galli project in Andheri West, the Slum Rehabilitation Authority (SRA) has now focused on redeveloping one of the largest slum clusters in the city at Antop Hill in Wadala, spanning 450 acres. Additionally, two other major clusters—Majaswadi (260 acres) in Jogeshwari East and Behrampada (140 acres) in Bandra East—are also earmarked for redevelopment. SRA has begun the process to secure approval from the state’s high-powered committee for the redevelopment of these three clusters. A consortium led by Reliance recently became the highest bidder for the Juhu Galli project—the city’s first slum cluster redevelopment—offering a 35.1%…

Latest StoriesRegulatory

Bombay HC gives NCDRC 60 days to rule on DB Ozone case

MUMBAI: Over 3,000 families residing in DB Ozone, Dahisar East, may finally see progress in their prolonged pursuit of an occupancy certificate (OC) following a Bombay High Court directive to the National Consumer Disputes Redressal Commission (NCDRC) to fast-track hearings and deliver a timely judgment. During a hearing on June 9, the High Court instructed the NCDRC to hold a formal hearing within 30 days and issue its final judgment within 60 days. This ruling has stirred hope among the residents who have been in limbo for more than 12 years after taking fit-out possession of their flats over a…

Latest StoriesRegulatory

No delay in conveyance due to future TDR use: Bombay HC

MUMBAI: Last week, the Bombay High Court provided relief to three Vile Parle housing societies comprising ten buildings constructed in the 1970s and two from November 1990. The court upheld the deputy registrar’s authority to unilaterally grant deemed conveyance of land along with the buildings, ruling that future FSI potential concerning portions of land designated for public amenities should not hinder the process. In a ruling on June 18, Justice Sandeep Marne stated, “The conveyance of the land intended for the societies cannot be postponed until the municipal corporation acquires the land and compensates the petitioner.” Justice Marne expressed skepticism…

IndustryLatest Stories

SRA Identifies 18 New Clusters for Mumbai Redevelopment

The Slum Rehabilitation Authority (SRA) has identified 18 new slum clusters in the Mumbai Metropolitan Region for redevelopment as part of the state government’s Slum Cluster Area Redevelopment Scheme. This follows investor interest in its pilot project in Andheri (West), according to sources familiar with the matter. This initiative aligns with Maharashtra’s strategy to create a slum-free Mumbai, providing secure, permanent housing through extensive redevelopment initiatives outlined in the State Housing Policy 2025. Officials have begun gathering approvals from the High-Powered Committee for significant clusters, including Majaswadi in Andheri (East), Behrampada in Bandra (East), and the Wadala Truck Terminal area.…

IndustryLatest Stories

MHADA’s 925-acre Mumbai plan could attract ₹4 lakh crore investment

MUMBAI: The Maharashtra Housing and Area Development Authority (MHADA) aims to launch a redevelopment programme under its Construction & Development Agency (C&D) model, expected to attract investments of approximately ₹4 lakh crore in Mumbai, according to a senior official from the agency. This initiative will facilitate the construction of roughly 75,000 rehabilitation tenements, about 30,000 housing units for MHADA, along with a significant saleable component to benefit private developers. “This large-scale urban renewal initiative will cover around 925 acres across 11 projects, significantly revamping many older housing colonies and reshaping some of Mumbai’s most crowded neighborhoods. In total, these projects…

InfrastructureLatest Stories

Drone Surveys Update Urban Property Maps in Maharashtra; 140K Applications Cleared Online

PUNE: Homeowners in Maharashtra may soon have a simpler way to access ownership records and update land documents, thanks to a new state government initiative. A large-scale drone survey is being launched to map urban properties and digitize the mutation process for approximately one crore records. The revenue department’s extensive project includes municipal areas and surrounding gaothan (village site) limits. Officials indicate that this initiative aims to resolve ongoing issues with urban land records and significantly diminish future ownership disputes. State settlement commissioner Shailesh Nawal stated to TOI that, following instructions from the revenue minister, a government resolution (GR) has…