Tag: Mumbai

Latest StoriesResidential

Mulund Homeowners Claim Interior Firms Duped Them

MUMBAI: What was intended to be the beginning of luxurious living has turned into a nightmare for numerous residents in a housing society in Mulund West. Many homeowners allege they were defrauded of lakhs of rupees by interior design firms that promised to transform their newly acquired apartments but vanished after collecting hefty advance payments. Residents report that at least four interior design firms accepted advance payments totaling lakhs of rupees, assuring them that work would be completed on time. However, many homeowners claim the projects were either halted midway or never started, despite numerous assurances and follow-ups. Growing frustration…

IndustryLatest Stories

Maharashtra Reduces Land Survey Fees, Imposes Timelines

NAGPUR: The Maharashtra government has announced significant changes to land survey charges and procedures, aiming to reduce fees for family partition measurements and establish fixed timelines for completing surveys. These reforms are designed to alleviate public grievances and enhance administrative accountability. Revenue Minister Chandrashekhar Bawankule has approved the new framework, which requires regular land surveys to be completed within 90 days and expedited surveys within 30 days. The government indicated that these changes are intended to tackle longstanding complaints regarding delays, lack of transparency, and alleged corruption in land measurement processes, which impact property transactions and inheritance disputes in both…

IndustryLatest Stories

Maharashtra’s Vertical Property Cards Await Legal Approval in Assembly

PUNE: The much-anticipated discussion around the proposed vertical property cards for apartment owners is set for the upcoming monsoon session of the state legislature starting Monday. This initiative aims to establish independent ownership records for flats and is currently pending final legal approval, according to officials from the state settlement commissioner’s office, as reported by TOI. Officials indicate that the proposal is presently with the law and judiciary department, following several rounds of assessment and modifications. A senior official noted, “The proposal has now been sent to the government for its final review. Given that its implementation necessitates adjustments to…

Latest StoriesRera

Lawyers: MahaRERA should leverage tech for project compliance

MUMBAI: MahaRERA has issued show-cause notices to 9,177 housing projects in Maharashtra and imposed more than Rs 15 crore in penalties for not submitting their quarterly progress reports (QPRs). This has prompted concerns regarding the regulator’s capability to examine the disclosures made by developers and ensure adherence to the Real Estate (Regulation and Development) Act, 2016 (RERA). Lawyers and housing activists argue that MahaRERA lacks sufficient infrastructure to systematically verify the self-declarations and documents provided by promoters. They recommend implementing random inspections, independent verifications, and technology-enhanced monitoring, such as AI, to ensure compliance. According to them, current scrutiny remains largely…

IndustryLatest Stories

August Launch: 5 Private Property Registration Hubs, 1 in Pune

PUNE: The state registration department is set to launch its first five private model sub-registrar offices, including one in the city, this August. A senior official revealed that two offices will be established in Mumbai, one in Navi Mumbai, and another in Nagpur during the initial phase. This initiative is part of the registration department’s broader plan to create 60 model registration centres across the state through public-private partnerships, while maintaining the existing 517 government-run offices. The private operator has assured that these first five centres will commence operations between August 1 and August 30, with the original target being…

IndustryLatest Stories

Mahindra Secures 15 Acres in Mumbai; YKK to Build Chennai Plant

NEW DELHI: Mahindra Lifespace Developers (MLDL) has acquired a 15-acre land parcel in Kandivali East, Mumbai. This site presents a development opportunity of approximately 1.8 million sq ft, with an estimated gross development value of ₹5,600 crore, as stated by the company. The acquisition was made through a competitive bidding process. The land is conveniently located near the Western Express Highway and metro corridors. “This acquisition enhances our footprint in one of Mumbai’s key residential areas,” commented Vimalendra Singh, Chief Business Officer – Residential. The site benefits from a well-established social infrastructure, including schools, hospitals, and retail centers. Connectivity is…

Latest StoriesRegulatory

Mumbai court denies bail to businessman in ₹1,000 crore fraud

MUMBAI: A Mumbai court has rejected the anticipatory bail plea of businessman Sudhir Valia, who is implicated in a Rs 1,000-crore financial fraud involving Yes Bank. The court ruled that the charges are serious and that Valia’s custodial interrogation is necessary. Rana Kapoor, co-founder of Yes Bank, is also among those accused in the case. Additional Sessions Judge Anil D. Salunkhe stated, “The seriousness of the alleged economic fraud involving the applicant (Valia) in collusion with Yes Bank officials necessitates custodial interrogation.” The Economic Offences Wing (EOW) of the Mumbai Police has registered a new FIR targeting Kapoor, Valia, director…

IndustryLatest Stories

Mumbai: Developers Explore Tankers, Recycling Amid Water Restrictions

MUMBAI: As water supplies in Mumbai become tighter, developers and industrial users are adjusting their operations, preparing for increased costs, a greater reliance on tankers, and potential project delays, while also accelerating investments in water recycling and reuse. The BMC has suspended water supply to construction sites and implemented a 20% reduction in supply to industrial and commercial entities due to declining reservoir levels and a delayed monsoon. These restrictions are on top of a previously established 10% cut from the previous month. Amit Jain, Chairman and Managing Director of Arkade Developers, mentioned that these measures would drive developers towards…

CommercialLatest Stories

JSW Realty Gets ₹1,600 Crore Loan from Tata Capital for Mumbai Project

JSW Realty, the real estate division of the JSW Group, is in advanced negotiations to secure a loan of Rs 1,600 crore (approximately $169 million) from Tata Capital Ltd., a shadow lender, as per sources familiar with the matter. The company is looking to obtain this five-year loan to finance an office development near Mumbai’s Bandra business area. The sources, who requested anonymity due to the private nature of these discussions, indicated that the loan interest rate is likely to fall between 9% and 11% per annum, whereas the yield on current five-year government bonds stands at 6.47%. The terms…

Latest StoriesResidential

Kalki Koechlin Sells Mumbai Apartment for ₹2.55 Crore

NEW DELHI: Kalki Koechlin has sold her apartment located in the Varsova Kiran Co-operative Housing Society, Andheri West, Mumbai, for ₹2.55 crore. The apartment spans an area of 114.31 sq meters (1,230.42 sq ft). The transaction required a stamp duty payment of ₹16.08 lakh and registration charges of ₹30,000, based on property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. Koechlin originally acquired the apartment in December 2015 for ₹1.95 crore. With its current sale price at ₹2.55 crore, the actress has realized an appreciation of approximately ₹60 lakh over her nearly 10-year ownership,…