01 Aug 2024

MahaRERA's latest directive mandates developers to specify deadlines for delivering amenities in housing projects. Effective immediately, developers must include a proposed delivery date for amenities like swimming pools, gyms, and clubhouses in Annexure-I of the Agreement for Sale. For multi-phase projects, phase-wise timelines are required. Major changes to facilities or their locations need MahaRERA approval and consent from two-thirds of residents. This regulation aims to address the common issue of uncertain amenity availability and enhance transparency, holding developers accountable for their commitments to homebuyers. MahaRERA's Chairman, Shri Ajoy Mehta, emphasised the importance of clear timelines for promised amenities.Read more

01 Aug 2024

On July 27, 2024, at 4:45 am, the Navi Mumbai Municipal Corporation (NMMC) responded to the collapse of Indira Niwas, a four-story building in Shahabaz Village, Belapur. By 5:00 am, rescue operations were underway with teams from the NMMC fire brigade, NDRF, and key officials including Dr. Kailas Shinde and Mr. Sharad Pawar. Two individuals were rescued and are stable, while three others were found dead. The building, housing 39 adults and 16 children, has been evacuated, with the victims' families set to receive aid from the Chief Minister's Assistance Fund.Read more

31 Jul 2024

State Bank of India (SBI), India's largest lender, has achieved a major milestone by raising INR 10,000 crore through its latest infrastructure bond issuance. This marks SBI's sixth successful bond issuance, reflecting robust investor confidence and strong demand in the market. The bonds, oversubscribed by 3.6 times, offer a competitive coupon rate of 7.36% per annum over a 15-year maturity period. The funds raised will support critical infrastructure projects across sectors like transportation and energy, as well as facilitate affordable housing initiatives. SBI's initiative underscores its pivotal role in fostering economic growth and development in India.Read more

31 Jul 2024

Bollywood actress Kriti Sanon has made headlines with her recent purchase of a 2,000 sq ft plot at Sol de Alibaug, a premium project by The House of Abhinandan Lodha (HoABL). Situated just 20 minutes from the Mandwa Jetty, Sol de Alibaug offers meticulously planned plots ideal for designing dream escapes. Sanon cited peace, privacy, and investment potential as key factors in her decision, highlighting Alibaug's booming tourism and strong rental yields of 4-6%. Her purchase aligns with a growing trend among celebrities, including Bollywood stars like Deepika Padukone and Ranveer Singh, who are drawn to Alibaug's charm and investment opportunities.Read more

31 Jul 2024

Piramal Capital & Housing Finance has marked a milestone with its first-ever USD 100 million social loan, aimed at bolstering initiatives in affordable housing, microfinance for MSMEs, and support for women entrepreneurs. This innovative financing approach not only expands Piramal's funding base but also underscores its commitment to social impact across India. With over 4.1 million customers and a growing retail business focused on mortgages, Piramal plans to further leverage social loans to drive inclusive growth and address key societal challenges, setting a precedent for future investments in impactful financial solutions.Read more

31 Jul 2024

In a major victory, the Delhi Government reclaimed nearly 15 acres of prime land in the Civil Lines area, valued at over INR 1,000 crore. The Delhi High Court's ruling enabled the eviction of residents from the Khyber Pass Hostel, who had occupied the land for over 70 years. The disputed land is part of a larger 32-acre plot worth over INR 2,000 crore, originally entrusted to the Defence Ministry. The eviction, carried out by multiple government agencies, highlights the complexities of land ownership and the importance of proper legal documentation in reclaiming public land.Read more

31 Jul 2024

Suryoday Small Finance Bank has made a strategic move by acquiring 59,457 square feet of office space in the L&T Seawoods Grand Central complex, Nerul, for INR 100 crore. This acquisition, spanning 12 units across three wings, supports the bank's current operations and future growth plans. With exclusive access to over 58 car parking spaces, the new office reflects the bank's expansion strategy amidst a thriving market. The investment aligns with Suryoday's recent performance rise, reporting a 56.4% profit increase. This expansion underscores the bank's commitment to capitalizing on Navi Mumbai's robust business environment.Read more

30 Jul 2024

Red Fox IT Infra, a subsidiary of Redbrick Offices, has made a notable move in Mumbai's commercial real estate sector by acquiring 22 office units in the Times Square building, Marol. Spanning 87,000 square feet, the purchase totals INR 267.5 crore (USD 33 million) and includes 88 car parking slots. This significant acquisition underscores the rising demand for office space in Mumbai, mirrored by recent high-value transactions across the city. The move positions Red Fox IT Infra strategically amid the city's thriving commercial real estate market.Read more

30 Jul 2024

ICICI Prudential Asset Management Company has acquired the Kalpataru Infinia building in Santacruz East for INR 315 crore, highlighting Mumbai's robust commercial real estate market. This 12-story building, with a total area of 63,733 square feet and 114 parking spaces, translates to approximately INR 4,940 per square foot. The deal, which includes a stamp duty of INR 18.9 crore, underscores the premium on prime office spaces in Mumbai. This acquisition, amid a slowdown in other cities, reflects Mumbai's strong economic base and limited supply of high-quality office spaces.Read more

30 Jul 2024

Hidden cameras in Airbnb rentals are raising serious concerns about guest safety. Since 2013, over 35,000 customer support tickets have been filed regarding surveillance devices. Despite this, Airbnb has been slow to act, often prioritising profits over safety. Law enforcement investigations and numerous lawsuits highlight the prevalence of hidden cameras, with some victims discovering their most private moments recorded. Critics argue that Airbnb's response is insufficient and inconsistent, calling for stronger protections and regulations. The hidden camera issue underscores the need for comprehensive safety measures to restore trust in the short-term rental industry.Read more