25 Sep 2024

The Maharashtra Housing and Area Development Authority (MHADA) has proposed capping the prices of housing-stock and amenities for the Economically Weaker Section (EWS) and Lower Income Group (LIG) in all state housing projects. This move aims to prevent developers from charging open market prices, undermining affordable housing efforts. Under the 2020 Unified Development Control and Promotion Regulations (UDCPR), 20% of plots over 4,000 sq. m. must be allocated for EWS and LIG housing. The proposal includes limiting additional charges to the actual cost or 5%, whichever is less. MHADA seeks approval from the urban development department for this cap.Read more

25 Sep 2024

The HOMETHON Property Expo 2024, organised by NAREDCO Maharashtra, will take place from October 4 to 6 at the JIO World Convention Centre in Mumbai. Following last year's success with 55,000 visitors and INR 1,050 crore in sales, this year's expo promises over 1,000 projects from leading developers, covering a wide range of prices from INR. 19 lakhs to 9 crores. Bollywood stars Riteish and Genelia Deshmukh will serve as brand ambassadors. Attendees can benefit from attractive home loan offers and exclusive discounts, enhancing the home-buying experience.Read more

24 Sep 2024

Under the leadership of Commissioner Dr. Kailas Shinde and guided by Dr. Rahul Gethe, the Navi Mumbai Municipal Corporation's (NMMC) Encroachment Department dismantled unauthorized huts in Nerul on September 19, 2024. These huts, set up on a footpath near the NMMC water lifting station, were linked to illegal activities and caused public safety concerns, especially for women. A coordinated effort involving local police and laborers resulted in the demolition of the structures and seizure of various items. Additionally, NMMC took action against unauthorized banners across eight divisions. The corporation remains committed to maintaining law and order by preventing illegal encroachments.Read more

Prachi Mankani

24 Sep 2024

CREDAI-MCHI, the leading real estate developers' association in Mumbai, will host the Ease of Doing Redevelopment (EODR) exhibition on September 28, 2024, at the Jio Convention Centre. The expo will connect housing societies with top developers and Project Management Consultants (PMCs), aiming to simplify and accelerate the redevelopment process. Supported by government bodies like MHADA, SRA, and BMC, the event features prominent developers such as Rustomjee and Adani Realty. With over 500 registered societies, attendees can explore redevelopment solutions and engage with experts. The event underscores CREDAI-MCHI's commitment to streamlining Mumbai's housing redevelopment.Read more

24 Sep 2024

Mr. Manoj Saunik, the Principal Advisor to the Maharashtra Chief Minister and former Chief Secretary, assumed charge as the third Chairman of Maharashtra Real Estate Regulatory Authority (MahaRERA), succeeding Mr. Ajoy Mehta. Before taking charge, Honourable Housing Minister Mr. Atul Save administered the oath of office. MahaRERA members, including Mr. Mahesh Pathak and Dr. Vasant Prabhu, welcomed Mr. Saunik at the headquarters in Bandra Kurla Complex. A 1987 batch IAS officer, Mr. Saunik has held key positions in the state and central government, including Additional Chief Secretary of Finance, District Collector of Nashik, and Joint Secretary in the Ministry of Defence.Read more

23 Sep 2024

Kochi Metro Rail Limited (KMRL) began work on the flyover and CEZ Metro station for the Phase II Pink Line project last Saturday, with Industry Minister P Rajeev presiding over the inauguration. Afcons Infrastructure Ltd started the piling for the 11.2 km flyover, part of the INR 1,957.05 crore project, which had a 20-month completion timeline. The entire Phase II was expected to be finished in two years. KMRL had secured INR 914 crore in financial support from the Asian Infrastructure Investment Bank (AIIB). Preliminary work, including test pilings and soil testing, had been completed. System and signaling installation followed, though alternative route plans to alleviate traffic disruption were still pending.Read more

23 Sep 2024

The Brihanmumbai Municipal Corporation (BMC) plans to renovate forty seven municipal markets in Mumbai. Fourteen will be directly managed by BMC, while twenty, including Pali Market and Park Site Market, will follow a Public-Private Partnership (PPP) model. Modernization efforts include improved infrastructure, like loading platforms, elevators, and cold storage for perishables. A focus on sustainability includes waste recycling and energy capture from market waste. BMC will use an online system for vendor stall allocation and install CCTVs for enhanced security. Increased rent and fees will fund maintenance, while additional space will be rented out to offset costs. The project aims to create modern, sustainable markets to benefit vendors and customers.Read more

23 Sep 2024

Earlier this month Prime Minister Narendra Modi launched Phase II of the Metro rail extension connecting Ahmedabad and Gandhinagar. The new phase, spanning 21 kilometers and linking crucial areas like GIFT City, offers a significant reduction in travel time. Commuters can now travel between APMC and GIFT City in under an hour for INR 35. Developed by the Gujarat Metro Rail Corporation with backing from both state and Central governments, this extension addresses a key connectivity challenge between the twin cities, improving transportation for professionals, students, and tourists.Read more

20 Sep 2024

Deloitte India has leased approximately 81,000 sq. ft of premium office space in Mumbai's Oberoi Commerz III, spanning the 30th and 31st floors. This deal, costing INR 2.09 crores per month with a 15% rent increase every three years, follows another significant lease in Delhi's Aerocity. With plans to house 30% of its global workforce in India, Deloitte aims to achieve INR 20,000 crore in annual revenue by 2027. This expansion reflects India's vital role in Deloitte's global strategy, leveraging the country's strong office market and talent pool.Read more

20 Sep 2024

Indian tycoon Harish Ahuja, owner of Shahi Exports, recently purchased a GBP 21 million (USD 27 million) property in London's Notting Hill. His son, Anand Ahuja, and Bollywood star daughter-in-law, Sonam Kapoor, plan to redevelop part of the property for their personal use, while another section may be converted into apartments. Despite a downturn in the UK luxury real estate market, driven by changes to Britain's "non-dom" tax rules, Indian buyers have remained active. This includes major deals such as Adar Poonawalla's GBP 138 million Mayfair purchase and Ravi Ruia's GBP 113 million mansion acquisition.Read more