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Mehul R Thakkar

Special Correspondent

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Maharashtra forms panel to study FSI premium in Bandra-Kurla Complex

BUSINESS

Maharashtra forms panel to study FSI premium in Bandra-Kurla Complex

The BKC is one of the costliest commercial districts in India, and many stakeholders say the premium charged for additional FSI is very high. In fact, the latest move comes in the backdrop of the MMRDA trying to fetch around Rs 500 crore by leasing over 10,000 sq m of two land parcels, but has not found any takers.

Mumbai Civic Body collects Rs 665 crore as property tax in first two quarters of ongoing fiscal

BUSINESS

Mumbai Civic Body collects Rs 665 crore as property tax in first two quarters of ongoing fiscal

The collection is not even 10% of the estimated collection of Rs 7,000 crore in the entire fiscal of 2022-23.

Maharashtra to invite fresh bids, offer more concessions for Dharavi redevelopment project

BUSINESS

Maharashtra to invite fresh bids, offer more concessions for Dharavi redevelopment project

The redevelopment of one of Asia’s largest slum clusters has been pending for about two decades.

MC Exclusive | Over 50% projects tagged ‘ongoing’ since MahaRERA, still await completion

BUSINESS

MC Exclusive | Over 50% projects tagged ‘ongoing’ since MahaRERA, still await completion

Out of the total 9,637 real estate projects that have been completed, 20 percent got an extension for completion by MahaRERA

MahaRERA allows developer to de-register South Mumbai project, paves way for more such exits

BUSINESS

MahaRERA allows developer to de-register South Mumbai project, paves way for more such exits

The state real estate regulator says it can't force the developer to complete the project, allows de-registration after two-thirds of buyers agree to it and are refunded money with 9 percent interest. Experts say the order could pave the way for developers to explore this option if a project is commercially unviable.

Patra Chawl redevelopment: MHADA officials to meet expert panel on September 26 to finalise developers' liabilities

BUSINESS

Patra Chawl redevelopment: MHADA officials to meet expert panel on September 26 to finalise developers' liabilities

According to home buyers, MHADA has orally communicated to them that the nine companies involved in the redevelopment owe the housing authority over Rs 3,000 crore.

MC Explains | The difference between RERA-registered, 'approved' and compliant projects

BUSINESS

MC Explains | The difference between RERA-registered, 'approved' and compliant projects

Some developers suggest their projects are RERA-approved when in fact they have only been registered with the real estate regulator and are not compliant with post-registration requirements

Patra Chawl redevelopment: Hundreds of home buyers to hit the streets for delayed possession

BUSINESS

Patra Chawl redevelopment: Hundreds of home buyers to hit the streets for delayed possession

Some apartments are ready but cannot be handed over as MHADA is refusing to issue the occupation certificate until the developers clear pending dues of Rs 3,100 crore. As always, tax-paying home buyers are the ultimate victims

MahaRERA to inspect construction sites for financial wrongdoings, over 300 large projects on radar

BUSINESS

MahaRERA to inspect construction sites for financial wrongdoings, over 300 large projects on radar

The regulator plans to hire private investigators, who will visit construction sites and prepare status reports.

Will the festive season lift housing sales in Maharashtra and Karnataka?

BUSINESS

Will the festive season lift housing sales in Maharashtra and Karnataka?

Sales have dropped over the last couple of months due to excess supply, higher prices, rising home-loan rates and a hike in the stamp duty rate.

Maharashtra govt develops blockchain technology to store property buyers' e-registration data

BUSINESS

Maharashtra govt develops blockchain technology to store property buyers' e-registration data

The blockchain will store the e-registration data and authenticate it. Currently, 417 developers in the state have opted for the e-registration system.

Finance Ministry releases 6th instalment of revenue deficit grant of Rs 7,183 crore to 14 states

ECONOMY-2

Finance Ministry releases 6th instalment of revenue deficit grant of Rs 7,183 crore to 14 states

”The Department of Expenditure has on Tuesday released the 6th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183.42 crore to 14 states,” the ministry said in a statement.

MahaRERA orders developer to deduct 2% , not 10%, of the price of apartment for cancelled booking

BUSINESS

MahaRERA orders developer to deduct 2% , not 10%, of the price of apartment for cancelled booking

The ruling will help buyers make a case for paying a lower amount should their home allotment letters specify a higher forfeiture in case of cancellation of bookings

Is redevelopment the only solution for old dilapidated buildings in Mumbai?

BUSINESS

Is redevelopment the only solution for old dilapidated buildings in Mumbai?

There are more than 14,000 cessed or dilapidated buildings in central and south Mumbai. While redevelopment remains the only solution for the majority of them, experts say residents should go for regular repairs and structural audit while exploring self-redevelopment in the meantime.

Noida twin tower demolition: Residents check in to hotels with a view

BUSINESS

Noida twin tower demolition: Residents check in to hotels with a view

More than 3,700 kg of explosives will be used in the demolition, which will be executed using the controlled implosion technique.

Real estate project completion date unilaterally changed by developer not binding on home buyers, says Maharashtra Real Estate Tribunal

BUSINESS

Real estate project completion date unilaterally changed by developer not binding on home buyers, says Maharashtra Real Estate Tribunal

Developer’s effort to wriggle out the situation saying no agreement for sale had not been entered into, did not pass muster with MREAT, which said the allotment letter contains important ingredients of such agreement for sale.

Kolte-Patil Developers plans to invest Rs 1,500 crore in Pune, Mumbai, Bengaluru

BUSINESS

Kolte-Patil Developers plans to invest Rs 1,500 crore in Pune, Mumbai, Bengaluru

Group CEO Rahul Talele says this will be done in three years. The company is also interested in taking up stuck slum rehabilitation projects in Mumbai. It also plans to provide EV charging stations in housing projects wherever feasible.

CIDCO gets bids worth Rs 678 crore for five plots in Navi Mumbai: Sources

BUSINESS

CIDCO gets bids worth Rs 678 crore for five plots in Navi Mumbai: Sources

The CIDCO had last month declared an e-auction for 16 plots of which auction results for five plots came out on August 22

What is attracting young Chartered Accountants to the Real Estate Regulatory Act, 2016?

BUSINESS

What is attracting young Chartered Accountants to the Real Estate Regulatory Act, 2016?

Compliance and arguments are two lucrative areas of work for young CAs.

Cidco to auction 14 plots in Navi Mumbai at a base price of over Rs 146 crore

BUSINESS

Cidco to auction 14 plots in Navi Mumbai at a base price of over Rs 146 crore

The timing of the auction is perfect, coming on the back of last month’s announcement, where Cidco tripled the cap on the height of buildings.

MahaRERA order to allow developers to cut over 2% amount from buyers in booking cancellation

BUSINESS

MahaRERA order to allow developers to cut over 2% amount from buyers in booking cancellation

Earlier, the deduction in case of cancellation of booking by home buyer was capped at 2% by MahaRERA.

No RERA registration required for rehabilitation part of redevelopment projects in Maharashtra: Tribunal

BUSINESS

No RERA registration required for rehabilitation part of redevelopment projects in Maharashtra: Tribunal

There is a popular misconception that RERA registration applies to the entire project including the rehabilitation component, which is not the correct legal interpretation of the provisions of the Act, rules Maharashtra Real Estate Appellate Tribunal.

Booking amount can’t be forfeited if buyer cancels purchase, says Maharashtra real estate tribunal

BUSINESS

Booking amount can’t be forfeited if buyer cancels purchase, says Maharashtra real estate tribunal

The tribunal said RERA is silent on the point of permissible deduction if an allottee cancels a booking

India@75: Maharashtra housing authority plans to redevelop 7 lakh sq ft to rehabilitate refugee families

BUSINESS

India@75: Maharashtra housing authority plans to redevelop 7 lakh sq ft to rehabilitate refugee families

Meanwhile, residents resist demolition of their dilapidated properties even as they differ on the mode of redevelopment

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