BUSINESS
Dharavi redevelopment: Maharashtra authority extends bid submission date till November 15 on request from interested companies
The redevelopment project worth over Rs 20,000 crore is expected to see competition between Indian, Middle Eastern and South Korean companies.
BUSINESS
Aga Khan Development Network to invest Rs 2,000 crore on luxury residential project in South Mumbai
The plot that currently houses the Prince Aly Khan Hospital and residential houses will be demolished and reconstructed. A new, bigger hospital will come up on a site opposite the current location.
BUSINESS
Dharavi redevelopment & rehabilitation: Companies want project duration increased
Eight companies had evinced interest in the project, which has a timeline of seven years for rehabilitation of slum dwellers. However, the firms that have expressed interest want 10-12 years for completion.
BUSINESS
Mumbai-based real estate developer allegedly commits suicide by jumping off building
Both National Real Estate Development Council (NAREDCO) and MCHI-CREDAI- apex body of real estate developers confirmed that Porwal was not member of NAREDCO, MCHI-CREDAI.
BUSINESS
Do home buyers need to pay extra for balconies, a unique selling proposition by Mumbai developers this festive season?
Developers say homebuyers are ready to pay extra for a balcony in newly constructed apartments. However, buyers are not required to pay anything extra over the amount paid for the carpet area of an apartment.
BUSINESS
MahaRERA directs homebuyers of delayed Mumbai project to exit only after completion
The real estate project was taken over by the association of allottees because the developer could not complete it in a time-bound manner.
BUSINESS
Maha government to consider reducing stamp duty: Chief Minister Eknath Shinde
Maharashtra Chief Minister Eknath Shinde was speaking at the inauguration ceremony of a four-day-long property exhibition of CREDAI-MCHI from October 13 to 16 at Bandra-Kurla Complex (BKC) in Mumbai.
BUSINESS
Eight companies from India, Middle East and S. Korea evince interest in Dharavi redevelopment project
The Maharashtra government had floated a global tender for the redevelopment. The project is estimated to cost more than Rs 20,000 crore.
BUSINESS
Mumbai homebuyers can exchange old apartments for bigger units this festive season
The offer is an effort by CREDAI-MCHI who have tied up with Zapkey, which will offer homeowners a guarantee to sell their old apartments in 90 days and also a token amount for their units
BUSINESS
Why Jodi apartments are all the rage in Mumbai
Earlier, merging two flats meant breaking the tough RCC wall between them. These days, thanks to real estate developers embracing the concept, Jodi (merged) apartments come with a soft wall.
BUSINESS
BMC asks developers to apply for water connection before they seek occupation certificate
The move by Mumbai civic body will help homebuyers as many times the liabilities or duties of developers come on them after they take possession of the apartment post getting the OC.
BUSINESS
Tribunal blocks bid by homebuyers for apartment allotment after exiting project, accepting refund
The tribunal ruled that there was no record to show that the developer had accepted the proposal of the homebuyers in any form, including a fresh allotment letter.
BUSINESS
Japan's Sumitomo wins auction for leasing 2 land parcels in Mumbai's Bandra Kurla Complex at Rs2,067 Cr: MMRDA
The land parcels will be leased for 80 years due to which the MMRDA which is the special planning authority (SPA) of BKC will earn Rs 2,067 crore.
BUSINESS
MahaRERA issues show-cause notices to 40 lapsed real estate projects in Maharashtra
Under sections 7&8 of the RERA Act, the MahaRERA has powers to revoke the registration of the project and also appoint an association of allottees to take over the project and complete it.
BUSINESS
MahaRERA suspends registration of 52 real estate projects near Mumbai
This action has been taken in the backdrop of the Kalyan Dombivali Municipal Corporation last week registering a case of cheating against 27 property developers
BUSINESS
Maharashtra floats international tender for Dharavi redevelopment, project cost pegged at over Rs 20,000 crore
The Maharashtra government aims to complete the bidding process by the end of the year and the winner will have seven years to see the work through, including the rehabilitation of more than 56,000 families
BUSINESS
Developing system to red-flag potentially stressed real estate projects: MahaRERA Chairman Ajoy Mehta
There are more than 4,000 lapsed real estate projects and that is worrying. "We want to handle them and have them moving," Mehta said
BUSINESS
MC Exclusive: Central Mumbai refugee colony to be redeveloped along the lines of BDD Chawl, says Fadnavis
Also, work on the redevelopment of Dharavi, one of Asia's largest slum clusters, will be awarded in the next 3 to 4 months, the Maharashtra Deputy CM has announced
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.
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.
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.
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
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.
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.
