BUSINESS
Boost for real estate: AAI allows Navi Mumbai buildings to climb 48 floors
Owing to the upcoming Navi Mumbai International Airport, there was a height restriction of 55 metres (15-16 floors) on buildings in a radius of 20 km around the airport. That has now been relaxed to 160 metres (48 floors).
BUSINESS
MahaRERA directs developers to submit declaration on separate escrow account while registering real estate projects
In its new circular, MahaRERA says that separate bank accounts were not being maintained as per provisions of RERA Act.
BUSINESS
Three firms allege Macrotech Developers registered project with MahaRERA based on ‘fraudulent representation’'
Macrotech says it wrote to the real estate authority two weeks ago that there had been an error in its filing for the registration of the project and that it should be put on hold.
BUSINESS
'Delayed possession’: Maharashtra real estate tribunal dismisses appeal for interest as buyer waived all claims ‘consciously’
The tribunal also ordered the buyer to pay up Rs 20,000 as costs to the developer.
BUSINESS
Fire evacuation lifts for high-rises above 22 floors made mandatory in Maharashtra
The rule will apply retrospectively, with all high-rises built since 2018 having to comply with it.
BUSINESS
RERA registration of at least 21 affordable housing government projects in Maharashtra lapses
These housing developments are among more than 4,500 real estate projects that have lapsed in Maharashtra. However, not a single homebuyer has been affected as bookings for government projects open only after an occupation certificate is issued.
BUSINESS
Maharashtra authority gets 4 applications from financial institutions to revive stuck housing projects
More than 500 slum rehabilitation projects funded by several financial institutions are stuck in Mumbai.
BUSINESS
MahaRERA orders landowner to take over housing project as developer ‘abandons’ it
Hailed as a ‘landmark order, this is one among half a dozen such orders in the history of MahaRERA where allottees have been given the liberty to decide the future course of their stuck project.
BUSINESS
MahaRERA will start issuing suo motu show-cause notices to over 4.5k lapsed real estate projects
Beginning July 25, the notices will initially be issued to those developers who have 50% bookings but there is zero work or expenditure on the project site.
BUSINESS
Here's why the number of lapsed real estate projects increased by 112% in Maharashtra
As of March 2022, 4,555 real estate projects have lapsed in Maharashtra, of which 2,414 lapsed since January 2021.
BUSINESS
MC Explainer: Here is why over 4,000 hectares of land in Maharashtra will be digitally mapped
The trigger for the state-wide exercise is the discovery that Maharashtra Housing & Area Development Authority (MHADA) has two huge land parcels near Juhu and Bandra, where thousands of affordable homes can be built. By mapping them, MHADA hopes to be able to manage land parcels throughout the state efficiently.
BUSINESS
Delayed home possession: Developer can't go scot-free citing financial unviability or unfavourable situation: Maharashtra Real Estate Tribunal
The tribunal orders the developer to complete the project in Mumbai’s Kandivali area within 12 months, and pay interest to home buyers for delayed possession.
BUSINESS
The case of Mumbai’s disappearing balconies—and their reappearance
After three waves of COVID-19 and being cooped up at home, enquiries for apartments with step-out areas have gone up in space-starved Mumbai.
BUSINESS
Developer ordered to pay interest to office buyer in Bandra Kurla Complex for 50-month delay
The developer was to give possession of the office space to the buyer in September 2015 but delivered it only in December 2019 because it could not get an occupation certificate (OC) owing to a dispute with the Mumbai planning authority
BUSINESS
Mahindra launches Rs 275 crore worth residential project near Pune, to invest Rs 3,000 crore in Mumbai, Pune & Bengaluru
The project was launched by investing Rs 275 crore. The company said it aims to invest Rs 3,000 crore in the next three years by investing in the residential real estate market of Pune, Mumbai, and Bengaluru.
BUSINESS
MC Explainer: Everything you need to know about Maharashtra RERA’s model allotment letter
The draft format of the allotment letter issued by MahaRERA makes several things clear, including the booking amount, cancellation amount, date of possession, when the sale agreement will be signed etc, safeguarding buyers and reducing the chances of litigation.
BUSINESS
Merlin Group forays into Pune; to invest Rs 2,000 crore over the next five years
Launches commercial project at Koregaon Park Annexe for which it is investing Rs 120 crore
BUSINESS
Is low pricing driving citizens of Mumbai to reside in old dilapidated buildings?
Concerns over 16,000-plus dilapidated buildings standing tall in Mumbai, which are home to thousands of residents, are growing. Here, experts moot key measures to save or redevelop these buildings.
BUSINESS
Maharashtra government cancels allotment of Bandra plot to Sunil Gavaskar Foundation
The Foundation was allotted the plot in 1988 for building a sports academy. However, it expressed inability to construct the academy two months ago. MHADA to calculate pending dues.
BUSINESS
MC Explains: Collapse of building in Kurla once again puts dilapidated buildings of Mumbai in focus
Residents fear leaving their homes, despite the buildings being in dilapidated condition, due to difficulties involved in staying in transit camps, and chances of losing control of their homes during the redevelopment stage.
BUSINESS
Wind tests now mandatory for construction of high-rise buildings above 45 floors in Mumbai
The tests are used in the design of tall buildings globally to identify wind-induced structural loads and responses for which the superstructure must be built. The tests were also conducted on the world's tallest building, Burj Khalifa in Dubai.
BUSINESS
Mumbai Heritage Committee gives nod to install ‘Raging Bull’ sculpture near BSE building
This is on the lines of Wall Street’s ‘Charging Bull’ outside NYSE building; the plan is to construct a pedestrian island where a ‘BSE Raging Bull’ and sculpture of the ‘common man’ will be installed, paving the way for tourists to click pictures with BSE symbols.
BUSINESS
MahaRERA to have dedicated vertical for 4,500 stalled real estate projects in Maharashtra
As many as 36,000 projects have been registered by MahaRERA in the last five years. Of these, around 10 percent or 4,500 project registrations have lapsed, says Ajoy Mehta, chairman, MahaRERA
BUSINESS
Interest for delay in possession of flat cannot be denied merely because no registered sale agreement was signed: MahaREAT
Other documents such as an allotment letter, brochure or email mentioning the date of possession can be considered to work out the delay in possession, the tribunal said, directing a developer to pay interest to homebuyers.
