Breaking News - Real Estate


TNN Fresh tenders for Dharavi project due to delay by railways: Maharashtra housing minister.

Maharashtra housing minister Jitendra Awhad said on Thursday that the state government will reissue tenders for the long-pending Dharavi redevelopment project only when the 45-acre additional land parcel belonging to Railways is handed over to the state.

Date: 14th March 2022

TNN BMC attaches 24 properties of Mumbai Metro One worth over Rs 300 crore.

Officials said Rs 220 crore was from properties in K (west) ward, while Rs 80 crore from K (east) ward. A tussle between Mumbai Metropolitan Region Development Authority (MMRDA) and Mumbai Metro One Pvt Ltd (MMOPL) as to who should pay up was leading to non-payment, said officials.

Date: 14th March 2022

PTI DB Realty's partnership firm gets MCGM's nod to construct 4,000 tenements.

DBS Realty, a partnership firm in which D B Realty Ltd is a one-third partner, has received a Letter of Acceptance (LOA) from MCGM against online e-offer/online e-tender submitted by the firm," D B Realty said in a regulatory filing.

Date: 13th March 2022

TNN Maharashtra government to probe allocation of reserved plots to builders without nod.

Shinde said that a probe would be launched by the state urban development department to check how the corporation failed to alert the state government, and it will be ensured that the corporation seeks an okay from the state for all future proposals.

Date: 13th March 2022

TNN Maharashtra: High premium hurdle to make land 'freehold'.

Maharashtra Society Welfare Association chairperson Ramesh Prabhu said the notification did not help the housing societies with the government charging such high premiums. “It does not matter if they give an extension.

Date: 12th March 2022

ET Bureau Builders urge Maharashtra to defer metro cess levy by two years.

The state government is planning to impose the 1% metro cess on property transactions from April 1. Developers are of the view that a new cess will only disrupt the ongoing recovery of the sector.

Date: 12th March 2022

TNN Bombay HC issue show-cause notice to realtor firm over unpaid Rs 90 lakh.

The court said it is “prima facie satisfied” that Monarch & Qureishi Builders and partner-brothers Jayesh and Ketan Shah have committed breach of undertakings in consent terms and defaulted paying instalment due on March 10, 2022 to the flat purchasers.

Date: 12th March 2022

PTI Mumbai police commissioner asks builders not to carry out construction after 10 pm.

People should not face problems due to the construction work. Therefore, the developers should install acoustic barrier sheets at their sites, Pandey told the builders during the meeting.

Date: 11th March 2022

TNN MahaRERA projects may get property cards soon.

The scheme to issue property cards to flat owners may soon start with MahaRERA-registered projects, a senior revenue official said on Wednesday.

Date: 10th March 2022

TNN Maharashtra government's amnesty plan for benefit of 523 stranded slum projects.

BJP leader Ashish Shelar brought to Awhad’s notice that over 40% of slum rehab schemes have been stalled, as the builders have been booked under inquiries by the ED, police or economics offences wing. Some builders are in custody.

Date: 9th March 2022

TNN Fence wetland from construction in CRZ area, greens write to Maharashtra CM's office.

On a series of complaints on the eco-issue, the union ministry of environment, forest, and climate change has also asked the state wetland authority to attend to the issue and respond, Kumar said and regretted that the state authority is yet to react.

Date: 9th March 2022

TNN Fence wetland from construction in CRZ area, greens write to Maharashtra CM's office.

On a series of complaints on the eco-issue, the union ministry of environment, forest, and climate change has also asked the state wetland authority to attend to the issue and respond, Kumar said and regretted that the state authority is yet to react.

Date: 9th March 2022

TNN Maharashtra clears property tax waiver for houses of up to 500 sq ft in Mumbai.

The exemption will be implemented with retrospective effect from January 1, 2022.

Date: 8th March 2022

ETRealty Suraj Estate Developers files DRHP for Rs 500 crore IPO.

The proceeds from its fresh issuance worth Rs 315 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for Suraj Estate Developers and its subsidiary, Rs 45 crore for acquisition of land or land development rights besides general corporate purposes.

Date: 8th March 2022

ETRealty Green real estate assets availability in India up 37% in last five years: Report.

The past five years specially saw a pronounced push towards green buildings witnessing a 37% increase in the supply of certified buildings, with the addition of about 78 million. sq. ft. of certified stock, when compared with previous five years (2012-2016).

Date: 7th March 2022

TNN MahaRERA declares 407 projects 'lapsed' in state in 2021.

As per rules, a promoter must not advertise, market, book, sell or offer for sale, or invite people to purchase any plot, apartment, or building in any of these projects.

Date: 6th March 2022

NN Maharashtra: Four housing society office bearers fined for deficient service.

In a significant order, the state consumer commission has held four housing society office bearers guilty of deficiency in service, in addition to the housing society itself, and directed them to individually pay a compensation of Rs 50,000, for failing to provide relief to a flat member whose repeated pleas to fix a leakage problem caused due to rainwater fell on deaf ears.

Date: 5th March 2022

TNN Mumbai: MahaRera allows interest on late possession for Andheri flat buyers.

According to the complainants, which include a director of Basons Investment and his family members, they had booked several flats in the AR Avenue project in Andheri (W) and an agreement for sale was signed in December 2012; the date of possession was given as December 2014.

Date: 5th March 2022

Mumbai Mirror Mumbai: Redevelopment pushes rents in Bandra-Khar-Santacruz up.

According to official data, the maximum redevelopment projects (780) were in the Bandra-Andheri belt last year. Market sources said rentals in parts of the western suburbs increased by 20-30% because of the demand for apartments from those relocating from old buildings.

Date: 5th March 2022

PTI Maharashtra's revenue from property registrations to hit new high in FY22: Report.

Within the first 11 months of FY22, the state has earned Rs 5,671 crore from property registrations, which is 63 per cent higher than Rs 3,474 crore in FY21.

Date: 4th March 2022

TNN Maharashtra: 1% metro cess on property buys from next month.

Property buyers currently pay 6% stamp duty in these three cities. The 1% metro cess would be a transport surcharge. It is intended to be used for funding transport infrastructure projects like Metro, bridges and flyovers.

Date: 4th March 2022

ET Bureau Morgan Stanley leases 3.35 lakh sq ft office space from Oberoi Realty in Mumbai.

The lease takes global investment bank’s total deal size to 1.5 million sq ft, stacking it among the largest office transactions in India.

Date: 3rd March 2022

ET Bureau Your-Space to operate 20,000 beds by the upcoming academic session.

NCR-based student housing company Your-Space is in talks to operate 20,000 beds by the upcoming academic session as colleges have reopened and demand is back for managed accommodation for students, Nidhi Kumra, founder of the company told ET.

Date: 3rd March 2022

ET Bureau Maharashtra government increases FSI for slum-rehab projects across state.

The government has revised the Unified Development Control Promotion Regulations (UDCPR) for the rest of the state to give effect to this increase in the FSI.

Date: 2nd March 2022

ET Bureau Mumbai property market on record-setting spree, February scales over 10,000 registrations.

Property registrations in Mumbai, the country’s biggest real estate market, have continued to reflect robust momentum in February, surpassing the pre-pandemic levels witnessed two years ago by a wide margin.

Date: 2nd March 2022

PTI HC dismisses bail plea of Avantha Group promoter in Rs 500-crore money laundering case.

The ED is probing an alleged transaction between Thapar's company Avantha Realty and Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under PMLA by the agency.

Date: 2nd March 2022

ET Bureau NCLT allows withdrawal of insolvency proceedings against Nirmal Lifestyle.

NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year based on a petition filed by IDBI Trusteeship Services, on behalf of Altico Capital, after the company defaulted on its dues worth Rs 286 crore.

Date: 1st March 2022

PTI Startups to lease 29 million sq ft office space in 2022-24 in six cities: Report.

The demand will be led by fintech and logistics startups as they have gained momentum post-pandemic due to increased digital adoption and e-commerce boom, Colliers India said in a statement.

Date: 1st March 2022

TNN BMC is authorised to crack down on unsafe buildings: Bombay HC.

“People losing lives in building collapses need to be completely obliterated. The right to livelihood, in our opinion, includes the right to live in safe building and houses,’’ said Chief Justice Dipankar Datta and Justice Girish.

Date: 28th February 2022

TNN Mumbai: Chembur Siddharth colony told to clear power dues post-2019.

The issue was taken up by Shiv Sena MP Rahul Shewale on Friday at a meeting in Mantralaya where bureaucrats, representatives from Adani Electricity and colony residents were present.

Date: 27th February 2022

ET Bureau Boston Consulting Group leases one lakh sq ft in Mumbai's BKC.

The firm has leased the space across eight floors in Maker Maxity’s North Avenue 2 for a total of 10 years, with a lock-in period of six years.

Date: 26th February 2022

TNN Maharashtra: Real estate regulator uploads five-year data of complaints from six divisions.

The data uploaded by the authorities revealed that 15,967 complaints had been registered against 3,345 projects. Of these, 10,450 complaints have been executed and 4,407 are in the hearing process.

Date: 25th February 2022

TNN Rooftop gardens may soon be mandatory for all new buildings in Mumbai spread over 2,000 sq m.

It also wants builders to have vertical gardens on construction sites instead of tin sheets that barricade their projects. This is part of the BMC’s new rooftop/terrace and vertical garden policy which will be rolled out soon.

Date: 25th February 2022

TNN Maharashtra: Pay penalty to regularise housing membership on collector's land.

This comes as a relief to at least 4,000 members of various housing societies on collector’s land whose membership had not been recognised by the collector.

Date: 24th February 2022

ET Bureau CIDCO extends registration deadline for mass housing scheme 2022.

“CIDCO’s Mass Housing Scheme 2022 has received an overwhelming response. The deadline for submission of the applications has been extended to allow sufficient time for submission of documents and payment of the EMD amount. This will give an added window to the citizens who are willing to apply,” said Sanjay Mukherjee, Vice-Chairman and Managing Director, CIDCO.

Date: 24th February 2022

TNN Maharashtra CM inaugurates Patra chawl redevelopment project.

“The tenants of Patra Chawl have moved a step towards getting their homes. I give my word that they will get their homes in the next three years,” said Awhad.

Date: 23rd February 2022

PTI Planet Smart City plans to raise 60 million euros to expand business in India, other countries.

"The 60m capital increase is aimed at accelerating the implementation of Planet's ambitious business plan that includes the launch of approximately 54 smart projects over the next three years (a total of over 40,000 housing units)," the statement said.

Date: 22nd February 2022

TNN Mumbai: ED went to search Indiabulls Housing, 'prevented' by court stay.

On Monday morning, several teams of ED landed at different premises of Indiabulls group companies to search their premises in a money laundering case related to purchase of land parcels in the Palghar district long ago.

Date: 21st February 2022

TNN Maharashtra: To change housing society name in records, collector's nod not must.

Justices Shahrukh Kathawalla and Milind Jadhav quashed and set aside a February 16, 2021 letter of the City Survey Officer (CSO), Chembur, refusing to mutate the name of Basant Vihar CHSL in revenue records for want of an NOC from the collector.

Date: 20th February 2022

TNN MMRDA halts Mumbai's salt pans development blueprint, no scrapping order.

“We have not gone ahead with the plan to appoint a consultant. The bids have not been processed and the tender will lapse in some days. However, so far, no formal orders to scrap the plan have been issued,” said an official.

Date: 19th February 2022

PTI Puravankara's sales bookings up 17% to Rs 666 crore in Q3 FY22.

According to its investors presentation, Puravankara sold 0.99 million square feet area during October-December 2021-22 as against 0.91 million square feet area in the year-ago period.

Date: 18th February 2022

TNN MahaRERA website set to display complaints on projects, promoters.

Maharashtra Real Estate Regulatory Authority (MahaRERA) authorities said the arrangement would help the homebuyers take an informed decision before investing in any project.

Date: 17th February 2022

Kajol buys two apartments in Juhu worth Rs 11.95 crore.

According to Squarefeetindia, the actress purchased the two flats situated on the 10th floor of the building. The report further stated that the combined cost of the two properties is Rs 11.95 crore.

Date: 17th February 2022

TNN Maharashtra: 419 developers opt for e-registration in four months

Of these 419 applications, 347 have been approved by the registration and town planning authorities and nearly 300 documents have been registered.

Date: 17th February 2022

TNN MahaRERA issues warrants for Rs 633 crore against errant builders.

Mumbai suburban area led the pack with 302 such recoveries, followed by Pune (162) and Thane (99). The warrants were issued in relation to 256 projects, of which 83 are in Pune, followed by 63 in Mumbai suburban and 41 in Thane.

Date: 16th February 2022

PTI Jaypee Infratech posts Rs 540 crore loss in Q3 FY22.

Total income rose to Rs 294.76 crore in the third quarter of this fiscal year from Rs 248.57 crore in the corresponding period of the previous year.

Date: 16th February 2022

ET Bureau Prestige Group to set up investment funds worth $500 million.

The proposed funds will be targeted at institutional investors and high net worth individuals (HNIs). They will also look at acquiring stressed residential projects and those that have gone to the National Company Law Tribunal (NCLT).

Date: 15th February 2022

TNN Redevelopment benefit linked to area, not income: Bombay HC.

At least 48 old buildings are being redeveloped in Samata Nagar. The six occupants said their building is in the middle-income group (MIG) category but they occupy 18sqm tenements.

Date: 14th February 2022

ET Bureau Hines plans India-dedicated fund to invest in office properties.

The US-based firm is planning to raise the India-dedicated fund worth $500 million in the next two quarters as part of its growth strategy. This will be a close-ended fund with a total tenure of 10 years.

Date: 13th February 2022

TNN MahaRERA directs Prathamesh Harmony's promoter to hand over flats in four months.

MahaRERA member Vijay Satbir Singh, in his order, also stated that the society would be entitled to take over this project if promoter Ajit Singh failed to complete it by obtaining an occupancy certificate (OC).

Date: 12th February 2022

TNN Navi Mumbai Metro just a nod away from March-end start

The railway board on Friday approved the rolling stock, that is, coaches and operational equipment, of the Navi Mumbai Metro following a two-day inspection by the commissioner of metro railway safety (CMRS) on January 17- 18.

Date: 11th February 2022

TNN Navi Mumbai: Redevelopment-affected Vashi residents protest against NMMC.

The residents, including ladies, gheraoed the staff car of the ward officer S Yedwe while questioning him how he could cut off their water supply without showing them any written order.

Date: 10th February 2022

TNN Navi Mumbai civic body extends property tax amnesty scheme till February-end.

The NMMC had rolled out the scheme for two months with effect from October 1, 2021. Later, the scheme was extended to January 31, 2022.

Date: 9th February 2022

PTI Kolte-Patil Developers' profit dips 76% to Rs 5.37 crore in Q3 FY22.

Total income rose to Rs 244.7 crore in the third quarter of this fiscal year, from Rs 194.66 crore in the corresponding period of the previous year, according to a regulatory filing.

Date: 9th February 2022

Mumbai Mirror Mumbai: Construction boom is on despite unsold inventory piling up

Last year, the BMC approved new real estate projects with a built-up area totalling about 15 crore sq ft. This area, according to a ballpark estimate, is roughly the size of 15 Nariman Points.

Date: 8th February 2022

TNN Mumbai: Building redevelopment incomplete, realty firm's director held.

According to the complainant, Narendra Paragani, in 2012 the three directors of Highcons Developer had taken over redevelopment of Shub Hari Darshan Housing Society on Dr Ambedkar Road. Later they included the adjoining Gautam Housing Society to develop them jointly.

Date: 7th February 2022

PTI Godrej Properties calls off DB Realty deal.

On Thursday, Godrej Properties had announced that it would invest Rs 400 crore to acquire around 10 per cent stake in DB Realty and another Rs 300 crore to set up a joint platform for undertaking slum redevelopment project.

Date: 5th February 2022

ET Bureau NGT restrains Oberoi Realty from creating third-party rights in Worli project.

It has ordered the Slum Rehabilitation Authority (SRA), the State Environment Impact Assessment Authority (SEIAA) Maharashtra and the Maharashtra Pollution Control Board (MPCB) to hold a joint meeting within a month to ensure compliance with the project.

Date: 5th February 2022 DB Realty deal overhang for Godrej Properties in short term

DB Realty, which already has partnered with Bangalore-based Prestige Estates for some larger projects in JV format, saw its shares hitting 5 per cent upper circuit limit at Rs 100.90. Godrej Industries shares, on the other hand, were down 10 per cent intraday.

Date: 4th February 2022

TNN Sops to builders set to bring Rs 15,000 crore, revive up to 600 projects: BMC commissioner.

Mumbai’s reconstruction is now largely dependent on redevelopment of old buildings and while Chahal lauded the success of the scheme, he said the concessions cannot be continued forever.

Date: 3rd February 2022

ETRealty Godrej Properties plans to invest Rs 400 crore to acquire about 10% stake in DB Realty.

Godrej Properties and DB Realty will each contribute an additional 300 crore towards the equity platform focused on all slum rehabilitation and MHADA redevelopment projects in Mumbai.

Date: 2nd February 2022

PTI BMC presents Rs 45,949 crore budget; no property tax for flats measuring up to 500 sq ft

In the budget, the Brihanmumbai Municipal Corporation announced 100 per cent relief from payment of property tax for the flats measuring up to 500 square feet of carpet area.

Date: 2nd February 2022

ETRealty ARKADE Group acquires plot in Mumbai from Hercules Hoists for Rs 90 crore.

Recently, ARKADE Group had announced the acquisition of six projects totaling 11,50,000 sq ft of construction area and has already invested Rs. 215 crore for this purpose.

Date: 2nd February 2022

ET Bureau Skechers buys office space in Mumbai's Andheri for Rs 175 crore

The California-headquartered company has bought the office space spread across three floors of ready commercial tower Fulcrum in Andheri suburb of Mumbai from realty developer House of Hiranandani.

Date: 30th January 2022

ETRealty Godrej Properties posts net profit of Rs 38.95 crore in Q3 FY22.

Godrej Properties' net consolidated income stood at Rs 466.91 crore in Q3 FY22, a growth of 50 per cent from Rs 311.12 crore it recorded in the similar quarter last year.

Date: 29th January 2022

PTI ED arrests businessman in Mumbai 'chawl' re-development money laundering case

Pravin Raut, a former director of a company called Guru Ashish Construction Pvt Ltd, was arrested following his questioning at the ED office in Mumbai.

Date: 28th January 2022

ET Bureau Kansai Nerolac Paints buys office for HQ worth Rs 85 crore in Mumbai.

The subsidiary of Japan’s Kansai Paint has bought an entire floor of office space spread over 35,000 sq ft in realty developer Marathon Group’s commercial project Marathon Futurex on Delisle Road.

Date: 27th January 2022

223 high-rises get fire brigade notices for safety violations in two months

The notices were issued to these structures under the Maharashtra Fire Prevention and Life Safety Measures Act, 2006, for various deficiencies found in their fire-fighting systems, shows municipal data.

Date: 25th January 2022

Delays in okaying increased cost for Metro 3 line leave officials worried

The cost of the underground Metro-3 project has escalated by over Rs 10,000 crore to Rs 33,406 crore from the original estimate of Rs 23,136 crore in 2011.

Date: 25th January 2022

Redevelopment stuck near Juhu airport as AAI reintroduces height restrictions

This is not the only residential society to be left in the lurch by a revision of the height limit. JT Radhakrishna, regional executive director, AAI, said the height restriction has been revised for 25 buildings in the Juhu-D N Nagar Andheri area.

Date: 24th January 2022

Scrap plan to have consultant for salt pan land: Jitendra Awhad to MMRDA

On Wednesday, MMRDA had received bids to appoint a consultant but a day later environment minister Aaditya Thackeray and Awhad opposed the move, saying no residential or commercial construction will be allowed on salt pan land in the city.

Date: 23rd January 2022

Thane may get property tax waiver for homes measuring up to 500 sq ft

Speaking to reporters after the weekly cabinet meeting here, Eknath Shinde said a proposal to waive property tax on houses with an area of up to 500 sq ft in Thane city was discussed in the meet.

Date: 21st January 2022

Sand set to get cheaper in Maharashtra under new mining policy

In a press release, the government said the new policy will ensure that river and creek sand and gravel is available at a more reasonable rate and the license for sand mining will be valid for five years after the successful auctioneer has obtained a letter of intent along with environmental permits.

Date: 20th January 2022

We won't allow constructions on Mumbai's salt pans: Aaditya Thackeray, Jitendra Awhad

In a shot in the arm for green activists, two state ministers, Aaditya Thackeray and Jitendra Awhad, on Thursday declared that salt pans spread over 5,500 acres in Mumbai will not be allowed for development.

Date: 19th January 2022

Sunteck Realty sales bookings rise marginally to Rs 352 crore in Q3 FY22

During April-December period of the current fiscal, Sunteck Realty's sales bookings grew by 23 per cent to Rs 800 crore from Rs 651 crore in the corresponding period of the previous year.

Date: 11th January 2022

Office leasing in 2021 surpassed 2016-2018's average by 7%

Occupancy levels rose in prominent office micro markets across the top 3 cities at the end of 2021 from Q3 2021, led by a gradual revival in demand and fewer occupier exits, the report mentioned.

Date: 11th January 2022

Mumbai: Flat owners lick wounds as fake army officers invade bank accounts

The police and cybercrime experts have warned flat owners to watch out before initiating a transaction and have urged them to try their best to check the credentials of those who approach them for renting apartments.

Date: 10th January 2022

New MahaRERA rule will help home buyers be updated on project status

Developers required to provide certificates from engineers, CAs to banks, MahaRERA before withdrawing home allottees’ money

Date: 10th January 2022

Tenants sans flats for 42 years, can't nix allotment on whim: Bombay HC

The allotment was made four decades after a dilapidated building he resided in was demolished. The building at Temkar Street in south Mumbai was demolished in 1978.

Date: 10th January 2022

Mumbai: Ten years on, 197 buyers of Oshiwara flats file Rs 70 crore cheating case

Meanwhile, the builder, Jayesh Thokarsi Shah of Ravi Group, is currently lodged in Arthur Road jail following his arrest in another case by the Mumbai Economic Offences Wing (EOW) last month for allegedly cheating five, who had booked flats in his other project, Evershine Cosmic, of Rs 10 crore.

Date: 9th January 2022

TNN: Navi Mumbai: Cidco includes 32 villages in Khopta New Town development

The new township involves 32 revenue villages encompassing Panvel and Uran talukas. This area includes 7 villages from Panvel tehsil of the Raigad district and 25 villages from the Uran tehsil.

Date: 9th January 2022

TNN: BMC to construct 700 tenements for PAPs

Ramesh Pawar, deputy municipal commissioner (Improvements) said the BMC owns a 75,000 sq feet plot at Worli of which 15,000 sq feet is encroached upon by slums.

Date: 9th January 2022

Mumbai: Actor Sourabh Raaj Jain contemplates legal action against Sunteck

Sourabh said his new flat in Sunteck City ODC, Goregaon was supposed to be ready in March 2020. But he was intimated that they would have to wait for a few more months as the builder was constructing additional floors.

Date: 7th January 2022

Maharashtra REAT to rehear cases as retired member can't sign order

The RERA appellate tribunal recently directed rehearing of two appeals as one of the members retired before the final reasoned judgment could be passed, though an operative part of the order was pronounced on July 26.

Date: 7th January 2022

Brookfield leads race to acquire IL&FS 4.5-lakh sq ft headquarter in Mumbai

IL&FS board has put the group's corporate headquarters on the block as part of the resolution process to address Rs 99,000 crore of debt.

Date: 6th January 2022

DCB Bank buys 15,464 sq ft office space in Mumbai's Lower Parel

The bank has acquired the office space on 18th floor of tower A of the commercial project. Along with the carpet area of over 10,049 sq ft, the bank will also get exclusive access to 15 car parks as part of this deal.

Date: 5th January 2022

Bombay HC restrains Orbit Ventures from creating third-party rights on properties

In September 2017, Axis Finance Ltd. lent Rs 130 crores to Orbit Ventures Developers. As against the funds disbursed by Axis Finance, the securities, including 12 unsold flats in a project in Mumbai’s Andheri suburb and receivables in respect of 54 identified flats, were created in favour of the lender.

Date: 5th January 2022

Lodha to repay $225 million bonds in next four months ahead of March-2023 maturity

Lodha had raised these $225 million bonds in March 2020 against the UK projects. In its India operations, the company has provided a guidance of reducing its debt to below Rs 6,000 crore by March 2023.

Date: 4th January 2022

Navi Mumbai: No property tax on homes up to 500 sq ft

Interestingly, a proposal mooted by Navi Mumbai Municipal Corporation (NMMC) for the waiver has been pending at the UD department for over two years.

Date: 4th January 2022

Maharashtra cabinet minister hints at property tax waiver for other cities too

“Gradually, the entire state is expected to get the benefit (of waiver). It is just a beginning, as Mumbai has shown the way. We will sit together and decide the future course of action,” said the senior Shiv Sena leader during his official tour to Aurangabad.

Date: 3rd January 2022

Mumbai: Brothers con dozens on pretext of villa bookings, arrested

They had duped at least 12 people in 2021 with fake information after obtaining photos of the bungalows and villas with amenities from hotel booking websites and posted them on their Instagram page (, police said.

Date: 3rd January 2022

Mumbai: Property tax waiver to cost BMC Rs 463 crore, says Iqbal Chahal

Chahal said till December 31, the BMC had also collected Rs 3,450 crore in property tax when its target was only Rs 800 crore.

Date: 2nd January 2022

Mumbai: No property tax on residential properties up to 500 sq ft.

The waiver comes ahead of Mumbai municipal corporation elections due next month. The CM has asked the administration to implement the decision with immediate effect, the release said.

Date: 1st January 2022

Times Real Estate Conclave & Awards 2021 brings good news galore, best performers

Date: 31st December 2021

Registration of homes in Mumbai declines 52% in December 2021: Report.

The registration of homes stood at 19,581 units in December 2020, because of lower stamp duty rates. In the entire last year, 65,633 homes were registered. Registration data is of transactions made in both primary and secondary (re-sale) residential markets.

Date: 31st December 2021

BMC lost Rs 2,000 crore due to unchanged property tax in Mumbai: Minister.

After he pointed out that the state had not yet waived property tax for dwellings below 500 square feet in the city in accordance with the Shiv Sena’s election promise, Shinde said this was under consideration, and the state would soon take a decision.

Date: 29th December 2021

Mumbai: Film producer Sanghvi held for yet another housing scam

On Monday, the Housing unit of EOW took custody of Sanghvi from the Arthur Road jail in connection with a 2018 cheating case. The court gave the police one day’s custody and then, on Tuesday, again sent him to judicial custody.

Date: 29th December 2021

Adani bid for Radius Estates approved by 80% of creditors

Debenture holders oppose Adani bid citing 90% ‘haircut’, may approach NCLAT.

Date: 28th December 2021

830 bungalows built in Madh Island by forging maps: Maharashtra revenue minister

Thorat said 102 maps have been changed to show 830 permanent structures. All these structures (essentially bungalows) have come up on government land marked as No-Development Zone. The plots also fall in the Coastal Regulation Zone.

Date: 28th December 2021

MahaRERA can decide payout for mental agony to flat buyers.

The order was passed on a complaint by Sanjay and Shailaja Gaikwad who sought not only direction to Omkar Realtors and Developers to hand over possession of the flat and to pay interest for delayed possession, but also Rs 2 crore compensation for the “mental torture and agony” caused to them.

Date: 28th December 2021

WeWork India revenue up 33% at Rs 800 crore in 2021

Looking at the growing demand for flexibility, Karan Virwani, CEO, WeWork India said the company would expand its portfolio by one million square feet area with capacity of about 20,000 desks.

Date: 27th December 2021

Mumbai: Producer remanded to judicial custody in Rs 13.7 crore housing fraud

Jain was arrested by the Economic Offences Wing (EOW) in 2016 for allegedly cheating home buyers; later, multiple FIRs were registered against him and his company.

Date: 27th December 2021

Mumbai: Tenants, landlords unite to redevelop Kamathipura

For the 800 landlords and over 8,000 tenants of Kamathipura, who have waited years for their properties to be redeveloped, hope is finally on the horizon.

Date: 27th December 2021

NCLT extends lenders' vote on Adani bid for Radius Estates

While the NCLT directed Radius to call for a creditors’ meeting on Saturday, it did not stay the voting. Adani Goodhomes had recently submitted its bid for Radius, which is under insolvency resolution.

Date: 27th December 2021

Societies that change redevelopment builder must ensure new allottees get flats: MahaRERA

The society had in March 2018 terminated a 2010 development agreement with its erstwhile builder on the grounds that he had “abandoned” the project, brought in a new builder in November 2018 and registered the project afresh under RERA.

Date: 27th December 2021

A realty stock ignored during IPO is up 170% now

Macrotech Developers’ IPO, open from April 7 to April 9, was subscribed 1.36 times, with the retail quota getting undersubscribed 40 per cent.

Date: 23rd December 2021

Motilal Oswal Real Estate plans to invest Rs 1,000 crore by March in realty projects

In a statement, Motilal Oswal Real Estate said that the company has cumulatively committed Rs 1,200 crore through its platform post the outbreak of COVID-19.

Date: 23rd December 2021

Mumbai: Government scraps 2016 housing scheme for mill workers

Awhad was responding to a question raised by Congress MLC Bhai Jagtap during question hour. Awhad said the scheme was to merge 160 sq ft rental flats and give them to the mill workers.

Date: 23rd December 2021

Maharashtra RERA lists 3,425 projects as 'lapsed' across state

Earlier, 3,371 projects were listed in October, of which 210 received extension, and 200 more projects were added to the list, stated the authorities.

Date: 22nd December 2021

Dream11 co-founder's wife buys luxury duplex in South Mumbai for Rs 72 crore

While this is a single amalgamated duplex on the 29th and 30th floors, the apartments in the north and south wing of the tower have been registered separately. These apartments have been amalgamated with permission from the Municipal Corporation of Greater Mumbai.

Date: 22nd December 2021

A realty stock ignored during IPO is up 170% now.

Macrotech Developers’ IPO, open from April 7 to April 9, was subscribed 1.36 times, with the retail quota getting undersubscribed 40 per cent.

Date: 22nd December 2021

Two builders associations merge with NAREDCO Maharashtra

Over 750 combined membership strength of both BDA & CMDWA largely consisting of developers who work under DCR 33-7, 33-5 & 33-9 on cessed and non-cessed buildings including MHADA and estate lease hold lands have come together with NAREDCO.

Date: 21st December 2021

Registration of homes in Mumbai down 18% in November 2021

The registration of homes stood at 7,582 units in November last year. During January-November 2020, 46,052 homes were registered.

Date: 21st December 2021

Mumbai: Adani, L&T and Naman Developers bid for Motilal Nagar redevelopment

Two top developers, Godrej Properties and Bengaluru-based Prestige Group, formally protested and wrote to Mhada about a controversial clause in the tender which makes most builders ineligible for the huge contract.

Date: 20th December 2021

Mumbai: EOW books Ornate Spaces' directors on complaint of investor who bought 14 flats

Rajendra Surana, a real estate investor, has alleged that in 2012 he learnt that Dadar-based Ornate Space was constructing a housing project – Grove Towers in Oshiwara in Andheri.

Date: 20th December 2021

Mumbai: Mahim society hopeful of end to nine-year wait for redevelopment

It’s been nine years since the 62 occupant landowners, residents of Amol society situated inside the premises of Tadeshwar Wadi, have been waiting for the redevelopment of the 3,00,000-square-foot non-cessed plot under the BMC’s parking lot scheme.

Date: 20th December 2021

Pooja Dhoot buys luxury duplex in South Mumbai for Rs 52 crore

The project has witnessed several record-setting transactions in the last few months. In December, the Motilal Oswal family trust bought two duplex apartments spread over 6,800 sq ft on the 13th and 17th floors of the same high-rise building for Rs 101 crore.

Date: 16th December 2021

Nagpur's Zqube Infracon seeks NCLT nod on Srei-run property auction.

It was declared as the highest bidder for the commercial property in Powai, Mumbai after an e-auction was held on August 11 for the property.

Date: 16th December 2021

Mumbai: NCDRC directs Hetali Enterprises to pay Rs 34 lakh to buyers for smaller flat.

The amount includes the market value of Rs 24,650 (2016) per sqft, along with 9% interest. The commission also directed the builder to pay a total of Rs 30 lakh for mental agony and compensation for a delay of eight months in handing over possession and costs of litigation.

Date: 16th December 2021

Maharashtra collection of stamp duty down 17% in November 2021.

So far in this financial year, October had reported the highest collections. Officials say the dip in November was expected and was in line with the average revenue in the rest of the months.

Date: 16th December 2021

Builders protest Mhada's 'rigged' redevelopment tender for Motilal Nagar.

Mhada has inserted a clause stating only developers with a net worth of not less than Rs 9,000 crore as on March 31, 2021, can qualify. TOI has learned that two top developers, Godrej Properties and Prestige Group, have shot off protest letters to Mhada.

Date: 14th December 2021

Mumbai: NCDRC directs Hetali Enterprises to pay Rs 34 lakh to buyers for smaller flat.

The amount includes the market value of Rs 24,650 (2016) per sqft, along with 9% interest. The commission also directed the builder to pay a total of Rs 30 lakh for mental agony and compensation for a delay of eight months in handing over possession and costs of litigation.

Date: 14th December 2021

Mumbai: HC frowns at Mhada lottery clause for Swan Mills workers.

“Prima facie this does not appeal to us and needs to be rectified,” said Justices Gautam Patel and Madhav Jamdar on a petition by Girni Kamgar Sabha and nearly 50 allottees against Mhada’s June 20, 2012, circular that split Swan Mills into two codes for allotments.

Date: 11th December 2021

Realtors buy 1,361-acres land since July 2020 across seven cities: Anarock.

Many developers and entities closed around 45 separate land deals, including outright purchases and joint developments, totaling around 1,757 acres across the top 7 cities between July 2020 and November 2021.

Date: 8th December 2021

Mumbai: Builder arrested for duping five flat buyers of Rs 10 crore

Shah was arrested on charges of cheating, forgery, breach of trust and under Maharashtra Ownership of Flats. Shah has been sent to police custody.

Date: 8th December 2021

JSW Energy's CEO buys Rs 45-crore duplex in South Mumbai

In March, Enam Asset Management Company’s cofounder, Jiten Doshi, bought two luxury duplex apartments in this project for Rs 61 crore. These transactions had attracted a stamp duty of Rs 1.83 crore as they were registered during the period when the Maharashtra government had offered a cut in stamp duty..

Date: 8th December 2021

CIDCO gets blanket NOC from AAI on buildings height near Navi Mumbai airport

Therefore, the applicants seeking development permissions and occupancy certificates had to approach individually the AAI for getting the No Objection Certificates, the City and Industrial Development Corporation (CIDCO) said in a release.

Date: 8th December 2021

Don't try smart practices with the court: Bombay HC to errant realtors.

“Since you have already cheated flat purchasers and a financial institution, do not indulge in such smart practices with the court. The court will not spare anyone. This is the message we want to convey to one and all,” said a bench of Justices Shahrukh Kathawalla and Milind Jadhav..

Date: 8th December 2021

Runwal Group appoints Sangeeta Prasad as Group CEO

Prasad has previously worked in Tata Steel in multiple business roles and Mahindra Group where her last role was MD & CEO of Mahindra Lifespace Developers.

Date: 8th December 2021

IT department detects tax evasion worth crores after raids on Mumbai-based builder

The CBDT said in a statement on Thursday that the searches on the group, that undertakes construction of both residential and commercial projects, were launched on November 25 and about 30 premises were covered.

Date: 4th December 2021

MYRE Capital plans to raise Rs 150 crore by the end of March 2022

The company had recently raised Rs 31 crore through its offering in Times Square, Andheri, Mumbai. Spread across 17,817 sq ft, Times Square with a 5+5 year lock-in, is expected to offer a rental yield of 10.5%, and an Internal Rate of Return (IRR) of 13.6%.

Date: 4th December 2021

Year after arrest, no bail for promoters of Omkar Group

“Huge public money Rs 410 crore were basically generated as proceeds of crime and then laundered by the applicant and his associates,” special judge MG Deshpande said in two orders.

Date: 4th December 2021

Mumbai: Government to come up with redevelopment policy for buildings near airport

It is estimated that around 20 lakh residents of Ghatkopar, Kurla, Santa Cruz, Andheri, Vile Parle have been affected by the height restriction on account of their proximity to the airport

Date: 4th December 2021

MahaRERA orders Parinee Adney's promoter to pay interest over delayed possession

The four home buyers had booked 2BHK and 3BHK flats between 2013 and 2015, and paid sums ranging from around Rs 1 crore to Rs 2 crore.

Date: 2nd December 2021

Birla Estates to invest Rs 5,500 crore to develop project in Mumbai

Spread across 14 acres the landscape of Birla Niyaara is master planned and detailed by Sasaki and Coopers Hill respectively. The company plans to develop overall 30 acres of land parcels in phases as integrated develo

Date: 2nd December 2021

Stop construction on Khar playground: Bombay HC

“Since no construction activity can be carried out on such plot bearing survey number 1143 in terms of the said (SC) order, we restrain any further construction on such land without the leave of the court,” said the judges in their order.

Date: 2nd December 2021

Mumbai’s stuck housing redevelopment projects to get a push

The state government decides to help resolve issues that have stalled over 550 housing projects by playing a facilitator’s role.

Date: 30th November 2021

Shapoorji Pallonji's Joyville to invest Rs 300 crore to build 750 apartments

Joyville, which is a Rs 1,240-crore platform established by business conglomerate Shapoorji Pallonji, ADB, IFC and Actis, has so far launched six housing projects -- three in Pune and one each in Mumbai, Kolkata and Gurugram.

Date: 30th November 2021

Mumbai: SC rejects builder's plea against Wadala flat buyers' refund order

The SC, however, said, “Even while not entertaining these petitions, we would leave it open for the parties in taking recourse to other appropriate proceedings, including the proposition for settlement, as may be advised and as may be permissible in law.

Date: 29th November 2021

Mumbai: Metro 2A & 7 may be operational by February 2022

A senior Mumbai Metropolitan Region Development Authority (MMRDA) official said, “Nearly 95% of the work on Phase I is completed and we are confident of opening the lines in two to three months.”

Date: 29th November 2021

Macrotech Developers looking to enter Bengaluru

Abhishek Lodha said the company would deploy Rs 3,000 crore, out of the total Rs 4,000 crore recently being raised via sale of shares to institutional investors, for growth in the capital-light manner in Mumbai Metropolitan Region (MMR) and Pune.

Date: 29th November 2021

Maharashtra: Final report on public hearings on new SRA rules by Nov-end

Over 300 suggestions and objections were submitted on the new regulations, which were going to promote the use of Transfer of Development rights (TDR).

Date: 28th November 2021

CIDCO nets over Rs 525 crore through auction of 11 plots in Navi Mumbai

The bids for all 11 plots are nearly 2 to 4 times higher than the reserve price set by the authority. All land parcels are located in sector 11 of Kharghar and will be open for both commercial and residential development.

Date: 28th November 2021

ArcelorMittal Nippon Steel leases office space in BKC for India headquarters

AM/NS India, which is 60% owned by the world’s biggest steelmaker and the rest by Japan’s Nippon Steel, has leased over 45,000 sq ft office space in Raheja Towers for a tenure of five years.

Date: 27th November 2021

Thane: Mhada now plans to make Kalwa affordable housing hub.

Jitendra Awhad said the department was working out a plan to procure a disputed land belonging to a now defunct engineering company spread over 100 acres in Kalwa (east).

Date: 26th November 2021

Mumbai: Report on One Avighna Park fire calls for action against flat owner, audit agency

The report has called for action against the flat owner where the blaze erupted under Section 53 (1) of the MRTP Act, 1966, for carrying out unauthorised work in the premises, and also black listing of the agency that certified that the fire fighting systems were functioning.

Date: 25th November 2021

MHADA inks pact with Chadha Developers for affordable housing township near Mumbai.

More than 1,000 applicants have already been selected for the allotment through a lottery draw in the last two lots since its launch in September 2021. A lottery for around 3,000 flats will be closing on December 25, while the draw date is January 1.

Date: 24th November 2021

Raymond set to rejig businesses, put professional boards in place

The group had literally started its real estate business during the pandemic constructing its first project at its Thane land parcel, earlier a mill land.

Date: 23rd November 2021

EFC leases 60,000 sq ft space in Hyderabad, 38,000 sq ft in Mumbai.

Average rent in Hyderabad spaces will be Rs 5,500 per seat per month while in BKC it will be Rs 14,000 per seat per month.

Date: 22nd November 2021

Mumbai: With CRZ washed away, steep curve ahead for Pali Hill skyline.

A massive construction boom is on the anvil at prime seafront locations in the city, especially between Bandra and Versova, after Coastal Regulation Zone (CRZ) norms were diluted by the Centre recently.

Date: 21st November 2021

CIDCO to adopt Maharashtra unified DCR for rapid development of NAINA project.

To prevent haphazard development around the Navi Mumbai International Airport, CIDCO has proposed the development of NAINA on 371 sq km of land from the Thane and Raigad districts.

Date: 20th November 2021

Critical repairs of Mumbai's old buildings on hold since July 2021

After MLA Amin Patel complained to housing minister Jitendra Awhad, steps are being taken and Rs 70 crore has been ordered to be released, raising hopes of the critical repair work being resumed.

Date: 19th November 2021

Macrotech Developers raises Rs 4,000 crore via QIP

After the QIP issues, Macrotech Developers' promoters shareholding will come down to 82.5 per cent. The company has two-and-a-half years to meet the requirement of minimum 25 per cent public shareholding.

Date: 18th November 2021

CPPIB, Phoenix Mills ink joint venture for office-led mixed-use assets development

CPPIB to invest Rs 1,350 crore to jointly develop 1 million sq ft offices, 2 lakh sq ft retail asset in Mumbai’s Lower Parel.

Date: 17th November 2021

Mumbai: Malabar Hill flat sale on slippery slope, Rs 5 crore cheating FIR filed

The FIR was filed by Malabar police on October 30 based on a complaint by Bhagwanram Bishnoi, who had wanted to buy a 1,360sq ft flat in Radha Krishna Cooperative Housing Society for Rs 10.9 crore.

Date: 16th November 2021

WeWork opens over 15,000 sq ft workspace in Express Towers, Mumbai

The centre will have over 250 desks. In July 2021, the company had leased out 17,000 sq ft area to 3M India.

Date: 15th November 2021

Thane: Forum orders housing society to pay Rs 20,000 to flat owner over car parking

The forum also directed the society to conduct a general body meeting and table a proposal for seeking approval for the complainant’s car parking on the society premises.

Date: 14th November 2021

Redevelopment boost in Maharashtra gives Mhada record payoff

In just five months, from April to August 2021, MHADA collected Rs 1,171.86 crore through this approach. In comparison, in 12 months from April 2020 to March 2021, the agency had collected 261.38 crore..

Date: 13th November 2021

GR soon on non-agricultural land conversion: Maharashtra revenue minister

Thorat told TOI that the new guidelines would be issued in a couple of weeks. The conversion of land has become an important issue against the backdrop of increasing urban population and expansion of cities and town.

Date: 12th November 2021

Mumbai: Malaika Arora 'amicably' settles row over Rs 14.5 crore flat delay

The project is the free-sale component in a slum rehabilitation project promoted by Pyramid Developers and Ultra Lifespaces (formerly known as Satra Buildcon).

Date: 11th November 2021

Mumbai: Imperial Infra buys Bandra property for Rs 350 crore

In late October, Imperial Infra, a Boman Irani-led Rustomjee Group firm, concluded the sale agreement with the Bandra Parsi Convalescent Home Trust for the 1-acre plot near Taj Land's End Hotel.

Date: 10th November 2021

Mumbai: Altamount Road villa sold for Rs 99 crore

According to, the property situated near the Ambani residence has been bought by Navisha Properties..

Date: 9th November 2021

MahaRERA conciliation forum told to wrap up cases in two months

An order to this effect was issued on Monday by MahaRERA secretary Vasant Prabhu as approved by chairperson Ajoy Mehta under Section 25 of the Real Estate Regulation and Development Act (RERA)

Date: 8th November 2021