Mumbai Properties
Lodha Developers have completed the acquisition of 17-acre land in Mumbai from realty major DLF for Rs 2,725 crores. In August, DLF had announced sale of the land parcel to Lodha Developers for about Rs 2,700 crore and it has been termed the largest realty deal so far this year. DLF had bought the land [...] Continue Reading »
Lessees and occupants of Maharashtra state government land will have to display certificates, declaring that their properties were granted by the government. A notice board has to be displayed on the building premises or on compound walls, visible to the public from now on. State government officials say that this will help the government to [...] Continue Reading »
Mahindra Lifespaces, part of the Mahindra Group, has purchased a three-acre plot in Andheri owned by Nycomed Pharma Pvt Ltd. Mahindra purchased the property for around Rs 205 crore, or Rs 65 crore an acre. The 12,000-sq m plot currently houses a bungalow, two guest houses, a research and development facility and an electric sub-station. [...] Continue Reading »
In order to generate more revenue to fund infrastructure projects in Mumbai and other areas, Mumbai Metropolitan Region Development Authority (MMRDA) has sold land parcels in the Bandra-Kurla Complex (BKC) and Wadala. Over Rs 70,000 crore expected towards infrastructure projects in the next decade, the projects is in urgent need for alternate sources of revenue [...] Continue Reading »
In order to earn more money, the Maharashtra state cabinet has cleared a new policy for pre-Independence leasehold plots in Mumbai. The policy will affect the monthly rentals of tenants occupying old buildings in the city. As per the new policy, the government has hiked rent, limited the term of new agreements to 30 years [...] Continue Reading »
The BrihanMumbai Municipal Corporation (BMC) has ordered a probe into all occupation certificates (OC) issued by the civic body in the last 10 years against promised rainwater harvesting systems by builders. The announcement of the enquiry came after several corporators alleged that officials of the civic building proposal department had handed out OCs to builders [...] Continue Reading »
Mumbai-based Omkar Realtors & Developers is in talks with Kolkata based Forum Projects to enter into a residential joint venture. The two parties are en route to develop a two-lakh sq ft super luxury residential project off Bandra-Kurla Complex in Mumbai. The project will mark Forum Projects’ entry into Mumbai’s prime realty market. The project [...] Continue Reading »
The Maharashtra government has transferred the responsibility to maintain the Eastern and Western Express Highways from the state public works department (PWD) to Brihanmumbai Municipal Corporation (BMC). The decision is considered vital as there has been a piling up of complaints against the current custodian of the two thoroughfare, which are the city’s north-south arteries. [...] Continue Reading »
Mumbai’s economy has been hurt by an unregulated, hyper inflated and speculative real estate, which in turn would have its effect on the country’s economy. The astronomical property prices are driving new businesses and expansion of existing ones away to other cities. The cost of acquisition of a facility to run business is very high [...] Continue Reading »
Mumbai is witnessing supply outpacing demand in the residential sector. On one hand, upcoming projects are witnessing very subdued response from the buyers and investors. On the other hand, pace of construction is slow and almost 70 per cent of the total residential units under construction in the northern fringes of the city remain unsold [...] Continue Reading »
