MUMBAI: Three months after sanctioning it, the state government has changed its mind about acquiring the Versova-Andheri-Ghatkopar Metro-1. During a Tuesday cabinet meeting, the decision was made. The city’s oldest route, Metro-1, is the only one developed under a public-private partnership. Mumbai Metro One Private Ltd (MMOPL), a special purpose
The most recent PropIndex Report from Magicbricks indicates that sustained demand and constrained supply have contributed to a 20.4% increase in Mumbai residential prices over the previous two years. The average residential rates rose 6.5% QoQ to INR 26,780 psf, according to the survey. Mumbai became one of the most
A designated court on Friday ordered five “Suchit Developers” partners to judicial custody until July 1 in connection with an alleged Rs. 1 crore fraud against a 64-year-old widow who was defrauded of her Bandra West apartment that she purchased in 2005. The investigation officer (IO) is allegedly working in
According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), developers in the state will be required to maintain separate designated bank accounts for the purposes of receiving payments from home buyers, so they will not be able to take money from buyers and deposit it in different bank accounts as
The decision to permit a change in the developer of a Wadala redevelopment project that has stalled has been met with criticism from the Bombay High Court by the state government and the Slum Rehabilitation Authority (SRA). In their judgment on Wednesday, Justices Mahesh Sonak and Kamal Khata declared that
Due to the increase in demand, major real estate companies including Prestige Estates Projects, Sattva, Sobha, Brigade Enterprises, Suraj Estate Developers, and Hiranandani Group are increasing their investments and portfolios. To meet demand and stay competitive, these companies have declared large portfolio expansions and investments in land banks. With a
As on July 1, developers in Maharashtra will have to keep specific bank accounts open for payments from buyers, citing a directive from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The goals of this policy are to safeguard the investments of homeowners and improve financial discipline and openness. Developers used
The Dharavi Redevelopment Project Pvt Ltd (DRPPL) has already requested 1,255 acres from different government entities; it is currently looking for tenements. The state government established the DRPPL, a special purpose vehicle in which Adani Realty is the principal developer. The DRPPL has established a 334-tenement requirement. According to DRPPL
In the first quarter of 2024, sales of luxury homes see a sharp increase in Mumbai, the financial hub of India. Nearly 85,000 residential units were sold between January and March 2024, up 8% from the same period the previous year, according to a recent report from CBRE South Asia.
The Maharashtra government recently revealed an updated schedule for finishing the first phase of Mumbai Metro 3. The project’s original completion date of September 2024 has been pushed back to December 2024. Chief Minister Eknath Shinde presided over the state cabinet meeting when this decision was made, according to a
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