BNMC Records Highest Short-Term Property Tax Recovery Under Abhay Amnesty Scheme
The Bhiwandi Nizampur Municipal Corporation (BNMC) has achieved a record property tax recovery of Rs 23.67 crore in just 24 days under the Abhay amnesty scheme, marking the highest short-term collection in the civic body’s history. Between April 1 and November 30, BNMC collected Rs 52.95 crore, up from Rs 27.80 crore during the same […]
Bombay High Court Orders Society Members to Pay Rs 5 Lakhs or Vacate Property for Redevelopment
The Bombay High Court has directed seven members of a housing society to pay a total of Rs 5 lakhs if they do not vacate their flats within two weeks. These members’ refusal to leave their flats in the Taruvel CHSL building in Chakala, Andheri (East), has the potential to disrupt the building’s redevelopment. DEM […]
MahaRERA will conduct its fifth exam for 5,260 real estate agents
The fifth competency examination, which will be held by the Maharashtra Real Estate Regulatory Authority (MahaRERA) on July 29 at 24 locations throughout Maharashtra, is expected to draw 5,260 real estate agents. MahaRERA reports that 9,295 real estate agents have passed the test out of the four batches that have taken it so far. Real […]
In the last 24 months, Mumbai’s home prices have increased by 20.4%
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 opulent markets in the nation […]
Dharavi redevelopment project is requesting a 15-acre plot of land in BKC from MMRDA on a 5-year lease
Dharavi DharavuDharavi Redevelopment Project Pvt. Ltd. (DRPPL), a special purpose vehicle (SPV) established by the state government and the Adani group, has requested a five-year lease for 15 acres of land in BKC from the Mumbai Metropolitan Region Development Authority (MMRDA). The Adani group secured the bid to redevelop Dharavi in November 2022 with an […]
Bombay High Court: “Owner Has Preferential Right To Redevelop Property”
The Bombay High Court rejected the Slum Rehabilitation Authority’s (SRA) plan to buy a portion of Mount Mary Church land in Bandra (W) in order to create a slum there. The court also stated that the property owner has the “preferential right” to carry out the property’s renovation. The court further noted the peculiarity of […]