Defaulting builders’ cases should go to RERA regulators before NCLT

NEW DELHI: Cases related to defaulting builders should be first taken up by regulators under the new real estate law RERA before being referred to the NCLT for insolvency proceedings, realtors’ body NAREDCO has suggested. The association also recommended that any dispute regarding new projects should only be heard by state regulators set up under the Real Estate Act, called […]

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Mumbai rent inflation highest among five cities

Mumbai :The Mumbai Metropolitan Region (MMR), which includes Thane and Navi Mumbai, experienced a maximum rent inflation of 18% in 2018, the highest among five Indian cities, a recent survey reveals.The average rent in MMR jumped to Rs 21,168 last year from Rs 17,912 in 2017 followed by Chennai and Bengaluru with 15% and 14% increase, respectively. Rent inflation in […]

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Tilak Nagar’s residents feel that construction of high rises has ruined its peaceful vibe and greenery

Chembur’s Tilak Nagar has come a long way since chawls dominated its land. In 1965, it underwent its first big renovation at LIG Colony by MHADA. Back then the place boasted of lush greenery, 60-ft-wide concrete roads and lots of recreational space for the public. However, due to the presence of criminals, it was not the preferred residential destination for many homebuyers. […]

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Maharashtra housing minister stops MHADA from ‘gifting’ Patra chawl project to Guruashish Constructions

Mumbai Minister of State for Housing Ravindra Waikar has complained to Chief Minister Devendra Fadnavis that MHADA was attempting to hand the Patra Chawl redevelopment back to the very developer accused of messing up the project. While the state government has specifically instructed MHADA to take over Patra Chawl’s redevelopment, Waikar has claimed that the latter filed an affidavit in […]

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Realtors reiterate demand to bring project approving authorities under RERA

Mumbai Realty developers have reiterated their long-pending demand to bring government bodies especially the project-approving civic authorities under the purview of Real Estate (Regulation & Development) Act, 2016. The developers’ bodies in Mumbai and Navi Mumbai raised their demand again after a local developer from Chembur locality of Mumbai committed suicide on January 03. The Chembur-based developer’s suicide on January […]

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Now, e-apply to transfer tenanted flat in your name

Mumbai To ease woes of thousands living in tenanted properties, who often struggle at civic offices to get them transferred in their name, BMC’s estate department has now started accepting applications online. Under BMC’s ‘Ease of Doing Business’, once an application is submitted, it should be completed within 33 days. Earlier, there was no time limit. Mumbai has 3,505 tenanted […]

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HCC raises over Rs 497 crore from rights issue

Mumbai Infrastructure developer Hindustan Construction Company (HCC) on December 27 raised Rs 497.6 crore through a rights issue. The issue was oversubscribed with HCC getting applications worth Rs 551.38 crore for sale through which it would issue up to 49.75 crore equity shares, the company said in a statement. With this the paid-up equity capital of the company will go […]

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MahaMetro appointed as consultant of CIDCO for Navi Mumbai & Nashik

Mumbai MahaMetro has been appointed as construction consultant of City and Industrial Development Corporation of Maharashtra (CIDCO) for development of Navi Mumbai and Nashik. The Metro agency will help CIDCO in building flyovers and townships and in beautification work. It is on rare occasions that Nagpur-based agencies work for development of Mumbai. These assignments usually go to agencies of Tier […]

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HCC raises over Rs 497 crore from rights issue

Mumbai Infrastructure developer Hindustan Construction Company (HCC) on December 27 raised Rs 497.6 crore through a rights issue. The issue was oversubscribed with HCC getting applications worth Rs 551.38 crore for sale through which it would issue up to 49.75 crore equity shares, the company said in a statement. With this the paid-up equity capital of the company will go […]

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BMC cannot give green nod for constructions

Mumbai For the second time in two years, the Center’s attempts to empower Brihanmumbai Municipal Corporation and other local planning authorities to grant environment clearance for construction projects has been struck down. On December 27, environment secretary Anil Diggikar issued a circular stating that the Delhi High Court in November and the National Green Tribunal (NGT) on December 3 had […]

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