A construction company, which planned to take care of its workers, support staff and employees during the Covid-19 pandemic and was unable to do so because of the pending Income Tax (I-T) claim for Rs 2.91 crore, frozen bank accounts and the attachment of its debtors, received a favourable order from the Income Tax Appellate […]
ITAT approves hold on paying tax demand to make builder pay its workers.more
More than 1,300 firms, including manufacturing units, foundries and textile firms have been approved by the Maharashtra Industrial Development Corporation (MIDC) to reopen their services in the midst of the COVID-19 lockdown. The MIDC is the nodal body of the state government to facilitate enterprises with regard to land management, permits and policymaking. “We have […]
MIDC approves more than 1,300 companies to reopen their operations in the midst of the lockdown.more
In a judgment closing a 20-year-old battle, the Supreme Court ordered that two open spaces at the Juhu-Vile Parle Development Scheme (JVPD) be maintained as open spaces only. It upheld a 2017 Bombay High Court Order labelling Mhada’s decision to approve construction on the two layout open spaces as an “illegality” and “set off with […]
SC concludes 20-year old battle, declares two JVPD plots as an ‘Open Spaces’.more
The updated guidelines for ongoing construction projects provided by the Center on April 15 have come as a significant relief to the builders as workers stationed at such sites are now able to begin construction work. The updated guidelines, however, also confirmed that such work cannot be performed in places designated as COVID-19 hotspots. Mumbai […]
Mumbai and Pune city may not get the relief benefit for the construction projects.more
It is known that ICICI Bank and other private lenders have reached out to their landlords requesting a rent waiver for the lockdown period. Sources said that considering the disruption caused by COVID-19, ICICI Bank has asked operating offices to obtain a waiver from their landlords as a measure of support for the bank. There […]
ICICI Bank and other private banks demand rent waiver from their landlords.more
Invoking the force majeure clause in the context of the COVID-19 lockdown, the promoters of the X BKC project in Kala Nagar, Bandra requested MIG Colony’s original tenants not to deposit their cheques for the May-June period. Citing financial problems and bad market conditions, MIG (Bandra) Realtors and Builders Pvt Ltd, part of the DB […]
X BKC project promoter declines to pay rent by citing force majeure clause.more
In a major relief to a construction firm based in Mumbai, the Bombay High Court said the lockdown duration is to be eliminated when calculating 90 days for the Non-performing Assets (NPAs) declaration. The High Court’s ruling came on a Transcon Iconica petition that took a loan from ICICI Bank and failed to make payments […]
Bombay High Court declares calculation of 90days NPA should not include lockdown duration.more
According to a study by Reserve Bank of India, the residential real estate market has continued to suffer from weak demand and significant inventory overhang. Due to new launches dropping indicating the broad inventory overhang, all India house price levels moderated with Mumbai and NCR exhibiting a small price drop of almost 5 per cent. […]
RBI shows its study for the residential market disruption with a small price drop in the sector.more
Despite the lockdown, BMC has begun pre-monsoon road-resurfacing, desilting and bridge-building work to prevent accidents, flooding, water-logging and rainfall diseases — it has a little over a month and a half to complete the job. On 6 April, BMC resumed 112 works on roads, bridges and stormwater drains (including desilting) with 2,500 labourers. Additional Municipal […]
BMC resumes infrastructure work amid lockdown, explains as the pre-monsoon measures.more
The coronavirus is Spreading like wildfire, the amount of people in Mumbai testing positive for COVID-19 is rising constantly. The Brihanmumbai Municipal Corporation has prepared, with this rise, 20 more hospitals with doctors and nurses at standby. “Two, 140-bed hospitals in Vikhroli and Ghatkopar have been equipped with different entry gates and quarantine wards. In […]
COVID-19: BMC prepares 20 additional hospitals in Mumbai along with quarantine wards.more