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mumbai development plan 2034 puts focus on affordable homes and job creation, real estate news, et realestate

mumbai: first the good news — the mumbai development plan (dp) for 2034 speaks about creating 1 million affordable houses and 8 million jobs in the city. the dp envisages creating theatres, museums, parks, playgrounds, theme gardens, old age homes and shelters for the homeless.now the bad news — all this may remain on paper as bmc’s development plans have had a very dismal record of completion. brihanmumbai municipal corporation commissioner ajoy mehta himself admitted on wednesday that only 20% of what the 1991 development plan had envisaged could be achieved. in plain terms, all the talk of creating 1 million affordable homes and 8 million jobs is likely to remain on paper because execution has been poor.the development plan for 2034 talks of utilising salt pan lands for affordable...





salt pans land to make way for 10 lakh affordable houses in mumbai, real estate news, et realestate

mumbai: salt pans of malwani, gorai, jogeshwari and mulund will be transformed in the coming decades as the development plan-2034 has earmarked 2,100 hectares of no development zone (redesignated as special development zones) and 320 hectares of salt pan land for constructing 10 lakh affordable houses under the ambitious pradhan mantri awaas yojana. these areas today have no civic infrastructure such as roads, sanitation network, school and hospital.additional chief secretary (housing) sanjay kumar said five lakh homes will be constructed by 2022.there is, however, fear that the government may end up constructing hovels with poor quality of life while benefiting builders through incentive floor space index (fsi). sitaram shelar, member, hamara shahar mumbai abhiyan, said putting up the poo...





sc seeks details of co-developers of amrapali, real estate news, et realestate

file photo new delhi: the supreme court on wednesday sought details of co-developers interested in developing amrapali sapphire and amrapali leisure park.the order came after it decided to hear the matter project-wise and today it heard arguments vis-a-vis amrapali sapphire and amrapali leisure park.the apex court agreed that a co-developer should be assigned for a project. “...in doing so the accountability process becomes easier..” said the bench comprising of arun mishra and uday umesh lalit. it however reiterated that the co-developers ought to file an undertaking before the court.sc then directed the builder to furnish specific details in respect to both these projects, on affidavit having details that includes profile of co-developer, persons behind the co-developer, affidavit of...





aarey spared, salt pan lands to be developed, real estate news, et realestate

file photomumbai: decks have been finally cleared for the launch of the development plan (dp)-2034 with chief minister devendra fadnavis signing the scrutiny committee report late on tuesday evening.the government is likely to announce the notification today. the dp had been in a limbo since being submitted in august last year.chief minister devendra fadnavis on tuesday tweeted: “this will pave way for implementing the new dp for accelerated growth of the mumbai city.”considering the numerous protests it elicited given issues surrounding robbing the city of its already shrinking green cover, fsis among others, the rules for the city’s development have gone through numerous revisions.according to the approved plan, apart from the proposed car shed for metro iii, no other construction ...





maharashtra govt reduces lease rent for housing societies and plot owners, real estate news, et realestate

devendra fadnavis (file photo)mumbai: a section of lease holders of state government land can look forward to reduced annual lease rent. the state cabinet on tuesday decided to cut annual lease rent for individual plot owners, housing societies, social, religious, and cultural organisations and also for orphanages and dharamshalas.individual plot owners or those whose plot size is less than 5,000 sq ft, as well as housing societies, will now have to pay only 1% of 25% of the plot’s ready reckoner rate (rr rate). for social, religious and cultural organisations, orphanages and dharamshalas, the annual lease rent has been reduced to only 0.5% of 25% of the plot’s rr rate.the reduction follows a spate of public interest litigations filed in the bombay high court after the state government...





icici drops sale of home finance arm, to reposition business, real estate news, et realestate

mumbai: icici bank has abandoned plans to sell its home finance arm. it has instead decided to reposition the subsidiary as an affordable housing finance provider. the new strategy is to develop skills for lending based on income assessment and take advantage of the fiscal incentives provided to borrowers, developers and lenders. the housing finance arm will also diversify into consumer lending.the bank’s executive director and head of retail anup bagchi has been appointed chairman of the housing finance company. speaking to toi, bagchi said that the target is to triple the portfolio to rs 30,000 crore in three to four years. the subsidiary has a new management in place with anirudh kamani, former head of rural and inclusive banking, to lead the housing finance arm.around 2014, icici ban...





essar completes sale of equinox business parks to brookfield for rs 2,400 crore, real estate news, et realestate

mumbai: essar group has concluded the sale of equinox business parks, its commercial property in mumbai’s bandra-kurla complex, to brookfield asset management for an enterprise value of rs 2,400 crore, the company said in a release.spread over nearly 10 acres near business district bandra-kurla complex equinox business park comprises four towers, with a leasable office space of about 1.25 million sq ft.in 2006, essar was a licensee in the park. later, it acquired the towers and ultimately the entire park during the period between 2008 and 2012.some of the companies that occupy space in the park are tata communications, experian, crompton greaves and lafarge.





sc stops construction in illegal delhi colonies, real estate news, et realestate

sc (file photo)new delhi: the supreme court on tuesday halted all construction in 1,797 unauthorised colonies in the national capital.a bench of justice madan b. lokur and justice deepak gupta asked the centre to set up a special task force for removing encroachments on public land and roads in delhi.the bench also refused to vacate its stay on proposed amendments to the city's masterplan. the development authority had (dda) appealed the court to vacate the stay."on the one hand you have authorised colonies which follow rules and by-laws. on the other hand you have unauthorised colonies which are not following rules and by-laws... unauthorised colonies can't be placed in a better position than authorised colonies."we direct that construction should stop in unauthorised colonies till th...





bombay hc orders forensic audit of jaycee homes' assets, real estate news, et realestate

file photomumbai: the bombay high court on monday directed the economic offences wing (eow) of mumbai police to get a forensic audit done on assets of builder jaycee homes whose director dipesh bhagtani is in judicial custody in a case of cheating homebuyers. justice s j kathawalla also directed the civic administration to inform by wednesday whether construction of bhagtani krishaang, a project in powai, is approved and as per sanctioned plans and how much of it is unauthorized after a lawyer for the buyers said the bmc has served demolition notice for top three floors of the 23-storey tower.the hc also directed bhagtani to give status of all his assets by wednesday. his counsel arif bookwalla said it would be difficult as bhagtani is in jail. justice kathawalla ordered arthur road jail o...





essar completes sale of equinox business parks to brookfield for rs 2,400 crore, real estate news, et realestate

mumbai: essar group has concluded the sale of equinox business parks, its commercial property in mumbai’s bandra-kurla complex, to brookfield asset management for an enterprise value of rs 2,400 crore, the company said in a release.spread over nearly 10 acres near business district bandra-kurla complex equinox business park comprises four towers, with a leasable office space of about 1.25 million sq ft.in 2006, essar was a licensee in the park. later, it acquired the towers and ultimately the entire park during the period between 2008 and 2012.some of the companies that occupy space in the park are tata communications, experian, crompton greaves and lafarge.





report, real estate news, et realestate

mumbai: residential property markets of mumbai and bangalore have emerged as the front-runners among key markets in terms of both sales and new housing supply infusion during the quarter ended march.mumbai metropolitan region (mmr) has witnessed highest sales among seven property markets with 12% rise at 12,300 units, while bangalore recorded sales of 11,500 units. bangalore led on the absorption front with 15% rise in sales with 127% jump in launches, showed data from anarockproperty consultants.while mumbai saw maximum number of launches at 8,600 units, the silicon valley of india has witnessed highest launches among key south india property markets with nearly 6,800 new units supply in comparison to hyderabad and chennai that saw 2,600 and 2,100 units launched, respectively.“increased...





homebuyers may get ibc relief, real estate news, et realestate

the government could soon promulgate an ordinance to make changes to the insolvency and bankruptcy code that will provide relief to small businesses and homebuyers, relax disqualifications under section 29a and clarify the definition of a related party.the changes are based on the recommendations of a high-level law committee chaired by injeti srinivas, secretary in the ministry of corporate affairs.the union cabinet could consider the ordinance as early as wednesday, according to a senior government official.the decree will empower the central government to modify or exempt medium and small enterprises (msmes) from various provisions of the code including section 29a, which bars those with non-performing loans from bidding under the resolution process.barring wilful defaulters, section 29...





assocham, real estate news, et realestate

new delhi: insolvency and bankruptcy code (code) and the real estate (regulation and development) act seem to be pitted against each other when it comes to resolving interest of bankers and homebuyers, an assocham report observed."the conflict between ibc and rera came to the fore in quite a few bankruptcy proceeding in the recent times.... in a way, ibc and rera have areas where there are possibilities of conflict in operation. while ibc allows companies to file for bankruptcy to provide relief to debtors or creditors, rera looks at providing relief to homebuyers and seeks to hold developers or builders responsible if the project is delayed," said an assocham - thought arbitrage paper.as per provisions of the ibc, homebuyers are "unsecured creditors" and as a result their priority to ...





barclays leases 1.1 million sq ft office space in pune, real estate news, et realestate

mumbai: in the largest commercial space transaction so far this year, london-headquartered multinational investment bank and financial services company barclays’ india arm has entered into an agreement to pick up nearly 1.1 million sq ft office space in k raheja corp’s pune project on lease, said three persons familiar with the matter. through this transaction, the london and new york stock exchange-listed financial services company is setting up its single biggest office outside of the uk in india.the built-to-suit campus in k raheja corp’s it park commerzone kharadi in pune will be developed over the next two years and will accommodate around 9,000 employees who would cater to the british investment bank’s operations across 40 countries.the total tenure of the lease agreement is ...





report, real estate news, et realestate

mumbai: residential property markets of mumbai and bangalore have emerged as the front-runners among key markets in terms of both sales and new housing supply infusion during the quarter ended march.mumbai metropolitan region (mmr) has witnessed highest sales among seven property markets with 12% rise at 12,300 units, while bangalore recorded sales of 11,500 units. bangalore led on the absorption front with 15% rise in sales with 127% jump in launches, showed data from anarockproperty consultants.while mumbai saw maximum number of launches at 8,600 units, the silicon valley of india has witnessed highest launches among key south india property markets with nearly 6,800 new units supply in comparison to hyderabad and chennai that saw 2,600 and 2,100 units launched, respectively.“increased...





cppib-phoenix mills investment platform buys bengaluru land parcel for rs 650 crore, real estate news, et realestate

mumbai: island star mall developers (ismdpl), the strategic investment alliance owned by the phoenix mills and canada pension plan investment board (cppib), has acquired a 13-acre land parcel in hebbal, bengaluru for rs 650 crore.the site has a development potential of around 1.81 million sq ft. in initial phase, ismdpl would develop at least 1 million sq ft as retail development, the company said in a release. this will be phoenix mills’ second marketcity mall in bengaluru.earlier this month, cppib invested an additional rs 938 crore into the island star malls developers. so far, cppib has invested rs 1,662 crore in this entity through multiple tranches, to own 49% stake in the alliance formed in april 2017.





iifcl tears into jaypee infra bid evaluation process, calls for fair review, real estate news, et realestate

new delhi: a key lender to bankruptcy-hit jaypee infratech has ripped apart the bid evaluation process followed by the resolution professional conducting the auction of the firm, saying it has "serious deficiencies and shortcomings."india infrastructure finance co ltd (iifcl), which has claims of about rs 900 crore or 10.57 per cent of jaypee's total debt, wants a "fair and transparent" process adopted and the current evaluation that pegs the company's worth at less than half of its market value of rs 17,110 crore, be "summarily scraped."iifcl, in a letter to the resolution professional, tore into its valuers assuming a much less toll collections from jaypee-built expressway."the valuation conducted by the lenders consortium recently during 2017, the pessimist scenario for the tol...





projects not under rera ambit must mention it in advertisements, real estate news, et realestate

file photo chennai: in a fresh move, the tamil nadu real estate regulatory authority (tnrera) has said advertisements on real estate projects which do not come under the real estate act must be indicated in the advertisements.real estate projects proposed in an area of less than 500 square metre and the number of apartments under eight units need not have to be registered with the realty regulator.“if the project does not fall within the ambit of rera that should also be indicated in the advertisement,” an official statement from tnrera said here on saturday. the statement further said that a number of advertisements are being published in dailies without mentioning the website address of the real estate authority and registration number obtained from tnrera.any individual, promoter or...





south delhi civic body eyes rs 15 crore in property tax from 3,000 mobile towers, real estate news, et realestate

new delhi: with over 3,000 mobile towers in areas under its jurisdiction, the south delhi municipal corporation is planning to bolster its revenues by charging property tax on them. the civic body is likely to move a resolution in this regard. according to a rough estimate, this could mean an additional rs 15 crore in its kitty annually. in the previous fiscal, sdmc had collected around rs 650 crore in property tax. last year, the supreme court had ruled that property tax could be levied on mobile towers and telecom companies would have to pay the charges to the civic body concerned as these towers came in the ambit of land and building. a separate battle between sdmc and telecom companies regarding one-time installation charges for mobile towers is raging in the delhi high court. “hc ha...





cppib-phoenix mills investment platform buys bengaluru land parcel for rs 650 crore, real estate news, et realestate

mumbai: island star mall developers (ismdpl), the strategic investment alliance owned by the phoenix mills and canada pension plan investment board (cppib), has acquired a 13-acre land parcel in hebbal, bengaluru for rs 650 crore.the site has a development potential of around 1.81 million sq ft. in initial phase, ismdpl would develop at least 1 million sq ft as retail development, the company said in a release. this will be phoenix mills’ second marketcity mall in bengaluru.earlier this month, cppib invested an additional rs 938 crore into the island star malls developers. so far, cppib has invested rs 1,662 crore in this entity through multiple tranches, to own 49% stake in the alliance formed in april 2017.