Latest Property News on 'Mumbai'

Octogenarian moves HC against AAI eviction notice

Mumbai: An octogenarian, who claims to own land estimated to be worth Rs 2,000 crore adjoining the Chhatrapati Shivaji International Airport in Sahar, has moved the Bombay High Court challenging a showcause notice issued by the Airport Authority of India (AAI).

The AAI initiated action to evict Edward Machado (82) from the seven acres he claims to possess.

Machado, an agriculturist, stated in his petition that he was the owner of 28.52 acres in Marol and Bapnala villages near Sahar, which belonged to his family since 1944. However, he stated he was dispossessed of 18.52 acres by the AAI in 2009. In his petition, he said he continues to own 10 acres and has crops standing on 6-7 acres of the agricultural land near Hotel Leela.

On January 3, the AAI, represented in court by Additional Solicitor General D J Khambata and senior counsel M P Rao, had issued a notice to Machado stating he was in unauthorised occupation of the land and flouted Section 28 of the AAI Act, 1994, as amended in 2003. Under the amended provision, Machado could be termed a trespasser, according to the AAI. “The said premises (seven acres) are required for the development of the international airport at Mumbai, which is substantially suffering on account of such illegal occupation of public property,” the AAI’s notice stated.

The eviction authority of the AAI had asked Machado to reply to the notice by January 16 and appear before it for a hearing on January 18. Machado, represented by senior counsel Iqbal Chagla, contended that the notice issued by the AAI is “unreasonable, capricious and in breach of the petitioner’s fundamental rights”.

Machado said he had filed a police complaint in December 1, 2004, after the AAI allegedly tried to dispossess him of his property on November 18, 2004. He submitted that owing to alleged police inaction, he moved the City Civil Court in May 2011 that observed that prima facie Machado was in possession of the land and restrained the AAI from evicting him.

Machado has claimed to be the owner of the property through adverse possession — a defence that can be raised in court by a person in occupation of an immoveable property against its real owner, and if proved, the occupant may be declared as its legal owner. He questioned the AAI’s jurisdiction to issue such a notice when his suit filed to ascertain the ownership of the land is still pending before the High Court.

A Division Bench of Justice S A Bobde and Justice R D Dhanuka adjourned the case till February 22.

Source: http://www.indianexpress.com/news/octogenarian-moves-hc-against-aai-eviction-notice/906426/

Dharavi: Govt issues detailed notification

Mumbai: The state government has issued the notification that paves the way for Maharashtra Housing and Area Development Authority (MHADA) or any other public authority to take up the ambitious and much-delayed redevelopment of one or more of the five sectors of Dharavi.

It was just hours before the election code of conduct came into force on January 3 that Chief Minister Prithviraj Chavan announced the government’s decision to start the long-delayed Rs 15,000-crore Dharavi Redevelopment Project (DRP).

The detailed notification that has been issued now says hutments, chawls, commercial establishments and cessed buildings in the 535-acre shanty town will be redeveloped using an FSI of four through “the developer to be appointed by following competitive bidding process or through public authority”.

In case of hutments, all slumdwellers living in structures prior to 2000 will be eligible for self-contained 300 sq ft one bedroom apartments with balcony. Those living in much larger shanties at present will be eligible for a maximum 400 sq ft house where the extra 100 sq ft will have to be purchased at the construction cost. “Only the occupant and not the owner of the shanty will have a right to a new house,” said a senior state government official.

As for cessed structures and chawls that lie within Dharavi, those staying in homes up to 750 sq ft would get an equivalent area free of cost. Those living in bigger houses will have to pay for the additional area. Similarly, in case of commercial structures that are home to various industries, such as pottery, the maximum area available free of cost would be only 225 sq ft; those working out of bigger areas currently will have to pay for additional built-up.

The potters of Kumbharwada would also be provided with a 2,230 sq m common work space. In addition to the rehabilitation and sale component, each of the five sectors will have provision for schools, dispensaries, gymnasiums, welfare centres, library, markets and police chowkies.

The DRP was first given the nod in 2004. Developers, who are awarded the project for relocating the 60,000 families to highrise apartments, were to make profit by constructing apartments using the incentive FSI. While 19 bidders were initially keen to be a part of the project, the 2009 downturn brought the number down to seven. Officials said to start with now MHADA will take up redevelopment of the 23-hectare Sector 5 on its own.

“The redevelopment of other four sectors will be carried out either by MHADA or private developers selected through fresh bids. We have made provisions for deemed permissions to avoid procedural delays,” said the official.

For instance, the notification states that no-objection certificate in case of construction on public land should be issued within 30 days, building permission should be given within 60 days of submission of details and in case of transit tenements within 15 days. If authorities fail to meet the deadlines, the permission would be deemed to have been granted. Officials added that important details such as minimum bid price that is to be charged on the developers taking up the project are yet to be decided. However, the notification does require developers to deposit Rs 20,000 per house by way of corpus for maintenance of the property.

Source: http://www.indianexpress.com/news/dharavi-govt-issues-detailed-notification/906420/

‘Luxury home prices plunge in Mumbai’

Mumbai: The high-end residential market in the country’s financial capital has witnessed the steepest fall in prices in a survey of global cities over the last one year even though average property prices in the city continue to be considered unreasonably high.

According to the prime global cities index by property consultants Knight Frank that tracks luxury residential trends in 23 key global cities, the Mumbai luxury market has registered the maximum dip at 18 per cent.

The properties in the premium segments include the top 5 per cent of the housing market in every city. In Mumbai, these are projects that command upward of Rs 50,000 per sq ft.

These include super-luxury projects in the plush areas of the island city such as Napean Sea Road, Carmichael Road, Altamount Road, Peddar Road, Breach Candy and Malabar Hill. Property analysts point out that the reason for prices nose-diving is the extremely speculative and sentiment-driven nature of the luxury residential segment in Mumbai.

Samantak Das, National Head of Research at Knight Frank India, said this is in sharp contrast to the commercial market where prices are determined by actual business activity.

He added that from 2010 to early 2011, this luxury market segment saw high volumes propelled by a bullish macro economy and positive signals given by the Indian government.

“The premium housing segment in Mumbai operates in extremes where buyers go into a buoyant investment spree during good times. Any signs of a downturn and they become conservative and go into a shell,” he said. The sector plummeted following downgrading of the economic forecast, inflation curbing measures introduced by RBI and the poor show in the share market.

The average value of prime property world-wide rose by 3 per cent in 2011 while in Asia it fell by 1 per cent. The report points out that this second phase of slump in the luxury residential market since late 2010, is markedly different from the price correction post the Lehman Brothers collapse in 2008.

Back then, the impact was most visible in European and North American cities. Over the last one year, the old world markets of London, Manhattan and Moscow markets have maintained a slow yet positive growth rate at 12, 9 and 3 percent respectively. In comparison, the Asian premium housing market—which until mid-2010 was rising at an average rate of 23 percent each year—is now leading the luxury market slowdown.

Source: http://www.financialexpress.com/news/luxury-home-prices-plunge-in-mumbai/905970/0

Octogenarian moves HC against AAI eviction notice

Mumbai: An octogenarian, who claims to own land estimated to be worth Rs 2,000 crore adjoining the Chhatrapati Shivaji International Airport in Sahar, has moved the Bombay High Court challenging a showcause notice issued by the Airport Authority of India (AAI).

The AAI initiated action to evict Edward Machado (82) from the seven acres he claims to possess.

Machado, an agriculturist, stated in his petition that he was the owner of 28.52 acres in Marol and Bapnala villages near Sahar, which belonged to his family since 1944. However, he stated he was dispossessed of 18.52 acres by the AAI in 2009. In his petition, he said he continues to own 10 acres and has crops standing on 6-7 acres of the agricultural land near Hotel Leela.

On January 3, the AAI, represented in court by Additional Solicitor General D J Khambata and senior counsel M P Rao, had issued a notice to Machado stating he was in unauthorised occupation of the land and flouted Section 28 of the AAI Act, 1994, as amended in 2003. Under the amended provision, Machado could be termed a trespasser, according to the AAI. “The said premises (seven acres) are required for the development of the international airport at Mumbai, which is substantially suffering on account of such illegal occupation of public property,” the AAI’s notice stated.

The eviction authority of the AAI had asked Machado to reply to the notice by January 16 and appear before it for a hearing on January 18. Machado, represented by senior counsel Iqbal Chagla, contended that the notice issued by the AAI is “unreasonable, capricious and in breach of the petitioner’s fundamental rights”.

Machado said he had filed a police complaint in December 1, 2004, after the AAI allegedly tried to dispossess him of his property on November 18, 2004. He submitted that owing to alleged police inaction, he moved the City Civil Court in May 2011 that observed that prima facie Machado was in possession of the land and restrained the AAI from evicting him.

Machado has claimed to be the owner of the property through adverse possession — a defence that can be raised in court by a person in occupation of an immoveable property against its real owner, and if proved, the occupant may be declared as its legal owner. He questioned the AAI’s jurisdiction to issue such a notice when his suit filed to ascertain the ownership of the land is still pending before the High Court.

A Division Bench of Justice S A Bobde and Justice R D Dhanuka adjourned the case till February 22.

Source: http://www.financialexpress.com/news/octogenarian-moves-hc-against-aai-eviction-notice/906426/0

Dharavi: Govt issues detailed notification

Mumbai: The state government has issued the notification that paves the way for Maharashtra Housing and Area Development Authority (MHADA) or any other public authority to take up the ambitious and much-delayed redevelopment of one or more of the five sectors of Dharavi.
It was just hours before the election code of conduct came into force on January 3 that Chief Minister Prithviraj Chavan announced the government’s decision to start the long-delayed Rs 15,000-crore Dharavi Redevelopment Project (DRP).

The detailed notification that has been issued now says hutments, chawls, commercial establishments and cessed buildings in the 535-acre shanty town will be redeveloped using an FSI of four through “the developer to be appointed by following competitive bidding process or through public authority”.

In case of hutments, all slumdwellers living in structures prior to 2000 will be eligible for self-contained 300 sq ft one bedroom apartments with balcony. Those living in much larger shanties at present will be eligible for a maximum 400 sq ft house where the extra 100 sq ft will have to be purchased at the construction cost. “Only the occupant and not the owner of the shanty will have a right to a new house,” said a senior state government official.

As for cessed structures and chawls that lie within Dharavi, those staying in homes up to 750 sq ft would get an equivalent area free of cost. Those living in bigger houses will have to pay for the additional area. Similarly, in case of commercial structures that are home to various industries, such as pottery, the maximum area available free of cost would be only 225 sq ft; those working out of bigger areas currently will have to pay for additional built-up.

The potters of Kumbharwada would also be provided with a 2,230 sq m common work space. In addition to the rehabilitation and sale component, each of the five sectors will have provision for schools, dispensaries, gymnasiums, welfare centres, library, markets and police chowkies.

The DRP was first given the nod in 2004. Developers, who are awarded the project for relocating the 60,000 families to highrise apartments, were to make profit by constructing apartments using the incentive FSI. While 19 bidders were initially keen to be a part of the project, the 2009 downturn brought the number down to seven. Officials said to start with now MHADA will take up redevelopment of the 23-hectare Sector 5 on its own.

“The redevelopment of other four sectors will be carried out either by MHADA or private developers selected through fresh bids. We have made provisions for deemed permissions to avoid procedural delays,” said the official.

For instance, the notification states that no-objection certificate in case of construction on public land should be issued within 30 days, building permission should be given within 60 days of submission of details and in case of transit tenements within 15 days. If authorities fail to meet the deadlines, the permission would be deemed to have been granted. Officials added that important details such as minimum bid price that is to be charged on the developers taking up the project are yet to be decided. However, the notification does require developers to deposit Rs 20,000 per house by way of corpus for maintenance of the property.

Source: http://www.financialexpress.com/news/dharavi-govt-issues-detailed-notification/906420/0

Integrated mixed use development in the heart of Mumbai

The Wadia Group, with its three centuries of legacy across multiple industry segments like ship building, aviation, foods, engineering and architectural consultancy services; has today announced its foray in to the real estate sector with the launch of Bombay Realty. The Group also announced the launch of Mumbai’s first fully integrated “Mixed Use” development, the Island City Center located in the heart of the island city of Mumbai.
The Island City Center will be built over 45 acres of groups landbank and it will consist of luxury residences, serviced apartments, offices, a 5-star hotel, a high street, a premium mall, and an international school. All this and over 8 acres of open green landscape.

Commenting on the launch, Mr. Jeh Wadia, Managing Director, Bombay Realty, said: “For over centuries the Wadia Group has prided on its excellence and spirit of entrepreneurship. The Wadia Group has many successful ventures such as Bombay Dyeing, Britannia, Gherzi Eastern and Go Air built on these values. The Group has accomplished landmark projects across residences, offices, hospitality, retail, industrial and even townships across India. Bombay Realty our newest venture will consolidate the groups land bank of over 10,000 acres and develop the same in a progressive manner.”

Mr Manish Agrawal, Vice President, Marketing added: “Bombay Realty will play the role of developer for the Wadia Group which has a land bank of more than 10000 acres. The Group has close to 700 acres around the city of Mumbai, and 70 acres in the Island city. With the launch of Mixed Use project ‘The Island City Center’ we are offering a lifestyle that provides the ability to live, work, play, all at one place. The Island City Center aims to provide a better quality of life to its residents, by saving them a couple of hours of commute every day, which they can then spend with their family and friends.”

“At The Island City Center, we don’t sell property, we will be selling time; and with it, a better life” says Mr Jeh Wadia. This city within a city, is a gated community and promises its own private roads, an unparalleled security with a world class infrastructure.”
The project has been launched at a time when Jones Lang LaSalle in their 2012 forecast for the Mumbai real estate market has said that, “Mumbai will underscore its status as a relatively safe haven for Indian core real estate. HNI investors will re-enter the market in a big way, and the increased HNI investment volumes are likely to put pressure on core cap rate”
Luxury Residences at Island City Center – ONE ICC & TWO ICC
Bombay Realty has launched two iconic towers in Mumbai – ONE ICC & TWO ICC. These two magnificent residential towers will offer every comfort and convenience to its discerning residents.

With exacting standards and careful attention to the minutest detail, these residences will epitomize extraordinary grandeur – with air-conditioned lifts and lift lobbies, reception areas, unique state-of-the-art safety & security systems (such as jet fans in the basement and smart cards for restricted entry) and use of cutting-edge technology (be it the jump-form technology, the use of post-tension slabs, or the multiple high-speed elevators to ensure reduced waiting time). Picture windows, spectacular views, grand entry-foyers, modern imported modular kitchens, stylish bathrooms and elegantly designed rooms are the other salient features.

For the over indulgent, ONE ICC & TWO ICC will provide access to every conceivable privilege and still have the time for more. Whether it’s the Golf putting green, air-conditioned squash courts, games rooms, kids play area, library, cricket nets, the barbecue pits, the concierge & travel desk or the multiple swimming pools – for any occasion, there’s everything one could have asked for and a little bit of what one couldn’t have begun to imagine.
Philanthropy

While the Wadia Group epitomizes the spirit of entrepreneurship, philanthropy is at the core of everything the Group does – 33 acres of affordable housing (Nowroz Baug in Lalbaug, Rustom Baug and Jer Baug in Byculla, Cusrow Baug in Colaba), 8 acres of accessible healthcare (Nowrosjee Wadia Maternity Hospital) and Jerbai Wadia Children’s Hospital in Mumbai). Besides, the Group has built several education institutes in Pune (Nowrosjee Wadia College of Arts & Science, Cusrow Wadia Institute of Technology, Ness Wadia College of Commerce, Neville Wadia Institute of Management and Research and M.E. Society’s College of Engineering).
Past Real Estate ventures

The Group, through its arm Gherzi Eastern, has been associated with various premium residences in Mumbai (Springs, Samudra Mahal, Beach Towers, Twin Towers and Naperol Towers), offices(C1 & C2, Wadia International Center), townships across India (Integrated IT-SEZ in Tamil Nadu, Doyang in Nagaland, Cinnamara Township in Assam, Integrated Textile Park in Bhopal), multi-star hotels (Grand Hyatt and Grand Intercontinental in Mumbai, Goa Renaissance, Hyatt Regency in Delhi, Taj Krishna in Hyderabad and Yak & Yeti Hotel in Nepal), retail projects (Central Mall and IMAX Multiplex in Vadodara, Fame Adlabs and Fame Multiplex in Mumbai, IMAX Multiplex in Hyderabad, Natraj Multiplex and Satyam Cineplex in Delhi) and several industrial projects (Alok Industries and Welspun in Vapi, Moser Baer in Noida, Spentex Industries in Baramati and Whirlpool in Pune).

Source: http://www.moneycontrol.com/news/real-estate/integrated-mixed-use-developmentthe-heartmumbai_659774.html

‘Luxury home prices plunge in Mumbai’

Mumbai: The high-end residential market in the country’s financial capital has witnessed the steepest fall in prices in a survey of global cities over the last one year even though average property prices in the city continue to be considered unreasonably high.

According to the prime global cities index by property consultants Knight Frank that tracks luxury residential trends in 23 key global cities, the Mumbai luxury market has registered the maximum dip at 18 per cent.

The properties in the premium segments include the top 5 per cent of the housing market in every city. In Mumbai, these are projects that command upward of Rs 50,000 per sq ft.

These include super-luxury projects in the plush areas of the island city such as Napean Sea Road, Carmichael Road, Altamount Road, Peddar Road, Breach Candy and Malabar Hill. Property analysts point out that the reason for prices nose-diving is the extremely speculative and sentiment-driven nature of the luxury residential segment in Mumbai.

Samantak Das, National Head of Research at Knight Frank India, said this is in sharp contrast to the commercial market where prices are determined by actual business activity.

He added that from 2010 to early 2011, this luxury market segment saw high volumes propelled by a bullish macro economy and positive signals given by the Indian government.

“The premium housing segment in Mumbai operates in extremes where buyers go into a buoyant investment spree during good times. Any signs of a downturn and they become conservative and go into a shell,” he said. The sector plummeted following downgrading of the economic forecast, inflation curbing measures introduced by RBI and the poor show in the share market.

The average value of prime property world-wide rose by 3 per cent in 2011 while in Asia it fell by 1 per cent. The report points out that this second phase of slump in the luxury residential market since late 2010, is markedly different from the price correction post the Lehman Brothers collapse in 2008.

Back then, the impact was most visible in European and North American cities. Over the last one year, the old world markets of London, Manhattan and Moscow markets have maintained a slow yet positive growth rate at 12, 9 and 3 percent respectively. In comparison, the Asian premium housing market—which until mid-2010 was rising at an average rate of 23 percent each year—is now leading the luxury market slowdown.

Source: http://www.indianexpress.com/news/luxury-home-prices-plunge-in-mumbai/905970/

Lavasa case hearing deferred till March 17

Lavasa case hearing deferred till March 17

PUNE: Chief judicial magistrate (CJM) N T Ghadge on Monday deferred the hearing against Lavasa Corporation and 15 others in a criminal complaint filed by Maharashtra Pollution Control Board (MPCB) alleging environment violations till March 17.

Nine Lavasa officials filed a plea for seeking personal exemption for not remaining present before the court through their lawyers which was considered by the court.

The court also considered the plea of MPCB lawyers Sadanand Deshmukh and S G Gawli for re-issuing process against five Lavasa officials as the same could not be served on them for various reasons.

The lawyers said one of the suspects had obtained a stay order from the Bombay High Court restraining the court from conducting trial against him, as he had challenged the order of issue process.

They further said six other officials have also challenged the order of issue process by filing a criminal revision petition before the district and sessions court here.

The lawyers made a statement that Lavasa will also challenge the issue process order before the high court. They pleaded to stay the proceedings before the court till the final decision of the various petitions.

CJM Ghadge then deferred the hearing till March 17.

Source: http://timesofindia.indiatimes.com/city/pune/Lavasa-case-hearing-deferred-till-March-17/articleshow/11692817.cms

Mumbai homes sales down 30% in Oct-Dec, at 3-year low

MUMBAI: Homes sales in Mumbai slipped over 30% in the quarter ended December from a year ago, making it the lowest in three years, says Liases Foras Real Estate Rating & Research.

In this period, home prices have gone up 25% and interest rates too have headed north.

“High prices are keeping buyers away in Mumbai. Weighted average prices have shot up 30% from the previous peak of Rs 8,100 per sq ft in June 2008, while it has moved up 97% from the bottom of Rs 5,353 a sq ft in June 2009,” said Pankaj Kapoor, managing director of Liases Foras.

The market saw sale of only eight million sq ft during the quarter, which was the lowest in the last three years. The unsold housing stock in Mumbai too has risen to 112 million sq ft, which is equivalent to 44 months of inventory as against 8 months that any healthy market can sustain. On a quarterly basis too, prices have gone up 5% with sales falling as much as 17%.

“Not only consumers, even the investor participation in Mumbai’s real estate market is reducing,” Kapoor said.

While sales in Mumbai continue to be a concern, other major markets are seeing healthy home sales, mostly because of new launches in the affordable segment.

During the quarter, sales in the national capital region (which includes Delhi), Pune, Hyderabad and Chennai rose between 6-49% from a year ago. Bangalore saw the highest growth in sales at 106%.

According to Liases Foras, unsold stock across these six major property markets has risen to 525 million sq ft, equaling an inventory of 23 months. Price trend across these markets also showed an uptrend with rates in the NCR rising 25%, while in Hyderabad, Chennai and Bangalore, prices went up moderately, between 1-6% compared to a year ago.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/mumbai-homes-sales-down-30-in-oct-dec-at-3-year-low/articleshow/11652210.cms

Mumbai homes sales down 30% in Oct-Dec, at 3-year low

MUMBAI: Homes sales in Mumbai slipped over 30% in the quarter ended December from a year ago, making it the lowest in three years, says Liases Foras Real Estate Rating & Research.

In this period, home prices have gone up 25% and interest rates too have headed north.

“High prices are keeping buyers away in Mumbai. Weighted average prices have shot up 30% from the previous peak of Rs 8,100 per sq ft in June 2008, while it has moved up 97% from the bottom of Rs 5,353 a sq ft in June 2009,” said Pankaj Kapoor, managing director of Liases Foras.

The market saw sale of only eight million sq ft during the quarter, which was the lowest in the last three years. The unsold housing stock in Mumbai too has risen to 112 million sq ft, which is equivalent to 44 months of inventory as against 8 months that any healthy market can sustain. On a quarterly basis too, prices have gone up 5% with sales falling as much as 17%.

“Not only consumers, even the investor participation in Mumbai’s real estate market is reducing,” Kapoor said.

While sales in Mumbai continue to be a concern, other major markets are seeing healthy home sales, mostly because of new launches in the affordable segment.

During the quarter, sales in the national capital region (which includes Delhi), Pune, Hyderabad and Chennai rose between 6-49% from a year ago. Bangalore saw the highest growth in sales at 106%.

According to Liases Foras, unsold stock across these six major property markets has risen to 525 million sq ft, equaling an inventory of 23 months. Price trend across these markets also showed an uptrend with rates in the NCR rising 25%, while in Hyderabad, Chennai and Bangalore, prices went up moderately, between 1-6% compared to a year ago.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/mumbai-homes-sales-down-30-in-oct-dec-at-3-year-low/articleshow/11652210.cms