Housing societies can decide on use of sinking fund, Real Estate News, ET RealEstate

MUMBAI: Housing society members need not approach cooperatives department for permission to use the sinking fund for other purposes, like repairs and painting. Cooperatives sector experts said as per a model bylaw of 2014, even if the general body decides on using it by defining its purpose, there is no need for the society to […]

Work to construct transit homes for BDD chawl residents begins in Worli, Real Estate News, ET RealEstate

File photo MUMBAI: Work has started on construction of transit buildings at Worli for BDD Chawl residents, kickstarting one of the city’s largest redevelopment projects in central Mumbai. These are being constructed on open spaces within the BDD chawl complex. “The proposal is to construct three transit buildings. About a month ago, work started on […]

Reliance Nippon Life Insurance leases 40,000 sq ft at Adani Inspire in BKC, Real Estate News, ET RealEstate

MUMBAI: Reliance Nippon Life Insurance (RNLI) has taken a 40,000 sq ft space on a five-year lease at an Adani Realty project in the BKC business district to house its corporate headquarters, officials said on Wednesday. Rental details of the transaction, one of the largest in recent times, were not immediately available. “RNLI has signed […]

Ajoy Mehta buys Nariman Point flat for Rs 5.3 cr, Real Estate News, ET RealEstate

BY: Varun SinghMUMBAI: Former municipal commissioner Ajoy Mehta, who was also the chief secretary of the state, has recently bought a flat in Nariman Point for Rs 5.3 crore. Mehta is currently the chief advisor to Chief Minister Uddhav Thackeray. The flat that Mehta bought is located on the 5th floor of Samata Co-operative Housing […]

Stalled since 2013, housing project hits fresh roadblock, Real Estate News, ET RealEstate

File photo MUMBAI: Hundreds of buyers of flats in the Orbit Corporation’s budget housing project in Andheri, who were hoping that the project stalled since 2013 would take off after the developer settles the debts, have been disappointed once again. The project has hit another roadblock with the ready reckoner rate (RRR) of one of […]

Housing society chairman who failed to audit his old building acquitted, Real Estate News, ET RealEstate

MUMBAI: A magistrate court recently acquitted the chairman of a Ghatkopar (W) housing society two years after he was booked for failing to get a structural audit done on the old and reportedly dilapidated building despite a BMC notice. The court held that without making the legal entity, the housing society, an accused, only the […]

Maharashtra government to build 8.82 lakh houses under Maha Awas Yojana, Real Estate News, ET RealEstate

MUMBAI: Maharashtra Chief Minister Uddhav Thackeray has launched a new rural housing project named “Maha Awas Yojana,” under which 8.82 lakh rural houses will be built in 100 days period. Maharashtra’s Rural Development department will undertake this project, which will include toilets and other necessary amenities. Currently, the cost of the project has been estimated […]

Over 9.80 lakh residential consumers in Mumbai owe Rs 673 crore to power companies, Real Estate News, ET RealEstate

MUMBAI: Of the 45 lakh residential consumers in Mumbai, 9.82 lakh owe Rs 673 crore to power distribution companies. This is what the Maharashtra energy department has collated from Adani Electricity, Tata Power and BEST. If consumers from the rest of the state are included, then 1.35 crore consumers of MSEDCL have bill arrears to […]

Neepa Real Estates moves court three housing societies, Real Estate News, ET RealEstate

MUMBAI: A real estate developer moved city civil court against three housing societies in Marol on Tuesday. While the residents have been protesting against water leakage problems in houses and loss of open space, the developer has demanded removal of allegedly defamatory banners on balconies and statements on social media. He has claimed that the […]

BMC terminates 999-year lease of Kalbadevi property, Real Estate News, ET RealEstate

MUMBAI: In a first in the history of BMC‘s property leases, the civic administration has terminated a 999-year lease of the nearly century-old Pandya Mansion on Bomanji Master Lane near Kalbadevi post office. BMC took possession of the Rs 200-crore property from the lessees, Prakash and Manoj Pandya, after they were charged with carrying out […]

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