Latest Property News from Mumbai Property Market

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Home Buyers to get Interest in case of Delayed Possession

Jan 19 2022

Home Buyers to get Interest in case of Delayed Possession

In a recent judgement pronounced by the NCDRC – The National Consumer Dispute Redressal Commission has allowed a Home Buyer Interest as compensation for the delayed period.

Any judgements favouring Home Buyers in a dis organized real estate market is good news. Typically, after paying the token amount the Home Buyers are dependent totally on the Developer to deliver and any time lines change for possession creates bad blood between the Buyer and the Developer.

Over the years, lots of regulations have changed in all respects be it legislative, technical or any other external factors, so developers are always fighting the change in the wind and hence sometimes the delays are inevitable.

Ajmera Realty to invest into their New Residential Project in Wadala.

Jan 19 2022

Ajmera Realty to invest 900 cr in Wadala for their new project. Ajmera Realty has carved out a name for itself in the Mumbai Real Estate Market and has a very strong presence in Wadala where they have already developed and handed over Ajmera Iland – Ajmera Treon, Ion, and Zeon.

Ajmera Realty plans to further develop around 100-acre master layout which will offer 2 & 3 Bedroom apartments.

Wadala is a central location and within 10 min drive time to BKC, 20 Min to Colaba, 20 min in future to Ulwe in Navi Mumbai through the Trans Harbour Sea Link.

Oberoi Realty Expands footprint to Bhandup - Buys Land for Rs.115 Cr

Jan 19 2022

Oberoi Realty Ltd has been buying value properties over the years. Starting from Ciba land in Goregaon, Tata Steel land in Borivali etc all the land banks are hand picked with huge potential of wealth creation for the Company and the Home Buyers.

Oberoi Realty has entered Bhandup West market with a large 14371 sq.mtrs plot which was sold by the DRT - Debt Recovery Tribunal. This land was purchased at a price of Rs.115.54 Cr vs the ready reckoner value of Rs.119 Cr.

Oberoi Realty already has presence in Mulund West near Johnson and Johnson where they are developing Eternia and Enigma Towers.

This purchase is strategic to Oberoi who have been more dominant in Western Suburbs and Worli and this opens up another avenue for them in the Eastern Suburbs of Mumbai.

Going forward the Mulund Goregaon Link Road connectivity will play a big role in the prices of this project as all Oberoi Goregaon Projects are already in the range of 5 Cr plus.

 

Arihant Developer to acquiring new land parcels in Mumbai.

Jan 12 2022

Arihant Developers currently is in the process of acquiring new land parcels for a affordable housing projects in Mumbai and likely to double it portfolio to 20 million sq.ft in the upcoming 12-18 months, for affordable housing projects on an outright basics as well as joint ventures for middle income and higher income groups projects.

As per some news Arihant Developers have identified some land parcel in MMR (Mumbai Metropolitan Region) that are expected to provide them a growth push and internal supports for funds.

Mr.Boman Irani of Rustomjee becomes the New MCHI President

Jan 12 2022

Mr.Boman Irani Chairman of Rustomjee Group and one of the most dynamic developers in the Country takes over as MCHI President from Mr.Deepak Gordia Chairman of Dosti Group.

Mr.Boman Irani has an eye on the Mumbai Property market and under his leadership we are anticipating a sea of change in Policies and many new initiatives for the betterment of the real estate industry in Mumbai.

Maharashtra Chamber of Housing Industry is one of the oldest Corporate Body for Developers in Maharashtra.

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