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Locality Overview: Kengeri, Bangalore

Due to the town's easy accessibility, the demand for homes in Kengeri has increased, and the value of the real estate in the area has surged. Rajarajeshwari Nagar, Nagarbhavi, and Vijay Nagar form the borders of this satellite tv for pc township. The area is renowned for having the busiest bus depots, and the Kengeri Railway Station serves as a vital link in the region's connection. The nearby Bidadi and Bangalore City Junction train stations are also easily accessible. Through the BDA, Kengeri was created more than 30 years ago.

Cyber cafés, application infrastructure, restaurants, and other social infrastructure have all increased in the area. Numerous retail establishments call Kengeri home, and several rental complexes have sprung up in this area.

Even though nearby communities frequently cater to the upper end of the market, Kengeri is unquestionably a great option for purchasers looking for affordable and mid-range properties. Here, the top tier of the real estate market is still in its infancy. NICE Road and MG Road are two further nearby Kengeri communities. In comparison to most of its neighbors, Kengeri offers a greater appreciation capability because it has easy access to the largest IT parks and all popular social infrastructure. 14 kilometers of good access to the important area of Bengaluru. It is very well-connected to Bengaluru's leisure through NICE Road, ORR, and the Mysore-Bengaluru Highway.

The distance between Kengeri and Kempegowda International Airport is 49 kilometers. The closest station, located along the train line between Bangalore and Mysore, is Kengeri. It is well-connected 

With reputable educational institutions like the SJR Kengeri Public School, Priyadarshini Vidya Kendra, and BGS Public School, Kengeri has a strong social infrastructure. The HK Hospital and Shreya Hospital are two of Kengeri's top medical facilities. To name a couple of Kengeri's well-known department shops, there is the Park Gopalan Arcade Mall and the BDA Commercial Complex.

The current charge developments in Kengeri reflect the area's potential for future growth. The completion of this metro station would significantly increase asset costs and lead to a surge in social and other infrastructure. Social infrastructure is also progressing admirably and has good connectivity to several business centers. Water delivery concerns, water quality, and indiscriminate Kengeri Lake filling are the easiest teething problems in this area.

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The best areas in Dubai to rent a home

Dubai Marina 

The waterfront district of Dubai Marina, which attracts a lot of singles and young couples, is renowned for offering a chic and vivacious atmosphere. A wide range of restaurants and vibrant nightlife are also available on the network.

Jumeirah Lake Towers 

The luxurious Jumeirah Lake Towers (JLT) network was constructed around the edges of four man-made lakes as part of the "new Dubai" development. Most of the time, it is domestic to younger parents and couples. Residents benefit from being close to a wide range of dining and shopping options, and the area is well-connected thanks to the use of the Dubai Metro.

Emirates Living 

Green Community, The Lakes, The Springs, The Meadows, and Emirates Hills are the four top residential subdivisions that make up the master-planned community known as Emirates Living. The upscale amenities on offer complement the apartments. Emirates Living is renowned for its immaculately groomed outdoor spaces and busy events program.

Jumeirah Village Circle 

Jumeirah Village Circle (JVC), which is located in the center of modern Dubai yet away from the city's bustle, is the perfect place for residents who desire to live a luxurious lifestyle in a peaceful setting. The network operates more than 2000 expansive, opulent villas and unique townhouses, all in a peaceful village environment.

Business Bay 

Business Bay, Dubai's new commercial and trade hub, is a short distance from Downtown Dubai. The exclusive network has a brand-new yacht dock and cruising boat berth near the bank of the brand-new Canal. A variety of groceries, restaurants and entertainment venues are available in Business Bay, along with some of the most well-known hotels in the world.

Jumeirah beach residence

One of Dubai's liveliest attractions is considered to be Jumeirah Beach Residence's (JBR) diverse beachside network. The network, which consists of 40 towering buildings separated into six clusters and facing the Arabian Gulf, is the most significant single-segment residential and industrial assignment in the whole globe. JBR is an excellent choice for young families and couples since it offers a year-round beachy and hotel lifestyle.

Meydan city

Meydan City is a brand-new center for commerce, transportation, and way of life that spans more than 40,000,000 square feet on a 15,000,000 square foot plot of land. In addition to housing, the development also houses the Meydan Museum, Gallery, an IMAX theatre, and a golf course.

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The Locality Overview: Kothrud, Pune

The city of Pune has seen a rapid increase in the inflow of the working population from outside the metropolis as a result of the establishment of multiple IT majors and various multi-countrywide groupings (MNCs). As a result, there was an increase in demand for residential apartments in Kothrud, one of the designated suburbs of Pune. Even though Kothrud's apartment rents are rising quickly, there is still affordable accommodation available to meet the needs of mid and junior-stage executives from a variety of groups.

Some of Pune's top educational institutions are located in Kothrud. As a result, a large influx of college students from outside has also occurred. The governmental services have also improved. The region's retail and hospitality industries have improved as a result of commercial development and the IT boom.

The Satara Road, the Mumbai-Bengaluru Highway, the Paud Road, and the Karve Road are some of the main highways that pass through the area. The Kothrud Transport Stand and the Kothrud Bus Depot are located close by, and the area offers a wide range of bus options.

The train services may be accessed at the Shivaji Nagar railway station. Kothrud is located around 7 kilometers from the railway station. The journey to the Pune airport from Kothrud takes around half an hour.

Kothrud itself contains employment centers that are near Kothrud Sharda Center. About two kilometers separate the Mahratta Chamber of Commerce, Industries & Agriculture from the ICC Towers. RMZ Westend is around 6 kilometers away. About nine kilometers separate the area from Nanospace IT Park.

Kothrud provides its residents with first-rate social infrastructure. The MES Bal Shikshan Mandir English Medium School, P Jog High School, and Raja Shree Shivraya Pratishthan New India School are a few of the well-known educational institutions in Kothrud. The Shashwat Hospital, Patel Hospital, and Deoyani Super Specialty Hospital are a few of Kothrud's top medical facilities. Department shops in Kothrud, such as the Megamart, Big Bazaar, and Croma, cater to the needs of the populace in terms of shopping.

Given Kothrud's rate trends and the escalating demand, the area could prove to be a great place to invest. With some activities being developed, asset expenses have increased significantly. Additionally, the area is situated close to Pune's commercial districts and IT/ITeS clusters. In Pune, Kothrud is already a wealthy neighborhood, and the government has ambitions to expand it further. Therefore, infrastructure hubs have room for development. Kothrud is an excellent location for investment when these kinds of things are taken into account.

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In Mumbai, luxury property purchases have increased significantly.

Property transactions have increased in Mumbai's affluent micro-markets of Worli, Juhu, and Bandra. Bollywood stars, tycoons, and business figures have all made investments in Mumbai's real estate market.

IGE India Pvt Ltd, one of the Dabriwala family's investment entities, has purchased two sea-facing homes in Worli for Rs 151 crore. A few days later, Agarwal Holdings paid Rs 332 crore for around 2 acres of land in Juhu. The property parcel is 1.72 acres in size and contains a building of over 4,300 square feet. The business paid around Rs 20 crore in stamp duty and registration fees for the transaction.

Prominent Mumbai luxury property offers

In June 2022, Ravi and Neel Raheja of K Raheja Corp paid Rs 183 crore for a 25,000-square-foot home on an acre of land in Juhu. Bollywood celebrities have also purchased luxury properties in Juhu and other key locations of Mumbai. To mention a few, Rajkummar Rao paid Rs 44 crore for an uber-luxe property spanning across 3,000 sq ft in Juhu, while Ranveer Singh paid Rs 119 crore for a sea-view luxury quadruplex residence in Bandra West, Mumbai.

How will the real estate market fare in 2022?

With pandemic circumstances mainly receding from the country, the residential real estate market appears to be positive in 2022. According to industry statistics, around 306 upmarket housing units worth Rs 4,877 crore were sold in Mumbai during the first quarter of the calendar year 2022. Transactions by notable people such as Radhakishan Damani, Motilal Oswal, and Jiten Doshi were among the luxury apartment deals registered in Mumbai in 2021.

What are the primary reasons boosting demand for luxury houses in India?

The ultra-rich are the most active buyers of luxury residences in India. They mostly invest in real estate in order to maximise capital profits. Section 54F of the Income Tax Act allows for tax savings on capital gains if the earnings are reinvested in real estate.

President of India Sotheby's International Realty (India SIR), Ashwin Chadha, says, "India SIR enables luxury property transactions, including Hayath's recent purchase. To avoid capital gains tax, entrepreneurs are increasingly motivated to transfer their holdings to funds and institutions and invest in residential buildings."

Furthermore, increased customer desire for superior facilities and cheap mortgage rates have been important factors to the sales of high-end buildings. Notwithstanding two straight hikes in repo rates this year, house loan interest rates in India remain lower than pre-COVID levels, which is a major driver of the rise.

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All About Investing in Gaothan properties

Numerous homes often referred to as "Gaothan houses" can be seen in Navi Mumbai and Thane. Such homes appeal to some buyers with limited budgets because of their cheap value. However, the majority of people are still concerned about whether or not such homes are lawful.

What are the risks of buying Gaothan items? asks Mithila from Airoli on Open House. What are the crucial actions? Additionally, Pavan Shringi from Navi Mumbai asks, "Why do banks no longer offer to finance such homes? ”

Raj Kumar Makkad, deputy advise generally in Chandigarh, explains Gaothan homes as follows: "If the residences fall under national programs like the 12.5% Gaothan Scheme (GES) of CIDCO, where they are transferred on the price of transfer fees to 0.33 parties, then a transferee acquires clear, criminal, and marketable name from the authority to sell or switch the property to potential buyers.

The transferees are typically developers or cooperative groups. On the other hand, the customer has a genuine and criminal name at the club's consent thanks to the use of the society's jurisdiction over switch charge prices. Other than cooperative societies and developers, any further switch or sale may require CIDCO's consent on the price of switch fees in the case of the transfer of dwellings to the transferees.

The authority best on the totality of the construction, issuing of the occupancy certificate, and completion of the hire deed must grant such approval. Keep in mind that Navi Mumbai plots are leasehold rather than free-hold, he continues.

However, the possessions are no longer illegal if they do not fall under the national policy. This is the reason why domestic mortgages aren't always available on all properties. Additionally, Makkah adds, "having a domestic mortgage from a financial institution does no longer automatically imply that the property is unlawful."

A clear name is required for such transactions and is available to consumers in cases of resale with the consent of the relevant government as well as in situations where a cooperative society has been formed and the consumer's membership has been accepted.

In conclusion, customers looking to purchase such homes should focus their search on those that are available within the framework of the national plan. The website of the responsible authorities or the sales office (patwari), as applicable, can be used to determine if the property is still covered by the national system or not.

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All About Dharavi Slum Mumbai

The Dharavi Redevelopment Project (DRP) was foreseen by NRI architect Mukesh Mehta in 1995. The DRP was approved by the Maharashtra government in 2004. The Dharavi Notified Area (DNA), a sort of triangular area of land that hides a massive 525 acres of high terrain, is now slated for redesign by the DRP. But during the subsequent sixteen years, it was noticeable how frequently the DRP's pace picked up and weakened.

Following the DRP's official approval in 2004, the Dharavi Notified Area was established by the Urban Development Department Resolution of 2005, which named the Slum Rehabilitation Authority (SRA) as the DRP's Special Planning Authority. The DRP's first round of international bids has been opened in 2007. Additionally, in 2007–2008, the Government and NGO MASHAL began working on the massive project of conducting a GIS-biometric survey and a socioeconomic baseline in Dharavi's regions 1–5. However, given the precarity of the DRP and the instability of the real estate market, the DRP has not been able to attract successful developers and significant investments from the start.

Due to the lack of personal interest in the project, the government's incentive to participate in the DRP most likely waned. The period between 2008 and 2016 saw a period of calm for the DRP while the government-run MHADA took up the project of expanding the Dharavi area 5.

This changed when, in 2018, the BJP-led administration decided to similarly encourage the DRP by establishing a special purpose vehicle (SPV). With the help of one unmarried builder or a group of developers, Sectors 1–5 might emerge as one separate entity. The personal developer may own a share in the SPV worth eighty percent (Rs. 400 crores), while the government might own a stake worth twenty percent (Rs. 100 crores). The Development Control Regulations 2034 with special DRP policies were approved by the BMC in November 2018.

Despite the Government of Maharashtra's initiative, only two developer consortiums—SecLink Technologies Corporation and Adani Infrastructure—attracted bids in the most recent round of bidding. The Dubai-based consortium SecLink Technologies Corporation (STC) was chosen as the winner, securing an investment of Rs. 7,200 crores for the project's first phase. But once more, the challenge has reached a dead zone. When considering that early 2019, STC is anticipating the Letter of Award from the Government of Maharashtra (GoM) and is now threatening to sue the GoM. The GoM is currently discussing whether or not to completely rescind the 2018 bids and issue a brand-new global tender.

The DRP implementation is a difficult maze to navigate, especially for residents of Dharavi who remain a notable stakeholder withinside the drawn-out timeline of the challenge due to the numerous personal and government agencies, town and country departments, organizations, etc. that include the various actors of the DRP.

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Impact of Mumbai metro expansion on Mumbai’s real estate market

PM Narendra Modi has announced that by 2023-24, the metro network of the city will increase to 325 km. It is predicted that the multiple rail lines planned for the city will resolve the traffic woes, help commuters with public transport in Mumbai, and increase the demand of the real estate. 

 The much-awaited Navi Mumbai metro project is all set to be flagged off. The project will be executed by CIDCO. The rail route will commence from Belapur and terminate at Navi Mumbai International Airport with multiple lines.

Benefits of metro connectivity:

Navi Mumbai metro rail connectivity in Kharghar, an educational hub, will relieve the students’ from daily hassles of spending long hours on commutation, who have their schools and institutes situated in Kharghar and nearby localities. In the meantime, Belapur has been touted as the business hub of Navi Mumbai. With the presence of sound social amenities and connectivity features, Navi Mumbai has developed into a high-end housing destination. It seems that the forthcoming metro route will further uplift the real estate demand in Mumbai.   

Moreover, the railway station is also situated at a distance of 12-13km from these localities, which will be a boon for the commuters who are completely dependent as railways as means of transport. As per the experts, there will be one more extension of the metro route from Khandeshwar to Panvel side of the airport.   

Conclusion:

 The efforts of the government in improvising and expanding Mumbai, Thane and Navi Mumbai rail route will be a sigh of relief for people residing in these localities, because it will reduce the pressure on the existing suburban railway network, thereby reflecting positively on real estate market in Mumbai, Thane, and Navi Mumbai.  

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Top 3 Reasons to Invest in Kharghar, Navi Mumbai

Summary:

The mini-city of Kharghar, Navi Mumbai has witnessed immense growth since the past few years. Commercial, residential and private infrastructural developments have been moving swiftly, allowing Kharghar to become a much-coveted real estate hotspot.

Kharghar is well-planned and maintained by CIDCO.  The city is a node of Navi Mumbai. With its fastest infrastructural development and many multinational corporations and IT firms flocking to its shores, Kharghar, Navi Mumbai has mirrored its parent city Mumbai in more than one in a short period. Recreational facilities like Golf Course, Central Park, Pandavkada waterfalls, shopping malls, quality restaurants, and luxury hotels, and several other places like gardens and jogging tracks are star attractions in Kharghar. Here are a few more reasons why to invest in flats in Kharghar.

1)     Commercial hub:

Moving on, Kharghar is probably one of the more familiar names to locals. Situated on the Sion-Panvel, Kharghar is well-equipped with a number of amenities as any posh locality and is touted as the third most developed city in Navi Mumbai. The region is speckled with developing commercial as well as residential projects which makes it a great area to invest. If you’re looking at a sustainable but stable piece of land to invest in, look no further than Kharghar, the place won’t burn a hole in your pocket.

2)     Connectivity:

Kharghar adjoins the Belapur CBD in Navi Mumbai. The region is bound by two major highways, which makes the place easily approachable from Pune and the other major cities like Vashi, Sion, Thane, Dadar, Kalyan, Nashik, etc. Furthermore, a six-lane speed corridor that will intersect this pathway to the projected international airport in Navi Mumbai, as well as the projected plan to link the Mumbai region via metro are the most crucial factors that have led to boost real estate in Kharghar. The locality, as expected, will continue to be a lucrative hotspot amongst investors. The properties in Kharghar range from around INR 6000 to INR 10000 per square foot.

3)     Accessibility:

The place ensures quality education due to the presence of schools like DAV International School Kharghar, Sanjivani International School, Apeejay School, Ryan International School, Radcliffe School Kharghar and many more. Kharghar is a home to the prestigious NIFT, Bharati Vidyapeeth College of Architecture, Bharati Vidyapeeth College of Engineering, A C Patil College of Engineering, Saraswati College of Engineering and YMT College & Hospital, which has helped it build a self-sustaining education system for the continued growth of Kharghar.

Conclusion:

So far you must have got an idea why properties in Navi Mumbai seem to be attracting to buyers interested to invest in there. Improved infrastructure, connectivity, accessibility and well-planned roads Kharghar, Navi Mumbai has got all of it. Therefore, purchasing a property in Kharghar, Navi Mumbai can turn out to be a good decision for you.

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5 Perks of investing in Karanjade: Panvel

Karanjade, Panvel has been identified as a perfect platform for residential property-launches by several realty developers.

Karanjade situated in Raigad district and is a rapidly developing property hub in the vicinity of the metro city of Mumbai. The locality is well-connected, enclosed by JNPT Road and Kalundre River on two sides. The place has a pleasurable climate and an excellent social infrastructure.

In recent years, the prices of residential properties have increased by 11.9% in Karanjade, yet they fall in the affordable category. The average basic selling price of an apartment in Karanjade is Rs. 4,977 per sq ft. A 1BHK flat in Karanjade could be bought for around Rs. 29.63 lakh whereas a 2BHK flat in Karanjade can be available for around Rs. 50.84 lakh. The pointers below reinstate why Karanjade is becoming an ideal real estate investment destination- for today, and the future.

1)Smooth connectivity: The locality possesses an integrated transportation system comprising roads, railways, and airways. The region Karanjade is linked to Mumbai and other key areas around like JNPT Road, Pargaon Road, Uran Road, and the Asian Highway 47. With that, Maharashtra State Road Transport Corporation (MSRTC) bus service is the major public transportation in the region. The Central Railway Station is just a few kilometers away from this region. Moreover, Chhatrapati Shivaji International Airport has proposed a partnership with CIDCO, which is in proximity. Also, the nearest stop being the Panvel’s ST Bus Stop and railway station is just 3kms and 6.6kms away from the region, respectively.

2)Social infrastructure: Karanjade has some renowned educational institutions such as New English School, Kendriya Vidyalaya, ONGC, Little Angels Eco-School, B P Marine Academy, etc. There are well-known hospitals including Dr. Nadkarni’s Hospital and Child Care Hospital, Dr. A Tungekar Surgical Centre. Branches of major banks are also situated in Karanjade- State Bank of India, Bank of Maharashtra and Syndicate Bank.

3)Great: Karanjade is an attractive location with beaches. Buying flats in Karanjade would be a smart move by homebuyers, due to its well-equipped social infrastructure and proximity to prime localities of the main city. The investment will surely fetch a profitable return in the upcoming years.

Conclusion: It is necessary to consider the perks of moving to the next-big-locale near the heart of Navi Mumbai exciting property rates, futuristic residential and commercial attractions, and your finger on the connectivity pulse. So, now you must have got to know that buying a property in Karanjade, Navi Mumbai shows no sign of stopping! Doesn’t it?

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The growing popularity of homes near workplaces

The efficiency of the employees depends on many parameters such as employee satisfaction, management support and distance from the workplace. Traveling to the workplace in local trains with other sulky workers or waiting on clogged street crossings is not much fun. In almost all the cities commuting to the office is one of the major tasks and people are terrified of the mere thought of traveling. Companies do provide transportation facilities, but it does not make traveling a bit enjoyable. With a rise in population and expansion of the city limits, commuting has become a hassle for people. The majority of office workers find homes near workplaces to avoid travel and to save time.

According to economic times, proximity to job hubs has made Navi Mumbai a popular real estate. Real estate in Navi Mumbai is increasing due to popular job hubs like Mindspace Airoli, CBD Belapur, and MIDCs. With competitive rates of real estate in Navi Mumbai and with work of International airport in the pipeline, the city has become an IT hub. The rents of the premium offices are growing. Homebuyers state that their dream home is still affordable in the Navi Mumbai area. Navi Mumbai is the cleanest and the largest planned city in India. Navi Mumbai has seen a complete makeover since the IT sector boomed. Navi Mumbai is well connected with road and rail networks. For towards connectivity towards Mumbai and other locations in Mumbai. With the opening of IT sectors in Navi Mumbai, the real estate in Navi Mumbai has taken a hype. Flats in Mumbai are much higher as compared to Navi Mumbai. The rent for flats in Mumbai may be expensive for employees working 9 to 5. Jobs close to your home have many benefits. Wasting time in traveling can kill your quality time. Cutting downtime also refers to spending less money on fuel. Homes nearby to the workplace can make employees feel happy to report to work or get back home instead of feeling frustrated or stressed. Homes close to your workplace can effectively balance your work life and personal life.

Homes near the workplace are also preferred by buyers to rental returns and an increase in the property value that they might offer. Homes near workplaces bound to expand through many segments like commercial, hospitality, residential or retail. These attract the masses coming from all the parts of the country for employment opportunities. Another major factor affecting the homebuyers is pollution, the rising pollution level across major cities in India. Commuting long distances in cities with high levels of pollution can lead to breathing problems. Keeping this in mind employees are seeking to buy nearby their workplace to cut the time spent outside during peak hours. Not only buyers but, people who look for rented homes, prefer proximity to commercial hubs owing to the benefit of connectivity front. With all these benefits accommodations near workplaces can increase in the coming years.

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8 Tips to decorate an awkward nook in your home

Every open corner in a fun-sized abode is a space-making opportunity. There are some ways to transform neglected nooks into useful and inviting spots that make life at home better. When it comes to interior design, every inch counts- even your room’s sharp corners and oddly-shaped recess. These rooms prove all it takes is a little ingenuity to turn an unused spot into an eye-catching vignette. We are here with some fantastic corner decoration ideas for your home. 1) Shelf it up: Shelves are the most popular go-to element to décor the corner. A nice corner shelf doubles up the storage space while adding punch to the room. Be it floating shelves, floor shelves or regular wall shelves, there are so many ways to do it. 2) Add art to the corners: Another clever way of corner decoration ideas for home is with the use of art. From framed photographs to paintings, to themed art, the possibilities are endless. Art is a great way to ensure that the conversations are flowing in the smallest corners. 3) Cozy up the corners: Who doesn’t love an uber cozy nook in a comfortable corner? We sure do! All it takes is a perky rug, an accent chair and a gorgeous display unit for convenience. And behold your very own cozy nook, amidst it all and away from it all. 4) Sneak in a view: For all of you who have an empty corner beside a window, you couldn’t be luckier. A corner with a view is something that can be experimented with. Throw in a small study table, comfortable recliner, or just some floor pillows and watch the magic unfold. 5) Create a mini library: A cozy corner with plenty of books, sounds like a dream doesn’t it? Transform your corners into an area where the magic happens by covering the wall with a bookshelf. It doubles as storage while adding to the home décor. 6) Create a work station: Our super busy lives often have us working while at home. In such a case, it makes sense to have a designated workspace within your living space. An empty corner, a comfortable chair, and a sleek table are all it takes to work comfortably at home.   7) Colour your corners green: Green is the color of life. And what speaks for life more than plants? Indoor plants are a popular part home décor today, and they come in many varieties. The bolder and leafier the plants are, the better you can spruce up those corners. 8) Make it attractive: At times what may seem like the most bizarre of ideas, end of adding that bit of ambiance to a home? From using the corners to hang a cane swing, to adding some different lights, there are so many ways to get the drama flowing to the corners. Conclusion: The mentioned tips are some ways to spruce up those boring corners of your home. There are so many ways to do it, let your imagination run wild, and you can bring to the table some chic and unique home corner décor ideas.

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50000 families in Mumbai facing issues of redevelopment stalls in cessed buildings

A recent data shared by MHADA stated that around 2,152 projects involving cessed properties are still awaiting the redevelopment.

Maharashtra Housing and Area Development Authority (MHADA) have mentioned that there are thousands of families stuck in cessed buildings as redevelopment projects. Around 2,152 redevelopment projects, including cessed properties in Mumbai were issued no-objection certificates (NOCs) over the years, among which only 778 of them were completed.

Cluster Development:

There are approx. 20 lakh occupants in the cessed buildings in Mumbai. The state cabinet in August 2019 had approved a proposal to amend the MHADA Act. It was mentioned then that the people residing in the cessed building are of more than 30 years and were earlier redeveloped by MHADA or authorities under the MHADA, will get 300 square feet flat in Mumbai if these buildings again undergo redevelopment. Moreover, they decided to promote cluster development of cessed buildings and adjacent non-cessed buildings. Necessary amendments will be made in the Development Control and Promotion Regulations 2034 by the Urban Development Department.

Inflated list of tenants:

In 2017, a report prepared by a Janhit Manch NGO stated that several builders were redeveloping old and dilapidated cessed buildings allegedly misused FSI. They showed many bogus tenants in order to build higher buildings consuming unlimited floor spaces.  

The report was then submitted to the state government, which confirmed that builders inflate the list of tenants. So that these builders could rehabilitate free of cost in new buildings and also because the builders get more FSI with the increasing number of tenants.  

Also, the MHADA NGO mentioned that these newly created bogus tenants are allotted premises only on paper to comply with the MHADA NOC. However, these tenants never get physical possession of any premises and these premises are actually sold to outsiders at market rate.  

At certain places like Malabar Hill and Nepean Sea Road, a number of buildings have been constructed and are now occupied with the super-rich. Among those many apartments for sale in the market are achieved by creating non-existence and fictitious occupants.

Failure of housing schemes:

The housing scheme in Mumbai proved to be a failure because it is estimated that it will take around 300 years to rehabilitate for all tenants. The reason behind this is that MHADA canceled the NOCs in 46 cases, consisting of 111 buildings and 2,064 tenants.

One of the biggest builders redeveloping cessed properties in south Mumbai who claims to control over 50 cessed properties, mentioned that the reasons these projects have stalled are heavy premiums, taxes, GST, stringent RERA rules and funds drying up from financial institutions.

Conclusion:

There are many buildings which have gone for redevelopment, but are stuck. Some builders have ceased providing rents to the tenants. The decision will accelerate the procedure as MHADA will have to complete the project in three years.