Latest news with #Mhada
Time of India
6 days ago
- Time of India
Cheating case against Mhada property manager, developer for illegal sale of flats
Pune: The Dighi police filed a cheating case on Saturday against a property manager of the Maharashtra Housing Area Development Authority (Mhada) and a private developer for allegedly selling three flats meant for economically weaker sections (EWS) and lower income groups (LIG) in the open market. The police said it was a breach of public housing policy, and registered a case of cheating and criminal conspiracy. According to the police, the fraud occurred at the Kamalraj Nishigandha project in Dighi, Pimpri Chinchwad. Under the inclusive housing policy, developers are granted an additional 20% floor space index (FSI) on the condition that they provide affordable housing units to EWS and LIG beneficiaries. Instead of allotting the flats to eligible applicants, the developer sold three of these flats in the open market, said the police. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The property manager created fake allotment letters for the illegally sold flats and handed them over to the developer. This act not only deprived genuine applicants on the waiting list but also resulted in a direct loss to the government. We are yet to make any arrest in the case. Our investigation is underway," said the investigating officer, sub-inspector S Katpale. The police said they would have to verify each of the documents of the property, although it was scrutinised independently by the Mhada at their level. "The value of the sold flats is in some lakhs, as per the real estate rates in the locality. Moreover, we will have to investigate the involvement of more people in this matter," said a senior police officer of the Pimpri Chinchwad.
Time of India
6 days ago
- Business
- Time of India
Historic Swadeshi Market in Kalbadevi sees two factions battle over redevelopment goldmine
Mumbai: A century old textile market in South Mumbai has become the site of a pitched battle over its redevelopment. The historic 130-year-old Swadeshi Market building in Kalbadevi is witnessing a tug of war between the incumbent committee and a rival faction over rebuilding the dilapidated five-storey structure. On Friday a group of residents and tenants led a protest, demanding that redevelopment be sped up. Their coordinator Anil Beniwal said, "The directors of the market want redevelopment and tenants want it too. This group held an agitation against a few residents who are stalling the process. The building is in sorry shape and a mishap can occur at any time." Another trader said, "The standoff is between two groups seeking control over the redevelopment process. A fracas erupted during the AGM (annual general meeting) which resulted in another stalemate. The matter has gone to the National Company Law Tribunal (NCLT) court. Moreover, the society needs to hold elections and that is another prolonged affair." You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Mukesh More, who owns three apartments in Swadeshi Market building said, "This two acre plot holds immense potential. We have been approached by reputed developers offering us a good deal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo Even the jewellers of Zaveri Bazar have shown interest, saying they want to expand and build a gold souk like the one in Dubai. But a handful of traders are opposed to this because their businesses are faring well. They are seeking control and want the present management to step down to make way for them. " More said the plot is a goldmine of opportunity worth Rs 4,500 crore in redevelopment potential. He claimed a leading politician from the BJP was supporting their "struggle". Meanwhile the BMC has issued notices threatening to disconnect electricity and water supply. Residents say that a fortnight ago, the civic body demolished parts of the dangerous upper storeys. "We will approach them to not cut off amenities. Else we will seek political intervention," More said. When contacted, BMC officials clarified that the eviction notice was issued by Mhada (which owns the property). "The building has been classified as C1 in the structural audit by M/s Capstone Consultants Pvt Ltd. and C Ward conveyed this to Mhada. However, after securing an NOC from Mhada, only partial repair work was undertaken, leaving the rest of the dilapidated structure as it is," said an official from BMC. Mhada officials did not respond to TOI's request for comment. Trader Nitin Shah who owns an 80-year-old family business in Swadeshi Market said, "We all want redevelopment since the market is 130 years old. In fact the authorities have begun demolishing portions of the upper storeys. So although the ground floor is stable, if the higher levels collapse we will surely suffer."
Time of India
7 days ago
- Business
- Time of India
Report: 40 pvt developers yet to pay 261cr deposit for transit tenements
Mumbai: The CAG reported that numerous developers who initiated redevelopment projects around 25-years ago received transit tenements from Mhada, which remained in the possession of some of the developers as of March 2022. The audit revealed that Mhada had allotted 3,357 transit tenements to 43 private developers. Private developers were obligated to pay one year's advance rent and three months' rent as a security deposit at the time of transit tenement allotment. The audit report stated, "Only three of 43 private developers cleared outstanding dues and Rs 261.14 crore in respect of the remaining 40 developers were yet to be recovered as of March 2022. "
&w=3840&q=100)
Business Standard
18-07-2025
- Business
- Business Standard
Ashwin Sheth Group buys 4.05-acre Goregaon West land for Rs 255 crore
Ashwin Sheth Group has acquired development rights of 4.05 acres of land with a gross development value (GDV) of Rs 3,800 crore in Mumbai's western suburb, Goregaon West, for Rs 255 crore. The Mumbai-based real estate developer has acquired the rights from the Maharashtra Housing and Area Development Authority (Mhada), which had to reissue the tender for the development as the developer appointed earlier left the project. The Ashwin Sheth Group won the tender and will develop a certain area of the land for the existing tenants. The premium project will feature five towers – four towers of 44 floors each and a signature 60-floor tower – alongside retail development. The development will offer approximately 12 lakh square feet of Rera carpet area, with 2, 3, and 4 bed residences ranging from 800 to 1,600 square feet. Ashwin Sheth, Chairperson and Managing Director of Ashwin Sheth Group, said: 'This strategic acquisition from Mhada represents a milestone in our expansion strategy. Goregaon West has emerged as one of Mumbai's most promising residential destinations, and securing this prime 4.05-acre parcel positions us to deliver a world-class development that will set new standards for premium living in the western suburbs.' In the last one year (April 2024–March 2025), Goregaon West has seen 1,300 new property sale transactions with a gross sales value of Rs 1,961 crore, according to Square Yards Data Intelligence, a real estate data analytics firm. The property rate in the area stood at Rs 35,208 per square foot as of the first quarter of the calendar year 2025 (Q1 CY25), against Rs 34,572 per square foot in Q1 CY24. The Siddharth Nagar location in Goregaon West offers excellent connectivity to major business districts, entertainment hubs, and transportation networks. With the area witnessing rapid infrastructure development and emerging as a preferred residential destination for both end-users and investors, the project is strategically positioned to cater to the growing demand for premium housing in the western suburbs, the company claimed. Earlier, in June, the company acquired a 50 per cent stake in a luxury project with a GDV of Rs 2,300 crore in Mumbai, for which Singapore-based alternative investment firm PAG has committed funding of Rs 540 crore ($65 million). The Ashwin Sheth Group is exploring plans for an initial public offering (IPO). 'The IPO is still 12 to 18 months away. First, we want to create a substantial portfolio to show in the IPO. We have identified merchant bankers. We are in discussions with the legal counsel,' a company spokesperson told Business Standard earlier. Further, the company has developed 38 msf of real estate projects, and 7 msf of the company's projects are under construction with a GDV of Rs 24,000 crore. 'This revenue will accrue to us in the next 5 to 6 years,' the spokesperson had said.
Time of India
17-07-2025
- Politics
- Time of India
Rented bldgs to be transit homes of residents of dangerous structures
Mumbai: Mhada will rent entire buildings with tenements ranging in size from 180 sq ft to 225 sq ft for transit accommodation for residents of buildings declared dangerous. Residents not willing to move into transit camps will be offered a rent of Rs 20,000, said minister Shambhuraje Desai in the Legislative Council on Thursday. The issue of residents of old and dilapidated cessed buildings was raised through a calling attention motion by Congress MLC Bhai Jagtap. tnn
