Supreme Court nixes private forest tag: Mumbai opened up for development, Godrej is big gainer

MUMBAI: The Supreme Court on Thursday removed the “private forest” tag attached to huge swathes of land across the state by the government and upheld by the Bombay high court, freeing lakhs of acres for development.
In Mumbai, the ruling brings relief to at least five lakh residents and builders linked to hundreds of acres in Thane, Mulund, Bhandup, Nahur, Mahul, Borivli, Kandivli, Virar, Badlapur and Ambernath, who will also get back crores paid as fine to the state. The biggest gainer is Godrej, which can now build on 133 acres in Vikhroli.
Striking down the 2008 HC order, the apex court also quashed all notices issued by the state under the Indian Forest Act of 1927 decades ago. It affects owners of almost 6.4 lakh acres in the state.
It criticized the state for “leading citizens up a garden path for several decades” and for its “active consent in permitting construction through the years” and said now, residents alone cannot be asked to bear the brunt. The state cannot be allowed to demolish the “massive constructions made on it (the land) over the last half century”, the court added. To read more please visit - indianrealestatenews.com

Two Nerul plots sold for record Rs 2.81L/sqm

A new record was set in Navi Mumbai with Cidco selling two plots in Nerul through tender bids for Rs 2.81 lakh per square metre on Tuesday.
Cidco spokesperson Mohan Ninawe said: “Two plots, measuring 1,481.48 sq m and 1,502.04 sq m, were given to the highest bidder, Aniruddha Developers, for Rs 2,81,251 per sq m. A third plot, measuring 1,601.78 sq m, was sold to one B Chaudhary at Rs 2.40 lakh per sq m.”
Ninawe said the land was sold at a record price through Cidco’s tendering process in Navi Mumbai. However, local property consultants said the record sale in Navi Mumbai was set six years ago when the Bombay Merchantile Bank plot in Vashi’s Sector 17 fetched Rs 5 lakh a sq m (Rs 84 crore) from the Shah Group.To read more please visit - indianrealtynews.com

Lodha Group to Invest around 7000 Cr in Phase I Dombivali

Dombivali as a location is set to become the Sister City of Mumbai with the Lodha Group planning to Invest around INR 7000 CR in the 1st Phase of the Palava City development.
The Development poised to be ready in the Year 2020 completely will have the newest infrastructure. The Lodha Group has very thoughtfully worked on the Township to get the best from the West. The mix of Commercial, IT Parks, Malls etc will further generate abundance employment and thus enhancing the GDP of Dombivali.

Sale of 5 city plots fetch Cidco Rs 260 crore

NAVI MUMBAI: Three plots in Kharghar and two in Ulwe fetched Cidco Rs 260 crore when bids were opened on Tuesday.

Market sources said the quotes were high compared to the reserve price. They expressed surprise that builders bid astronomical rates at a time when the real estate market in Navi Mumbai is slack.

In Kharghar, Cidco had set a reserve price of Rs 30,000 per sq m but the bids were several times higher. For instance, in sector 23, an 8,800 sq m received the highest bid of Rs 1.7 lakh per sq m (Rs 151 crore) for the residential-cum-commercial plot. The winning bid was by a local construction company, Bhagwati Group.

Another plot in Kharghar’s sector 2, received the highest bid of Rs 1.05 lakh a sq m for the 1,148 m plot. It works out to Rs 12 crore for the residential plot and was won by a local builder, Keystone Developers.
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