Latest news with #CuffeParade
Indian Express
6 days ago
- Business
- Indian Express
Project for pedestrians at Colaba 40% complete, to be ready by December
A pedestrian-friendly walking infrastructure that is coming up at Colaba is 40 per cent complete with former corporator from the area, Makarand Narwekar, stating that the phase-I stretch between Mantralaya to Badhwar Park is slated to be ready by December 2025. Pegged at an estimated cost of Rs 5 crore, the project by the Brihanmumbai Municipal Corporation (BMC) seeks to uplift the pedestrian infrastructure along 210 metres between Deepak Jog Chowk near Mantralaya and Bhai Bhandarkar Chowk, near Badhwar Park. The civic body is developing stamped concrete footpaths, vibrant 3D street art as well as a multi-utility corridor for landscaping works along the earmarked lanes as part of the project, funded by the district planning and development committee as well as the tourism department. Ashoka trees and ornamental plants will be planted on the stretch while beautifying the boundary wall at Badhwar Park. According to officials, the first phase of the project was decided owing to its proximity to Machimaar Nagar — one of the oldest fishing villages of the city. Following completion of phase I, the BMC is eyeing to ultimately extend the project until Cuffe Parade. On Sunday, Makarand Narwekar, former BJP corporator from Colaba, said work on the project is nearly 40 per cent complete and slated to be executed entirely by year end. 'With wider footpaths, dedicated green corridors, improved lighting, and organised pedestrian zones, this project will greatly enhance the walking experience in the area for everyone,' said Narwekar.
Hindustan Times
13-05-2025
- Business
- Hindustan Times
Maharashtra Tribunal backs homebuyers, orders Lodha Group to register portion of New Cuffe Parade Project with MahaRERA
In a major relief for homebuyers, the Maharashtra Real Estate Tribunal has directed the Lodha Group, also known as Macrotech Developers, to register a portion of its New Cuffe Parade project located in Wadala with MahaRERA, despite having obtained a part Occupancy Certificate (OC). The Tribunal noted that the three buildings received the part OC on June 8, 2017—one month after RERA came into effect in Maharashtra. It noted that all projects without completion certificates are required to be registered under RERA. The issue dates back to May 2017, when the Real Estate (Regulation and Development) Act was enacted. Under this, MahaRERA mandated the registration of all new and ongoing projects to market and sell units. The Tribunal said that the three buildings received part OC on June 8, 2017, over one month after the Real Estate Regulatory Act, 2016, came into force in Maharashtra on May 1, 2017. The Tribunal said the project required a completion certificate, without which all projects were mandated to be registered with MahaRERA in 2017. The Tribunal ruled this while hearing a complaint from nine homebuyers. However, Lodha Group contended that the project did not require RERA registration since it had obtained a part OC. According to media reports, over 20,000 buildings in Mumbai have full Occupation Certificates (OCs), and more than 700 buildings have partial OCs. Nine homebuyers booked flats between 2011 and 2014 in the buildings Lodha Dioro, Lodha Elisium, and Lodha Enchante, with possession promised by various dates up to 2016. They alleged that the developer delayed possession, failed to obtain full occupancy certificates (OCS), and secured only partial OCs after the RERA Act came into effect in May 2017. Due to the delay in possession of their flats, the buyers individually filed complaints with the Maharashtra Real Estate Regulatory Authority (MahaRERA). They sought various reliefs, including a directive for the developer to pay interest on the delayed possession amounts, obtain a full occupancy certificate, form a society of flat purchasers, and cover related costs. In February 2020, MahaRERA dismissed the complaints, stating that while the phase of the building that received a part OC does not require RERA registration, the provisions related to conveyance and defect liability under RERA must still be applied to protect the interests of homebuyers who have already taken possession. However, MahaRERA rejected the buyers' request for interest on account of delayed possession, reasoning that such relief is only applicable when the project remains incomplete or the developer is unable to hand over possession. MahaRERA, in its order, advised homebuyers to take possession of their apartments and file complaints, if needed, regarding defect liability under Section 14(3) of the Act. Also Read: Maharashtra Real Estate Appellate Tribunal rules Trade Centre Building in Mumbai's BKC must register under RERA Dissatisfied with MahaRERA's order, the homebuyers approached the Maharashtra Real Estate Appellate Tribunal (MREAT), seeking interest for possession delays, the setting aside of the MahaRERA order, a directive for the developer to register under RERA, and compensation for litigation costs, among other reliefs. The developer argued before the Tribunal that the project phase in question was not covered under RERA and that there was no delay as per law. It argued that the buildings were divided into two phases—lower floors (1–40) and upper floors (41 and above). Since they had obtained a part occupancy certificate (part OC) for the lower floors before the RERA registration deadlines in 2017, they contended that this phase did not require RERA registration. Also Read: MahaRERA update: Maharashtra regulator surpasses 50,000 project registrations in 8 years The Tribunal rejected the developer's argument, stating that a part OC does not equate to a completion certificate. Since the project did not receive full completion or a complete OC before May 1, 2017, the entire project, including the lower floors, was required to be registered under RERA. The Tribunal stated that the RERA Act permits phase-wise issuance of completion certificates and registration, provided each phase is independent and has a separate commencement certificate and registration under the Act. Without the necessary commencement certificate for a phase, it cannot be considered a standalone phase. Also Read: Nearly 50% of Mumbai properties registered in 2024 smaller than 650 sq ft, 60% are 1 BHK and 2 BHK homes: MahaRERA data The Tribunal also clarified that a part OC cannot be equated with a completion certificate and noted that the part registration granted to the project by MahaRERA contradicts the provisions of the RERA. The Tribunal also clarified that a part OC cannot be equated with a completion certificate and noted that the part registration granted to the project by MahaRERA contradicts the provisions of the RERA. "In view thereof, reliefs sought by homebuyers for direction to the developer for payment of interests/ compensation would to be considered appropriately in accordance with the law only after the receipt of the registration of the project before MahaRERA under the provisions of the Act," the MREAT said in its judgment dated May 8, 2025. The Tribunal directed the developer to register the building with MahaRERA within 30 days. After registration, MahaRERA has been directed to handle the complaints of the homebuyers under the RERA. The Tribunal directed the developer to pay ₹25,000 at the tribunal's office. Additionally, the developer was ordered to pay ₹25,000 directly to each appellant for each of the captioned matters within 30 days from the date of the judgment and to bear its own costs. In an email response to the official spokesperson for Macrotech Developers said, "MahaRERA had ruled in our favour, and now the MREAT has given a judgment in favour of the appellants (homebuyers). The MREAT has granted a stay on the execution and operation of the judgment for a period of six weeks. We are studying the judgment and will seek advice on the appropriate next steps."
Hindustan Times
10-05-2025
- Business
- Hindustan Times
Metro 3 will be fully operational by August: CM
Mumbai: The entire route of Metro 3, the only underground metro corridor in the city, will become operational by August this year, which would boost ridership significantly, chief minister Devendra Fadnavis said on Friday. 'The ridership of Metro 3 is increasing gradually and when the entire route is opened for the public, ridership numbers will jump further,' Fadnavis said while inaugurating metro services between Bandra Kurla Complex (BKC) and Acharya Atre Chowk on the Metro 3 route. The stretch will be thrown open to the public from Saturday morning, he said. 'We will invite Prime Minister Narendra Modi when we open the entire route till Cuffe Parade in August,' Fadnavis said. The aqua line could have become operational 1.5 years ago if the Uddhav Thackeray-led Maharashtra Vikas Aghadi (MVA) government had not stalled it, he alleged. The chief minister was speaking to reporters after taking a ride on the aqua line, another name for the Metro 3 corridor, from BKC to Siddhivinayak Temple. Officials said a total of 244 daily services will be operational from Saturday between BKC and Acharya Atre Chowk in Worli – the second phase of the Metro 3 corridor spanning 9.77 km. There are a total of 208 escalators and 67 lifts at metro stations between Aarey JVLR and Acharya Atre Chowk, they said. At present, over 20,000 passengers use Metro 3 services between Aarey JVLR and BKC on a daily basis. This constitutes just 5% of the expected ridership of 400,000 on the aqua line. The Mumbai Metro Rail Corporation Limited (MMRCL), which operates the line, expects ridership numbers to go up with services being extended till Worli from Saturday. Work on the Metro 3 corridor began in 2017 but was hit by delays owing to the pandemic and other reasons, which pushed up the project cost from ₹23,000 crore to ₹37,000 crore. Once the entire line is operational, it will cater to around 1.3 million passengers daily, ferrying approximately 2,500 passengers in each eight-coach train, said MMRCL officials. It will also improve connectivity between business hubs like BKC, Worli and Nariman Point besides providing easy access to religious sites like Siddhivinayak temple, Mahim dargah and Mahim church and recreational places like Shivaji Park, Ravindra Natya Mandir, Shivaji Mandir, Yashwant Natya Mandir and Plaza Cinema. The BKC station will also be connected with Metro line 2B and the bullet train in future, which is expected to further boost ridership, said officials.
