The MHADA Mumbai Board is set to hold a lottery for 2,030 homes, with results to be announced on Tuesday at 11 am at the Yashwantrao Chavan Centre in Nariman Point, where several top politicians will be present.

MHADA received a total of 1.34 lakh applications for the lottery, with around 1.13 lakh applicants completing the payment process. The lottery system includes various reservations, including those for current and former Members of Parliament, MLAs, and MLCs.

Shetti, who hails from Hatkanangle, applied for a flat in the MIG scheme located at Aadi Shankaracharya Marg, near Rambaug Police Station in Kopari, Powai. The flat has a built-up area of 116.54 square meters and a carpet area of 65.61 square meters. The total cost is ₹12,013,323, with an Earnest Money Deposit (EMD) of ₹100,000.

When contacted, Shetti confirmed his application and expressed excitement about the upcoming lottery results, noting that he is the sole applicant for this property.

MHADA Earns ₹5.68 Crore Ahead of Upcoming Lottery for 2,030 HomesAlso Read:

The post Farmer Leader Raju Shetti Secures ₹1.20 Crore MHADA House Before Lottery Results appeared first on Square Feat India.

The Hiranandani Group, the company aims to expand its real estate footprint, leverage brand equity, and extend its development expertise to other real estate developers with this new offering.

Under this service-fee revenue model, Eleva by Hiranandani Group will operate in the capacity of a consultant to the landowners \ developers with clear land titles and statutory approvals in place.

The company will provide strategic project development solutions through guidance,
and recommendations. It will ensure the seamless execution of the project to be delivered within the stipulated timelines.

Additionally, the group will also evaluate the possibilities to associate with stalled or stressed projects bearing the potential feasibility to be operational through expertise extended by Hiranandani group under Eleva vertical.

The new offering from Hiranandani Group will enable the firm to expand its geographical
footprint, strengthen the brand’s market presence, and also generate additional revenue streams. Establishing this innovative service model is intended to enhance the overall quotient of housing dynamics across the country.

Commenting on the same. Dr. Niranjan Hiranandani, Founder and Managing Director of Hiranandani Group said “The real estate industry is witnessing a rising trend of space and service integration. Through this newly introduced business model, we aim to forge new collaborations in this era of competition, and leverage on our expertise that will enhance the customer value proposition. With innovation at the core, this new business model will support the partner developers with strategic and operational advisories to build better homes and provide quality living to their customers.”

The group has bagged its first project under Eleva, spanning across 3.33 lac sq. ft of
development in Andheri West named Vista. It comprises 3 towers of 33 storeys each, housing a mix of spacious 2 & 3 BHK homes. The premium 2 BHK home will differ in sizes from 765 to 960 sq. ft, whereas 3 BHK will be spread across 1170 sq. ft. The ticket size for 2 BHK homes will range between INR 3 crore to 3.7 crore and from INR 4 crore to 4.5 crore for the 3 BHK variant.

The project has received approvals from RERA and will be delivered in December 2028 as per
RERA timelines. The Indian real estate sector is currently undergoing a phenomenal transformation with creation of new opportunities and business avenues.

With the launch of Eleva model, Hiranandani
Group looks forward to capitalizing on this momentum that will act as an incubator to evolving developers with an overarching vision of elevating housing in India.

Also Read: Hiranandani Communities launches 1mn sqft of Residential Sector at Hiranandani Fortune city, township in Panvel in FY 23 

The post Hiranandani Group launches Eleva – a service consultancy vertical to provide solutions to developers for construction and sales of their projects appeared first on Square Feat India.

According to the data provided by Propstack, the deal was registered on April 12, 2023. The property is located at Powai in Supreme Business Park.

The total leased area is 170256.56 sq ft for a period of 60 months. The rent is Rs 1,02,15,394 per month for period of January 1, 2023 to December 31, 2025

The lease starts from January 1, 2023m the tenant is Marsh McLennan Global Services India Private Limited, whereas the builder is Supreme Developers.

The security deposit is Rs 26 crore of the lease renewal.

Also Read: Butlr Technologies Announces Partnership with Propstack for
Occupancy Sensing in India

The post Marsh McLennan renews it lease of 1.7 lac Sq Ft for 60 months appeared first on Square Feat India.

By Varun Singh

Lodha, the Mumbai based real estate developer, reported record breaking performance with sales of over Rs 14,000 crores for FY22.

• In India, Lodha had pre-sales of INR 9,024 crores, up 51% compared to FY21.
• Additionally, in UK, its investments had sales of GBP 500 million+ (INR ~5,000 crores)

Collections in India were INR 8,597 crores, up 70% YoY. As a result, net debt in India reduced to INR 9,310 crores.

Commenting on the performance, Abhishek Lodha, MD & CEO, Lodha said “Our best ever quarterly and annual performance showcases the growing demand for high quality homes in India. Q4FY22 was our best ever quarter with INR ~5,000+ crores of sales – INR 3,456 crores in India and GBP 173 million in UK. Driven by the strength of our brand, we delivered India pre-sales at INR 9,024 crores for FY22, thus meeting our guidance, despite disruption due to Covid second wave in Apr-May’21 as well as impact of Omicron in Jan’22.

We believe that the housing sector will grow by 3-4x in this decade (2021-2030), as India grows into a USD 5 trillion economy and reaps the benefits of its young population entering the workforce. Housing will create significant jobs – directly and in the supply chain, and spur consumption as home owners feel wealthier with gradually rising home prices. India is significantly under-bought when it comes to housing as compared to developed markets and other large economies and the catchup has just begun in our view.

We are also pleased with the performance of our UK investments which continue to outperform our business plan. This has enabled us to pre-pay USD 170 million of the USD bonds a year ahead of its scheduled maturity. The remaining outstanding of USD 55 million will be paid out of receivables from already sold units. Our debt reduction plans will get accelerated as our investment in the UK is repatriated back starting FY23.”

Lodha has continued with its focus on capital light growth through the JDA model, signing new projects with GDV of INR ~15,000 crores in FY22. It expects to achieve similar additions in new projects in FY23 on the back of robust pipeline of new deals.

Lodha is committed to becoming a ‘net zero emission’ company by 2035 and is making rapid progress in achieving this goal ahead of time. Lodha was ranked amongst the top 13% of real estate companies for its ESG practices by S&P in 2021 and aims to be a global leader in ESG in the real estate industry.

Also Read: Lodha forays into Powai, with Lodha Bellagio

The post Lodha: Record breaking annual sales of Rs 14k crores+ appeared first on Square Feat India.

By Varun Singh

Lodha, has announced its expansion into the ultra-modern Mumbai suburb, Powai. With the launch of Lodha Bellagio, Lodha aims to bring desirable lifestyle for aspiring homebuyers in the neighborhood.

Powai has achieved the moniker of Mumbai’s most elite suburb and Lodha’s entry into  the location will allow the home-seekers in the area to leap towards their dream home and experience the finest  lifestyle. 

Renowned for building the world’s finest developments,  Lodha has created several iconic landmarks across the  globe, including No.1 Grosvenor Square London, Lodha  Altamount, The World Towers, among others. The brand  will now bring its most sought-after expertise in design,  construction, and service to Powai with a vision to expand  in one of Mumbai’s most prime residential locations.  Commenting on the expansion, Rajib Das, President – Eastern Suburbs and Navi Mumbai, Lodha, says, “Powai is  well-established and one of the preferred residential  locations in Mumbai. With Powai emerging as a thriving  market, we want to play a pivotal role in this journey of  aspiring homebuyers by bringing our expertise in  delivering the world’s finest developments and redefining  luxury living in the locality. We are looking forward to  fulfilling the requisites of the elite set of homebuyers in  the Powai market who are wishing to upgrade and are  looking for aspirational homes that are spacious, amidst  greenery, have world-class amenities, high-end services,  and are well-managed. With an aim to provide exclusive  luxurious living and unique experiences reserved for a rare  few, the project comes with limited inventories. The fast paced developments in the area certainly make Powai  quite inviting for potential homebuyers as well as  investors.”

Lodha Bellagio is located near the Hiranandani Hospital  and with direct access to the area’s magnificent  infrastructure. With its classical imperial architecture and  red brick façade, the project will provide impeccably  designed spacious residences with its very own corner  office, and large decks commanding

Lodha Bellagio has a host of facilities in the vicinity including top educational institutions like IIT Bombay, multiple  renowned schools, healthcare facilities like LH Hiranandani Hospital, retail hubs like Galleria, and  entertainment/recreational outlets like R-City Mall, Westin Hotel and Powai Lake; to name a few. Well connected  to Western Express Highway, Eastern Express Highway, JVLR, LBS Marg, and International Airport, the project will  also ensure smooth connectivity to the residents. 

Home to the corporate bigwigs and dynamic entrepreneurs, Powai is an inviting location for Mumbai’s elite to live  and work at one address, providing the perfect work-life balance. With rich European architecture, serene lakes  and greens, fine-dining restaurants, quaint cafes, great connectivity, and robust infrastructure, this cosmopolitan  neighborhood is a promising area that has the potential for providing a premium-luxury lifestyle to the luxury  patrons. 

Lodha Bellagio briefly: 

1. Spacious residences with decks & home  office 

2. Limited inventories 

3. 3 and 4 bed apartments  

4. 40,000 sq. ft. of open landscapes, greens & amenity spaces 

5. World class amenities: 

a. Rooftop lounge with scenic views  of the hills and Powai & Vihar  

Lake 

b. Swimming pools (25m lap pool &  kids’ pool) 

c. Grand clubhouse with: 

6. Gymnasium 

7. Library lounge and café 

8. Squash and badminton court 

9. Indoor games area with table tennis,  pool, carrom, chess, etc. 

10. Indoor play area for kids 

11. Best educational institutions, retail  stores, business hubs, medical facilities in  the vicinity 

12. Saint Amand curated residency &  hospitality services 

13. Well connected to Western Express  Highway, Eastern Express Highway, JVLR,  LBS Marg and International Airport 

Also Read: Lodha delivers 88% YoY growth in pre-sales with strongest ever Q2 performance

The post Lodha forays into Powai, with Lodha Bellagio appeared first on Square Feat India.

By Squarefeatindia Team

An FIR has been registered by a top developer of Mumbai against another known developer.

The FIR was registered on Saturday October 16, 2021 in Juhu Police station.

After taking the statement on record of the complainant developer, Juhu police station lodged an FIR bearing No. MECR NO. 05/21 against the Directors u/s 420, 467, 468, 471, 120(B) and 34 of India Penal Code (IPC) against the developer.

The project in concern is located in Chandivali area near Powai.

In a detail conversation with Squarefeatindia the complainant developer Ekta World’s Ashok Mohananai made several allegations against Pashmina.

Even Dr Rajendra Singh, of Pashmina Realty, the developer against whom Mohanani made the allegations spoke in detail with Squarefeatindia and presented his side.

Here’s the exact details of what transpired and how things between two top developers of Mumbai led to an FIR.

Ekta World’s side of story:
Ashok Mohanani founder of Ekta World Group of Companies and the Director of Ekta Housing Pvt. Ltd. first filed a complaint before the Metropolitan Magistrate 10th Court Andheri u/s 156(3) and under the directions of the Metropolitan Magistrate, Police called Mohanani to record his statement.

Brief facts leading to this FIR are as follows ;
Ekta World claims that having set up their project Lake Homes in Powai area were allegedly approached by Dr. Rajendra Sing & others of Pashmina realty for doing business jointly in regards to a portion of land admeasuring about 14,153.42 square meters situated in Chandivali, Mumbai which they had acquired in the year 2006.

Ekta World alleged that it was represented to Ashok Mohanani and his Son Vivek Mohanani who is also a Director in Ekta Housing Pvt. Ltd., by Pashmina Directors/ representatives that this land can be redeveloped with the help of Ekta’s expertise in the real estate industry and by utilisation of Ekta’s brand name and that under the Redevelopment scheme, they intended to construct 5 PTC Buildings, 2 Rehab Buildings, 1 Sale Building, and one commercial building and that the project is worth almost more than Rs 1000 Crores. Further they have already taken care of most of the encroachers in lieu of offering Permanent Alternate Accommodation or compensation and only 79 were remained to be settled out of 795. Further they can meet up again if interested in taking up the joint development of this plot.

Ekta World also alleged that Pashmina even offered Ekta that if they take up the entire charge of the project, execute the same under their trade mark “EKTA WORLD”, so as to ensure the customers that the project is being executed by Ekta, Pashmina will pay them 7.25% of the realizations arising from the area sold by them earlier under their project “Pashmina Lotus” and 15% of realizations from the balance sale area available in the project towards the Development Management fees.

Ashok Mohanani also alleged that not only this the builder’s representatives have also represented Ekta that they further intend to acquire three adjoining lands totally admeasuring about 4347.6 sq. mtrs.

Post the discussion Ekta claims that Ashok Mohanani & Vivek Mohanani agreed to enter into a Development Management Agreement (“DMA”)with Pashimina Realty Pvt. Ltd. and accordingly executed the DMA on 11th July, 2016 on the terms and conditions stated therein. Further as per the terms of the said DMA they have also paid Rs 30 crores towards Security Deposit which was to be utilised by Pashmina Reality Pvt. Ltd. for the purchase of the additional land parcels. In addition to the security Deposit, Ekta claims that it has also assisted the developer in obtaining third party finance to the tune of 200 crores.

Ekta further alleged that pursuant to the discussions, negotiations and execution of the DMA, Ekta Housing Pvt. Ltd. has over and above granting security deposit, assisting Pashmina in obtaining 200 crores funding (though as per DMA they were to obtain much lesser amount of third party finance), Ekta has till 9th August, 2019 generated Rs. 20 crores by selling the Flats in the new building /project undertaken by them jointly in the name of “Lake Riviera” and for the purposes of generating huge sale and promotion of the project as well as enhancing faith and confidence of customers in Pashmina too, Ekta has incurred huge expenses towards marketing, advertising etc., and which were to be reimbursed by Pashmina to Ekta.

Ekta further claims that as per the terms and conditions of the said DMA, Pashmina and Ekta were to operate Master Escrow Account in respect of the said Project alongwith other accounts as detailed therein which were to be operated either jointly (with joint signatories) or only by Ekta.

Mohanani alleged that, however, in complete disregard to the understanding, highhandedly, the developer opened various accounts with their single control without the knowledge of Ekta and thereby defrauded Ekta and siphoned off the money / receivables of Master Escrow Account.

Ekta further claimed that though Ekta paid Rs 30 crore towards refundable Security Deposit, the developer failed to purchase additional land parcels till date and have also failed to reimburse to Ekta various moneys towards the expenses incurred by Ekta for and on their behalf and in addition till date failed to pay the Management Fees as agreed under the said DMA and suddenly, on 9th March, 2020 unilaterally and in complete disregard to Ekta’s various efforts to complete the project the developer sought to terminate the said DMA on false, pretentious, imaginary, concocted and fanciful grounds without payment of a single rupee to Ekta.

Ekta has claimed a wrongful loss of around Rs 165 crores and more.

Pashmina Realty’s side of story:
Dr Rajendra Singh, the director of Pashmina Realty against whom Ekta World made several allegations narrated his side of the story.

Singh claims that Ekta had made several promises and couldn’t deliver them. Singh alleged that Pashmina suffered losses in the project because of Ekta and hence after trying to conciliate between both the parties for several months they decided to terminate to the Development Management Agreement with Ekta.

Singh alleged that Ekta’s Mohanani even carried out deals without their consent and information. He claimed that it is Pashmina which was faced a fraud.

Singh further claimed that the case is already going on in a Higher court and not entire truth was put in front of the Magistrate.

Singh says that the FIR is an MECR one where the magistrate has ordered to carry out investigation as per 156 (3) of CrPC and submit a report.

Pashmina Realty claims it will challenge the FIR legally and take the matter with the High Court.

Singh says that they have been doing well without Ekta since the last one and half year and carrying out the project too.

Singh said, “Ekta Housing Pvt Ltd has failed in discharging its obligations. As such, we terminated the Development Manager Agreement. The matter is pending before the High Court and they have not received any relief. Ekta Housing Pvt Ltd has been misguiding the investigation agencies.”

According to Singh, Ekta was merely a manager with specified purposes and as they failed to deliver them, the developer canceled the agreement and terminated the agreement.

Also Read: Nirmal Asked To Pay Interest To Homebuyers

The post FIR against Top Mumbai Developer By Another Developer, Read Both The Sides Of The Story appeared first on Square Feat India.