Responding to queries from opposition legislators Anil Parab and Satyajeet Tambe in the legislative council, CM Shinde stated that work is progressing at a rapid pace, with the road scheduled to open by May 31.

This 10.58-km-long high-speed corridor will link the Princess Street Flyover (Marine Drive) in South Mumbai to the Bandra-Worli Sea Link (BWSL) at Worli through a network of arterial roads, underground tunnels, and traffic interchanges.

The project is being developed in four segments. As per BMC officials, in the initial segment between Priyadarshini Park and Baroda Palace, 83.82% of the work has been completed. Package-2, from Baroda Palace to Bandra-Worli Sea Link, is 69.46% complete, and the fourth package from Princess Street Flyover (Marine Drive) to Priyadarshini Park is 90.77% complete.

A significant feature of this project is the pair of tunnels beneath the Arabian Sea near Girgaon Chowpatty, making it India’s pioneering undersea tunnel system.

The 2.07-km twin tunnel system stretches from Priyadarshini Park to Chhoti Chowpatty at Marine Drive, near the iconic Chowpatty beach at Girgaum.

These twin tunnels were excavated using a Tunnel Boring Machine (TBM) named Mavala, after Chhatrapati Shivaji Maharaj’s Mountain warfare experts. With a diameter of 12.19 meters, the TBM Mavala is the largest tunnel-boring machine ever employed in India and was manufactured by China Railway Construction Heavy Industry Co. Ltd. (CRCHI).

Upon completion, the initial phase of the coastal road, estimated at Rs 12,500 crore, will accelerate commuting between the suburbs and South Mumbai.

The Brihanmumbai Municipal Corporation (BMC), responsible for executing the MCRP, has chosen four infrastructure firms to construct the northward extension of the Coastal road, connecting Versova in the western suburbs to Dahisar at the northernmost tip of Mumbai.

The civic body divided the 22.93 km six-lane Versova-Dahisar Link Road (VDLR) into six packages — A, B, C, D, E, and F — and invited tenders for all six packages collectively in August 2023. The project, costing Rs 16,621 crore, has a construction deadline of four years.

According to the BMC, APCO Infratech has been awarded the works for packages A and F, while J Kumar Infra projects in a joint venture with NCC Limited secured package B. Similarly, Megha Engineering and Infrastructure Ltd (MEIL) have been finalized for packages C and D, while Larsen and Toubro (L&T) has been chosen for package E.

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Project 1: Navi Mumbai International Airport (NMIA)

NMIA, one of the world’s largest greenfield airports developed by CIDCO, will mark India’s first urban multi-airport system, created in partnership with Adani Airport Holdings Ltd. The proposed NMIA is designed with two parallel and independent runways for simultaneous operations, accompanied by full-length parallel taxiways on either side. With a projected capacity of handling at least 60 million passengers and 1.5 million tonnes of cargo annually, NMIA aims to alleviate the traffic burden on Mumbai Airport. A CIDCO official mentioned, “Phase-I of the airport will commence soon, and the inaugural flight is anticipated by the end of 2024.”

Proposed Connectivity Plan includes:

• Extension of Sion-Panvel expressway
• Enhancements to NH 4B, Amra Marg, and SH-54
• Metro connectivity between CSM International Airport and NMIA
• Nerul Passenger Water Transport Terminal
• Mumbai Trans Harbour Link (MTHL)
• Coastal road connecting MTHL and NMIA

Project 2: Water Transport, Nerul

The Nerul passenger water terminal is fully constructed and prepared for passenger transport operation, awaiting action by the Maharashtra Maritime Board. Operationalization is hinted at by 2024. Part of the Eastern Waterfront project under the central government’s inland water transport development policy, CIDCO has finished building a jetty at Nerul and a marina at Belapur, estimated at a cost of around Rs 150 crore. This terminal will substantially reduce travel time between Navi Mumbai and South Mumbai, as well as between Navi Mumbai and the Konkan region.

Key Features include:

• Passenger facilities
• Alleviation of stress on roads and railways
• Catamarans and speedboats

Project 3: Kharghar Golf Course

CIDCO has initiated work to upgrade the Kharghar golf course to international standards, expanding the number of holes from 11 to 18. The new course is projected to become operational in the upcoming year, estimated at a cost of Rs 50.35 crore. The golf course aims to elevate Navi Mumbai’s stature in the golfing world while enhancing residents’ quality of life. Upon completion, a private operator will oversee the golf course for a predetermined duration.

The Project includes:

• Clubhouse
• Five-star hotel, apartments, villas
• A golf academy

Project 4: Transit Oriented Housing

CIDCO plans to introduce a new housing scheme under the Pradanmantri Awas Yojana (PMAY) for economically weaker sections and lower-income groups. The scheme focuses on ‘Transit Oriented Development,’ constructing dwellings near bus depots, truck terminals, and railway station areas to reduce travel time and costs while promoting public transport usage.

Project 5: Bamandongri Railway Station

The 27-km-long Nerul/Seawoods-Uran Rail Corridor, developed by CIDCO, includes 10 railway stations completed in two phases. Phase one, covering 12 km, involves routes like Seawoods-Kharkopar and Belapur-Sagarsangam. Among the proposed five stations, the work on two has been finished. Targhar station and Gavan station are set to be completed by mid-2024.

Project 6: Two Bridges by MSRDC

To ease traffic congestion on the Sion-Panvel highway, MSRDC is constructing two new three-lane bridges near Vashi creek. Anticipated to be operational by the third quarter of 2024, these bridges are expected to facilitate smoother vehicular movement during peak hours, costing an estimated Rs 775 crore.

Future CIDCO Projects in Pipeline

• NAINA (Other projects NAINA): CIDCO is gearing up for sustainable development in NAINA notified areas spanning 371 sq km from Thane and Raigad districts, curbing unplanned development around NMIA. Draft town planning infrastructure plans are underway for TPS 8 to TPS 12.
• Kharghar-Turbhe Tunnel Road: Proposed for constructing a 5.49 km tunnel road linking Turbhe to Parsik Hill, offering direct access to the proposed International Corporate Park (ICP), Kharghar, aiming to reduce traffic congestion on the Sion-Panvel Highway.
• Coastal Road for New Airport: To ensure easy connectivity to the upcoming Navi Mumbai airport, plans involve various roadways, including the Nerul-Belapur-Kharghar Coastal Road and connector pathways, along with proposals for an additional jetty closer to the airport.
• International Corporate Park (BKC 2): Development work has commenced for the Centre of Excellence project ICP (BKC2) in Kharghar, aiming to become a future commercial, educational, and residential hub with state-of-the-art connectivity.
• Multi-lane Expansion: Ongoing infrastructure connectivity projects cover the multi-lane expansion of the Sion-Panvel Highway, Palm Beach Road extension, and the Delhi-Mumbai Expressway.
• Future Metro Lines: Initial discussions are underway for proposed Metro Line 2, Line 3, and Line 4, connecting various parts of Navi Mumbai and enhancing public transportation.

Due to various government-initiated projects, property values in areas like Mumbai, Navi Mumbai, Ulwe, Uran, Pushpak Nagar, Taloja, among others, are expected to rise significantly. This is a golden opportunity for homebuyers. We at MakaanBhai.com, Mumbai’s No.1 Property Advisor With 0% Brokerage, have a team of experienced professionals ready to guide you through the entire process. We take pride in having comprehensive knowledge about the real estate market in Mumbai, Navi Mumbai, and the surrounding areas, providing our customers with the best available options. Contact us at MakaanBhai.com today to secure your home.

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Mumbai: Due to the vigorous action taken by the authorities against the developers responsible for pending rents from slum dwellers, an amount of 180 crores has been collected by the authorities. This rent will be distributed among the relevant slum dwellers. Consequently, the claims of rent reduction have been asserted by the authorities.

Moreover, the developers, who had delayed rent collection for the past two years, are now compelled to deposit the outstanding rents with the authorities due to the action of not granting approval for slum projects. Satish Lokhande, the principal executive officer of the authority, has declared the decision to recover the entire 680 crores of pending rent. In the past two to three years, there has been an increase in the delay of rent payment by slum dwellers. The outstanding rent had reached up to the crore rupees mark.

As the rent wasn’t received, even the slum dwellers were surprised. They had approached the offices of the authorities, pleading their case to the top executives. The authority had begun postponing the projects of developers who refused to pay rent. Yet, the pending rents were not recovered. Some slum dwellers had even gone to court over the delayed rent issue. After the court intervened in the delayed rent matter, the authority took stricter actions in this regard. After issuing a directive numbered 210, the authority tightened the grip on developers.

For those projects where rent is pending, the authority has halted the construction of buildings for sale until they pay the delayed rents. Orders for collecting rents delayed for two years and a minimum of one year’s rent in advance have been issued through this directive. Hence, it has been decided to provide this as a binding obligation until eligibility is ascertained, ensuring the authority receives information about the number of lands converted into slum dwellings and details of building permits, even after the slums are demolished, which will lead developers to suffer a severe setback. Slum dwellers will receive substantial relief after obtaining rent and lease agreements before the demolition of slums.

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According to information, many slum settlements in the eastern and western suburbs are settled in low-lying areas. Consequently, during every monsoon season, these slums face waterlogging issues. In several places, the situation worsens to the extent of flooding. In such scenarios, a large number of slum dwellers are compelled to seek refuge in nearby buildings, causing significant financial losses to the poor. It is worth noting that during the heavy rainfall on July 26, 2005, numerous people lost their lives due to flooding in several low-lying areas.

RTI activist Manohar Jariyal stated that if the height of slums is increased from 14 feet to 20 feet by the Municipal Corporation administration, it would resolve the waterlogging issues in the lower areas and provide relief to those residing in slums. Jariyal also mentioned that if a poor individual builds their slum above 14 feet, the Municipal Corporation threatens to demolish it, citing various laws. However, in specific areas of the suburbs, such as Sakinaka, Kurla, Govandi, and Mankhurd, the authorities from the Municipal Corporation and the Collector’s department allow the construction of three-story buildings due to their collaboration. Why injustice towards the poor? Manohar Jariyal has demanded the state’s Chief Minister, the Urban Development Minister, the Municipal Commissioner, and the officials of the Collector’s department to raise the slum height from 14 feet to 20 feet, ensuring relief for those living in the lower areas.

Subscribe to MakaanBhai.com for accurate information, guidelines, and fair property pricing. We, at MakaanBhai.com, are the leading property advisors in Mumbai, providing complete assistance without brokerage. We pride ourselves on having extensive knowledge about the real estate market in various areas like Mumbai, Navi Mumbai, Thane and surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others. We aim to offer our customers the best available options. Contact MakaanBhai.com now to secure your home investment.

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A home loan is a loan taken from a bank or financial institution to purchase a home, build a house, or renovate a house. Interest rates are charged on home loans, and this debt is repaid monthly in the stipulated period.

Eligibility for Home Loan:

1. You must be a resident of India.
2. You should be 21 years old or older.
3. You must have a regular income.
4. Your credit history should be good.

Documents Required for Home Loan:

1. Identity proof: PAN card, voter ID, passport, etc.
2. Address proof: Ration card, electricity bill, telephone bill, etc.
3. Income proof: Salary slip, business documents, etc.
4. CRISIL, CIBIL credit reports.
5. Property-related documents: Papers, valuation reports, etc.

Home Loan Process:

To apply for a home loan, you can visit your preferred bank or financial institution and submit your application. After filling out the application, the bank will verify your eligibility and process your application. If your eligibility is accepted, the bank will offer you a loan. Upon acceptance of the offer, your loan will be approved, and you can use it for purchasing a house or building one.

How much loan can you take?

How much money can you offer to repay the loan? What interest rate will be charged on the loan? How long will it take to repay the loan?

A home loan is a significant financial decision. It can have a significant impact on your financial future. Therefore, before taking a home loan, it is essential to consider all aspects carefully.

Home Loan Interest Rates of All Banks for 2023 Initial Interest Rate (pa) (Processing Fee)

Kotak Mahindra Bank – 8.75% per annum up to 2% more Union Bank of India – 8.70% per annum up to 0.50% based on the loan amount Bank of Baroda – 8.60% per annum up to 0.50% (Minimum Rs. 8,500; Maximum Rs. 25,000) Central Bank of India – 8.35% per annum up to zero or 0.50% Bank of India – 8.45% per annum up to 0.25% for individuals (Minimum Rs. 1,500; Maximum Rs. 20,000) State Bank of India – 8.40% per annum up to 0.17% HDFC Home Loan – 8.45% per annum up to 0.5% or more than Rs. 3,000 LIC Housing Finance – 8.45% per annum up to 0.50% Axis Bank – 9.00% per annum up to 1% or minimum Rs. __

We pride ourselves on our comprehensive knowledge of the real estate market in areas like Mumbai, Navi Mumbai, Thane, as well as surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others. Utilizing this knowledge, we aim to provide our customers with the best available options. Contact MakaanBhai.com now for a secure transaction in your home. We, at MakaanBhai.com, are the top property advisors in Mumbai, offering zero brokerage fees, with our experienced professionals dedicated to guiding you through the entire process.

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The work on the flyover near the Turbhe station started from Friday. Consequently, the closure of this road for vehicular movement resulted in the provision of three alternative routes. This sudden change affected the commuters in the initial three days. Around Saturday night, the Deputy Commissioner of Police was present at the site himself. Although such circumstances are rare, expectations have been raised for changes in transportation due to road closures. This has been conveyed to the Traffic Police.

The construction work of the flyover near the Turbhe station commenced on Friday. Consequently, the closure of these roads for vehicular movement has led to the provision of three alternative routes. This sudden alteration in the usual routes necessitates cooperation from the drivers and the police for a few days. However, as the work began on Friday, the impact of the closure started showing from Saturday and Sunday, with congestion significantly increasing during those times. This resulted in alternative routes and even in this area facing congestion.

Due to the increased number of vehicles on Saturday and Sunday nights, traffic congestion occurred at times despite police arrangements. As a result, wherever traffic congestion occurred due to the increased number of vehicles, the traffic police immediately diverted the flow. As per the information provided by the traffic police, frequent changes in routes have been updated, and the Traffic Police are actively working in areas where route changes are occurring. This situation is expected to improve in a few days, and regular transportation will resume. – Tirupati Kakade, Deputy Commissioner of Police, Traffic Department.

So far, over 20 people, more than 40, have been permanently disabled while crossing the Thane-Belapur Road from Turbhe Station to Turbhe Store. Therefore, numerous protests have taken place to demand footpaths for crossing the road safely. Finally, after 20 years, the flyover is standing tall.

We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Karjat, Neral, Vangani, Badlapur, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.

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How will BKC be constructed? Mumbai, known as the economic capital and an internationally recognized city, has its first economic center known as Nariman Point. After the development of Nariman Point, its value increased significantly. Consequently, there was a need to create a new economic center. MMRDA, which oversees development, developed a commercial complex on the fertile lands of the Mithi Riverbank. This complex is akin to BKC or the Bandra-Kurla Complex. Today, this complex is recognized as an international economic development center. Now, MMRDA is searching for similar economic development centers to be established elsewhere. In this consideration, they are now exploring the development of Varli and Kurla.

Varli and Kurla’s Mini BKC? In Varli, there is a total of 6.40 hectares of land, including plot number 866/5, under the Dairy Development Department. The dairy farms there have been shut down. In Kurla, there is a second piece of land, measuring 10.40 hectares under land parcel number 229/1/1, zoned for dairy development. These two pieces of land remain unused. MMRDA has decided to develop these lands under BKC. The BKC area is much larger compared to the spaces in Kurla and Varli, making these areas relatively smaller. Hence, a Mini BKC here signifies establishing a smaller economic center.

Appointment as a Special Planning Authority? For the land in Kurla and Varli, MMRDA has requested for it to be allocated as non-agricultural, non-market, and belonging to Category 1 designation. This demand was raised by MMRDA during a meeting with the authority in Nagpur. The proposal has been approved, and now it is awaiting the state government’s nod. As per this proposal, MMRDA will be appointed as the Special Planning Authority for the development of these areas. Moreover, these areas will also witness developments in the field of information technology and banking.

Development in six villages under BKC? In the Mumbai Metropolitan Municipality area, 2011.11 hectares of land have been reserved for special development. Among these, 235.71 hectares belong to the state government, and 936.62 hectares constitute a single settlement area in Madh, Malvani, Marve, Aarey Colony, Daravli, and Akse. Out of this, 450.23 hectares, totaling 1386.85 hectares, have been designated as a Special Development Zone for development. MMRDA aims to develop the Bandra-Kurla Complex here. Therefore, they have requested to appoint a Special Planning Authority for this purpose. They await the government’s approval.

How will the development of six villages proceed? Upon approval by the state government, MMRDA will construct homes on 1386.85 hectares of land. Public open spaces and social facilities will also be developed. Key features include building a cityscape, an IT park, biotech units, an amusement park, and a tourism center. The proposal for this was presented in the 155th meeting of the authority. After receiving the state government’s approval, plans include preparing the blueprint for the Special Development Zone, formulating development regulations, and encouraging development. Additionally, various essential facilities like the metro, the Virar-Vasai Sea Link, and coastal road projects around Madh, Malvani, and Marve are also being implemented. Consequently, numerous developmental opportunities have been created in these areas, driving MMRDA’s decision to develop these villages.

Due to various government-initiated projects, property values in areas like Mumbai, Navi Mumbai, Ulwe, Uran, Pushpak Nagar, Taloja, among others, are expected to rise significantly. This is a golden opportunity for homebuyers. We at MakaanBhai.com, Mumbai’s No.1 Property Advisor With 0% Brokerage, have a team of experienced professionals ready to guide you through the entire process. We take pride in having comprehensive knowledge about the real estate market in Mumbai, Navi Mumbai, and the surrounding areas, providing our customers with the best available options. Contact us at MakaanBhai.com today to secure your home.

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Nashik: Two sections of the Mumbai-Nagpur Samruddhi Mahamarg have previously begun. Information about when the last phase of the Samruddhi Mahamarg will begin has emerged. The final 101-kilometer stretch of the Samruddhi Mahamarg is set to be completed in the coming year, specifically by 2024. Among these, the Bhadavli and Igatpuri stretches, spanning 23 kilometers, could potentially open for traffic in February. This information has gained prominence in the Times of India.

The Samruddhi Mahamarg connects the state capital Mumbai to Nagpur, covering a total distance of 701 kilometers. This will significantly reduce travel time between Mumbai and Nagpur. The stretch from Igatpuri to Aamane, a 78-kilometer stretch, might open for traffic in July 2024. Fifteen bridges are currently under construction in this stretch. Construction has also commenced on a bridge in Shahapur, which is 84 meters high and 1.8 kilometers long, as per information provided by the MSRDC officials.

Two sections of 600 kilometers of the Samruddhi Mahamarg have already begun. Prime Minister Narendra Modi had inaugurated the 520-kilometer stretch from Nagpur to Shirdi in December 2022. The stretch between Shirdi and Bhadavli was slated to be inaugurated by Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis in May 2023.

Once the 23-kilometer stretch of the Samruddhi Mahamarg is operational, commuters from Mumbai and Thane can access the Samruddhi Mahamarg through the Igatpuri connector. After the completion of the work on the tunnels on the Samruddhi Mahamarg, from Kasara to Igatpuri and then the Igatpuri stretch, the 78-kilometer stretch will be open for traffic.

The final completion of the Samruddhi Mahamarg will significantly impact the travel time once the last phase between Mumbai and Nagpur is completed. The MSRDC is expected to enhance amenities on this expressway, offering assurance to travelers using this Mahamarg.

Due to various government-initiated projects, property values in areas like Mumbai, Navi Mumbai, Ulwe, Uran, Pushpak Nagar, Taloja, among others, are expected to rise significantly. This is a golden opportunity for homebuyers. We at MakaanBhai.com, Mumbai’s No.1 Property Advisor With 0% Brokerage, have a team of experienced professionals ready to guide you through the entire process. We take pride in having comprehensive knowledge about the real estate market in Mumbai, Navi Mumbai, and the surrounding areas, providing our customers with the best available options. Contact us at MakaanBhai.com today to secure your home.

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Mumbai: After the Supreme Court’s scrutiny on exorbitant rents and subsequent directive to recover two years’ arrears and further annual payments for the redevelopment of slum settlements, the decision to grant permission for the redevelopment plan of slums to rehabilitate the developers without giving personal agreements has now been restricted by the Authority. Furthermore, a stern action is decided against those developers who, post-slum demolition, fail to initiate construction of rehabilitation buildings within a specified period.

Even though 380 proposals were accepted and acknowledged, approximately 517 schemes, of an estimated 900, are currently under the Authority’s focus. Many of these plans have been pending for several years, and without rentals, slum dwellers’ conditions have worsened. The Authority has begun efforts in the direction of executing these plans, as expressed by Satish Lokhande, the Chief Officer of the Slum Rehabilitation Authority. Despite personal agreements being binding, the Authority had earlier refrained from pressuring developers. However, now, it will be necessary to commence the redevelopment plan before entering into any personal agreements. It has been explicitly stated by the Authority that slums should not be vacated without tenants receiving rents and personal agreements.

Various planning authorities are also considering alternative methods, including tapping into the financial resources of developers or special financial companies, to expedite the implementation of these plans. It has also been suggested by a senior official that redevelopment and sale of buildings for rehabilitation and sale should be coordinated. However, it has been clarified by the same high-ranking official that under no circumstances will the slum redevelopment scheme interfere with the completion of construction work on slum dwellers’ buildings. The Authority is now stringent on this matter, as pointed out by the official.

Developers receiving two years’ arrears are responding positively to the directive. Henceforth, in all ongoing plans, there will be no complaints of rent exhaustion for at least the next two years, as stated with confidence by this official. A robust move has been initiated to recover outstanding dues of approximately 600 crore rupees from developers. Consequently, all relevant developers will need to pay rents. Developers who have the intention of completing the plan will receive a complete rent waiver, and only after this can they be given subsequent approvals for the next year’s arrears. The Authority has also taken the decision to start the implementation of the redevelopment plan along with the registration of developers for permanent transit camps to handle such disruptions.

Furthermore, the Authority has taken a binding decision to submit intention letters from developers regarding rent collection, as well as information about the slum dwellers who have become landowners, and the initial construction details. These have now been made mandatory to present to the Authority alongside the developers for registration.

We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Virar, Neral, Karjat, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.

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Work on the Coastal Road in Mumbai has commenced. Presently, a coastal road is being constructed in Navi Mumbai as well. According to available information, a new coastal road is set to be developed from Kharghar to Ulwe via Sidhco. Notably, funds have been allocated in the 2023-24 budget for these roads, with ₹205.49 crore allocated for this purpose. This development has raised hopes of a significant reduction in traffic congestion in Navi Mumbai.

This road will enable smoother connectivity from Kharghar Node to Ulwe and the JNPT port, facilitating easier access to the Navi Mumbai International Airport. Currently, reaching JNPT and the Navi Mumbai International Airport from Kharghar involves a considerable detour via Belapur Node. Therefore, this coastal road holds immense significance for the residents of Navi Mumbai.

According to media reports, this coastal road will span a total length of 10.10 kilometers, featuring six lanes. This will further improve connectivity between Navi Mumbai and South Mumbai. Importantly, the necessary permissions from the CRZ (Coastal Regulation Zone) have been obtained for this project. Hence, there is hope for swift progress in the implementation of this project.

Due to various government-initiated projects, property values in areas like Mumbai, Navi Mumbai, Ulwe, Uran, Pushpak Nagar, Taloja, among others, are expected to rise significantly. This is a golden opportunity for homebuyers. We at MakaanBhai.com, Mumbai’s No.1 Property Advisor With 0% Brokerage, have a team of experienced professionals ready to guide you through the entire process. We take pride in having comprehensive knowledge about the real estate market in Mumbai, Navi Mumbai, and the surrounding areas, providing our customers with the best available options. Contact us at MakaanBhai.com today to secure your home.

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