Tag: MMRDA

CommercialLatest Stories

NABARD Acquires Mumbai Commercial Complex Leasehold for ₹351 Cr

Representative AI image NEW DELHI: NABARD, the premier rural development financial body, has acquired leasehold rights for a commercial complex at BKC, Mumbai for ₹351 crore, as reported by CRE Matrix. According to real estate analytics firm CRE Matrix, the National Bank for Agriculture and Rural Development (NABARD) secured these rights from MTNL for ₹350.72 crore. The registration deed was finalized in May 2026, incurring a stamp duty exceeding ₹21 crore, as confirmed by CRE Matrix after reviewing the documentation. The original lease of 80 years was issued by the Mumbai Metropolitan Region Development Authority (MMRDA) to MTNL, starting from…

InfrastructureLatest Stories

MMRDA Gets Three Bids for Mumbai Metro 14 DPR

Representative image MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) has received bids from three firms to appoint a consultant for revising the Detailed Project Report (DPR) of the proposed Metro Line 14, which will connect Kanjurmarg and Badlapur. The authority is currently reworking the execution and financing model for this significant suburban corridor. Bids for the consultancy contract were opened on May 11. The firms that participated in the bidding process are SMEC, Tata Consulting Engineers, and RITES. The evaluation of these bids is ongoing. This initiative follows MMRDA’s unsuccessful attempt to attract private developers for the 38-km metro…

IndustryLatest Stories

SRA Cancels 181 of 228 Mumbai Joint Venture Projects

MUMBAI: Nearly two years after the government instructed various state-run corporations to carry out slum redevelopment at 228 locations in collaboration with the Slum Rehabilitation Authority (SRA), 181 projects have been abandoned due to minimal progress and feasibility issues. Of the 77 proposed joint ventures, the Brihanmumbai Municipal Corporation (BMC) will now proceed with only 44, while the Maharashtra Housing and Area Development Authority (Mhada) will complete 2 of its 24, and the Mumbai Metropolitan Region Development Authority (MMRDA) will implement just 1 of its 5. The SRA will take over these projects under its cluster redevelopment scheme or through…

InfrastructureLatest Stories

MMRDA Gains 216 Acres in Raigad for Mumbai 3.0 Project

Representative image The Mumbai Metropolitan Region Development Authority (MMRDA) has commenced the Mumbai 3.0 project, successfully aggregating 216 acres in the Raigad district and formally adopting a shareholders’ agreement to transition into the execution phase. This land acquisition is targeted in the Raigad Pen growth corridor, where the New Town Development Area for Mumbai 3.0 is being envisioned. This marks a significant milestone under MMRDA’s participatory land acquisition framework, which has garnered enthusiastic support from local landowners. “Mumbai 3.0 signifies a transformative era in urban planning, centered on community involvement. Through this model, we aim to foster trust and facilitate…

InfrastructureLatest Stories

MMRDA Begins Land Acquisition for ‘Third Mumbai’ on April 27

Representative image MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated the land acquisition process for the proposed ‘Third Mumbai’—the Karnala-Sai-Chirner (KSC) New Town—along the Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu corridor. Landowners in 124 villages of Raigad are invited to submit their online consent starting April 27. The MMRDA, recognized as the New Town Development Authority (NTDA), has outlined a 323.44 sq km area that encompasses Uran, Panvel, and Pen talukas. This notice follows a state government resolution from March 16, 2026, establishing the framework for land acquisition, compensation, and allocation. Landowners can choose various compensation methods…

CommercialLatest Stories

Bombay HC Orders MMRDA to Refund ₹646 Crore to Reliance

MUMBAI: The Bombay High Court has ordered the Mumbai Metropolitan Region Development Authority (MMRDA) to refund ₹646 crore imposed on Reliance Industries Limited (RIL) as a penalty for an alleged seven-year delay in completing a convention and exhibition centre and commercial complex in Bandra Kurla Complex (BKC). The court invalidated two penalty demand notices from MMRDA—one from 2017 for ₹646 crore and another from 2019 for ₹1,116 crore, with the latter being stayed by the court in 2020. The High Court criticized MMRDA for collecting ₹646 crore from RIL in February 2019 in a manner deemed “arbitrary, high-handed, unfair, and…

Latest StoriesRegulatory

BMC Urges MMRDA & MHADA to Resolve ₹2,287 Crore Tax Dues

MUMBAI: The BMC has reached out to two major state agencies—the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Housing and Area Development Authority (Mhada)—regarding pending property tax dues exceeding Rs 2,287 crore, urging immediate payment. In correspondence dated March 16, just prior to the financial year-end, the BMC emphasized that property tax is its main source of revenue, essential for urban services and infrastructure development across Mumbai. According to BMC records from January 31, MMRDA owes Rs 1,685.6 crore across 128 properties, which includes Rs 946.2 crore in unpaid taxes and Rs 739.4 crore in penalties. Mhada, on…

IndustryLatest Stories

RMZ Plans $30 Billion Investment in Mumbai Region Over 10 Years

NEW DELHI: RMZ has announced an investment collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) and the City & Industrial Development Corporation of Maharashtra (CIDCO) at the World Economic Forum (WEF) in Davos. The company aims to mobilize investments totaling up to USD 30 billion in the Mumbai Metropolitan Region (MMR) over the next decade, potentially creating around three lakh direct and indirect jobs throughout the project lifecycle. RMZ will lead the investment structuring and capital mobilization efforts, along with master planning, development, and long-term asset management. MMRDA will assist in land identification and aggregation. Additionally, the company plans…

Latest StoriesResidential

Maharashtra: Just 25% of Slum Rehab Goal Achieved in 3 Years

Representative AI image MUMBAI: With less than two months remaining, the state government has achieved only 25% of its goal to construct 1.5 lakh slum rehabilitation tenements for the period 2022-2025. As of September, 37,560 tenements have been completed and occupied, according to officials from the Slum Rehabilitation Authority (SRA). The sluggish construction pace jeopardizes the aim of building over 5 lakh houses by 2030. In 2022, the government identified 517 stalled slum rehabilitation projects. Of these, 45 projects received backing from financial institutions, and new builders were appointed for 21 of them. Decisions for the remaining projects are still…

Latest StoriesResidential

Ramabai Nagar Redevelopment in Mumbai Starts October 14

Sure! Here’s a rewritten version of your content: MUMBAI: The long-awaited redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar is set to commence with the bhoomi pujan (groundbreaking ceremony) for Phase I scheduled for Tuesday, October 14. The ₹8,498 crore mega project, being executed by the Mumbai Metropolitan Region Development Authority (MMRDA) alongside the Slum Rehabilitation Authority (SRA), aims to transform a sprawling 31.8-hectare area into a well-planned housing community featuring over 17,000 homes along with essential civic facilities. In the initial phase, construction firm B G Shirke has been awarded the contract to build 4,345 tenements at…