Tag: Mumbai redevelopment

IndustryLatest Stories

MHADA 79A Amendment Boosts Redevelopment of 13,000 Mumbai Homes

MUMBAI: A significant legal obstacle in the redevelopment of countless aging and hazardous buildings in Mumbai has been overcome following the Maharashtra Legislature’s amendment to the MHADA Act, aimed at reinstating the implementation of Section 79A. The Bill has passed through both the Vidhan Sabha and Vidhan Parishad and is now awaiting the Governor’s approval to become law. This amendment aims to eliminate the legal uncertainties that prompted the Bombay High Court to suspend the implementation of Section 79A nearly a year ago. It grants authority to officers designated by the Maharashtra Housing and Area Development Authority (MHADA) to utilize…

IndustryLatest Stories

Sunset Spaces to Invest ₹325 Crore in Mumbai Redevelopment

NEW DELHI: Sunset Spaces, a subsidiary of Marathon Nextgen Realty, plans to invest approximately ₹325 crore to redevelop a residential society in Versova, Mumbai. The company has signed a development agreement for the project, which spans about 1.5 acres. This redevelopment initiative has an estimated gross development value exceeding ₹450 crore, marking Marathon Nextgen Realty’s entry into society redevelopment. “I’m thrilled to announce Marathon’s entrance into society redevelopment with this Versova project. This is the first step in a strategic plan to establish a society redevelopment platform across selected micro-markets in Mumbai,” said Parmeet Shah, the company’s director. Published On…

Latest StoriesRegulatory

Bombay HC Report on MHADA 79A: 13K Unsafe Mumbai Buildings at Risk

MUMBAI: In a crucial update that may shape the future of redevelopment across the city, a committee established by the Bombay High Court has delivered its findings on March 5, 2026, examining contentious notices issued under Section 79A of the MHADA Act. The court is poised to hear this matter and decide if the halted redevelopment of numerous unsafe buildings can continue, impacting over 13,000 ageing structures and countless residents living in hazardous conditions. This comes just ahead of the looming monsoon season. The heart of the issue lies with Section 79A, a legal provision enacted in 2020 to expedite…

Latest StoriesResidential

Mumbai’s Redevelopment Surge Drives Home Rents Soaring

MUMBAI: Contrary to expectations, the rental pressure in Mumbai remains high despite the ongoing redevelopment initiatives that began post-pandemic, with numerous new towers emerging to increase housing stock. In fact, the situation has worsened. As housing societies continue to sign redevelopment agreements, the actual availability of rental units has declined, causing rents to rise instead of stabilize. In Khar West, a housing society entered a development agreement two years ago, offering members alternative housing at a rate of Rs 140 per square foot per month. However, construction delays meant that members had to vacate recently, only to be faced with…

Latest StoriesResidential

Maharashtra CM to Inaugurate BDD Flats in Worli on July 21

Representative image created by AI MUMBAI: Chief Minister Devendra Fadnavis is set to distribute keys for the first batch of BDD flats in Worli on July 21, shortly after the conclusion of the legislative session. Plans for a function have been made where the CM will hand over several keys. Milind Borikar, Chief Officer of the Mumbai Board at Mhada, stated that 556 flats, each with a carpet area of 500 sq ft, will be allocated in this initial phase. “By the end of the year, we anticipate receiving 3,989 flats across three sites,” Borikar added. While preparing to hand…