Tag: Mumbai

Latest StoriesRegulatory

Bombay HC Supports Housing Society, Approves New Builder After 13 Years

MUMBAI: The Bombay High Court has rejected a builder’s motion to prevent a Wadala society from replacing him in the redevelopment of 46 buildings with 900 tenants. Justice Sandeep Marne dismissed the challenge by Pioneer Constructions against Sahakar Nagar CHS, stating that while the builder was appointed in 2013 for the redevelopment, the tenants could not be expected to wait indefinitely. The High Court highlighted that the interests of the housing members “are far more significant” than those of the developer. This ruling came in response to the builder’s petition, which expressed concern that the society would contract with a…

IndustryLatest Stories

Mumbai’s SRA Freezes Builders’ Sale Flats to Ensure Rent

MUMBAI: The Slum Rehabilitation Authority (SRA) has mandated developers to deposit an advance rent covering two years for slum residents in their projects. Additionally, the SRA has started ‘freezing’ sale flats equivalent to three years of rent until builders provide new homes to qualified slum dwellers. This proactive measure aims to ensure that rent payments are secured and permanent housing is provided to eligible slum residents, according to SRA officials. This is the first instance of the SRA freezing portions of flats or commercial units from projects to prevent developers from neglecting their rental obligations to slum dwellers. SRA previously…

Latest StoriesRegulatory

Mumbai: No medical bail for Mid-City Heights’ fraud partner

MUMBAI: A special court under the Maharashtra Protection of Interest of Depositors (MPID) Act denied the medical bail request of businessman Amarjeet Shukla on Saturday. He is accused of involvement in a real estate fraud amounting to Rs 55.71 crore. The court determined that although Shukla’s medical issues require attention, they do not constitute a life-threatening emergency justifying his release from custody. Shukla, a partner at Mid-City Heights, was arrested in August 2025 for allegedly deceiving members of the Zakaria Aghadi Nagar No 3 Co-operative Housing Society by selling the same flats to multiple buyers and failing to provide the…

InfrastructureLatest Stories

Mumbai BMC Requires Real-Time Tracking of Construction Waste

Representative AI image MUMBAI: In light of increasing redevelopment-driven construction in the city, the BMC has established a standard operating procedure (SOP) to manage construction and demolition (C&D) waste effectively. According to the circular, all developers, contractors, infrastructure agencies, and government bodies must segregate waste at its source into two distinct categories: excavation material and construction debris. Penalties for non-compliance can reach Rs 25,000 per vehicle per incident, with stricter consequences for repeat offenders. Excavation material includes soil, murum (crushed rock), and earth, while C&D waste encompasses debris produced from construction and demolition activities. Mixing these categories is strictly prohibited,…

Latest StoriesRegulatory

Revenue Minister Orders FIR in ₹87-Crore Borivali Land Dispute

MUMBAI: Revenue Minister Chandrashekhar Bawankule held a review meeting at Mantralaya this week, directing swift action regarding the Rs 87 crore land compensation issue in Borivali. In light of serious allegations, the minister told the Mumbai Suburban collector to file an FIR against the builder who reportedly received compensation unlawfully, as well as former government officials believed to have facilitated the questionable payout. Officials were ordered to finalize the FIR by 6 pm on Thursday. The meeting concerns a long-standing conflict over CTS Nos 456, 458, and 458 (1 to 10) in Borivali, where the Devrukhkar family has raised claims…

IndustryLatest Stories

Lodha Developers’ Net Profit Grows 24% in FY26

NEW DELHI: Lodha Developers reported a 24% increase in its net consolidated profit for the financial year 2025-26, with a profit after tax (PAT) of ₹3,430.7 crore, up from ₹2,766.6 crore in FY25, according to their BSE filing. The total net consolidated income for the company reached ₹17,119.5 crore in FY26, representing a 20.82% increase from ₹14,169.8 crore in FY25. The board of directors proposed a final dividend of ₹4.25 per equity share of ₹10 for the fiscal year ending March 31, 2026. Additionally, the board approved the reappointment of Lee Polisano as an independent director for a five-year term…

Latest StoriesResidential

Dharavi Residents to Receive 500-754 sq ft Rehab Flats

MUMBAI: Residents of chawls and buildings included in the Dharavi Redevelopment Project will receive rehabilitation flats ranging from a minimum of 500 sq ft to a maximum of 754 sq ft, free of charge. This initiative will benefit approximately 8,700 households within the Dharavi Notified Area, encompassing both chawls and housing societies. This decision follows directives issued by CM Devendra Fadnavis during a meeting last May, where he instructed the DRP to propose a minimum carpet area of 500 sq ft to the government for approval, accompanied by justifications. Consequently, the DRP submitted a proposal for a minimum carpet area…

IndustryLatest Stories

Birla Estates Achieves ₹8,136 Crore in FY26 Bookings

NEW DELHI: Birla Estates, a wholly-owned unit of Aditya Birla Real Estate, has reported a booking value of ₹8,136 crore for FY2025-26, marking a 23.5% increase in collections year-over-year. The National Capital Region (NCR) was the top contributor to the company’s sales, with Bengaluru following as the second-largest market. The Mumbai Metropolitan Region (MMR) also experienced growth, with new projects launched in Thane and a new redevelopment initiative in Khar West. In Pune, new launches fueled growth, benefiting from consistent demand in residential projects. During FY26, the company introduced eight projects across four regions. Published On Apr 23, 2026 at…

Latest StoriesRegulatory

Mumbai Court Grants Anticipatory Bail to Builder Sumit Jain

MUMBAI: The Mumbai Sessions Court has granted anticipatory bail to builder Sumit Jain in connection with an alleged fraud case involving the Lalbaug Redevelopment Project, citing it as a civil dispute. Special Judge VD Kedar approved bail for Jain, 46, a major partner in Poonam Infra, in response to an FIR filed by a beautician at the DB Marg Police Station. This case relates to two flats on the 21st floor that she and her husband booked in 2011 for Rs 1.7 crore. The allegations indicate that Jain and his firm persuaded the complainant to invest in flats in the…

IndustryLatest Stories

India’s Q1 2026 Real Estate Inflows Reach $5.1 Billion

NEW DELHI: According to a report by CBRE, capital inflows into India’s real estate sector reached an all-time high of $5.1 billion in the January-March quarter of 2026, a 72% increase from $2.9 billion during the same period last year. Sequentially, investments rose by approximately 53% from the $3.3 billion recorded in the October-December quarter of 2025, showcasing ongoing institutional interest despite global economic uncertainties. During this quarter, domestic investors were predominant, representing nearly 96% of total inflows. Developers led the way in capital deployment with a 42% share, followed closely by real estate investment trusts (REITs) at around 40%.…