Tag: Mumbai

Latest StoriesResidential

Virat Kohli and Anushka Sharma buy ₹18.29 crore apartment in Versova

NEW DELHI: Virat Kohli and Anushka Sharma have purchased an apartment in Godrej Skyshore, Versova, Mumbai, for ₹18.29 crore, as per documents obtained by Zapkey. The apartment, identified as A-2403, is situated on the 24th floor of Tower A in Godrej Skyshore. The seller of the property is Godrej Properties, according to the registration paperwork. This residence has a RERA carpet area of 245.71 sq metres, roughly equivalent to 2,644.8 sq ft, which includes a carpet area of 216.30 sq metres (approximately 2,328 sq ft) along with an adjacent exclusive area of 29.41 sq metres (around 316.5 sq ft). The…

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Prestige Group Buys 2.35 Acres in Mulund for ₹110.75 Crore

Sure! Here’s a rewritten version of your content: Representative AI image MUMBAI: Prestige Group, a leading real estate developer, has acquired a 2.35-acre land parcel in Mulund (West), Mumbai, for ₹110.75 crore. This move strengthens its development pipeline in one of the country’s most expensive property markets amidst ongoing demand for residential projects. The acquisition was made through Prestige Mulund Realty Pvt Ltd, purchasing the property from Shamvik Glasstech Pvt Ltd and General Glass Company Pvt Ltd. The deal was registered on July 16, with a stamp duty payment of ₹6.64 crore, as per property registration documents from CRE Matrix,…

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Onida Plans to Monetize Realty Assets for Revival

Representative AI image KOLKATA: Onida Electronics, known for its once-iconic television brand, is planning to monetize its real estate assets to generate funds, with some proceeds intended for revitalizing the brand as it competes against well-funded rivals like LG, Samsung, Haier, and Hisense in the highly competitive Indian consumer electronics market. Gunjan Srivastava, the newly appointed managing director and CEO, stated that the company is considering monetizing three land parcels: its 2,143 sq m headquarters, Onida House, in Mumbai’s Andheri; a 60-acre manufacturing facility at Wada, which is being closed; and a five-acre site at Lote in Ratnagiri. The assets…

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Lodha Developers’ Q1 FY27 Net Profit Soars to ₹1,373.10 Crore

NEW DELHI: Lodha Developers, previously known as Macrotech Developers, has reported a remarkable 103.4% increase in its net consolidated profit after tax, reaching ₹1,373.10 crore for the quarter ending June 30, 2026, compared to ₹675.10 crore in the same period last year. The company’s net consolidated total income surged by 40.6% to ₹5,096.70 crore in Q1 FY27, up from ₹3,624.70 crore in Q1 FY26. Pre-sales amounted to ₹4,629 crore, with collections rising by 46% year-on-year to ₹4,205 crore. The net debt declined by ₹446 crore during the quarter, totaling ₹4,931 crore, aided by strong operating cash flows. As of June…

Latest StoriesRegulatory

ITAT: Redevelopment Deal Isn’t Taxable as Property Receipt

Representative image MUMBAI: The mere execution and registration of a redevelopment agreement does not constitute the receipt of immovable property, and thus, cannot trigger taxation under the anti-abuse clause of the Income Tax Act, according to a ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). This decision regarding tax implications for redevelopment transactions comes amidst a significant surge in redevelopment projects in Mumbai. The tribunal, consisting of judicial member Siddhartha Nautiyal and accountant member Vikram Singh Yadav, ruled last week in favor of taxpayer Manoj Devshichhadva, who contested an addition of ₹1.38 crore labeled as “income…

Latest StoriesResidential

John Abraham Acquires 100-Year-Old Bandra Bungalow for ₹84 Crore

MUMBAI: Actor John Abraham, a notable figure in Mumbai’s real estate scene, has acquired a bungalow in Bandra West for approximately Rs 84 crore. This 1926-built bungalow, owned by the DeVitre Parsi family, is located on the serene St Martin Road, connecting Bandra’s iconic Turner Road and the lively Hill Road. Addressed simply as 20, St Martin Road, the property includes four bedrooms, a spacious hall, a garden with fruit trees, and an outhouse. When asked about redevelopment plans, a source familiar with the deal stated, “He has no such intentions. He simply fell in love with the property.” Fredun…

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Sunteck Realty Q1 FY27 Net Profit Jumps 26% to ₹42 Crore

NEW DELHI: On Tuesday, Sunteck Realty announced a 26% drop in its consolidated net profit, reporting Rs 41.96 crore for the quarter ending in June. This is a decrease from Rs 33.43 crore during the same period last year. The company’s total income showed a slight increase, amounting to Rs 202.02 crore in the first quarter of this fiscal year, up from Rs 201.53 crore in the prior year, as indicated in a regulatory filing. The operational expenses also decreased, falling to Rs 150 crore from Rs 159 crore during the review period. Based in Mumbai, Sunteck Realty is recognized…

Latest StoriesRera

MahaRERA Dashboard Lacks Updates for Six Months, Activists Alarmed

Representative AI image PUNE: Consumer activists have raised concerns regarding MahaRERA’s commitment to transparency as its online dashboard for tracking recovery warrants against defaulting developers has remained stagnant for nearly six months. This lack of updates persists despite the regulator issuing new orders during that period. The “Recovery Warrants District Wise” section on the MahaRERA website was last refreshed on January 20. Although individual recovery warrant orders issued thereafter have been uploaded, the consolidated dashboard has not been updated. This makes it challenging for homebuyers to monitor enforcement actions and recoveries. Shirish Deshpande, chairperson of Mumbai Grahak Panchayat, stated, “The…

Latest StoriesRegulatory

Bombay HC warns on illegal home mods, urges state for guidelines

MUMBAI: The Bombay High Court has directed the Maharashtra government to establish comprehensive guidelines regarding permissible alterations in residential flats, following an observation that it is common for flat owners to modify open terraces or their living spaces. “There cannot be two classes of citizens: those who obey the law and those who disregard it. Law enforcement must not be selective,” noted the High Court’s division bench, consisting of Justices AS Gadkari and Kamal Khata, in a ruling on July 16. The bench added that unauthorized large-scale constructions cannot continue just because others have committed similar violations. It has instructed…

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Kolte-Patil Q1 FY27 Sales Value Steady at ₹617 Crore

NEW DELHI: Kolte-Patil Developers announced a sales value of ₹617 crore for the quarter ending June 30, 2026, nearly unchanged from ₹616 crore in the same quarter of the previous fiscal year, according to their regulatory filing. The company’s collections surged by 30% year-on-year, reaching ₹715 crore in Q1 FY27, up from ₹550 crore in Q1 FY26. This figure also includes income from development management agreement projects. The average sales realization for the company increased by 29%, climbing to ₹9,442 per sq. ft. from ₹7,337 per sq. ft. in the previous year. This rise was attributed to price adjustments across…