Tag: Mumbai

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Keystone Realtors’ FY26 Profit Falls 49.5% to ₹94.95 Crore

NEW DELHI: Keystone Realtors has announced a 30.81% increase in its net consolidated profit for the financial year 2025-26. The profit after tax reached ₹94.95 crore for FY26, compared to ₹188.13 crore in FY25, as stated in their BSE filing. The company’s net consolidated total income for FY26 was ₹2,716.85 crore, marking a 28.07% rise from ₹2,121.44 crore in FY25. In Q4 FY26, the net consolidated total income surged by 151.22% to ₹1,613.36 crore, up from ₹642.20 crore in the same quarter last year. However, the profit after tax saw a 4.93% decline, settling at ₹63.65 crore compared to ₹66.95…

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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…

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Maharashtra Plans Property Cards with Valuation for All Plots

Representative AI image PUNE: The Maharashtra state government is drafting a Land Titling Act that will mandate property cards for all land parcels, as stated by Revenue Minister Chandrashekhar Bawankule in Pune on Sunday. This card will not only include essential details but will also indicate the property’s value. A property card, or malmatta patrak, serves as the official land record document issued by the city survey department for urban areas. Currently, it is the primary legal proof of ownership for urban properties, encompassing all details about the owner, property size, location, and transaction history. For rural areas, a 7/12…

Latest StoriesRegulatory

Bombay HC Rejects Tenants’ Request to Add Builder in Petition

MUMBAI: The Bombay High Court has rejected a request from 52 tenants of a demolished building in Ghatkopar (W) to include a new developer in their redevelopment petition, imposing a cost of Rs 5 lakh on them. In their ruling on Wednesday, Justices Ajey Gadkari and Kamal Khata observed, “It prima facie appears that the current application is moved and financed by the proposed respondent (developer) to establish an unenforceable right against the landlords and original developer.” In February 2024, the tenants had urged the HC to speed up the redevelopment of Kamla Bhuvan, a dilapidated structure on LBS Marg,…

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Maharashtra to Challenge Bombay HC Ruling on Mira-Bhayander Land

MUMBAI: The Maharashtra government intends to challenge the Bombay High Court’s directive to transfer approximately 254.88 acres of land in Mira-Bhayander, Thane district, to two developers, as stated by Revenue Minister Chandrashekhar Bawankule on Saturday. The High Court ruled in favor of The Estate Investment and Mira Real Estate Developers regarding land valued at crores of rupees, according to an official statement. Bawankule affirmed, “The land is owned by the state. We will robustly present our case in the Supreme Court to ensure it remains in government hands,” announcing plans to file a Special Leave Petition against the April 30…

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Oberoi Realty’s FY26 Profit Up 12.67% to ₹2,507.43 Crore

NEW DELHI: Oberoi Realty has reported a net consolidated profit increase of 12.67% for the financial year 2025-26. The profit after tax reached ₹2,507.43 crore in FY26, up from ₹2,225.51 crore in FY25, as stated in a BSE filing. The company’s net consolidated total income rose to ₹6,304.27 crore in FY26, showing a growth of 15.16% from ₹5,474.17 crore in FY25. In Q4 FY26, the net consolidated total income grew by 50.31%, reaching ₹1,823.71 crore compared to ₹1,213.33 crore in the same quarter last year. The profit after tax surged by 62.36% to ₹703.28 crore in Q4 FY26, versus ₹433.17…

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Maharashtra Cabinet Likely to Approve Vertical Property Cards in June

Representative AI image PUNE: A revised proposal for “vertical property cards” aimed at flat owners has been reintroduced to the state government and is anticipated for cabinet review in June, as stated by officials from the settlement commissioner’s office. The proposal, which has lingered for almost four years, has recently been sent to the law and judiciary department with several incorporated modifications. A senior official mentioned, “It should go before the cabinet once the department approves it.” If sanctioned, Maharashtra will be among the select states in India to adopt such a system. The initial rollout will target projects registered…

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Mumbai Housing Societies Can Expand Leisure Facilities Free of FSI

Representative AI image MUMBAI: Housing societies can now expand their yogalaya, fitness centre, recreation area, or meditation centre within their premises without floor space index (FSI) limitations. The state urban development department has issued a notification that raises the permissible area for such amenities from 2% to 4% of the total built-up area of the project. Each yogalaya or fitness centre must be at least 323 square feet, and a covered swimming pool is also allowed within this 4% limit. Any utility area exceeding 4% will count towards the FSI, according to the notification. The state urban development department has…

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MHADA Approves Consortium for 33-Acre Abhyudaya Nagar Project

The Maharashtra Housing and Area Development Authority (MHADA) has granted a letter of acceptance (LoA) to a consortium made up of M.G.N. Agro Properties, N.N.P. Buildcon, and Honest Shelters for the large-scale redevelopment of the Abhyudaya Nagar colony. This area spans 33 acres in Kalachowki, South Mumbai, and signifies a significant advancement in the city’s public housing renewal efforts. As part of the redevelopment initiative, residents currently residing in 210 sq ft tenements will receive new flats of 641 sq ft carpet area at no cost. This project will follow a Construction and Development (C&D) model managed by an appointed…

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Labour Shortage and Costs Halt Mumbai Real Estate Projects

MUMBAI: The real estate sector in Mumbai is facing serious challenges, with slowing construction, rising costs, and slipping delivery timelines. An ongoing labor shortage and the increasing cost of materials, fueled by geopolitical tensions, have caused an execution crisis in the industry. The sector has traditionally relied on skilled workers from states like West Bengal, Odisha, Uttar Pradesh, and Bihar. However, recent shifts in regional dynamics and economic opportunities have caused thousands of these laborers to return home. According to developers, this is not a fleeting issue; it appears to be a significant structural shortage. Vishal Ratanghayra, founder and CEO…