Tag: Mumbai

CommercialLatest Stories

McKinsey Renews 35,520 Sq Ft Lease in Mumbai’s BKC

Global consulting firm McKinsey & Company has renewed its lease for a Mumbai office spanning four floors in Bandra Kurla Complex (BKC). This move underscores the persistent demand for Grade A office space in India’s most expensive commercial market. The agreement, finalized through three separate contracts, features rentals up to Rs 759 per sq ft per month, marking it as one of the highest office lease rates in the country. The lease, effective from October 1, 2026, encompasses the ground, first, second, and ninth floors at Maker Maxity-1 North Avenue in BKC. The 10-year agreement highlights global landlords’ long-term commitment…

Latest StoriesRegulatory

Bombay HC Panel: 400K Residents in Risky Buildings

MUMBAI: A committee appointed by the Bombay High Court has described it as a “miracle” that thousands of residents are still living in structurally unsafe buildings. The report raises serious concerns about the deteriorating condition of Mumbai’s ageing cessed structures, citing significant delays in redevelopment and a critical shortage of rehabilitation housing. The committee estimates that around 400,000 tenants occupy 12,552 cessed buildings in Mumbai, many of which are in poor condition and awaiting redevelopment. Prolonged legal disputes and insufficient transit accommodation have forced residents to remain in these unsafe environments. The risks were starkly highlighted when committee members narrowly…

Latest StoriesResidential

Mahindra Lifespaces, Sattva Group Unveil Mumbai Projects

NEW DELHI: Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development segment of the Mahindra Group, has unveiled a new residential project named Mahindra BeaconHill located in Mahalaxmi, South Mumbai. The project boasts a potential Gross Development Value (GDV) of approximately ₹1,650 crore. Spanning 1.68 acres, this 58-storey structure will offer 198 upscale residences, available in three types: three BHK, 3.5 BHK, and four BHK. In another announcement, Sattva Group has introduced its inaugural residential project in Mumbai – Sattva Sumera, with a Gross Development Value (GDV) of ₹5,500 crore. This development is situated in Parel. Covering a two-acre…

Latest StoriesRegulatory

Bombay HC: Late NOC requests for construction near defense sites invalid

MUMBAI: The Bombay High Court has ruled that a no objection certificate (NOC) for construction near defense installations cannot be insisted upon after the fact. The court ordered relevant authorities to issue an occupancy certificate for two residential buildings near INS Trata. The bench, comprising Justices G S Kulkarni and Aarti Sathe, noted in a ruling on May 5 that requirements for an NOC from defense authorities should be applied in a fair and reasonable manner as per legal standards. The court mentioned that if claims regarding security concerns from the defense were valid, proactive measures should have been taken…

IndustryLatest Stories

Aditya Birla Real Estate reports ₹114.82 crore net loss in FY26

NEW DELHI: Aditya Birla Real Estate has reported a consolidated net loss after tax of ₹114.82 crore for the financial year 2025-26, down from a loss of ₹157.44 crore in FY25, according to a BSE filing. The company’s total consolidated income for FY26 was ₹459.16 crore, representing a 63.48% decrease from ₹1,257.33 crore in FY25. In Q4 FY26, total income plummeted by 75.92%, falling to ₹98.19 crore compared to ₹407.78 crore during the same quarter the previous year. Notably, the company reported a profit after tax of ₹5.39 crore in Q4 FY26, contrasting with a net loss of ₹135.20 crore…

IndustryLatest Stories

Embassy Developments Resumes Trading After NCLAT Ruling

NEW DELHI: Shares of Embassy Developments have resumed regular trading on the BSE and NSE after the National Company Law Appellate Tribunal (NCLAT) revoked the insolvency proceedings against the company. The appellate tribunal’s decision, made on May 4, 2026, nullifies the Corporate Insolvency Resolution Process (CIRP) previously initiated by the National Company Law Tribunal (NCLT) in December 2025. Consequently, all instructions associated with the CIRP are now void. Embassy Developments stated that its business operations and project execution continued without disruption during this time. The company reported pre-sales of approximately ₹4,631 crore for FY26, reflecting a 128% year-over-year growth. In…

IndustryLatest Stories

Raymond Realty Reports ₹304.59 Crore Net Profit for FY26

NEW DELHI: Raymond Realty reported a consolidated net profit after tax of ₹304.59 crore for the financial year 2025-26, according to a BSE filing. The company’s consolidated total income reached ₹3,039.42 crore in FY26. In Q4 FY26, the net consolidated total income was ₹1,176.80 crore, with a profit after tax of ₹161.12 crore. Harmohan Sahni, Managing Director & CEO, stated, “FY26 represents a pivotal chapter for us, transitioning from robust planning to scaled execution. The ₹1,519 crore in pre-sales this quarter validates our strategic adaptability and ability to unlock value across various micro-markets through the JDA model.” The board of…

Latest StoriesRegulatory

Bombay HC directs Maharashtra to refund ₹3 lakh stamp duty

MUMBAI: The Bombay High Court has ordered the state government to refund Rs 3 lakh in stamp duty to a homebuyer who accidentally paid the amount under an incorrect stamp duty category. The petitioner, represented by advocate Charanjeet Singh Chandrapal, had purchased electronic stamps in March 2018 for registering a flat purchase agreement. However, due to an error, he selected the wrong option instead of “Non-Judicial Stamps.” When he sought a refund, his application was denied by the Collector of Stamps in Borivli, citing a delay of two months and eight days beyond the six-month statutory limit. Both the Collector…

Latest StoriesRera

MahaRERA targets errant builders, issues notices on 8,212 projects

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers of 8,212 housing projects due to their failure to submit mandatory quarterly progress reports (QPRs) by the deadline. This move aims to enhance compliance oversight in the state’s real estate sector. Among these, 4,644 projects are located in the Mumbai Metropolitan Region, with 1,465 in Thane and 1,263 in Mumbai Suburban. Of the total 33,029 registered housing projects across Maharashtra, these developers missed the April 20 deadline to update their January-March quarter disclosures on MahaRERA’s portal, as mandated by the Real Estate (Regulation and Development) Act, 2016.…

IndustryLatest Stories

Mumbai’s Slum Skyscrapers: A Hidden Development Boom

MUMBAI: With the city unable to expand horizontally, Mumbai’s vast slums are evolving vertically. In areas like Govandi, Kurla, and Bandra East, traditional ground-plus-one shanties are giving way to ‘slum skyscrapers’ that reach five to seven stories, openly defying the 14-foot height limit. Civic activist Zoru Bathena, who resides in Juhu, points to areas close to Juhu Tara Road where shanties have transformed into four-story structures. Despite multiple complaints to local authorities, enforcement of regulations remains inconsistent. “The BMC intervened briefly, but construction resumed shortly after,” Bathena noted, emphasizing that while these slums have existed for years, their recent multi-story…