Tag: Mumbai

IndustryLatest Stories

Ajmera Realty’s Q3 FY26 Net Profit Drops 24.64%

NEW DELHI: Ajmera Realty & Infra India (ARIIL) has reported a 24.64% decline in its net consolidated profit for the quarter ending December 31, 2025. The profit after tax for Q3 FY26 was ₹25.54 crore compared to ₹33.89 crore in the same quarter of the previous fiscal year, as per the company’s BSE filing. The net consolidated total income for the company was ₹183.52 crore in Q3 FY26, reflecting a decrease of 7.83% from ₹199.12 crore during the same period last year. Dhaval Ajmera, Director of Corporate Affairs, stated, “We achieved a remarkable performance in the first nine months of…

IndustryLatest Stories

Maharashtra May Boost RR Rate in April Amid Rising Debt

PUNE: According to senior officials in the revenue department, purchasing a flat may become more expensive in the upcoming financial year. There is a suggestion of a potential increase in Ready Reckoner (RR) rates this April due to a growing revenue deficit and rising debt associated with welfare initiatives such as the Ladki Bahin Yojana. Discussions with stakeholders at the district level are currently ongoing, and a final decision will depend on the funding required for infrastructure projects, welfare programs, and recently introduced incentives. “Given the increasing revenue deficit and significant supplementary demands, a revision in RR rates appears to…

InfrastructureLatest Stories

Maharashtra Cabinet Approves Metro Linking Mumbai, Navi Mumbai Airports

MUMBAI: The Maharashtra Cabinet Infrastructure Committee has approved a 35-km Metro project aimed at linking the Mumbai and Navi Mumbai international airports with a budget exceeding Rs 22,000 crore. The corridor will feature 20 stations: 6 underground and 14 elevated. The land acquisition for the project will cover 30.7 hectares and is estimated to cost Rs 388 crore, as per a statement from the Chief Minister’s Office. The committee, a high-level ministerial group, has sanctioned the Metro Line 8 project, projected to cost Rs 22,862 crore. Chief Minister Devendra Fadnavis has instructed that all land acquisition and necessary approvals for…

IndustryLatest Stories

Raymond Realty Q3 FY26 Net Profit Hits ₹66.79 Crore

NEW DELHI: Raymond Realty has announced a consolidated net profit of ₹66.79 crore for the quarter ending December 31, 2025, a significant increase from ₹3.01 crore reported in the same quarter last fiscal year, according to a BSE filing. The company’s consolidated total income for Q3 FY26 reached ₹765.97 crore, compared to ₹93.26 crore in the corresponding quarter of the previous year. Harmohan Sahni, the managing director and CEO, stated, “Margins were temporarily affected due to upfront approval and marketing expenses, which are crucial investments for achieving scale and ensuring sustainable long-term growth.” The company projects that joint development agreements…

IndustryLatest Stories

Maharashtra links PMAY-Urban 2.0 to higher EWS prices

MUMBAI: The Maharashtra government has tightened the regulations under the Pradhan Mantri Awas Yojana (Urban) 2.0, requiring a minimum of 25% beneficiary registration before construction can begin or benefits can be accessed for certain affordable housing projects. This requirement applies to projects under the Affordable Housing in Partnership (AHP) and AHP-public private partnership (AHP-PPP) where the sale price of economically weaker section (EWS) homes exceeds the current annual statement of rates (ASR) by more than 20%. The updated guidelines, announced on January 23, were prompted by a review of detailed project reports (DPRs) submitted under PMAY (Urban) 2.0, which uncovered…

Latest StoriesRera

MahaRERA Orders Refund with Interest for Kalpataru Yashodhan

MUMBAI: The MahaRera has instructed the promoters of the Kalpataru Yashodhan project in Andheri West to refund over Rs 1.40 crore, along with interest at SBI’s highest Marginal Cost of Lending Rate (MCLR) plus 2%, to a couple who booked a flat worth over Rs 7.12 crore. The couple paid a total of over Rs 1.46 crore in 2017, with possession promised by December 2018. The couple, Hina and Sanjay Choksi, represented by advocate Dharmendra Damani, argued that the promoters failed to provide possession within the stipulated time and forfeited the entire payment made by them in February 2020, despite…

IndustryLatest Stories

Mhada to Pay ₹200 Crore to Reclaim 3 Vacant Plots in Mumbai

MUMBAI: Mhada will invest ₹200 crore to re-acquire three plots related to the ₹1,039-crore Patra Chawl redevelopment scandal. This payment was approved by the state cabinet last week, with an official resolution issued on Thursday. This payment is part of Mhada’s consent terms submitted to the High Court, which is currently addressing a contempt petition from builder Guruashish Constructions, a subsidiary of HDIL. Mhada appointed Guruashish Constructions for the project in 2008, and a tripartite agreement was established between residents of the Goregaon area, the planning authority, and the builder to facilitate redevelopment. However, work was halted by 2011. Mhada…

CommercialLatest Stories

Chronos Properties extends ₹148 crore bank guarantee for IL&FS office

NEW DELHI: Brookfield-backed Chronos Properties has successfully renewed a ₹148 crore bank guarantee, keeping its bid alive for the prime Bandra Kurla Complex property of Infrastructure Leasing and Financial Services (IL&FS). In an affidavit submitted to the National Company Law Appellate Tribunal (NCLAT), Chronos announced that on December 19, 2025, it provided three demand drafts totaling ₹148 crore to the registrar at the Mumbai bench of the National Company Law Tribunal. Previously, on December 5, NCLAT instructed Chronos Properties to renew its bank guarantee within a month to remain eligible as a bidder for the IL&FS Financial Centre at BKC,…

InfrastructureLatest Stories

BMC Halts Work at 106 Sites for Missing Air Quality Monitors

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) announced on Thursday that ‘stop work’ notices were issued to 106 construction sites for not installing mandatory air quality monitoring systems. The 106 projects affected include private developments, railway bridge construction in Sion, and activities by the Slum Rehabilitation Authority (SRA) in K East ward and the Maharashtra Housing and Area Development Authority (MHADA) in H East ward. “Despite multiple reminders since May 2025, many construction sites failed to comply with regulations, resulting in the immediate issuance of ‘stop work’ notices. This enforcement follows directives making air quality sensors obligatory for all ongoing projects,”…

IndustryLatest Stories

RMZ Plans $30 Billion Investment in Mumbai Region Over 10 Years

NEW DELHI: RMZ has announced an investment collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) and the City & Industrial Development Corporation of Maharashtra (CIDCO) at the World Economic Forum (WEF) in Davos. The company aims to mobilize investments totaling up to USD 30 billion in the Mumbai Metropolitan Region (MMR) over the next decade, potentially creating around three lakh direct and indirect jobs throughout the project lifecycle. RMZ will lead the investment structuring and capital mobilization efforts, along with master planning, development, and long-term asset management. MMRDA will assist in land identification and aggregation. Additionally, the company plans…