Tag: Mumbai

Latest StoriesResidential

Upper-Floor Access in Dharavi Rehab Linked to Ground-Floor Docs

MUMBAI: Eligibility for residents on upper floors under the Dharavi Redevelopment Project (DRP) is partially dependent on the status of ground-floor occupants, with affidavits only accepted if the lower unit qualifies, officials announced. A government resolution issued on October 4, 2024, extends benefits to upper-floor residents who can demonstrate occupancy prior to a cut-off date of November 15, 2022. Those eligible may receive homes of 300 sq ft outside of Dharavi, but within the Mumbai Metropolitan Region. Beneficiaries can choose between a hire-purchase option, which involves nominal rent for 25 years leading to ownership, or an expedited ownership method by…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…

CommercialLatest Stories

Concorde leases 140K sq ft to BHIVE; TEC adds 90K sq ft in Mumbai, Pune

NEW DELHI: Concorde, based in Bengaluru, has entered a leasing agreement with BHIVE Workspaces for 1.4 lakh sq ft of grade-A office space at Concorde Econex, valued at an annual rental of ₹16 crore. The new facility, located in Doddanekkundi, Whitefield, consists of a ground floor and four upper levels. This long-term partnership features a 15-year lease, allowing BHIVE to accommodate over 3,000 workstations. In another announcement, The Executive Centre (TEC) has revealed the addition of approximately 90,000 sq ft of workspaces in Mumbai and Pune. In Mumbai, TEC is set to launch two new centers: one at One BKC,…

Latest StoriesResidential

MHADA Cuts Vikhroli Flat Prices by 7.5% Due to Low Demand

Here’s a rewritten version of the content: MUMBAI: In light of disappointing public interest, Mhada has announced a 7.5% price cut for 1,221 flats available in Vikhroli for the upcoming lottery on June 5. This price reduction brings the cost down by Rs 10 lakh. Previously priced between Rs 1.45-1.48 crore, the flats in Kannamwar Nagar, Vikhroli, are now available for Rs 1.35-1.37 crore. Recent years have seen a decline in public interest in the Mhada housing lottery, as its previously affordable flats now command market-level prices. Potential buyers have expressed that private developers offer superior construction quality and amenities…

Latest StoriesRegulatory

Bombay HC Orders Demolition of Ulhasnagar Tower Over Fraudulent Permits

MUMBAI: The Bombay High Court has upheld the Ulhasnagar Municipal Corporation’s order to demolish the 16-storey “Jhalak Paradise” building in Ulhasnagar, rejecting a petition from the developer and criticizing both the builder and civic officials for allegations of fraud and significant violations. Justices Kamal Khata and A.S. Gadkari mentioned that the petitioners had “clearly misled the Corporation and obtained approvals unlawfully.” The court further pointed out that the Ulhasnagar Municipal Corporation officials neglected to verify documents before giving permissions. Inconsistencies in the developer’s claims were noted by the bench. Although the petitioners referenced a 2021 report indicating that the plot…

Latest StoriesResidential

Mumbai Sees 13,800+ Property Registrations in April: Knight Frank

NEW DELHI: The residential market in Mumbai maintained its strong performance, as property registrations surpassed 13,800 units in April 2026—marking the highest count for the month in over 14 years, according to data analyzed by Knight Frank India. During the month, registrations within the Brihanmumbai Municipal Corporation (BMC) jurisdiction reached 13,864 units, reflecting a 6% increase year-on-year. This figure exceeds last year’s April peak of 2025. Stamp duty collections for April were estimated to exceed ₹1,100 crore, showing a slight increase of one percent compared to the previous year. The modest growth in collections—despite higher registrations—indicates a shift in the…

Latest StoriesRegulatory

Bombay HC Intervenes in Decathlon-Godrej Chembur Lease Dispute

MUMBAI: The Bombay High Court has taken significant action in a lease dispute regarding valuable commercial real estate in Chembur. In a crucial interim ruling, the court has placed the contested property under judicial protection until a final decision is reached, and has appointed the Court Receiver to assume possession and provide a status report. The court raised questions about the termination of Decathlon Sports India Pvt Ltd’s lease, which appears to have been canceled in favor of a more profitable option. The dispute centers around the commercial segment of Godrej RKS, where Decathlon claims to have secured 761 square…

CommercialLatest Stories

Maharashtra Advances on ₹1,600 Crore Air India Building Buyout

MUMBAI: The Maharashtra government is moving toward acquiring the historic Air India building in South Mumbai. The Finance Department has transferred ₹1,600 crore to the Public Works Department, initiating the process to finalize an agreement with Air India Assets Holding Limited. A senior PWD official mentioned that a draft of the agreement will be reviewed to ensure accuracy and is expected to be signed within the next two weeks. The Centre approved the building’s sale to Maharashtra for ₹1,601 crore in March 2024, and the state cabinet gave the go-ahead for the acquisition in November 2025. Once the agreement is…

IndustryLatest Stories

High-Rises Coming to Mumbai’s Nine-Meter Roads

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) is set to lift restrictions on building heights, even in areas with narrow access roads. The Improvements Committee has approved a significant amendment to the Development Control and Promotion Regulations (DCPR 2034), paving the way for skyscrapers in previously cramped zones. Previously, tall buildings were only allowed on roads at least 9 meters wide to ensure accessibility for emergency services. This limit will now be relaxed. With the new policy, plots on roads narrower than 9 meters can now also qualify for high-rise development. The amendments suggest varying height limits based on road width.…

Latest StoriesRegulatory

SC Orders L&T to Vacate ₹1,000 Crore Pali Hill Bungalow

MUMBAI: The dispute over the Pali Hill bungalow, valued at over ₹1,000 crore, has concluded with L&T losing a lengthy battle that lasted two decades. The case revolved around a property with a lease that expired in 1970, but the tenant continued to occupy the premises, leading the owners to file for eviction in 2001. During the legal proceedings, Larsen & Toubro Limited acquired a minority share in the property and argued that it had become a co-owner, claiming eviction couldn’t be enforced. The courts dismissed this argument, deeming it a legal maneuver to impede the eviction. The Supreme Court…