Tag: Mumbai

Latest StoriesResidential

MTNL board okays ₹350.72 crore sale of BKC block to Nabard

Representative AI image NEW DELHI: The board of Mahanagar Telephone Nigam Ltd (MTNL), a state-run entity, has sanctioned the sale of its residential property block in Bandra Kurla Complex (BKC), Mumbai, to NABARD for ₹350.72 crore through a government-to-government direct sale, as stated in a BSE filing on Monday. The National Bank for Agriculture and Rural Development (NABARD) will cover the stamp duty, registration fees, and any associated charges, while MTNL will be responsible for any dues prior to the transfer and the NLMC (National Land Monetisation Corporation) fee outlined in a letter of undertaking dated June 29, 2025. MTNL’s…

Latest StoriesResidential

AAI Radar Relocation to Free Land for Affordable Housing in Dahisar

MUMBAI: The Airports Authority of India (AAI) will relocate its high-frequency radar from Dahisar to Gorai, freeing up hundreds of acres for affordable housing projects, announced Civil Aviation Minister K. Rammohan Naidu on Sunday. This decision follows a meeting involving the Civil Aviation Ministry, the Maharashtra government, and various stakeholders. During a virtual meeting, Naidu stated that the ministry will seek cabinet approval for the relocation to expedite the start of construction on these housing projects. Current radar installations in Dahisar and Juhu limit building heights. On Saturday, Maharashtra Chief Minister Devendra Fadnavis revealed in the legislative assembly that the…

Latest StoriesRegulatory

Mumbai’s BMC Halts Prestige Towers for Air Pollution Violations

Representative AI image MUMBAI: The Brihanmumbai Municipal Corporation (BMC) has issued a stop-work notice to Prestige Towers located at Mahalaxmi due to non-compliance with pollution mitigation guidelines. The notice details multiple violations concerning air pollution controls. The notice, delivered by the BMC’s G-South ward on November 28, outlines that the developer failed to surround the construction site with a 35-foot tin barricade, to regularly sprinkle water on the site during demolition, and to utilize stationary or mobile anti-smog guns during loading and unloading, among other directives set by the civic authority. Officials from the G-South ward reported that over the…

Latest StoriesResidential

Mumbai civic body holds lottery for 426 houses

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) held an online draw on Saturday for 426 houses allocated under the Development Control and Promotion Regulations 2034. According to a release from the BMC, the draw took place at the corporation’s headquarters in south Mumbai, resulting in 373 successful applicants, while 362 others were placed on a waiting list. Successful applicants will receive notifications via email, followed by letters with detailed instructions for document verification. The civic body also announced plans to conduct a lottery for an additional 296 residential units in various locations within BMC’s jurisdiction under the same regulations. Published On…

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Mumbai Bungalow Sold for ₹164 Crore for Redevelopment

Representative AI image MUMBAI: A historic standalone bungalow in Mumbai’s Bandra-Khar-Santacruz area is set for redevelopment, with a prominent property in Santacruz West selling for ₹164 crore. This transaction adds to the growing trend of vintage homes in the western suburbs being acquired for high-end residential projects. The property, known as Dwarka Bungalow on Linking Road, covers 13,629 sq ft and features a ground-plus-one structure alongside a garage and ancillary sheds. The buyer, ZYJ Estates LLP, has paid a stamp duty exceeding ₹9.84 crore for the transaction, which took place on November 17, according to documents accessed via Zapkey.com. Such…

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BMC to Auction Six-Acre Century Mill Land in Worli, Mumbai

Representative AI image MUMBAI: Nearly a year after the Supreme Court overturned a March 2022 Bombay High Court decision, ruling that almost six acres of Century Cotton Textile Mill land in Worli belong wholly to the BMC, the civic body is now looking to monetize the property. The BMC has issued a tender to auction the land for a 30-year lease, which can be renewed for an additional 30 years via private participation. The starting bid is set at Rs 1,348 crore, and development will adhere to the Development Control & Promotion Regulations (DCPR-2034) guidelines. “The base price reflects the…

Latest StoriesRegulatory

NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

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Ekta World Pays Back ₹170 Crore to ICICI Bank

NEW DELHI: Ekta World has successfully repaid ₹170 crore to ICICI Bank through scheduled repayments, supported entirely by sales and collections from its Ekta Tripolis development. The project, which features three towers and over 600 units, is now complete, with possession already handed over to 503 families. This repayment has effectively reduced the group’s overall debt. In the past year, the company has successfully closed two residential and two commercial redevelopment projects in Bandra, Khar, and Santacruz, while continuing to focus on assets valued above $1 million. Published On Dec 11, 2025 at 03:30 PM IST Join a community of…

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Quicker Mill Land Redevelopment in Mumbai: Maharashtra’s New Rules

AI Representation Image NAGPUR: Maharashtra’s Deputy Chief Minister Eknath Shinde announced on Thursday that the redevelopment of aging structures on Mumbai’s mill lands will be accelerated, following government approval of a proposal to amend the development regulations. During a legislative assembly session, Shinde, who oversees urban development, pointed out that the current regulations lack an additional incentive in Floor Space Index (FSI) for builders to engage in redevelopment projects. “Many residential buildings and chawls (tenements) in these areas are deteriorating and pose safety risks. Therefore, the government has opted to amend the rules to foster redevelopment. A proposed amendment under…