Tag: Mumbai

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…

Latest StoriesResidential

Mumbai Dissidents Demand Report on Taximen’s Colony Redevelopment

MUMBAI: Dissident members of the Bombay Taximen’s Cooperative Housing Society are preparing to contact the district deputy registrar (DDR) regarding the contentious special general meeting (SGM) that took place on Sunday, during which redevelopment rights were granted to Syba Spaces. During the SGM held at Taximen’s Colony, tensions escalated, prompting police presence to maintain order as opposing groups clashed over the decision to finalize Syba Spaces for redeveloping the aging complex. Dissenters raised concerns about a lack of transparency, claiming they were not allowed to record the meeting despite notifying the DDR and the managing committee on April 24 of…

IndustryLatest Stories

Mahindra Lifespace Developers Reports ₹298.17 Crore Profit FY26

NEW DELHI: Mahindra Lifespace Developers (MLDL) has announced a consolidated net profit after tax of ₹298.17 crore for the financial year 2025-26, a significant increase from the ₹61.35 crore reported in FY25. The company’s consolidated total income reached ₹1,265.96 crore in FY26, compared to ₹453.87 crore in FY25. In Q4 FY26, total income was ₹723.21 crore, while profit after tax stood at ₹90.12 crore. During the year, MLDL successfully completed a rights issue of 5,81,63,456 equity shares with a face value of ₹10 each at a cash price of ₹257 per share, totaling ₹1,494.80 crore. These funds will be used…

Latest StoriesRegulatory

Bombay HC Supports Housing Society, Approves New Builder After 13 Years

MUMBAI: The Bombay High Court has rejected a builder’s motion to prevent a Wadala society from replacing him in the redevelopment of 46 buildings with 900 tenants. Justice Sandeep Marne dismissed the challenge by Pioneer Constructions against Sahakar Nagar CHS, stating that while the builder was appointed in 2013 for the redevelopment, the tenants could not be expected to wait indefinitely. The High Court highlighted that the interests of the housing members “are far more significant” than those of the developer. This ruling came in response to the builder’s petition, which expressed concern that the society would contract with a…

IndustryLatest Stories

Mumbai’s SRA Freezes Builders’ Sale Flats to Ensure Rent

MUMBAI: The Slum Rehabilitation Authority (SRA) has mandated developers to deposit an advance rent covering two years for slum residents in their projects. Additionally, the SRA has started ‘freezing’ sale flats equivalent to three years of rent until builders provide new homes to qualified slum dwellers. This proactive measure aims to ensure that rent payments are secured and permanent housing is provided to eligible slum residents, according to SRA officials. This is the first instance of the SRA freezing portions of flats or commercial units from projects to prevent developers from neglecting their rental obligations to slum dwellers. SRA previously…

Latest StoriesRegulatory

Mumbai: No medical bail for Mid-City Heights’ fraud partner

MUMBAI: A special court under the Maharashtra Protection of Interest of Depositors (MPID) Act denied the medical bail request of businessman Amarjeet Shukla on Saturday. He is accused of involvement in a real estate fraud amounting to Rs 55.71 crore. The court determined that although Shukla’s medical issues require attention, they do not constitute a life-threatening emergency justifying his release from custody. Shukla, a partner at Mid-City Heights, was arrested in August 2025 for allegedly deceiving members of the Zakaria Aghadi Nagar No 3 Co-operative Housing Society by selling the same flats to multiple buyers and failing to provide the…

InfrastructureLatest Stories

Mumbai BMC Requires Real-Time Tracking of Construction Waste

Representative AI image MUMBAI: In light of increasing redevelopment-driven construction in the city, the BMC has established a standard operating procedure (SOP) to manage construction and demolition (C&D) waste effectively. According to the circular, all developers, contractors, infrastructure agencies, and government bodies must segregate waste at its source into two distinct categories: excavation material and construction debris. Penalties for non-compliance can reach Rs 25,000 per vehicle per incident, with stricter consequences for repeat offenders. Excavation material includes soil, murum (crushed rock), and earth, while C&D waste encompasses debris produced from construction and demolition activities. Mixing these categories is strictly prohibited,…

Latest StoriesRegulatory

Revenue Minister Orders FIR in ₹87-Crore Borivali Land Dispute

MUMBAI: Revenue Minister Chandrashekhar Bawankule held a review meeting at Mantralaya this week, directing swift action regarding the Rs 87 crore land compensation issue in Borivali. In light of serious allegations, the minister told the Mumbai Suburban collector to file an FIR against the builder who reportedly received compensation unlawfully, as well as former government officials believed to have facilitated the questionable payout. Officials were ordered to finalize the FIR by 6 pm on Thursday. The meeting concerns a long-standing conflict over CTS Nos 456, 458, and 458 (1 to 10) in Borivali, where the Devrukhkar family has raised claims…

IndustryLatest Stories

Lodha Developers’ Net Profit Grows 24% in FY26

NEW DELHI: Lodha Developers reported a 24% increase in its net consolidated profit for the financial year 2025-26, with a profit after tax (PAT) of ₹3,430.7 crore, up from ₹2,766.6 crore in FY25, according to their BSE filing. The total net consolidated income for the company reached ₹17,119.5 crore in FY26, representing a 20.82% increase from ₹14,169.8 crore in FY25. The board of directors proposed a final dividend of ₹4.25 per equity share of ₹10 for the fiscal year ending March 31, 2026. Additionally, the board approved the reappointment of Lee Polisano as an independent director for a five-year term…

Latest StoriesResidential

Dharavi Residents to Receive 500-754 sq ft Rehab Flats

MUMBAI: Residents of chawls and buildings included in the Dharavi Redevelopment Project will receive rehabilitation flats ranging from a minimum of 500 sq ft to a maximum of 754 sq ft, free of charge. This initiative will benefit approximately 8,700 households within the Dharavi Notified Area, encompassing both chawls and housing societies. This decision follows directives issued by CM Devendra Fadnavis during a meeting last May, where he instructed the DRP to propose a minimum carpet area of 500 sq ft to the government for approval, accompanied by justifications. Consequently, the DRP submitted a proposal for a minimum carpet area…