Tag: Mumbai

IndustryLatest Stories

Ajmera Realty’s FY26 Pre-Sales Reach ₹1,701 Crore

NEW DELHI: Ajmera Realty & Infra India Ltd has announced a remarkable 57% increase in pre-sales to ₹1,701 crore for FY2026, driven by new project launches and consistent demand. The company reported sales of 6.6 lakh sq ft during the fiscal year, which is an 11% rise compared to the prior year. Collections surged by 71% to reach ₹1,103 crore. According to Dhaval Ajmera, Director of Corporate Affairs, “We have not only surpassed our annual pre-sales expectations but also achieved the highest-ever pre-sales figure of ₹1,701 crore. Our collections of ₹1,103 crore in FY26 reflect exceptional market absorption of our…

IndustryLatest Stories

Maharashtra CM Approves BSNL, MTNL Land for PMAY Housing in Borivali

Representative AI image MUMBAI: On Friday, Maharashtra Chief Minister Devendra Fadnavis sanctioned the acquisition of land from Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) in Borivali to facilitate affordable housing under the Pradhan Mantri Awas Yojana (PMAY). This decision was made during a meeting of the Maharashtra Housing Development Authority, chaired by the Chief Minister at the Sahyadri Guest House, according to official sources. A total of 28.84 acres of land—owned by BSNL in Gorai and MTNL in Shimpoli—will be acquired at ready reckoner rates amounting to Rs 729 crore, as stated in a government release.…

CommercialLatest Stories

Bombay HC Orders MMRDA to Refund ₹646 Crore to Reliance

MUMBAI: The Bombay High Court has ordered the Mumbai Metropolitan Region Development Authority (MMRDA) to refund ₹646 crore imposed on Reliance Industries Limited (RIL) as a penalty for an alleged seven-year delay in completing a convention and exhibition centre and commercial complex in Bandra Kurla Complex (BKC). The court invalidated two penalty demand notices from MMRDA—one from 2017 for ₹646 crore and another from 2019 for ₹1,116 crore, with the latter being stayed by the court in 2020. The High Court criticized MMRDA for collecting ₹646 crore from RIL in February 2019 in a manner deemed “arbitrary, high-handed, unfair, and…

Latest StoriesRegulatory

Bombay HC Upholds Altamount Road Redevelopment, Dismisses PIL

MUMBAI: The Bombay High Court confirmed the permissions for a 16-story redevelopment of a tenanted cessed structure from 1940 on Altamount Road, dismissing a public interest litigation (PIL) filed in 2013 challenging it. The PIL, submitted by the Altamount Road Area Citizens Committee, alleged that the permissions were granted illegally and arbitrarily, establishing a “wrong and dangerous precedent.” The state contended that the permissions were lawful, an assertion with which the High Court concurred, stating that the PIL appeared to target the builder rather than address genuine public concerns. Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad stated in their…

IndustryLatest Stories

Mumbai developers contribute ₹11,626 crore to BMC in FY26

MUMBAI: Builders in the city emerged as the leading revenue source for the BMC during 2025-26, contributing a staggering Rs 11,626 crore in premiums and development charges. This figure reflects a significant increase from the BMC’s highest recorded property tax collection of Rs 7,610 crore in the previous financial year, driven primarily by extensive redevelopment projects. “The development plan department is the principal revenue generator for the municipal corporation,” stated a civic official. This amount marks the highest collection from developers since the Covid-19 lockdown. In October 2020, the BMC incentivized the real estate sector by offering a 50% discount…

IndustryLatest Stories

Mumbai: BMC to Sell Prime Worli Plot for ₹455 Crore

Representative AI image MUMBAI: Following an inquiry ordered by junior urban development minister Madhuri Misal regarding BMC’s Rs 600-crore tender for the redevelopment of its municipal testing laboratory in Worli, the civic body has launched a tender to sell a prime 5,166 sqm plot to builders for “commercial exploitation” at a starting price of Rs 455 crore. The highest bidder will have the opportunity to construct residential or commercial towers on the site. BMC initially aimed to redevelop the laboratory and construct a new facility along with a multistory robotic parking tower and commercial units on this residentially zoned plot.…

Latest StoriesResidential

Arvind SmartSpaces to Revamp Goregaon West Project, Mumbai

NEW DELHI: Arvind SmartSpaces has initiated a residential redevelopment project in Goregaon (West), Mumbai, with an estimated revenue potential of around ₹2,400 crore. This project, developed in collaboration with Sigma Oxford Realtors, will encompass a saleable area of approximately 0.67 million sq ft, situated in Siddharth Nagar. This marks the company’s third residential venture in the Mumbai Metropolitan Region (MMR) and its second high-rise project in the city. Additionally, the company’s wholly-owned subsidiary, Arvind Skyline (ASPL), has acquired a 49% stake in Oxford Navrang Realtors for ₹49,000. This acquisition is anticipated to be finalized within the month. Furthermore, the company…

IndustryLatest Stories

NCLT Clears Merger of Nirmal Lifestyle and Oberoi Realty

NEW DELHI: The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the merger of Nirmal Lifestyle Realty with Oberoi Realty, according to a regulatory filing from the company. This merger will take effect once the NCLT order is filed with the Registrar of Companies. Nirmal Lifestyle Realty will be dissolved without winding up as part of this merger. Since the transferor company is wholly owned by the listed entity, there will be no shares issued under the scheme, resulting in the cancellation of its entire share capital. The objective of this merger is to streamline the group’s…

Latest StoriesRegulatory

Bombay HC backs ₹1 lakh payout for illegal tenement demolition

MUMBAI: The Bombay High Court has reaffirmed an April 2021 ruling by the Maharashtra State Human Rights Commission (SHRC), which mandated that the Maharashtra Housing and Area Development Authority (Mhada) pay Rs 1 lakh in compensation to a Jogeshwari resident. This ruling stems from allegations of human rights violations after the demolition of his structure without prior notice, despite it being labeled as an “unauthorized tenement.” The High Court referenced a Supreme Court decision underscoring that the right to shelter is a fundamental aspect of Article 21 of the Constitution—the right to life and liberty— which can only be revoked…

IndustryLatest Stories

Lodha Developers’ Q4 FY26 Pre-Sales Hit ₹5,890 Crore

NEW DELHI: Lodha Developers has reported pre-sales of ₹5,890 crore for the January-March quarter of FY26, reflecting a 23% increase from the previous year. For the entire financial year, pre-sales reached ₹20,530 crore, a rise of 16% year-over-year. The company noted that sales in March fell short of expectations due to a slight deferment in demand. Collections in Q4 FY26 increased by 18% year-over-year, totaling ₹5,230 crore, while full-year collections were ₹15,160 crore, marking a 5% annual growth. During the quarter, the company launched one project in the Mumbai Metropolitan Region, valued at a gross development value (GDV) of ₹1,300…