Tag: Mumbai

IndustryLatest Stories

Oberoi Realty Q1 FY27 Net Profit Jumps 29% to ₹543.51 Crore

NEW DELHI: Oberoi Realty has announced a 29% rise in its net consolidated profit after tax, amounting to ₹543.51 crore for the quarter ending June 30, 2026, up from a profit of ₹421.25 crore in the same quarter last fiscal year, as stated in a regulatory filing. The company’s net consolidated total income rose by 26.8% to ₹1,361.69 crore in Q1 FY27, compared to ₹1,073.98 crore in Q1 FY26. As of June 30, 2026, the company’s net worth was ₹18,398.68 crore. Its debt-equity ratio was 0.15, and the current liability ratio was noted at 0.60. The operating margin for the…

Latest StoriesResidential

Notandas Realty Directors Buy Juhu Villa Wilson for ₹135 Crore

Representative AI image NEW DELHI: Mahesh Jagwani and Harsh Jagwani, directors of Notandas Realty, have purchased Villa Wilson, a bungalow located in Mumbai’s Juhu for ₹135 crore, according to a company statement. The property, situated near actor Amitabh Bachchan’s residence, spans approximately 1,038.50 square meters. This marks the second bungalow acquisition by the directors in Juhu in 2026; earlier, they bought the sea-facing Leela Bungalow for ₹221 crore. The company plans to work with international architects for the redevelopment of the property. Villa Wilson was previously owned by the Wilson family and designed by architect Nirmala Banaji, featuring a Spanish-style…

Latest StoriesRegulatory

ITAT: Redevelopment Rights Transfer Not Taxable as ‘Other Income’

MUMBAI: The Mumbai Income Tax Appellate Tribunal (ITAT) has made a pivotal ruling affecting property owners engaged in redevelopment projects. It determined that payments received for the transfer of development rights should be classified as ‘capital gains’ rather than ‘income from other sources.’ The tribunal also noted that taxpayers meeting specific legal requirements can claim exemptions under Section 54EC of the Income-Tax (I-T) Act by investing their capital gains in designated bonds. Such reinvestment can help lower the taxable amount of capital gains. This ruling is particularly significant in light of numerous redevelopment projects reshaping Mumbai and its surrounding areas.…

IndustryLatest Stories

MHADA Lottery Delayed: Awaiting VIP Approval

MUMBAI: Thousands of eager MHADA homebuyers are left waiting as the housing authority has yet to announce the date for its highly anticipated lottery draw. The postponement is not due to a technical issue but rather a challenge in securing a chief guest. As per sources from Mumbai Mirror, the uncertainty is primarily due to the availability of senior political figures, with no confirmations received from their offices regarding their schedules. MHADA aims to have either the Chief Minister, a Deputy Chief Minister, or the Minister of State for Housing as the event’s chief guest. “However, their busy political schedules…

IndustryLatest Stories

Maharashtra Revokes 2023 Circular on Minor Mineral Levy

The Maharashtra government has rescinded its May 2023 circular that outlined a formula for calculating royalty on minor minerals extracted during construction and land development. This decision is expected to alleviate concerns for developers and contractors embroiled in legal battles regarding the controversial framework. The revenue and forest department issued a new circular on July 9, stating that the previous policy had led to legal disputes as many of its stipulations were deemed inconsistent with rulings from the Supreme Court and the Bombay High Court. The government has immediately canceled the 2023 circular. The retracted document established a method for…

Latest StoriesResidential

Mumbai housing sales up 1% to 47,355 units in H1 2026

NEW DELHI: Mumbai experienced housing sales of 47,355 units in the first half of 2026, marking a slight increase of one percent year-on-year, as reported by Knight Frank India. New launches saw an eight percent year-on-year rise, totaling 49,161 units during this timeframe, in line with moderated activity observed in 2025. The report indicates that the increase in supply was primarily driven by end-user demand. Unsold inventory fell by four percent year-on-year, bringing it down to 157,410 units in H1 2026. The time required to sell this inventory was 6.5 quarters, with an average age of unsold units at 19…

CommercialLatest Stories

Mumbai Office Leasing Jumps 33% to 7.3M Sq Ft in H1 2026

NEW DELHI: In the first half of 2026, Mumbai’s gross office leasing reached 7.3 million sq ft, marking a 33% year-on-year increase, as reported by Knight Frank India. This notable growth is attributed to significant institutional transactions and strong demand from global capability centers (GCCs), BFSI firms, and third-party IT/ITeS occupiers. Office completions, however, saw a 30% decline year-on-year, totaling 1.6 million sq ft during this period. Mumbai’s overall office stock increased by 3% year-on-year, reaching 173.8 million sq ft. Vacancy rates dropped by 205 basis points year-on-year to 15.6% in H1 2026 due to heightened leasing activity and reduced…

Latest StoriesRegulatory

Mumbai: Politician-Developer Fleeing After ₹7 Crore Bail Denied

MUMBAI: Shiv Sena politician and developer Shankar Kumar Jha is currently on the run following the Thane Sessions Court’s rejection of his anticipatory bail request in a cheating case involving Rs 7.24 crore. Jha, who ran in the January 2026 Mira-Bhayandar civic elections for Ward 12, is accused by his business partners of misappropriating funds from unsuspecting homebuyers. After his bail request was denied on July 9, the investigation has moved from the Mira Road police to the Economic Offences Wing (EOW). Jha’s current location is unknown. According to the FIR filed on July 2 by Santosh Samal, the main…

Latest StoriesRegulatory

Bombay HC: Collector’s Office Failing to Execute RERA Refunds

MUMBAI: The Bombay High Court observed on Friday that a pending refund case under RERA related to a Chembur project reveals a troubling situation within the collector’s office. Justices AS Gadkari and Kamal Khata noted that the execution of decrees under the MahaRERA is not being properly enforced, even though it is legally required. On July 10, the court issued notices to the Mumbai suburban district collector and a tehsildar to explain why they should not face action under the Contempt of Courts Act for failing to comply with a July 8 order and providing requested information about the builder’s…

Latest StoriesResidential

1.71 Lakh Homes Sold in Top 8 Indian Cities in H1 2026

Representative AI image NEW DELHI: According to a report from Knight Frank India, India’s eight leading residential markets recorded a total of 171,471 housing unit sales in H1 2026, marking a one percent increase year-over-year. New housing launches reached 187,350 units during the same period, reflecting a four percent annual growth. Total sales for the year 2025 were 348,207 units, slightly lower compared to the previous year. Knight Frank noted that the residential market is entering a phase of late-cycle consolidation, as sales stabilize after a four-year recovery period following the pandemic-induced downturn in 2020. Mumbai continues to lead as…