Tag: Mumbai

Latest StoriesRegulatory

Bombay HC Report on MHADA 79A: 13K Unsafe Mumbai Buildings at Risk

MUMBAI: In a crucial update that may shape the future of redevelopment across the city, a committee established by the Bombay High Court has delivered its findings on March 5, 2026, examining contentious notices issued under Section 79A of the MHADA Act. The court is poised to hear this matter and decide if the halted redevelopment of numerous unsafe buildings can continue, impacting over 13,000 ageing structures and countless residents living in hazardous conditions. This comes just ahead of the looming monsoon season. The heart of the issue lies with Section 79A, a legal provision enacted in 2020 to expedite…

CommercialLatest Stories

Meta’s India arm renews Mumbai BKC office lease for ₹200 crore

Facebook India Online Services, a subsidiary of Meta Platforms Inc., has renewed its office lease at One BKC in Mumbai’s Bandra-Kurla Complex (BKC). This agreement involves a monthly rent of Rs 430 per sq ft, with an overall rental cost exceeding Rs 200 crore. The renewal, effective from December 15, spans five years and encompasses the 5th and 7th floors of the tower, one of India’s pricier commercial locations. The lease covers a car area of 46,678 sq ft, translating to a chargeable space of 70,167 sq ft. The total monthly rent exceeds Rs 3.02 crore at the agreed rate.…

Latest StoriesRegulatory

Redeveloped Flat Exempt from ‘Other Income’ Tax: ITAT

MUMBAI: The Income Tax Appellate Tribunal (ITAT) in Mumbai has favored a taxpayer who received a flat valued at ₹11.7 crore as part of a redevelopment project in exchange for surrendering his tenancy rights. ITAT determined that the surrender of tenancy rights constituted the transfer of a capital asset, qualifying taxpayer V Asher for an exemption under Section 54F of the Income Tax Act. The tribunal also stated that the flat’s value should not be taxed as ‘Income from other sources.’ During the review of Asher’s 2019-20 tax return, the I-T officer questioned the legitimacy of the tenancy arrangement. Consequently,…

Latest StoriesResidential

Free Regularization of 500 sq ft Encroachments in Maharashtra

MUMBAI: The Maharashtra government has announced a significant policy change allowing for the free regularization of residential encroachments up to 500 square feet that existed as of January 1, 2011, applicable statewide, but excluding Mumbai and its suburbs, according to a minister’s statement on Friday. Revenue Minister Chandrashekhar Bawankule clarified that encroachments on riverbeds, drains, grazing land, public roads, forests, cremation grounds, playgrounds, and designated school or hospital lands will not be regularized under any circumstances. “Such encroachments will be removed, and families affected will be considered for alternative housing under the Pradhan Mantri Awas Yojana (PMAY),” he added. The…

Latest StoriesResidential

Birla Estates and Arvind SmartSpaces Launch Mumbai Housing Projects

NEW DELHI: Birla Estates and Arvind SmartSpaces are entering Mumbai’s society redevelopment market with distinct residential projects in Khar West and Santacruz, as both companies aim to seize redevelopment opportunities in the city’s limited land market. Birla Estates (BEPL), a subsidiary of Aditya Birla Real Estate, is set to redevelop the Anmol Co-operative Housing Society and Bhartiya Bhavan Co-operative Housing Society in Khar West, in collaboration with Parinee Real Estate Builders. The project encompasses a saleable area of approximately 2.9 lakh sq ft, with a projected revenue potential of around ₹1,700 crore, marking the company’s debut in Mumbai’s redevelopment sector.…

CommercialLatest Stories

Madhuri Dixit Rents Mumbai Commercial Property for ₹2.81 Crore

NEW DELHI: Madhuri Shankar Dixit has leased a commercial unit in One Lodha Place, Lower Parel, Mumbai, at a starting monthly rent of ₹4.25 lakh. The unit covers a carpet area of 67.91 sq meters (731 sq ft) and includes one parking space. The deal was registered with a stamp duty of ₹72,600, registration fees of ₹1,000, and a security deposit of ₹17 lakh, as detailed in property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. Officially registered in March 2026, Square Yards’ analysis indicates that the lease spans 60 months (five years). The…

IndustryLatest Stories

Maharashtra Decentralises Land Regularisation to Collectors

NAGPUR: On Wednesday, the Maharashtra legislature unanimously approved the Maharashtra Land Revenue Code (Second Amendment) Bill, 2026. This new legislation empowers district-level authorities to regularize most cases of land-use breaches. Introduced by Revenue Minister Chandrashekhar Bawankule, this amendment transitions from a centralized approach to a decentralized one, allowing collectors and divisional commissioners to manage nearly 90% of these cases at the local level. The change is anticipated to alleviate backlog, reduce bureaucratic hold-ups, and improve citizen access to administrative solutions. “Previously, even minor breaches were sent to the Mantralaya, overloading the secretariat and obligating citizens to make numerous trips to…

IndustryLatest Stories

Puravankara to Launch 30 Projects Worth ₹55,000 Crore Soon

NEW DELHI: Puravankara is set to unveil 30 residential projects in the next 24 months across South India and Mumbai, aiming for a gross development value (GDV) exceeding ₹55,000 crore. The forthcoming pipeline encompasses around 51.14 million sq ft of developable space. Most projects are currently in the approval phase, while others are still in design, with approvals expected to commence shortly. This expansion occurs amidst consistent demand in the residential market. For the first three quarters of FY26, the company reported pre-sales of ₹3,859 crore and customer collections totaling ₹3,045 crore. Ashish Puravankara, the managing director, remarked, “As we…

CommercialLatest Stories

Godrej Industries Unit Acquires ₹365 Crore Office in Vikhroli

MUMBAI: Godrej Seeds and Genetics Ltd, part of the Godrej Industries Group’s agri-business sector, has purchased office space across three floors in a commercial tower in Mumbai’s Vikhroli area for a total of Rs 366 crore. The acquisition includes office spaces on the 6th, 7th, and 8th floors of Godrej One, indicating a consolidation of real estate assets within the group. The total carpet area involved in this deal is 70,361 sq ft, with an effective rate of approximately Rs 52,000 per sq ft, as per property registration documents from Propstack, a real estate analytics platform. The transaction was completed…

Latest StoriesRegulatory

BMC Urges MMRDA & MHADA to Resolve ₹2,287 Crore Tax Dues

MUMBAI: The BMC has reached out to two major state agencies—the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Housing and Area Development Authority (Mhada)—regarding pending property tax dues exceeding Rs 2,287 crore, urging immediate payment. In correspondence dated March 16, just prior to the financial year-end, the BMC emphasized that property tax is its main source of revenue, essential for urban services and infrastructure development across Mumbai. According to BMC records from January 31, MMRDA owes Rs 1,685.6 crore across 128 properties, which includes Rs 946.2 crore in unpaid taxes and Rs 739.4 crore in penalties. Mhada, on…