Tag: Mumbai

Latest StoriesResidential

Maharashtra Updates: Incentives for Rental Housing in MMR

Representative AI image MUMBAI: Developers are being incentivized to develop rental housing in the Mumbai Metropolitan Region (MMR). This includes a full income tax waiver on rental income for 10 years, a 5-year property tax exemption, and GST concessions. Additionally, the Maharashtra Housing Area Development Authority (Mhada) has proposed a free increase in floor space index—0.5 in Mumbai and 0.3 in MMR. On Wednesday, Mhada’s vice-president, Sanjeev Jaiswal, presented the draft rental housing policy to builders, seeking their feedback for refinement. Mhada is designated as the nodal agency for this policy and has suggested a 50% reduction in development charges,…

CommercialLatest Stories

Saif Ali Khan Acquires ₹30.75 Crore Property in Mumbai

NEW DELHI: Saif Ali Khan has acquired a commercial property valued at ₹30.75 crore in Kanakia Wallstreet, Andheri East, Mumbai, as revealed by property registration documents accessed by Volney. The property includes two adjoining office units, totaling a carpet area of 5,682 sq ft and a salable area of 9,659 sq ft, along with six designated car parking spaces. Rohan Sheth, founder of the company, noted, “In recent years, we’ve witnessed increasing interest from celebrities and high-net-worth individuals diversifying into grade-A commercial real estate. This sector is perceived as a stable, appreciating asset that complements other investment options.” Volney also…

IndustryLatest Stories

Maharashtra Minister Orders Free Regularization of Small Lands

MUMBAI: Maharashtra’s Revenue Minister, Chandrashekhar Bawankule, announced on Tuesday the free regularization of small land parcels that were purchased in violation of the Fragmentation Act. This initiative is projected to benefit approximately 60 lakh property holders and nearly three crore citizens statewide. “Entries reflecting transactions violating the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act will be erased from the 7/12 land title document,” Bawankule stated. He emphasized that the newly implemented eight-point procedure will legitimize thousands of long-standing small-plot transactions in Maharashtra. In response to Bawankule’s directive, the revenue department indicated that this procedure will apply to land…

InfrastructureLatest Stories

Maharashtra Cabinet OKs Iconic City and MHADA Redevelopment Plans

MUMBAI: On Tuesday, the Maharashtra cabinet sanctioned a policy for concept-driven iconic city development, aimed at maximizing land utilization held by CIDCO and various authorities. It also approved the redevelopment of certain MHADA colonies. The meeting was headed by Chief Minister Devendra Fadnavis, according to an official release. The City and Industrial Development Corporation (CIDCO) leases land parcels for diverse purposes via auctions, permitting project construction under the lease and Development Control and Promotion Regulation (DCPR) 2020 guidelines. However, for land parcels controlled by multiple construction and development operators (CDOs), integrated township-style development is currently unfeasible, the CM’s office stated.…

IndustryLatest Stories

Mumbai: MHADA Lawyer’s Role in Girgaum Redevelopment Delay

MUMBAI: A confidential report from MHADA’s legal department has confirmed that the critical Section 79A notice issued to Parekh Estate Pvt Ltd has never been revoked. This contradicts earlier claims made by MHADA panel advocate Priyanka Chavan during a writ petition in front of the Bombay High Court this year. According to an internal memo dated November 14, 2025, “the 79A notice issued to the landlord…has not been revoked by this office.” It further indicates that there are no documents reflecting any revocation and that the matter falls under the jurisdiction of the Dy. Chief Engineer (Zone II), not the…

Latest StoriesResidential

CCI Projects to Invest ₹700 Cr in Mumbai Residential Tower

Representative image. NEW DELHI: Realty company CCI Projects has announced a planned investment of approximately ₹700 crore to build a luxury residential tower in the Mumbai Metropolitan Region (MMR). The firm revealed on Monday that they have launched ‘Skyleap’, which will feature 53 stories and consist of 320 apartments. This tower is part of a larger gated community, ‘Rivali Park 2’, situated along the Western Express Highway in Borivali. The project is backed by a ₹700 crore investment, with anticipated revenue exceeding ₹1,250 crore. Founded in 2000, Mumbai-based CCI Projects Pvt Ltd has successfully completed over eight towers and currently…

Latest StoriesResidential

Mumbai: JVPD Bungalows Yield to Buildings as Families Expand

MUMBAI: In the early 1970s, Bollywood icons like Amitabh Bachchan, Dharmendra, Shatrughan Sinha, Rakesh Roshan, and Jeetendra found refuge in the serene Juhu-Vile Parle Development Scheme (JVPD) for its privacy and abundant green spaces. Spanning 200 acres, JVPD consists of 42 acres designated for internal roads, featuring 702 plots and 14 cooperative societies. Originally planned in the 1950s as a middle-class neighborhood with modest two- to three-story buildings, the area is now experiencing a redevelopment boom, with property prices soaring to Rs 70,000 to Rs 80,000 per square foot in luxury towers. Anand Pandit, a renowned builder and Bollywood producer,…

Latest StoriesResidential

Mumbai BMC housing lottery attracts 2,037 for 426 homes

MUMBAI: The BMC’s online lottery for 426 homes across the city received only 2,037 applications, indicating a tepid response. The highest interest was seen for the 14 homes in Marol, which garnered 937 applications. This was followed by 393 applications for 46 homes in Kandivali and 189 for 19 homes in Goregaon. The flats, ranging from Rs 55 lakh to Rs 1 crore, are situated in Kandivali, Bhandup, Byculla, Kanjurmarg, Jogeshwari, and Goregaon, targeted at applicants from the Economically Weaker Section (EWS) and Low-Income Group (LIG) categories, with an expected revenue of around Rs 308 crore from sales. In comparison,…

Latest StoriesRegulatory

Bombay HC Postpones Builder’s Bail Hearing to November 27

MUMBAI: The Bombay High Court has postponed the hearing for pre-arrest bail filed by builder Bhavesh Sanghrajka to November 27. This plea is related to an FIR alleging culpable homicide not amounting to murder, following the death of a 22-year-old woman caused by a cement block that fell from his construction site in Jogeshwari. The prosecutor informed the court that no action will be taken until the next hearing. Justice N R Borkar remarked that additional public prosecutor BV Holambe-Patil is requesting more time to present a report from an expert regarding the safety measures taken at the site. Sanghrajka,…

IndustryLatest Stories

Four of 16 Developers Selected for South Mumbai Rail Plot

Representative AI image The Railway Land Development Authority (RLDA) has narrowed down its selection to four developers from a pool of 16 interested parties bidding for the development of a prime 2.5-acre site in Mahalaxmi, South Mumbai. This project is estimated to hold a revenue potential nearing Rs 10,000 crore, according to sources familiar with the matter. This tender saw significant participation from top developers, signaling a competitive bidding process for this government-owned parcel. The electronic bidding occurred on Tuesday. From what we gather from The Economic Times, the shortlisted developers include Lodha Group, Sobha Ltd, Dineshchandra R Agrawal Infracon,…