Tag: Mumbai

IndustryLatest Stories

Mumbai Builders Meet Civic Chief to Address Real Estate Issues

Representative image MUMBAI: In a significant step, leading developers and architects from organizations like CREDAI-MCHI, NAREDCO, BDA, and PEATA met with municipal commissioner Bhushan Gagrani on Friday. They addressed challenges hindering the real estate sector. The civic chief announced the establishment of a steering committee that will include representatives from these organizations and BMC officers from various departments. This committee will convene bi-weekly to tackle sector-related issues. As per a press release, meetings will be led by Chandrashekhar Undage, the deputy chief engineer in the commissioner’s office. “The commissioner has assured us of his attendance at these meetings monthly. This…

CommercialLatest Stories

How Negligence Devastated Mumbai High-Rise Offices

File photo MUMBAI: A fire broke out on Thursday in a 13-story commercial building in Jogeshwari, which reportedly violated safety regulations and lacked an Occupation Certificate. Firefighters took 8-10 engines and numerous personnel four hours to control the blaze at JSM Business Center in Behrambaug. Thankfully, there were no fatalities, though 27 individuals were rescued and treated for suffocation symptoms at Jogeshwari Trauma Hospital. The cause of the fire is still unknown, but tenants claim that the builders made unauthorized alterations throughout the structure. Additionally, a functional fire-fighting system was notably absent. The fire at JMS Business Owners Association started…

Latest StoriesRegulatory

Bombay HC Stops Flat Split, Backs Society’s Appeal

MUMBAI: The Bombay High Court has firmly opposed the conversion of a single housing unit into two apartments. On October 10, the court upheld a suburban society’s request to deny permission for structural modifications that would divide a flat into separate units. The interim order issued will remain effective until further directives are provided, ensuring the protection of the society’s rights until a final decision is made. The court noted that the society appears to have a compelling case for interim relief. Notices have been issued to the two residents of the flat, with the next hearing scheduled for November…

CommercialLatest Stories

Awfis targets 30% growth in FY26, seeks 40% non-core revenue

NEW DELHI: Awfis Space Solutions is set for significant growth in FY26, targeting a 30% increase in revenue, with aims to surpass ₹1,600 crore. The company anticipates adding about 40,000 new coworking seats in approximately 70 centers across India, leveraging its strategy of establishing medium-sized centers averaging 30,000 sq ft each. Rent for their flagship offering ranges from ₹8,000 to ₹20,000 per seat per month, depending on the location and product tier. Awfis boasts an impressive EBITDA margin guidance of 14%, with a strong return on capital employed (RoCE) of around 67%. The company maintains a nearly net-cash position with…

CommercialLatest Stories

Marathon & Adani Realty Team Up for Mumbai Commercial Project

NEW DELHI: Marathon Nextgen Realty (MNRL) has partnered with Adani Realty to launch the Monte South Commercial project in Byculla, Mumbai, focusing on office and retail spaces. The development will cover approximately 1.2 million sq ft and is valued at an estimated ₹3,400 crore. Monte South Commercial is part of the expansive Monte South campus, which includes four residential towers soaring over 64 storeys, amounting to over 1.6 million sq ft of residential saleable area. Published On Oct 21, 2025 at 12:00 PM IST Join the community of 2M+ industry professionals. Subscribe to our Newsletter for the latest insights &…

Latest StoriesResidential

Mumbai’s Redevelopment Will Create 44,000 New Homes: Report

NEW DELHI: A report by Knight Frank India states that by 2030, Mumbai’s current redevelopment initiatives (MCGM) are set to deliver 44,277 new homes, amounting to ₹1,305 billion. The report reveals that since 2020, a total of 910 housing societies have entered into development agreements (DAs), unlocking approximately 326.8 acres (1.32 million sq. meters) of potential land based on FSI utilization norms. Notably, around 160,000 societies are over 30 years old and eligible for redevelopment. In the Western Suburbs, areas with high population density from Bandra to Borivali are expected to contribute 32,354 new homes, representing 73% of the total…

Latest StoriesResidential

Over 87K Homes Sold in Q3 2025: Report

NEW DELHI: According to a report by Knight Frank India, the eight leading residential markets sustained their sales momentum, with 87,603 housing units sold in Q3 2025. Despite predictions of a market correction, residential sales saw a 1% year-on-year increase in Q3 2025, with year-to-date (YTD) figures slightly down by 1%. The sales momentum was supported by a rise in prices across all markets for Q3 2025, even though the supply of new units recorded a 2% decrease from the previous year, totaling 88,655 units. The macroeconomic conditions were stable, with inflation decreasing to 2.07% in August 2025, down from…

Latest StoriesRegulatory

Bombay HC Imposes Daily Fine on Builder for Fire NOC Delay

MUMBAI: The Bombay High Court has granted significant relief to flat owners in Kandivali West who have been unable to secure Fire Clearance Certificates (NOC) and Occupation Certificates (OC) for over a decade. In a decisive ruling, the court asserted that should the builder fail to obtain the Fire NOC within the specified timeframe, they will incur a penalty of Rs 50,000 for each day of delay. This penalty will be submitted to the Brihanmumbai Municipal Corporation (BMC) until the NOC is granted. Additionally, as the flat owners have not yet formed a society, the court mandated that once established,…

Latest StoriesRegulatory

Bombay HC Issues Contempt Notice to Doctor Over SRA Tenement Lies

MUMBAI: The Bombay High Court has issued a show-cause notice for contempt of court to a doctor accused of hiding information while applying for a rehabilitation tenement in a Santacruz (W) slum redevelopment project. “Such conduct amounts to abuse of process and, if left unchecked, would undermine the court’s responsibility to ensure justice,” stated Justices Ajey Gadkari and Kamal Khata on Thursday, rejecting Mumtaz Khoja’s review petition and imposing a cost of Rs 5 lakh. Additionally, they instructed the BMC and SRA to investigate how a trust led by Khoja was allowed to operate a school with 150 students in…

IndustryLatest Stories

Sunteck Realty Q2 FY26 Profit Soars 41% to ₹48.96 Crore

NEW DELHI: Sunteck Realty Ltd announced on Thursday that its consolidated net profit surged by 41% to Rs 48.96 crore for the second quarter of this fiscal year, driven by increased income. In the same quarter last year, the company’s net profit was recorded at Rs 34.62 crore. For the July-September quarter, total income climbed to Rs 262.16 crore, up from Rs 182.06 crore during the same period the previous year, as reported in a regulatory filing. Sunteck Realty is recognized as one of the premier developers in the nation. Published On Oct 17, 2025 at 10:26 AM IST Join…