Tag: Mumbai

IndustryLatest Stories

Maharashtra Cabinet OKs Slum Redevelopment Scheme for Mumbai

MUMBAI: On Tuesday, the Maharashtra Cabinet approved a scheme aimed at redeveloping slums in Mumbai into integrated housing projects that will improve living conditions and urban infrastructure. The Slum Rehabilitation Authority (SRA), a state agency, will implement this redevelopment initiative, which is designed to accelerate large-scale slum redevelopment and enhance urban infrastructure in the financial capital. According to a statement from Chief Minister Devendra Fadnavis’s office after the Cabinet meeting, the scheme will transform slum clusters into integrated housing developments, thereby providing improved living conditions and creating opportunities for private investment and construction activity. This initiative is expected to generate…

IndustryLatest Stories

Lodha Developers’ Q3 pre-sales rise 7% to ₹4,570 crore

Realty developer Lodha Developers has reported a year-on-year increase of 7% in pre-sales, totaling Rs 4,570 crore for the quarter ending in September. The company’s collections also saw a 13% growth year-on-year, reaching Rs 3,480 crore. For the first half of the financial year, Lodha’s pre-sales amounted to Rs 9,020 crore, indicating an 8% rise compared to last year. Meanwhile, collections for this period increased by 10%, totaling Rs 6,360 crore, as stated in a regulatory filing. During this quarter, the developer launched a new project in the Mumbai Metropolitan Region with a gross development value (GDV) of Rs 2,300…

IndustryLatest Stories

Maharashtra Forms Committee for SVP Nagar Redevelopment Project

MUMBAI: The state government has established a high-powered committee, chaired by Additional Chief Secretary of Housing Aseem Gupta, to oversee the redevelopment project of 4,973 flats across 498 plots in Sardar Vallabhbhai Patel (SVP Nagar) Colony, Andheri. The committee also includes Mhada VP and CEO Sanjeev Jaiswal, an additional municipal commissioner of the BMC, and other Mhada officials. This land in Andheri West was allocated in 1993 under a World Bank initiative and comprises 98 cooperative housing societies, along with 24 high-income group apartment plots, 62 plots of 60 square meters each, and 245 plots measuring 100 square meters. Last…

Latest StoriesRera

MahaRERA Orders Builder to Compensate ₹5 Lakh for Agony

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRera) has ordered a builder to compensate an Oshiwara flat buyer with Rs 5 lakh, in light of the mental distress endured by the owner, who was promised possession in 2016. This decision comes in addition to previously directed interest payments. The complainant, Mohammed Sayyed Noorul Hassan, who has been dealing with chronic health issues, highlighted the costs he has incurred due to ongoing house rentals over the years. Hassan, represented by advocate Godfrey Pimenta, purchased a flat for Rs 41.7 lakh in the Gaurav Legend project at Oshiwara, Andheri West, in 2013,…

Latest StoriesResidential

Manglam Group to Revamp Borivali Residential Project

NEW DELHI: Manglam Group has made its debut in Mumbai’s redevelopment sector with the unveiling of its residential project – Manglam Rajanigandha, situated in Borivali (West). The project is in collaboration with Manglam & Karnani Ventures LLP. “With an investment of ₹100 crore, we believe that Manglam Rajanigandha will set a new standard for quality redevelopment and elevate residential living in the city,” stated N. K. Gupta, the company’s chairman. With an investment of ₹100 crore and anticipated revenue of ₹150 crore, this project spans 80,000 sq ft of land and is set to be completed by June 30, 2026.…

InfrastructureLatest Stories

Groundwater Salinity Endangers Buildings in 17 Mumbai Areas

Representative AI image MUMBAI: The initial phase of the city’s groundwater level survey has uncovered a troubling situation: saline water was detected in 17 of the 19 surveyed locations. The Union Government’s Ground Water Survey Board assessed groundwater at 26 sites throughout the city, providing a preliminary report for 19 locations to the Brihanmumbai Municipal Corporation (BMC). Tests were conducted in various areas including Churchgate, Mazagaon, Worli, Mahim, Byculla, Mahul, Trombay, Khar Danda, Vakola, Vile Parle (West), Amboli, Versova, Madh, Film City, Mulund, Goregaon, Malvani, Manori, and Gorai, in addition to two places each in Colaba, Dahisar, and Chembur. The…

IndustryLatest Stories

MHADA Updates Premium Rates for Redevelopment Projects

The Maharashtra Housing and Area Development Authority (MHADA) has approved a significant policy change aimed at enhancing the viability of redevelopment projects under its Mumbai Board. This change revises the method of calculating premium charges for commercial floor space. During a recent MHADA authority meeting, the decision was made to alter provisions from a previous resolution issued in June 2007. Previously, housing societies or developers redeveloping buildings within MHADA layouts were required to pay premiums calculated at 1.5 times the residential rate, with a minimum of 60% and a maximum of 142.5%. Developers expressed concerns that this structure hindered the…

Latest StoriesResidential

Mumbai’s Property Registrations Up 20% This Navratri

MUMBAI: The Greater Mumbai area under BMC jurisdiction recorded 6,238 property registrations during the 10-day Navratri period (Sept 22–October 1, 2025), reflecting a 20% increase from 5,199 registrations in the same timeframe last year. This boost also contributed to a 17% year-on-year rise in state revenue collections, reaching Rs 587 crore during the festive season. The average daily registrations improved from 578 units in Navratri 2024 to 624 units in 2025, as per data provided by Knight Frank India. According to the global property consultant, September 2025 saw a total of 12,070 registrations, making it the best September for the…

Latest StoriesRegulatory

Mumbai: Developer Must Refund Homebuyers for Canceled Flats

MUMBAI: A recent case underscores the challenges homebuyers face with stalled real estate projects. The Maharashtra State Consumer Disputes Redressal Commission (SCDRC) in Mumbai has ordered a developer and its directors to refund over ₹45 lakh plus ₹15 lakh in interest to a couple who had their flat allocation canceled in a Wadala housing project they opted for back in 2014. Sharmistha Ray and Manabendra Nath Ray, residents of Wadala, had initially sought 18% annual interest on their payment but agreed to 9% before the commission, which was the initial rate offered by the developer. The commission found Vijaykamal Properties…

Latest StoriesRegulatory

Bombay HC: Mumbai’s prime land can’t be lost to slum scheme.

MUMBAI: The Bombay High Court, represented by Justices Girish Kulkarni and Aarti Sathe, stated on Wednesday that large public land cannot be unjustly claimed under the pretext of slum rehabilitation. Expressing concern over the state’s actions, the court issued an interim order emphasizing that a prime 33-acre public space in the Cuffe Parade/Colaba area—one and a half times the size of Oval Maidan—should remain accessible to the public rather than be handed over for private development, especially when the city is already facing a shortage of public parks and open spaces, a necessity under the Indian Constitution. The court asserted…