Tag: Mumbai

IndustryLatest Stories

Arnya Real Estate Fund & Supreme Universal Raise ₹1,030 Crore

NEW DELHI: Arnya Real Estates Fund Advisors, in collaboration with Supreme Universal, has raised ₹1,030 crore from both domestic and international investors for its Arnya Real Estate Fund-Equity. Launched in November 2025 with a target corpus of ₹1,250 crore, the fund focuses on residential redevelopment projects in Mumbai. Sunny Bijlani, Joint Managing Director of Supreme Universal, remarked, “As the real estate landscape changes, the quality and structure of capital have become as crucial as execution capabilities. Institutional partnerships like this introduce discipline, transparency, and long-term alignment in redevelopment initiatives.” Published On Mar 9, 2026 at 11:00 AM IST Join the…

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BMC Approves Geotech Experts for High-Rise Foundation Review

MUMBAI: In a pioneering move for urban local bodies in Asia, the Brihanmumbai Municipal Corporation (BMC) approved the empanelment of geotechnical and foundation experts through its high-rise committee (HRC) in January. This initiative aims for an independent assessment of high-rise building foundations to ensure that excavation and construction practices adhere to stringent safety standards. The new regulation mandates that buildings exceeding 180 meters must secure mandatory clearance from the HRC before advancing through key construction phases. This decision is in response to Mumbai’s increasingly vertical landscape, characterized by a growing number of super-tall towers being planned on densely packed urban…

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Hutment Sale Scam Resurfaces for HDIL

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police has uncovered an alleged housing scam involving Rs 150 crore. Home possession documents intended for approximately 1,000 residents of slum rehabilitation were reportedly sold to third-party buyers. The company at the heart of this alleged scheme is Housing Development and Infrastructure Ltd (HDIL) Group. The EOW investigation suggests that top executives of HDIL might be involved, although the firm’s lawyers have refuted this claim to Mirror. The EOW filed its chargesheet on Thursday, naming HDIL promoters the Wadhwans and their associates while also awaiting the Slum Rehabilitation Authority’s (SRA) feedback…

InfrastructureLatest Stories

Maharashtra CM unveils ₹23,487-crore metro to Gateway of India

MUMBAI: Maharashtra Chief Minister Devendra Fadnavis unveiled significant infrastructure initiatives during the Budget 2026-27 presentation on Friday. Among these projects are plans for an underground tunnel network in Mumbai and Pune, as well as a Rs 23,487-crore metro line leading to the Gateway of India. In his Budget address to the assembly, Fadnavis indicated that the government aims to construct 1,200 km of metro lines and over 6,000 km of expressways to establish a seamless connectivity system for both passenger and freight transportation by 2047. He noted that efforts are underway for a 490 km metro network in Mumbai, Pune,…

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Maharashtra Budget: Urban Growth and 1,200 km Metro Plan

MUMBAI: In the Maharashtra State Budget for 2026-27, Chief Minister Devendra Fadnavis announced a significant shift in urban governance, predicting that by 2047, 70% of the state’s population will reside in urban areas while contributing nearly 80% to Maharashtra’s GDP. The plan includes an expansion of the Metro network to 1,200 km and the expressway network to over 6,000 km. Major projects in Mumbai feature Metro Line 11 (Wadala to Gateway of India), envisioned as a fully underground corridor with an estimated cost of Rs 23,487 crore. The government is also developing a “Third Mumbai,” a 200 sq km urban…

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MahaRERA: Over 6,300 Unresolved Complaints by December 2025

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) currently has 6,366 unresolved complaints, according to the state economic survey for 2025-26 presented in the legislative assembly on Thursday. This underscores a persistent backlog in disputes between homebuyers and developers. As of December 2025, a total of 53,012 real estate projects were registered with MahaRERA. The authority has received 32,377 complaints since its inception, resolving 26,011, which leaves 6,366 still pending. The survey highlighted that MahaRERA was established under the Real Estate (Regulation and Development) Act of 2016, to regulate the real estate sector by ensuring transparency, financial accountability, and protection…

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Maharashtra’s Debt Could Push RR Rates Up 5% by April 2026

PUNE: Increasing fiscal pressures and a significant rise in the state’s debt may lead the government to adjust the ready reckoner (RR) rates starting in April, with an anticipated average increase of over 5% across the state, according to senior government officials on Thursday. “Given the expanding revenue deficit and an influx of supplementary demands, a revision of the RR rates seems inevitable. The official announcement will be made on March 31,” a senior state government source told TOI. Consultations with stakeholders in various districts have been completed, but the final decision will hinge on the funds needed to support…

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MHADA Signs Redevelopment Deal for GTB Nagar, Mumbai

NEW DELHI: The Maharashtra Housing and Area Development Authority (MHADA) has finalized crucial agreements to expedite the redevelopment of the Guru Tegh Bahadur (GTB) Nagar housing cluster located at Sion Koliwada in Mumbai. All cooperative housing societies participating in the initiative have signed a tripartite development agreement with MHADA and the selected construction and development agency (C&DA). Furthermore, a construction-cum-development agreement has been established, paving the way for the implementation stage of the project. The redevelopment will span approximately 11.2 acres and will serve around 1,200 eligible residents. The area previously contained 25 buildings that were deemed unsafe by the…

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Maharashtra Cancels NA Tax for Urban Housing, Waives Dues

NAGPUR: The Maharashtra government has abolished the annual non-agricultural (NA) tax imposed on urban housing societies, providing relief to countless flat owners across the state. Revenue Minister Chandrashekhar Bawankule announced this decision in the Assembly during the Budget Session, following a query from legislator Bhimrao Tapkir. Bawankule stated that all overdue payments and arrears have been canceled. This applies to all urban residential properties, whether they are newly built or older structures. “The previously collected tax and outstanding dues have been scrapped, which will offer significant financial relief to housing societies and apartment owners,” he informed the Assembly. Tapkir highlighted…

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Modis Navnirman to Revamp Mumbai’s Residential Society

NEW DELHI: Modis Navnirman, based in Mumbai, has been appointed as the developer for the redevelopment of the New Chitra Co-operative Housing Society in Kandivali West. The existing 14-story structure, which was built over thirty years ago, will be completely demolished to make room for a new commercial and residential tower. The project occupies around 2,300 square meters and is projected to yield an estimated gross development value (GDV) of approximately ₹160 crore. In January 2026, Modis Navnirman was also selected to redevelop the BOI Staff Sheetal Co-operative Housing Society located at Ramnagar, S.V. Road, Borivali West. This redevelopment will…