Tag: Mumbai

Latest StoriesResidential

Mumbai: Tardeo Residents Get Relief for OC-less Buildings

Representative AI image MUMBAI: Nearly a year after the Bombay High Court ordered residents of Tardeo’s Willingdon View Co-operative Housing Society Ltd to vacate the upper 18 floors of their 34-storey building due to the absence of an Occupation Certificate (OC), many are expressing relief following the BMC Standing Committee’s approval on July 8 of a proposal that may regularize such buildings. Residents are now urging for the prompt clearance of the proposal by the BMC’s General Body, and they are requesting that the standard operating procedure (SOP) be made public to facilitate payment of the required charges, acquisition of…

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MHADA 79A Amendment Boosts Redevelopment of 13,000 Mumbai Homes

MUMBAI: A significant legal obstacle in the redevelopment of countless aging and hazardous buildings in Mumbai has been overcome following the Maharashtra Legislature’s amendment to the MHADA Act, aimed at reinstating the implementation of Section 79A. The Bill has passed through both the Vidhan Sabha and Vidhan Parishad and is now awaiting the Governor’s approval to become law. This amendment aims to eliminate the legal uncertainties that prompted the Bombay High Court to suspend the implementation of Section 79A nearly a year ago. It grants authority to officers designated by the Maharashtra Housing and Area Development Authority (MHADA) to utilize…

Latest StoriesResidential

Ex-ASK Asset Director’s Family Buys 4 Mumbai Apartments for ₹179 Cr

Representative AI image MUMBAI: Family members of Bharat Shah, former whole-time director of ASK Asset & Wealth Management Group, have purchased four luxury apartments in Mumbai’s upscale Worli neighborhood for approximately ₹180 crore. The apartments are in the Kalpataru One residential project and were acquired directly from Kalpataru Properties by Preeti and Kinnari Bharat Shah. The transaction was registered on July 6 and involves four units located on the 34th and 35th habitable floors of Wing A, each valued at around ₹44.85 crore. The total RERA carpet area of the four apartments is 17,689 sq ft, and the deal includes…

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OC Amnesty Scheme for Pre-2016 Mumbai Buildings Approved

MUMBAI: The BMC standing committee has approved an amnesty scheme to issue occupation certificates (OCs) for buildings where families reside but lack these documents. Just under two weeks ago, the committee members requested a review of the scheme. On June 25, the committee called for clearer guidelines, accountability for developers and architects, and the inclusion of corporators’ feedback prior to endorsing the proposal. The proposal, originally presented in April, faced delays due to concerns over a clause limiting eligibility to housing units up to 80 sq m (860 sq ft). BJP Leader of the House Ganesh Khankar highlighted that ordinary…

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Dharavi Phase I Redevelopment to Finish in 18 Months: Deputy CM

MUMBAI: On Tuesday, Maharashtra Chief Minister Devendra Fadnavis stated that the Dharavi Redevelopment Project is more than just a housing scheme; it represents an economic transformation. He confirmed that the first phase of approximately 10,000 homes is set to be completed in the next 18 months. During the legislative assembly session, Fadnavis highlighted that eligible residents will be rehabilitated on-site, while others will be offered homes at nearby locations. Additionally, he mentioned that the state has identified 19 cluster redevelopment projects across Mumbai as part of its urban renewal strategy. The Dharavi Redevelopment Project aims to transform Asia’s largest slum…

Latest StoriesResidential

Mumbai reduces stamp duty on housing lease agreements to 0.5%

MUMBAI: Maharashtra Revenue Minister Chandrashekhar Bawankule announced on Tuesday a significant reduction in stamp duty for 99-year lease agreements for cooperative housing societies in Mumbai. Residential properties will now have a maximum stamp duty of 0.5%, while commercial properties will face a rate of 1.5%. The announcement came in response to a calling attention motion by Atul Bhatkhalkar (BJP), who highlighted that numerous cooperative housing societies have struggled to register lease agreements due to procedural delays and high stamp duty rates. Bawankule stated that the updated policy would offer considerable relief to societies situated on government land leased for 99…

Latest StoriesResidential

eClinicalWorks Founder’s Family Buys Luxury Worli Flat at ₹2.5L/sq ft

Representative Image MUMBAI: Radhi Girish Navani, wife of Girish Navani, co-founder and CEO of eClinicalWorks, has purchased a luxury sea-view apartment in Mumbai for ₹162.2 crore, approximately ₹2.5 lakh per square foot, marking it as one of the nation’s priciest residential transactions. The apartment features a RERA carpet area of 6,458 sq ft, which includes a 645 sq ft balcony, and grants the buyer access to four exclusive car parking spaces. The transaction benefited from a 1% stamp duty discount offered to women homebuyers under Maharashtra regulations, with the stamp duty paid totaling ₹8.11 crore for the registration. Located on…

Latest StoriesRegulatory

Court Denies Bail to Ex-Lodha Director in ₹181 Crore Scam

MUMBAI: On Monday, a court denied bail to Rajendra Lodha, the former director of Lodha Developers, in a Rs 181 crore corporate land fraud case, emphasizing that such offences undermine public trust in commercial and financial institutions. Additional Sessions Judge P A Sable noted that the preliminary evidence suggests Lodha played a crucial role in the alleged conspiracy. The prosecution claims that Lodha orchestrated a well-planned, prolonged economic conspiracy, misusing his fiduciary authority to unlawfully sell company-owned land to various developers at undervalued prices. He is accused of conspiring with multiple individuals, including his son Sahil Lodha, to fabricate documents…

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Brihanmumbai civic body orders halt to unsafe building projects

MUMBAI: On Monday, the Brihanmumbai Municipal Corporation (BMC) issued directives to developers and contractors to halt hazardous construction activities and implement strict safety measures at project sites, in response to a ‘red’ alert for severe rain and strong winds. The BMC emphasized that compliance with this advisory is mandatory, highlighting the importance of safeguarding workers, local residents, and the general public. In a message to developers, architects, licensed surveyors, contractors, project managers, and site engineers, the civic body requested inspections of scaffolding, tower cranes, material hoists, safety nets, formwork, tin sheets, and other temporary structures to ensure stability and secure…

Latest StoriesResidential

Housing Affordability Stable in 6 of 8 Cities: H1 2026 Report

NEW DELHI: A report by Knight Frank India reveals that housing affordability remained stable across most major residential markets in H1 2026, bolstered by lower borrowing costs. Among the eight cities analyzed, six stayed within the affordability threshold, while the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) surpassed the 50% benchmark. Ahmedabad emerged as the most affordable housing market among the top cities with an affordability ratio of 23%, followed by Kolkata at 25% and Pune at 28%. Bengaluru and NCR saw a slight decline in affordability compared to 2025, recording ratios of 35% and 65%, respectively.…