Tag: Mumbai

IndustryLatest Stories

Eight Dead in 345 Building Crashes Since 2021: RTI

Representative Image MUMBAI: Between 2021 and August 2025, the city witnessed 345 incidents of total or partial cessed building collapses, resulting in 8 fatalities and 28 injuries, according to data acquired under the Right to Information (RTI) Act by activist Jeetendra Ghadge. While the number of deaths is lower compared to previous decades, records from Mhada spanning 1970 to 2018 indicate that 815 people have lost their lives in such incidents. The Maharashtra government modified the Mhada Act in 2020 to expedite the redevelopment of precarious cessed buildings. The 2020 amendments—which introduced Sections 79A and 79B—were a response to repeated…

Latest StoriesRegulatory

Bombay HC: Court Overstepped, Returns 16-Acre Plot to Builder

MUMBAI: The Bombay High Court has reinstated a ruling from a Borivli metropolitan magistrate indicating that a developer had possession of a plot exceeding 16 acres near the Dahisar checkpost as of April 22, 2017. On Tuesday, Justice Amit Borkar nullified a decision by the Dindoshi sessions court and directed the court receiver to return possession of the land to Romell Housing and its associate, Jude Romell, “strictly in accordance” with the magistrate’s directive. Romell alleged police misconduct after purchasing the property in 2016 from its previous owners, having compensated Kamruddin Shaikh, who held possession of the land. Following the…

Latest StoriesRegulatory

Builder booked for ₹16.49 crore fraud in Mumbai

MUMBAI: Yash Builders has been charged with cheating and criminal breach of trust after Axis Bank filed a complaint against its proprietor, Paras Dedhia. The complaint arises from a ₹16.49 crore term loan provided for the Deonar project, Yash Signature. As outlined by Shri Dakshis Sumanbhai Balsara, Assistant Vice President at Axis Bank’s Nariman Point branch, Dedhia initially secured a ₹15 crore loan from IIFL in 2015, using 18 flats and an office at Yash Signature as collateral. He then sought a ₹20 crore term loan from Axis Bank’s Chembur branch to settle IIFL’s dues and finish the project. The…

Latest StoriesRegulatory

Ex-Lodha Developers Director Arrested in Fraud Case

Here’s a rewritten version of the content: MUMBAI: Mumbai Police announced the arrest of a former director from a leading real estate firm on Wednesday for allegedly abusing his official role to defraud the company of ₹85 crore. The accused, Rajendra Lodha, served as a director at Lodha Developers Ltd from September 2013 until his resignation on August 18, 2025, which followed an ethics committee review of his conduct. The complaint alleges that Lodha exploited his position to deceive the company. The fraud allegations emerged during the investigation of a case reported at the NM Joshi Marg police station, according…

Latest StoriesResidential

SEBI Leases ₹7L/month Apartment for Chairman in Prabhadevi

Here’s a rewritten version of the provided content: The Securities and Exchange Board of India (SEBI) has leased a luxury apartment in the upscale Prabhadevi area of south Mumbai for its chairman, with a monthly rent of ₹7 lakh. The three-year lease, signed on September 3, 2025, covers a five-bedroom unit spanning 3,000 sq ft in a premium residential complex overlooking the Arabian Sea. The current Chairman of the capital market regulator is Tuhin Kanta Pandey, who assumed office on March 1. Situated on the 51st floor of Rustomjee Crown, which is part of a 5.75-acre development, the apartment includes…

Latest StoriesRegulatory

Builders’ Office E-Registration Gains Popularity in Maharashtra

PUNE: On Tuesday, state property registration officials announced that the online registration process for first-sale properties from builders has gained popularity since its launch two years ago, decreasing the load on sub-registrar offices. Nearly 700 developers have joined the platform. As of September 2023, over 11,000 property documents have been registered online from developer offices, with 3,974 registered in the current financial year, as per departmental data. DIG (IT) Abhay Mohite mentioned that online registrations are expected to increase further during the festive season. “User feedback has been positive. Developer organizations are actively promoting the facility, and we anticipate the…

Latest StoriesResidential

Mahindra Lifespaces to Redevelop Two Chembur Societies

NEW DELHI: Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development branch of the Mahindra Group, is set to redevelop two housing societies in the Diamond Garden area of Chembur, Mumbai. According to Vimalendra Singh, Chief Business Officer (Residential) at the company, “Redevelopment continues to be vital in our growth journey. It allows us to deliver high-quality residential projects to areas with strong demand.” The two societies cover approximately 2.6 acres and 1.8 acres, with a combined gross development potential of around ₹1,700 crore. Published On Sep 17, 2025, at 09:16 AM IST Join 2M+ industry professionals! Subscribe to…

Latest StoriesRegulatory

Homebuyers can’t be denied housing membership due to builder’s default: HC

MUMBAI: The Bombay High Court has ruled that the rights of flat purchasers cannot be limited by a developer’s failure to fulfill obligations under a development agreement. This directive was issued to a housing society in Vile Parle (E), which was ordered to grant membership to 17 flat purchasers. Justice Amit Borkar, in an order on Friday, emphasized that membership in a cooperative society should be determined solely according to the Maharashtra Cooperative Societies Act, MCS Rules, and the society’s bye-laws. He dismissed 17 petitions from Jeevan Sarita CHSL, stating, “The eligibility of a purchaser to become a member must…

CommercialLatest Stories

Raheja Universal Repurchases HQ for ₹211 Crore

Sure! Here’s a rewritten version of the provided content: Representative AI image Realty developer Raheja Universal has reacquired its corporate headquarters, Raheja Centre-Point, located on CST Road near Mumbai’s Bandra-Kurla Complex, for Rs 211 crore. Initially developed by Raheja Universal in 2004, the five-storey commercial building served as their headquarters for 16 years before being sold to HDFC in 2020, which has since merged with HDFC Bank. This sale was part of a broader portfolio realignment strategy. The property has now returned to Raheja Universal following a successful bid during a sale process initiated by HDFC Bank. The latest agreement…

Housing FinanceLatest Stories

Skybridge Ventures Acquires 24.5% Stake in India Home Loan

MUMBAI: Skybridge Ventures LLP has announced its acquisition of a 24.5% stake in India Home Loan Ltd through an off-market transaction. This acquisition underscores Skybridge Ventures’ confidence in the future growth prospects of affordable housing and retail financing in India, as stated by the Mumbai-based firm. Skybridge acquired over 34.99 lakh shares, constituting the 24.5% stake in India Home Loan Ltd, although specifics regarding the deal size were not disclosed. Based on the closing share price of India Home Loan on Friday, the value of the acquired stake amounts to Rs 14.85 crore. “India Home Loan Ltd has developed a…