Tag: Mumbai

IndustryLatest Stories

Ajmera Realty Q2 FY26 Net Profit Falls 14.09%

NEW DELHI: Ajmera Realty & Infra India reported a 14.09% decline in net consolidated profit for the quarter ending September 30, 2025. Profit after tax and non-controlling interest was ₹30.37 crore in Q2 FY26, down from ₹35.35 crore in the same quarter of the previous fiscal year, according to a BSE filing. The company’s net consolidated total income for Q2 FY26 was ₹221.01 crore, reflecting an 8.30% increase from ₹204.08 crore in the corresponding quarter last year. In the reported quarter, sales value rose 48% year-on-year to ₹828 crore, sales volume increased 20% year-on-year to 2,93,016 sq ft, and collections…

Latest StoriesRegulatory

₹100 Crore Housing Fraud Case Against Mumbai Developer

MUMBAI: A case has been filed against a real estate developer and others for allegedly defrauding homebuyers of Rs 100 crore with false promises of flats in Mumbai’s Wadala area. Funds were allegedly diverted for personal use, according to officials on Thursday. The police’s Economic Offences Wing (EOW) initiated the case on Wednesday following preliminary inquiries sparked by a complaint from 62-year-old Chartered Accountant Anil Dron, a Kandivali resident. The accused—developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, B P Gangar Constructions, and others—are alleged to have collected Rs 100 crore from 102 individuals since 2018 under the pretense of…

IndustryLatest Stories

Maharashtra Cabinet Makes 21 Decisions, Scraps Asset Firm

MUMBAI: In an unprecedented move, the Maharashtra cabinet made 21 decisions in its Tuesday meeting, which included the dissolution of the state’s asset reconstruction company, Maha ARC Ltd., and the approval of a Rs 2,000 crore HUDCO loan guarantee for a transport corridor. The decisions were made shortly before State Election Commissioner Dinesh Waghmare announced that elections for 246 municipal councils and 42 nagar panchayats in Maharashtra are set for December 2, with vote counting scheduled for December 3. An official statement from the Chief Minister’s Office (CMO) confirmed that the Finance Department’s proposal to close Maha ARC Ltd was…

Latest StoriesRegulatory

Maharashtra Eases Land Rules Restricted by Fragmentation Act

NAGPUR: The Maharashtra government has taken a significant step in land reform by officially regularizing numerous land parcels previously constrained under the Fragmentation and Consolidation of Holdings Act, 1947. This change is expected to benefit nearly 20 million citizens. Revenue Minister Chandrashekhar Bawankule announced the implementation of this long-awaited amendment following the issuance of a government gazette notification on Tuesday. Describing it as a momentous and citizen-focused reform, Bawankule stated, “Approximately 4.9 million landholders—representing around 20 million family members—will now have their names officially listed on 7/12 land extracts. This decision resolves decades of confusion and challenges posed by antiquated…

Latest StoriesResidential

No Authority: Registrars Can’t Issue NOCs for Redevelopment

PUNE: Maharashtra Cooperation Commissioner Deepak Taware has clarified that registrars and sub-registrars lack the authority to issue a ‘no objection certificate’ (NOC) to housing societies for property redevelopment. The commissioner emphasized that the general body of the cooperative housing society is the primary decision-making authority regarding redevelopment matters. Referring to a writ petition in the Bombay High Court, Taware highlighted that a 2019 government resolution defines the roles of registrars and cooperative societies as supervisory only. According to the Maharashtra Cooperative Societies Act, 1960, there are no provisions granting registrars the right to issue NOCs for redevelopment, underscoring that the…

Latest StoriesResidential

Amitabh Bachchan Sells 2 Luxury Mumbai Apartments for ₹12 Crore

Bollywood star Amitabh Bachchan has sold two adjacent luxury apartments, collectively spanning 3,640 sq ft, in a high-rise residential tower located in Goregaon, Mumbai, for a total price of ₹12 crore. Each apartment, measuring 1,820 sq ft, is situated on the 47th floor. The first sale was recorded on October 31 for ₹6 crore, with the second transaction occurring the following Saturday for an equal amount. A total stamp duty of ₹60 lakh applies to these transactions. The sales were conducted separately with different buyers, as indicated by documents obtained from the real estate data analytics platform CRE Matrix. Each…

Latest StoriesRegulatory

Mumbai Court Denies Builder’s Bail After Site Death

MUMBAI: A sessions court has denied anticipatory bail to builder Bhavesh Sanghrajka (43), noting that the safety nets at his construction site were severely damaged. This ruling follows the tragic death of 22-year-old Sanskruti Amin, who was struck by a concrete brick that fell from the 19th floor of Sanghrajka’s building on October 7. “The photographs reveal significant damage to the safety nets, rendering them ineffective. The court was made aware of the government’s Special Safety Control guidelines relating to high-rise construction, which the builder failed to follow,” stated Additional Sessions Judge TT Aglawe in an order dated October 29.…

CommercialLatest Stories

Smartworks Leases 8.15 Lakh Sq Ft at Eastbridge, Mumbai

NEW DELHI: Smartworks Coworking Spaces has secured over 8.15 lakh sq ft of workspace at Eastbridge, a commercial project by Regalia Office Parks, located in Vikhroli West, Mumbai. This center is set to open in Q4 of 2026. Regalia Office Parks is part of the commercial office division of the Niranjan Hiranandani Group. Recently, Smartworks also leased 5.57 lakh sq ft at Tata Realty’s Intellion Park in Navi Mumbai, and operates six office campuses across India, each exceeding five lakh sq ft. Published On Nov 3, 2025 at 02:30 PM IST Join a community of over 2M industry professionals. Subscribe…

IndustryLatest Stories

Maharashtra Revamps Rules for Redevelopment Projects

MUMBAI: The Maharashtra government has announced proposed amendments to the Development Control and Promotion Regulations (DCPR) 2034 for Greater Mumbai, aimed at enhancing the feasibility and financial viability of redevelopment schemes under the Maharashtra Housing and Area Development Authority (MHADA). The proposal comes after MHADA approached the state government, requesting modifications to existing provisions to bolster the viability of its redevelopment projects. Currently, Regulation 31(3) permits builders to receive extra ‘fungible’ construction area, exempt from premium charges, based solely on the existing built-up area of a project. The government intends to expand this benefit to include the rehabilitation area, allowing…

Latest StoriesResidential

Builders Target Linking Road Societies, Offering Up to ₹1L/Sq Ft

MUMBAI: Marketed as Mumbai’s equivalent to London’s Oxford Street and Manhattan’s Fifth Avenue, Linking Road has become a hotspot for builders eager to acquire entire housing societies, making jaw-dropping offers that are shaking up the real estate landscape. The mantra seems to be “Take the money and move on,” with most families readily accepting these lucrative deals. Take Brindaban Society on Linking Road in Santacruz West, for example. Developer Mohit Kamboj from Aspect Realty, known for his ties to the BJP and CM Devendra Fadnavis, has spent approximately Rs 170 crore to buy all 14 apartments in the Brindaban. “This…