Tag: Mumbai

Latest StoriesRegulatory

Bombay HC Imposes Daily Fine on Builder for Fire NOC Delay

MUMBAI: The Bombay High Court has granted significant relief to flat owners in Kandivali West who have been unable to secure Fire Clearance Certificates (NOC) and Occupation Certificates (OC) for over a decade. In a decisive ruling, the court asserted that should the builder fail to obtain the Fire NOC within the specified timeframe, they will incur a penalty of Rs 50,000 for each day of delay. This penalty will be submitted to the Brihanmumbai Municipal Corporation (BMC) until the NOC is granted. Additionally, as the flat owners have not yet formed a society, the court mandated that once established,…

Latest StoriesRegulatory

Bombay HC Issues Contempt Notice to Doctor Over SRA Tenement Lies

MUMBAI: The Bombay High Court has issued a show-cause notice for contempt of court to a doctor accused of hiding information while applying for a rehabilitation tenement in a Santacruz (W) slum redevelopment project. “Such conduct amounts to abuse of process and, if left unchecked, would undermine the court’s responsibility to ensure justice,” stated Justices Ajey Gadkari and Kamal Khata on Thursday, rejecting Mumtaz Khoja’s review petition and imposing a cost of Rs 5 lakh. Additionally, they instructed the BMC and SRA to investigate how a trust led by Khoja was allowed to operate a school with 150 students in…

IndustryLatest Stories

Sunteck Realty Q2 FY26 Profit Soars 41% to ₹48.96 Crore

NEW DELHI: Sunteck Realty Ltd announced on Thursday that its consolidated net profit surged by 41% to Rs 48.96 crore for the second quarter of this fiscal year, driven by increased income. In the same quarter last year, the company’s net profit was recorded at Rs 34.62 crore. For the July-September quarter, total income climbed to Rs 262.16 crore, up from Rs 182.06 crore during the same period the previous year, as reported in a regulatory filing. Sunteck Realty is recognized as one of the premier developers in the nation. Published On Oct 17, 2025 at 10:26 AM IST Join…

IndustryLatest Stories

Kalpataru’s Q2 FY26 Sales Bookings Rise 19% to ₹1,329 Crore

NEW DELHI: Realty company Kalpataru Ltd announced a 19% increase in sales bookings, reaching Rs 1,329 crore in the second quarter of this fiscal year, driven by strong housing demand. The sales bookings, or pre-sales, were Rs 1,117 crore during the same period last year. In its regulatory filing, Kalpataru Ltd reported a 43% rise in sales bookings, totaling Rs 2,577 crore in the first half of this fiscal compared to Rs 1,799 crore during the corresponding period of the previous year. Based in Mumbai, Kalpataru Ltd is recognized as one of the leading real estate developers in the country.…

IndustryLatest Stories

Arkade Developers Q2 FY26 Profit Rises 6% to ₹45.8 Crore

NEW DELHI: Arkade Developers Ltd has reported a 6% increase in consolidated net profit, reaching ₹45.80 crore for the quarter ending in September, driven by higher revenue. In the same quarter last year, the net profit was ₹43.36 crore. Total income rose to ₹264.82 crore in the July-September quarter of this fiscal year, up from ₹203.33 crore during the same period last year, according to a regulatory filing. Mumbai-based Arkade Developers has successfully delivered over 5.5 million square feet of property, with another 2 million square feet currently under construction. Published On Oct 17, 2025 at 10:31 AM IST Join…

Latest StoriesRera

MahaRERA Registers 200 Projects in One Day, 809 in Two Weeks

In a significant initiative to expedite project approvals across Maharashtra, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has authorized an unprecedented 200 housing projects in a single day on the eve of Dussehra, totaling 809 applications approved over the last two weeks amidst heightened activity during the festive season. These approvals include new registrations, timeline extensions, and amendments to existing projects, ensuring compliance with technical, legal, and financial standards. The regulator emphasizes that these approvals are part of broader efforts to uphold regulatory integrity while facilitating timely housing project execution throughout the state. The importance of these approvals is underscored…

IndustryLatest Stories

Hiranandani Acquires Land in Andheri, Mumbai

Representative image Realty developer House of Hiranandani has secured an acre of land in Mumbai’s Andheri East as part of its strategy to enhance its commercial real estate presence in the city’s evolving office market. The company plans to invest over Rs 500 crore in developing a premium commercial tower on this site. The project is projected to offer around 400,000 sq ft of leasable space, with construction set to commence within three to six months, pending regulatory approvals. This development aims to meet the increasing demand for Grade A office spaces in Mumbai’s western suburbs, fueled by strong occupier…

Latest StoriesResidential

Deputy CM Pays ₹17.7 Crore Unpaid Rent to 883 Magathane Families

MUMBAI: In the lead-up to the BMC elections, Deputy Chief Minister Eknath Shinde has transferred approximately ₹17.7 crore in overdue rents to 883 families involved in a Slum Rehabilitation Authority (SRA) project in Magathane on Tuesday. The redevelopment project for the Devipada Cooperative Housing Society, which spans 30,287 sq m of Mhada land, has faced delays, accumulating approximately ₹46 crore in overdue rents owed to the affected slum dwellers, as reported by SRA officials. Earlier this month, when the builder remitted ₹17.7 crore to the SRA, Shinde, also serving as the state housing minister, allocated the entire sum to eligible…

IndustryLatest Stories

Maharashtra: Only 31% Builder Recovery Warrants Executed, Buyers Upset

PUNE: Homebuyers across Maharashtra are expressing their dissatisfaction with the slow progress on recovery warrants issued against non-compliant builders by MahaRERA, with only 31% of cases resolved to date. Despite a directive from the state government to hasten the process, officials revealed that only ₹243 crore has been recovered from the ₹760 crore owed in 1,212 cases. The slow recovery stands in stark contrast to revenue minister Chandrashekhar Bawankule’s promise during the state budget session to eliminate the backlog within three months. Recovery warrants, issued under Section 40(1) of the Real Estate (Regulation and Development) Act (RERA), authorize district administrations…

Latest StoriesResidential

Mumbai civic body plans first independent online lottery for flats

Representative Images MUMBAI: For the first time, the BMC will independently conduct an online lottery for the sale of 426 homes across the city, with anticipated revenues of approximately Rs 308 crore. The flats, priced between Rs 55 lakh and Rs 1 crore, are situated in areas such as Kandivli, Bhandup, Byculla, Kanjurmarg, Jogeshwari, and Goregaon. These homes will exclusively be available for applicants from the Economically Weaker Section (EWS) and Low-Income Group (LIG). The BMC obtained these tenements under Regulation 15 of the Development Control and Promotion Regulations (DCPR) 2034, which requires that developers allocate a portion of residential…