Tag: Mumbai

Latest StoriesRera

MahaRERA Releases SOP to Speed Up Compensation Recovery

PUNE: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a detailed standard operating procedure (SOP) to streamline the process of obtaining compensation from developers who disregard its orders. Released on Thursday, in response to directives from the Bombay High Court, the SOP outlines strict timelines and escalation measures, which may include property attachment and civil imprisonment, as noted by MahaRERA officials. According to senior MahaRERA officials speaking to TOI, the new SOP is designed to “ensure strict compliance with the high court’s ruling and offer timely relief to homebuyers.” Developers are now required to compensate affected homebuyers within 60…

IndustryLatest Stories

BMC Seeks Tenants for 30-Year Lease of Worli Plot

Representative AI image MUMBAI: On Friday, BMC released a tender for leasing a plot in Worli for a 30-year term, extendable by an additional 30 years, under a model ensuring private participation. The plot covers 1,299.52 sq m and is strategically located near the Bandra Worli Sealink. Last year, G South ward officials reclaimed this plot after the previous lease expired, with intentions of converting it into a municipal gymkhana for officers. As part of the newly announced tender, the successful bidder will need to develop the plot in accordance with the sanctioned Development Plan 2034 for the G/South ward.…

InfrastructureLatest Stories

Mumbai Construction Sites to Close if AQI Exceeds 200: BMC

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) has issued a warning that industrial units and construction activities in Mumbai may face shutdown if the Air Quality Index (AQI) in any area consistently exceeds 200 after mitigation measures are implemented. According to a statement released on Thursday, actions will be enforced under the Graded Response Action Plan-4 (GRAP-4) if emissions continue to elevate AQI levels beyond accepted limits. To ensure strict adherence to its 28-point guidelines aimed at reducing air pollution, the BMC has deployed flying squads in every ward. Each squad will include two engineers and a police officer, tasked with…

CommercialLatest Stories

Nishitetsu, Runwal to develop ₹2,000-crore office in Mumbai

Representative Image Japanese conglomerate Nishi-Nippon Railroad Co Ltd (Nishitetsu) is set to make its entry into India’s real estate market through a partnership with Mumbai’s Runwal Enterprises. The collaboration aims to jointly develop a commercial project worth Rs 2,000 crore in Kurla, close to the Bandra-Kurla Complex business district. Covering over 3,000 sq. meters, the project will feature over 310,000 sq. ft. of leasable Grade-A commercial office space. Investment management firm Route78 Partners is also participating in this venture. This represents Nishitetsu’s first overseas office development and is part of a broader initiative to expand its urban development presence across…

Latest StoriesResidential

Maharashtra Updates: Incentives for Rental Housing in MMR

Representative AI image MUMBAI: Developers are being incentivized to develop rental housing in the Mumbai Metropolitan Region (MMR). This includes a full income tax waiver on rental income for 10 years, a 5-year property tax exemption, and GST concessions. Additionally, the Maharashtra Housing Area Development Authority (Mhada) has proposed a free increase in floor space index—0.5 in Mumbai and 0.3 in MMR. On Wednesday, Mhada’s vice-president, Sanjeev Jaiswal, presented the draft rental housing policy to builders, seeking their feedback for refinement. Mhada is designated as the nodal agency for this policy and has suggested a 50% reduction in development charges,…

CommercialLatest Stories

Saif Ali Khan Acquires ₹30.75 Crore Property in Mumbai

NEW DELHI: Saif Ali Khan has acquired a commercial property valued at ₹30.75 crore in Kanakia Wallstreet, Andheri East, Mumbai, as revealed by property registration documents accessed by Volney. The property includes two adjoining office units, totaling a carpet area of 5,682 sq ft and a salable area of 9,659 sq ft, along with six designated car parking spaces. Rohan Sheth, founder of the company, noted, “In recent years, we’ve witnessed increasing interest from celebrities and high-net-worth individuals diversifying into grade-A commercial real estate. This sector is perceived as a stable, appreciating asset that complements other investment options.” Volney also…

IndustryLatest Stories

Maharashtra Minister Orders Free Regularization of Small Lands

MUMBAI: Maharashtra’s Revenue Minister, Chandrashekhar Bawankule, announced on Tuesday the free regularization of small land parcels that were purchased in violation of the Fragmentation Act. This initiative is projected to benefit approximately 60 lakh property holders and nearly three crore citizens statewide. “Entries reflecting transactions violating the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act will be erased from the 7/12 land title document,” Bawankule stated. He emphasized that the newly implemented eight-point procedure will legitimize thousands of long-standing small-plot transactions in Maharashtra. In response to Bawankule’s directive, the revenue department indicated that this procedure will apply to land…

InfrastructureLatest Stories

Maharashtra Cabinet OKs Iconic City and MHADA Redevelopment Plans

MUMBAI: On Tuesday, the Maharashtra cabinet sanctioned a policy for concept-driven iconic city development, aimed at maximizing land utilization held by CIDCO and various authorities. It also approved the redevelopment of certain MHADA colonies. The meeting was headed by Chief Minister Devendra Fadnavis, according to an official release. The City and Industrial Development Corporation (CIDCO) leases land parcels for diverse purposes via auctions, permitting project construction under the lease and Development Control and Promotion Regulation (DCPR) 2020 guidelines. However, for land parcels controlled by multiple construction and development operators (CDOs), integrated township-style development is currently unfeasible, the CM’s office stated.…

IndustryLatest Stories

Mumbai: MHADA Lawyer’s Role in Girgaum Redevelopment Delay

MUMBAI: A confidential report from MHADA’s legal department has confirmed that the critical Section 79A notice issued to Parekh Estate Pvt Ltd has never been revoked. This contradicts earlier claims made by MHADA panel advocate Priyanka Chavan during a writ petition in front of the Bombay High Court this year. According to an internal memo dated November 14, 2025, “the 79A notice issued to the landlord…has not been revoked by this office.” It further indicates that there are no documents reflecting any revocation and that the matter falls under the jurisdiction of the Dy. Chief Engineer (Zone II), not the…

Latest StoriesResidential

CCI Projects to Invest ₹700 Cr in Mumbai Residential Tower

Representative image. NEW DELHI: Realty company CCI Projects has announced a planned investment of approximately ₹700 crore to build a luxury residential tower in the Mumbai Metropolitan Region (MMR). The firm revealed on Monday that they have launched ‘Skyleap’, which will feature 53 stories and consist of 320 apartments. This tower is part of a larger gated community, ‘Rivali Park 2’, situated along the Western Express Highway in Borivali. The project is backed by a ₹700 crore investment, with anticipated revenue exceeding ₹1,250 crore. Founded in 2000, Mumbai-based CCI Projects Pvt Ltd has successfully completed over eight towers and currently…