Tag: Mumbai

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.…

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No Misuse of Flats, TDR in Kothrud SRA: Maharashtra Minister

PUNE: On Friday, State Cabinet Minister Shambhuraj Desai clarified that there had been no misappropriation of flats or fraudulent transfers of Development Rights (TDR) in the Kothrud Slum Rehabilitation Authority (SRA) project. Desai was responding to a question from MLA Sunil Kamble, representing the Pune Cantonment constituency, who alleged that fraudulent TDRs and fake beneficiaries were being recorded for the Kothrud SRA project. Kamble called for an investigation into the wrongful allocation of additional TDR in the scheme. Kamble pointed out that questionable electricity bills, ration cards, and other documents belonging to fictitious beneficiaries had been generated. These were used…

Latest StoriesRegulatory

Builder Arrested in Dahisar for Alleged Land Fraud

MUMBAI: A builder based in Vile Parle has been arrested by the crime branch for his suspected involvement in a land-grabbing scheme utilizing forged powers of attorney, fake bank accounts, and fraudulent possession transfers concerning prime land in Dahisar. The property cell of the crime branch took Kalpesh Kanubhai Shah, director of Puja Land and Premises Pvt Ltd, into custody for allegedly conspiring to wrongfully obtain possession rights over approximately 16,288.3 square meters of land through fabricated documentation. Shah was presented in Esplanade Court, which has ordered him to spend seven days in police custody. The alleged fraudulent activities surfaced…

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Sunset Spaces to Invest ₹325 Crore in Mumbai Redevelopment

NEW DELHI: Sunset Spaces, a subsidiary of Marathon Nextgen Realty, plans to invest approximately ₹325 crore to redevelop a residential society in Versova, Mumbai. The company has signed a development agreement for the project, which spans about 1.5 acres. This redevelopment initiative has an estimated gross development value exceeding ₹450 crore, marking Marathon Nextgen Realty’s entry into society redevelopment. “I’m thrilled to announce Marathon’s entrance into society redevelopment with this Versova project. This is the first step in a strategic plan to establish a society redevelopment platform across selected micro-markets in Mumbai,” said Parmeet Shah, the company’s director. Published On…

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Maharashtra Faces Over 128,000 Pending Land Survey Cases

MUMBAI: Revenue Minister Chandrashekhar Bawankule informed the Legislative Assembly on Thursday that there are currently 128,290 pending land survey cases in the state, with an average resolution time of 121 days. Bawankule responded to queries by MLA Bhimrao Tapkir. “To facilitate the appointment of licensed surveyors for survey work, amendments have been made to the Maharashtra Land Revenue (Boundaries and Boundary Marks) Rules, 1969, specifically Rule 13 of 1989. Criteria for technical qualifications, experience, age limit, honorarium, training, licensing, administrative control, and measurement will be established to streamline the tender process for appointing licensed surveyors at the district level by…

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Raymond Realty logs ₹700 crore in Q1 FY27 pre-sales

NEW DELHI: Raymond Realty reported pre-sales of ₹700 crore in Q1 FY27, a significant increase of 129% compared to ₹306 crore in the same quarter of the previous fiscal year, according to the company’s provisional operational update. The company achieved this performance without launching any new residential projects during the quarter. Quarterly collections rose by 47% year-on-year to ₹550 crore, bolstered by the existing project pipeline. The company deployed ₹198 crore in borrowings during the quarter, primarily for construction and working capital of projects initiated in FY26. Total outstanding borrowings reached ₹1,097 crore as of June 30, 2026, versus ₹380…

Latest StoriesRegulatory

Bombay HC Approves MHADA’s Major Redevelopment in Bandra, Worli

MUMBAI: The Bombay High Court has authorized the cluster redevelopment of two major MHADA layouts in Bandra Reclamation and Adarsh Nagar, Worli. The court dismissed multiple petitions contesting the Maharashtra government and MHADA’s decision on the redevelopment and the tender process for appointing a Construction and Development Agency. A bench of Justices M S Karnik and S M Modak stated that cluster redevelopment is an effective method for orderly city development. “Mumbai must grow and adapt to meet the demands of its thriving markets and economic opportunities,” the court explained. The High Court ruled that the state government’s decisions were…

Latest StoriesResidential

Maharashtra Updates: Online AGMs & 12% Cap on Maintenance Fees

PUNE: Housing societies across Maharashtra can now conduct annual general meetings (AGMs) online, with interest on maintenance arrears capped at 12% annually, due to the new Maharashtra Cooperative Societies (Amendment) Rules announced by the state government on Tuesday. The detailed provisions include registration, membership, nominations, inheritance, maintenance charges, redevelopment, financial management, and the functioning of managing committees. This notification marks the implementation of the housing society chapter added through amendments to the Maharashtra Cooperative Societies Act in 2019, concluding a nearly seven-year wait. Cooperation commissioner Deepak Taware stated that the new rules will enhance the operations of housing societies. “Following…

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Mumbai: Historic Pali Hill Bungalow to Clear Way for Tower

MUMBAI: The Edwardian-style bungalow, Franklin House, constructed in 1920, is poised to become yet another heritage site lost in Bandra (W). Situated on St Auxilium Road within the prestigious Pali Hill area, the 1,459 sq m property has been acquired by Aspect Realty, a significant player in Mumbai’s real estate market. Mohit Kamboj, a former BJP leader and group CEO of Aspect Global Ventures, now oversees the property following a resolution plan sanctioned by the National Company Law Tribunal. For several decades, the property was under the management of a receiver appointed by the Bombay High Court due to an…

Latest StoriesResidential

Mumbai property registrations up 6% to 80,221 in H1 2026

NEW DELHI: According to Knight Frank India, Mumbai, governed by the BMC, saw 80,221 property registrations in the first half of 2026, marking a 6% increase year-on-year. The total includes both primary and secondary market transactions, with stamp duty collections rising by 4% year-on-year to ₹6,968 crore. This performance marks the highest first-half results for property registrations and stamp duty collections since 2013. In June 2026, Mumbai is projected to have 13,302 property registrations, reflecting a 15% increase year-on-year, the highest for June in 14 years. The Maharashtra government anticipates ₹1,077 crore in stamp duty revenue for June 2026. Compared…