Tag: Mumbai

IndustryLatest Stories

Mumbai Residents Worry About Builder-Committee Nexus in Redevelopment

Representative image created by AI Residents of a housing society in Khar were taken aback to discover that some members of the managing committee indulged in an all-expenses-paid trip to Bangkok, sponsored by a builder. The son of the society chairman, who runs a small software firm, secured contracts worth ₹6.5 crores, while his sister, a doctor, landed a high-ranking position at a hospital. Meanwhile, the secretary of another society, who owns a printing press, received a lucrative deal to print annual reports for a construction firm. In a society located in Vile Parle, a female committee member has taken…

Latest StoriesRera

MahaRERA Offers Physical and Virtual Hearings After HC Order

PUNE: On Saturday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it provides both physical and virtual options for hearing complaints, allowing parties to appear in person upon request. This statement comes in light of a recent directive from the Bombay High Court urging MahaRERA to reinstate hybrid hearings, emphasizing that access to justice should encompass the option for physical presence. “We regularly offer physical hearings to those who choose this option. While virtual hearings are more favored, we ensure that no one is excluded from attending physically,” a senior official from MahaRERA stated to TOI. The court’s ruling…

Latest StoriesRegulatory

ED Files Extra Chargesheet on 1,700-Acre PMC-HDIL Lands

MUMBAI: The Enforcement Directorate (ED) has submitted a third supplementary chargesheet in the PMC Bank and Housing Development & Infrastructure Pvt Ltd (PMC-HDIL) loan fraud investigation. This chargesheet pertains to around 1,700 acres of land in the Sindhudurg district, which the agency has already attached and is seeking to have confiscated by the court. In the chargesheet, the ED alleges that Rakesh Wadhawan and Sarang Wadhawan, along with others, misused funds embezzled from PMC Bank to acquire agricultural land in the names of proxies, including their employees. Their intention was to sell this land at a profit for a proposed…

IndustryLatest Stories

Govandi Slum Redevelopment Project Lacks Interest

MUMBAI: The slum areas of Shivaji Nagar and Baiganwadi in Govandi, identified as having the lowest Human Development Index (HDI) according to BMC’s 2014 report, have attracted no interest for a redevelopment project. The Brihanmumbai Municipal Corporation (BMC) issued a tender for the redevelopment of these regions over two months ago, on May 14, but no developers have expressed interest in the project. The BMC initiated the redevelopment of 64 slum sites under its jurisdiction, inviting bids for 47 slum areas citywide. “We have received proposals for 29 locations, but none from the 18 sites in the M-East ward that…

IndustryLatest Stories

Sri Lotus Developers IPO Secures 10.34x Subscription on Day 2

NEW DELHI: The initial public offering (IPO) of Sri Lotus Developers and Realty Ltd, a real estate firm backed by Bollywood celebrities and investor Ashish Kacholia, has been subscribed 10.34 times as of Thursday, the second day of bidding. According to data from the NSE, the offering received bids for 40,99,20,100 shares versus the 3,96,58,730 shares available. The non-institutional investor category was subscribed 15.95 times, while the segment for Retail Individual Investors (RIIs) saw an 8.89 times subscription rate. Meanwhile, the Qualified Institutional Buyers (QIBs) portion was subscribed 8.69 times. Earlier this week, Sri Lotus Developers secured Rs 237 crore…

IndustryLatest Stories

Godrej Properties Buys 34 Acres in Vadodara

NEW DELHI: Godrej Properties (GPL), based in Mumbai, has purchased 34 acres of land in Vadodara. This land will primarily feature plotted residential units, providing an estimated saleable area of 900,000 sq ft. This acquisition marks GPL’s second land purchase in Gujarat within the last year. In October 2024, the company previously obtained a three-acre parcel in Vastrapur, Ahmedabad. Recently, the company also acquired a 48-acre land parcel through direct purchase in Doddaballapur, Bengaluru, which will mainly consist of plotted units with a potential development area of 1.1 million sq ft. Published On Jul 31, 2025 at 11:14 PM IST…

Latest StoriesResidential

Mumbai’s July 2025 Property Registrations Hit ₹1,101 Crore

NEW DELHI: In July 2025, Mumbai (under the BMC jurisdiction) registered 12,366 properties, generating ₹1,101 crore in revenue through stamp duty. This represents a year-on-year growth of 3%, spurred by an increase in high-value transactions. Compared to the previous month, property registrations rose by 7%, while stamp duty collections increased by 6%. In the first seven months of 2025, Mumbai saw over 88,426 property registrations, a 4% year-on-year uptick. The associated revenue grew by 13% to ₹7,832 crore. Shishir Baijal, chairman and managing director at Knight Frank India, remarked, “Mumbai’s residential sector is showcasing robust buyer confidence, with monthly registrations…

Latest StoriesResidential

Mumbai Chawl Residents Protest BEST’s Power, Water Cuts

Representative image created by AI MUMBAI: The Elphinstone Bridge is back in the news as residents of a nearby chawl report harassment from Brihanmumbai Electric Supply and Transport (BEST) officials. A resident from Haji Noorani Chawl mentioned that on Tuesday, BEST officials attempted to cut off the electricity supply and warned that water would also be discontinued. “Today, BEST officials informed us that MHADA requested to disconnect electricity and water at Haji Noorani Chawl, stating that the building is unsafe. We gathered and prevented them from cutting off the supply,” said Munaf Thakur, Secretary and resident of the chawl. He…

Latest StoriesResidential

Mumbai Landlords Risk Jail for Undisclosed Tenants

MUMBAI: The Mumbai Police have ramped up efforts to take action against property owners who neglect to provide tenant information to law enforcement agencies. This initiative has resulted in multiple first information reports (FIRs) being lodged at various police stations across the city, showcasing a zero-tolerance stance on what authorities classify as a critical breach of public safety protocols. The warning is clear: Landlords in Mumbai who fail to comply with reporting regulations face severe legal repercussions, potentially including imprisonment. In recent days, six FIRs have already been filed against property owners in areas such as Shivaji Park, Dadar, and…

Latest StoriesRegulatory

Bombay HC Blasts EOW, Transfers Builder Fraud to Crime Branch

MUMBAI: In an unusual and significant decision, the Bombay High Court has redirected a builder fraud case under the Maharashtra Protection of Interest of Depositors (MPID) Act to the Mumbai Crime Branch, citing serious shortcomings in the investigation conducted by the Economic Offences Wing (EOW). The court’s action followed a petition from victims claiming a scam exceeding ₹100 crore, expressing a loss of trust in the EOW’s investigation. In a detailed ruling dated July 7, the court sharply criticized EOW Deputy Commissioner of Police Sangramsinh Nishandar for his lack of decisive action since assuming control of the case in March…