Tag: Mumbai

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…

IndustryLatest Stories

Railways to Lease Prime Mumbai Land Worth Crores

MUMBAI: India’s largest landowner is leasing prime real estate across the country to fund infrastructure projects. In September, Indian Railways, via its land development authority (RLDA), called for bids to generate at least Rs 8,000 crore by leasing significant land areas in Mumbai. The RLDA plans to offer around 10.11 hectares in four key locations in Mumbai’s bustling real estate market. These Mumbai plots are part of nearly 340 hectares the RLDA intends to lease to private entities nationwide. The railways aim to lease approximately 110 hectares in Mumbai gradually. Land slices have been identified for auction in upscale areas…

Latest StoriesResidential

Bombay HC Approves Vienna Apartments’ Housing Society Formation

MUMBAI: The Bombay High Court has permitted the registration of the Vienna Apartments Co-operative Housing Society in Juhu, overturning a state government decision from June 2021 that had prevented it. Justice Amit Borkar determined that the previous refusal was legally flawed and not aligned with the aims of homebuyer protection laws, including the Maharashtra Ownership Flats Act (MOFA) and the Maharashtra Co-operative Societies Act (MCS Act). The Court re-established an earlier decision from December 18, 2020, which had granted the registration, and instructed the relevant authorities to issue the registration certificate within four weeks. The case revolves around the Vienna…

IndustryLatest Stories

Kolte-Patil Q2 FY26 Pre-Sales Fall 13% to ₹670 Crore

NEW DELHI: Kolte-Patil Developers Ltd has reported a 13% decline in sales bookings, amounting to Rs 670 crore for Q2 of this fiscal year, attributed to reduced area sold amidst declining demand in the Indian residential sector. In the same period last year, sales bookings were ₹770 crore. According to a regulatory filing from the Pune-based firm, sales volumes fell by 17%, totaling 0.86 million square feet in the July-September quarter compared to 1.03 million square feet the previous year. In the first half of the fiscal year, the company’s sales bookings decreased by 13% to Rs 1,286 crore, down…

IndustryLatest Stories

Oberoi Realty Q2 FY26 Profit Up 29% to ₹760.26 Crore

NEW DELHI: Oberoi Realty announced a 29% increase in consolidated profit, reporting Rs 760.26 crore for the second quarter of this fiscal, attributed to higher revenues. This compares to a net profit of Rs 589.44 crore in the same period last year. For the July-September quarter of 2025-26, total income surged to Rs 1,844.84 crore, up from Rs 1,358.62 crore during the corresponding period of the previous fiscal year, according to a regulatory filing from Oberoi Realty. Based in Mumbai, Oberoi Realty is a leading player in the real estate sector, primarily focusing on luxury housing. Published On Oct 16,…

IndustryLatest Stories

Tribeca Developers repays ₹200 crore in construction loan

NEW DELHI: Tribeca Developers has repaid a ₹200 crore construction finance facility ahead of schedule, which was raised for its Mumbai project, The Edge. The company operates in six Indian cities and has launched or delivered over six million sq ft of real estate, accumulating a total revenue exceeding ₹7,000 crore. In FY25, Tribeca Developers achieved sales exceeding ₹4,000 crore. Published On Oct 15, 2025 at 12:34 PM IST Become part of a community with over 2M industry professionals. Subscribe to our newsletter for the latest insights and analysis delivered to your inbox. Access all ETRealty industry updates right on…

Latest StoriesRegulatory

Bombay HC Overturns State’s Land Acquisition Under Slum Act

MUMBAI: On Tuesday, the Bombay High Court nullified the state’s acquisition of a prime private land in Goregaon East, which had been designated as slum land under the Slum Act. The court highlighted the obligations imposed on state officials and the CEO of the Slum Rehabilitation Authority (SRA) before exercising the drastic powers under Section 14 of the Slum Act. Justices Girish Kulkarni and Aarti Sathe acknowledged a plea from NESCO, the private property owner, to overturn the acquisition, deeming it arbitrary and unlawful. They stated, “Such powers should not be invoked at the mercy of unscrupulous parties, disregarding the…

Latest StoriesRegulatory

Maharashtra I-T to penalize sub-registrars for unreported deals

NAGPUR: The income tax department is set to impose significant penalties on property sub-registrar offices (SRO) for failing to accurately report real estate transactions in their financial statements. Investigations at various SROs revealed that transactions totaling approximately Rs13,000 crore were not disclosed in the required format. Registrations of properties valued at Rs30 lakh and above must be reported to the income tax department under the Statement of Financial Transactions (SFT). This marks a rare occasion where a government department penalizes another. Last year, SROs received a penalty notice, but it was for a relatively minor sum. This time, penalties could…

CommercialLatest Stories

Strata Sells Express Zone, Mumbai for ₹40 Cr, 13% IRR

NEW DELHI: Strata has successfully exited its Grade A office investment in Express Zone, Goregaon East, Mumbai, for a transaction value of ₹40 crore. The asset was initially purchased in March 2021 for ₹33.6 crore and fully fractionalized among 120 investors, each contributing ₹25 lakh. During the holding period, investors received a total of ₹12.9 crore in rental payments in addition to the exit proceeds. The transaction yielded a 13% IRR with 20% capital appreciation. Express Zone was first leased to ReachLocal. After the lease concluded, Anand Rathi Global Finance acquired the property, facilitating a successful exit. Published On Oct…

Latest StoriesResidential

Ramabai Nagar Redevelopment in Mumbai Starts October 14

Sure! Here’s a rewritten version of your content: MUMBAI: The long-awaited redevelopment of Ramabai Ambedkar Nagar and Kamraj Nagar in Ghatkopar is set to commence with the bhoomi pujan (groundbreaking ceremony) for Phase I scheduled for Tuesday, October 14. The ₹8,498 crore mega project, being executed by the Mumbai Metropolitan Region Development Authority (MMRDA) alongside the Slum Rehabilitation Authority (SRA), aims to transform a sprawling 31.8-hectare area into a well-planned housing community featuring over 17,000 homes along with essential civic facilities. In the initial phase, construction firm B G Shirke has been awarded the contract to build 4,345 tenements at…