Tag: Mumbai

IndustryLatest Stories

Kolte-Patil Developers reports ₹16.88 crore net loss in Q1 FY26

NEW DELHI: Kolte-Patil Developers has reported a net consolidated loss after tax of ₹16.88 crore for the quarter ending June 30, 2025. This reflects a downturn from the profit after tax of ₹6.37 crore recorded in the same quarter of the previous fiscal year, according to a filing with the BSE. The company’s net consolidated income for Q1 FY26 was ₹96.81 crore, a significant drop of 72.37% compared to the ₹350.39 crore reported in the same period last year. As of June 30, 2025, the company’s net worth was ₹1,233.65 crore. Its current liability ratio stood at 0.99, while the…

Latest StoriesRegulatory

Mumbai Police Charges Sai Estate in ₹11 Crore Fraud Case

Representative image created by AI MUMBAI: The city police’s economic offenses wing has submitted a chargesheet against real estate brokers Amit Bhagwan Wadhwani and Vicky Bhagwan Wadhwani, directors of Sai Estate Consultants Chembur Pvt Ltd, in relation to an alleged cheating case exceeding Rs 11 crore. Previously, they were also implicated alongside builder Lalit Tekchandani in a Rs 3.4 crore cheating case last year. The chargesheet is based on a complaint from Manish Tulsidas Thakkar, director of the advertising agency MAD (India) Pvt Ltd, who claims the Wadhwanis defrauded his company by failing to pay for services rendered from June…

Latest StoriesRegulatory

Bombay HC Orders Probe into 900+ Mhada Redevelopment Notices

MUMBAI: The Bombay High Court criticized Mhada on Monday for its illegal and overreaching actions in issuing more than 900 redevelopment notices for premises deemed dangerous, infringing on the constitutional rights of owners of cessed buildings, as well as often impacting their tenants. The court described these notices and the redevelopment authority exercised by Mhada’s executive engineers and repair board as a “regime of colossal arbitrariness and abuse of power,” deeming such acts as blatant illegalities. The judges noted that simply allowing a stay on the notices—which Mhada later chose not to withdraw—was insufficient. Consequently, they mandated an investigation by…

Latest StoriesRegulatory

SC Approves Motilal Nagar Redevelopment via C&DA Model

NEW DELHI: On Monday, the Supreme Court upheld the Maharashtra Housing and Area Development Authority’s (MHADA) plan to redevelop Mumbai’s Motilal Nagar using the Construction and Development Agency (C&DA) model, dismissing challenges from local resident associations. A bench comprising Justices Vikram Nath and Sandeep Mehta rejected a special leave petition filed by three parties – Motilal Nagar Jankalyankari Samiti, Motilal Rahivasi Vikas Sangh, and Gaurav Arun Rane – against a Bombay High Court decision that facilitated the redevelopment of 143 acres in Motilal Nagar I, II, and III through the C&DA framework. Solicitor General Tushar Mehta, who represented MHADA, argued…

Latest StoriesRera

MahaRERA Lists 1,244 ‘Under Abeyance’ Projects in Pune

Representative image created by AI PUNE: The Pune district is facing a significant issue with 1,244 real estate projects currently under ‘abeyance’ as designated by MahaRERA, disallowing any new bookings or sales. This status indicates that these projects have either not received completion certificates or have failed to secure deadline extensions, leaving many buyers with their investments in limbo. One impacted buyer, an IT professional after 11 years, has yet to take possession of his apartment in a project located at the Sinhagad foothills. Despite several favorable orders from MahaRERA, the project remains incomplete, and a refund has not been…

IndustryLatest Stories

Arvind SmartSpaces Q1 FY26 Net Profit at ₹11.96 Crore

NEW DELHI: Arvind SmartSpaces has announced a significant growth of 159.44% in its net consolidated profit for the quarter ending June 30, 2025. The company’s profit after tax for Q1 FY26 reached ₹11.96 crore, a substantial increase from ₹4.61 crore in the same quarter the previous year, as reported in a BSE filing. The net consolidated total income for the company was ₹106.39 crore in Q1 FY26, reflecting a growth of 37.79% compared to ₹77.21 crore in the corresponding quarter last year. Kamal Singal, Managing Director of Arvind SmartSpaces, stated, “In Q1, revenue rose 37% year-on-year to ₹102 crore, adjusted…

Latest StoriesResidential

Akshay Kumar Sells Mumbai Properties for ₹7.1 Crore

NEW DELHI: Akshay Kumar has sold two adjacent residential properties in Sky City, developed by Oberoi Realty, for a combined total of ₹7.10 crore in Borivali East, Mumbai. Both sales were recorded in June 2025. As per documents from the Inspector General of Registration (IGR) examined by Square Yards, the first property is valued at ₹5.75 crore and features a carpet area of 1,101 sq ft (102 sq meters) along with two car parking spaces. The transaction included a stamp duty of ₹34.50 lakh and registration fees of ₹30,000. Akshay Kumar originally acquired this property in 2017 for ₹3.02 crore,…

IndustryLatest Stories

Lodha Developers’ Q1 FY26 Net Profit Soars 41.86%

NEW DELHI: Lodha Developers, previously known as Macrotech Developers, has reported a significant increase of 41.86% in its net consolidated profit for the quarter ending June 30, 2025. The profit after tax reached ₹675.10 crore in Q1 FY26, compared to ₹475.90 crore during the same period last year, as stated in a BSE filing. In Q1 FY26, the company’s net consolidated total income also rose to ₹3,624.70 crore, marking a growth of 24.21% from ₹2,918.30 crore in the corresponding quarter of the previous fiscal year. Abhishek Lodha, the MD & CEO, remarked, “Q1 FY26 has showcased our best-ever first quarter…

Latest StoriesRegulatory

Bombay HC Rejects Plea, Motilal Redevelopment Progresses

MUMBAI: The Bombay High Court has dismissed a review petition, allowing the redevelopment of 141 acres of MHADA land in Goregaon West, known as Motilal Nagar. MHADA has appointed Adani Realty as the consultant and Development Agency (CDA) for the project, which is expected to be the largest housing initiative in the city. Motilal Nagar Vikas Samiti, a resident group, filed the review petition to contest the court’s initial ruling from March 6, 2025, by Chief Justice Alok Aradhe and Justice Bharati Dangre. They sought an interim stay to prevent MHADA and the awarded developer from proceeding with the project.…

Latest StoriesRegulatory

Bombay HC Halts Slum Rehab on Mumbai University Land

MUMBAI: The Bombay High Court has placed a stay on a Slum Rehabilitation Authority (SRA) scheme concerning over 3.5 acres of land claimed by Bombay University. This land was acquired for academic use by the Mumbai Collector between 1967 and 1974. Despite the acquisition, the land was not registered under the university’s name, and third-party rights were established in favor of a developer due to outdated revenue records, as stated in a petition by Mumbai University (MU). The university pointed out that by 2024, the land had been designated as a slum because of encroachment, without any notice given to…