Tag: Mumbai

IndustryLatest Stories

BMC Seeks Developers for Mumbai Slum Rehab on 26 Parcels

MUMBAI: On Thursday, the BMC announced the invitation for Expressions of Interest (EOI) from qualified developers to undertake slum rehabilitation projects on 26 civic-owned land parcels, as per Regulation 33(10) of the Development Control and Promotion Regulations 2034. BMC’s latest initiative comes four months after it sought EOIs for 64 Slum Rehabilitation Authority (SRA) schemes, covering approximately 49,000 structures over an area of about 8.4 lakh sq m, which attracted insufficient interest. A senior civic official commented, “BMC acts as the planning authority for 64 SRA schemes, of which 17 have been suspended. EOIs were solicited for 47 schemes in…

IndustryLatest Stories

New Policy to Regularise 25,000+ Mumbai Buildings Without OC

MUMBAI: Ashish Shelar, the Guardian Minister for Mumbai Suburbs, announced on Thursday that a new government policy will soon regularize over 25,000 buildings in the city that have been denied Occupation Certificates (OC). This initiative, ahead of the upcoming civic polls, will provide significant relief to thousands of residents living in these structures who have been classified as “unauthorized occupants.” The decision was made during a meeting attended by the Brihanmumbai Municipal Corporation (BMC), along with the urban development, revenue, and co-operation departments, according to Shelar. “We are creating a policy to issue OCs for buildings constructed under the BMC’s…

InfrastructureLatest Stories

BMC Unveils Proposed ESZ Plan for SGNP in Mumbai

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) unveiled a draft management plan for the Eco-Sensitive Zone (ESZ) surrounding Sanjay Gandhi National Park (SGNP) on Wednesday. While the document proposes measures to safeguard the 103 sq km green space, environmentalists express concerns that it might pave the way for industrial and real estate encroachment. The draft cautions about “significant pressure on the environment,” flagging slums, quarries, and ready-mix concrete plants for monitoring. However, the establishment of three graded zones, according to critics, could facilitate industrial growth and new developments. Relocation of Slums Suggested The proposal identifies about 184.51 hectares of slums in…

IndustryLatest Stories

RBI Signs ₹3,472 Crore Deal for New Office at Nariman Point

Representative image MUMBAI: In a landmark transaction, the Reserve Bank of India (RBI) has finalized an agreement with Mumbai Metro Rail Corporation Ltd (MMRCL) to acquire a 4.2-acre plot at Nariman Point for ₹3,472 crore, which will house its new office complex. This year, the Wadia Group’s Bombay Dyeing and Manufacturing Company sold a 22-acre parcel in Worli to Goisu Realty, a subsidiary of Japanese developer Sumitomo, for ₹5,200 crore. MMRCL representatives stated that the sale deed for the Nariman Point plot was officially registered on September 5, allowing the central bank to progress with its new office complex in…

Latest StoriesResidential

Mumbai housing society redevelopment to add ₹1.3L crore homes: Report

NEW DELHI: The Mumbai region is set for significant redevelopment, with over 44,000 new homes expected by 2030, valued at ₹1.3 lakh crore, according to a report by Knight Frank. On Wednesday, the real estate consultant Knight Frank India released insights indicating that Mumbai’s redevelopment landscape is evolving remarkably. “A blend of policy incentives, asset-light developer strategies, and favorable capital markets have transformed redevelopment into a strategically valuable endeavor,” the consultant noted. Knight Frank estimates that ongoing society redevelopment projects in the Mumbai (MCGM) area will yield a total of 44,277 new homes worth ₹1,30,500 crore. Since 2020, 910 housing…

InfrastructureLatest Stories

Dombivli Demolition Halted as Urban Dept Summons KDMC Chief

KALYAN: The Kalyan-Dombivli Municipal Corporation (KDMC) abruptly cancelled the demolition of Samarth Complex, one of 65 illegal buildings built with fake RERA certificates, after officials were summoned by the state urban development department. The final decision now lies with this department. On Tuesday, prior to the planned demolition at 11 AM, residents of Samarth Complex staged a dramatic protest, threatening to self-immolate with bottles of petrol if KDMC proceeded. They claimed the state government had assured them in February that there would be no demolitions. Since 2020, 65 illegal buildings, many on government land, have been constructed in the Dombivli…

InfrastructureLatest Stories

Maharashtra Cabinet Approves ₹2,000 Crore Loan for Urban Projects

MUMBAI: The state cabinet approved borrowing Rs 2,000 crore from the Housing and Urban Development Corporation Ltd (Hudco) on Tuesday to fund various municipal projects under the Urban Infrastructure Development Loan Scheme. An official stated, “This decision will facilitate raising Rs 822 crore for the Chhatrapati Sambhajinagar Municipal Corporation’s water supply project, Rs 268.84 crore for four sewage projects in the Nagpur Metropolitan Region, and Rs 116.28 crore for Mira Bhayandar Municipal Corporation’s water supply project.” “Several projects funded by the centrally sponsored Amrut 2.0 Mission, Swachh Bharat Mission 2.0, and the Maharashtra Golden Anniversary Urban Upliftment Mission are in…

IndustryLatest Stories

Godrej’s Masterplan for 1,000 Acres in Vikhroli

Representative Image MUMBAI: The Godrej Enterprise Group, a major landholder in Mumbai, is developing a comprehensive master plan for its 1,000-acre parcel located in suburban Vikhroli, as confirmed by a senior executive on Tuesday. Jamshyd Godrej and his sister Smita Crishna, who oversee the group, have shifted some manufacturing operations from this site but will continue production at Vikhroli, noted GEG’s Executive Director Nyrika Holkar during a press briefing. “We will maintain manufacturing activities in Vikhroli, and we are currently undertaking a master planning exercise to ensure systematic development over time,” Holkar stated. As Holkar explained, the land is primarily…

Latest StoriesRegulatory

ED seizes ₹186 crore in bank fraud case involving DHFL

NEW DELHI: The Enforcement Directorate (ED) has provisionally attached assets worth approximately Rs 186 crore under the anti-money laundering law related to a bank loan fraud case against Dewan Housing Finance Corporation Ltd (DHFL) and its promoters. The attached assets, under the Prevention of Money Laundering Act (PMLA), include 154 flats and movable assets representing receivables tied to 20 flats in Mumbai, according to an agency statement. The total value of the seized properties stands at Rs 185.84 crore. The order, issued by the Mumbai zonal office of the ED, was dated September 5. The investigation stems from a CBI…

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RLDA Seeks Bids for Railway Land in Mumbai

Representative image created by AI MUMBAI: The Rail Land Development Authority (RLDA) has launched e-bids for leasing prime railway land in Mumbai for residential and commercial projects. The sites available include a 10,801 sq m plot in Mahalaxmi, a 23,047 sq m plot in Parel, and a 45,371 sq m plot in Bandra (East), each with a lease period of 99 years. The reserve prices for these sites are Rs 993 crore for Mahalaxmi, Rs 1,734 crore for Parel, and Rs 5,365 crore for Bandra (East). Positioned near major business hubs and transport links, these locations hold significant appeal for…