Tag: Mumbai

IndustryLatest Stories

Maharashtra Deputy CM: 3-Year Deadline for Housing Projects

File Photo THANE: Maharashtra’s Deputy Chief Minister and Housing Minister Eknath Shinde announced on Sunday that developers are expected to complete housing and redevelopment projects within three years. He emphasized that builders who meet deadlines and maintain quality will receive priority for future government contracts. Shinde made these remarks while distributing keys to beneficiaries of a redevelopment project in Majiwada, Thane. He expressed a firm stance on addressing delays in redevelopment projects. The state government aims to eliminate administrative bottlenecks to expedite the completion of long-overdue housing projects and promote cluster redevelopment across Maharashtra. “Homeownership is a matter of dignity…

IndustryLatest Stories

Corporate Giants Embrace Urban Regeneration Amid Redevelopment Race

Representative AI image MUMBAI: Major corporate groups in India are increasingly focusing on urban regeneration, indicating a transformative shift in the real estate sector where redevelopment is becoming as valuable as traditional land acquisitions. In recent months, firms linked to Reliance Industries, Adani Group, JSW Group, Shapoorji Pallonji Group, and Lodha Developers have been aggressively pursuing significant redevelopment opportunities across Mumbai, including aging housing colonies and extensive urban renewal schemes. Recently, Vedanta Group diversified into real estate, expanding its portfolio beyond metals and mining. “The increase of large corporates entering the Indian real estate sector indicates a transition from a…

Latest StoriesResidential

Salman Khan’s Bandra Sea-Facing Project Receives MCZMA Approval

MUMBAI: The Maharashtra Coastal Zone Management Authority (MCZMA) has approved a proposal for a new sea-facing residential building owned by Salma Khan, mother of actor Salman Khan, in Bandra (West). The Brihanmumbai Municipal Corporation (BMC) had previously granted the Intimation of Disapproval (IOD) for this project last year. The Khan family plans to build a ground-plus-stilt-plus-six-storey residential structure with a total built-up area of 1,014.11 square meters. Salman Khan currently lives with his parents at the nearby Galaxy Apartments in Bandra. The MCZMA reviewed this proposal among 46 applications at its meeting on June 16, characterizing it as the “proposed…

Latest StoriesRegulatory

Bombay HC Dismisses Housing Society’s Plea on Andheri Plot

MUMBAI: Recently, the Bombay High Court ruled that if a cooperative housing society is mistakenly allocated less land in a deemed conveyance than it is legally entitled to, such an order by a deputy registrar would not allow a neighboring society to claim the excess land. The HC dismissed a petition from a society in Mumbai’s suburbs, stating that “this court cannot support the petitioner’s effort to seize the land” designated for another society. Justice Sandeep Marne of the HC clarified that a deemed conveyance certificate is not an absolute endorsement of rights over the conveyed land. The court permitted…

Latest StoriesRegulatory

Capital Gains Tax Benefit Stays Valid Despite Delayed Deed: ITAT

MUMBAI: A recent ruling by the Income Tax Appellate Tribunal (ITAT) may prove beneficial for taxpayers engaged in under-construction or redevelopment projects. The ITAT determined that tax relief on capital gains cannot be denied solely because the final conveyance deed is executed after the stipulated period, provided the taxpayer has established enforceable rights in a specific residential property and made the investment within the required timeframe. According to Section 54 of the Income-tax (I-T) Act, taxpayers can receive capital gains relief if they reinvest funds from the sale of a house into another residential property. The ITAT has approved a…

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Fidelity Acquires 2% Stake in Lodha Developers for ₹1,864 Crore

NEW DELHI: Fidelity Investments has acquired a 2% stake in Lodha Developers for Rs 1,864 crore from two promoter entities through open market transactions, as revealed by block deal data from the NSE. The US-based investment firm, along with its eight affiliates including FMRC Fidelity Advisor International Capital Appreciation Fund and FRST II Strat Adv Fide Interl Fund, purchased a total of 1,98,81,296 shares, equating to a 1.99% stake in Lodha Developers. The transactions were executed over eight separate tranches on Thursday at an average price of Rs 937.85 per share, culminating in a combined transaction value of Rs 1,864.56…

Latest StoriesRegulatory

Maharashtra probes ₹20,000 crore stamp duty scam

MUMBAI: Revenue Minister Chandrashekhar Bawankule has initiated an investigation into a significant stamp duty scam in the state, potentially valued between Rs 10,000 crore to Rs 20,000 crore. During a session in the state assembly on Thursday, he mentioned that the government has received reports of severe discrepancies in adjudication proceedings, where stamp duties were allegedly inflated and later reduced through misuse of quasi-judicial powers. The investigation will cover stamp duty adjudications across the state from April 1, 2021, to March 31, 2026. Bawankule stated, “Preliminary findings indicate possible irregularities amounting to between Rs 10,000 crore and Rs 20,000 crore.”…

Latest StoriesRegulatory

Mumbai Developer Arrested for ₹1.8 Crore Property Fraud

MUMBAI: A developer and an associate have been booked for allegedly swindling two investors out of ₹1.8 crore under the guise of allotting shops in a redevelopment project in Bandra, Mumbai, police reported on Thursday. An FIR has been registered against Saurabh Bhuta, a director of Meeti Developer, and his associate Harsha Bhuta, following a complaint by Sandip Singh Chandok, a 55-year-old automobile businessman, as confirmed by an official from Khar police station. According to police, Chandok invested ₹1.3 crore in the redevelopment project of New Kamalkunj Co-operative Housing Society in Bandra (West), while another investor, Manoj Kumar Anand, contributed…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Plan for Worli Project

The National Company Law Tribunal (NCLT) in Mumbai has approved Mantra Properties & Developers’ resolution plan for a stalled residential project located in Worli, Mumbai. This decision marks a significant step towards reviving a development projected to yield approximately ₹2,000 crore. The tribunal endorsed the resolution plan submitted by Mantra Properties for the insolvent Siddhi Raj Housing Projects Pvt Ltd, concluding a corporate insolvency resolution process that began in May 2023 due to a contractor’s petition. The committee of creditors (CoC) supported the plan with a 92.97% voting share. The NCLT, in its order dated June 19, affirmed that the…

Latest StoriesRegulatory

Court orders Mumbai builder to refund buyer for delayed flat

MUMBAI: The Maharashtra Consumer Disputes Redressal Commission has mandated two builder firms to refund Rs 1.05 crore with interest to a couple for failing to deliver their flat after full payment and selling it to someone else. In a ruling delivered last week, the commission observed that the complainants, having invested their life savings in the Mumbai project, underwent a “prolonged and egregious ordeal lasting over a decade”. The decision was made ex parte, as the builders—Universal Housing & Infrastructure and Universal Construction, along with managers Saquib Shaikh Ahmed Mukadam and Sajid Shaikh Ahmed Mukadam—did not respond to the commission.…