Tag: Mumbai

IndustryLatest Stories

Maharashtra to Challenge Bombay HC Ruling on Mira-Bhayander Land

MUMBAI: The Maharashtra government intends to challenge the Bombay High Court’s directive to transfer approximately 254.88 acres of land in Mira-Bhayander, Thane district, to two developers, as stated by Revenue Minister Chandrashekhar Bawankule on Saturday. The High Court ruled in favor of The Estate Investment and Mira Real Estate Developers regarding land valued at crores of rupees, according to an official statement. Bawankule affirmed, “The land is owned by the state. We will robustly present our case in the Supreme Court to ensure it remains in government hands,” announcing plans to file a Special Leave Petition against the April 30…

IndustryLatest Stories

Oberoi Realty’s FY26 Profit Up 12.67% to ₹2,507.43 Crore

NEW DELHI: Oberoi Realty has reported a net consolidated profit increase of 12.67% for the financial year 2025-26. The profit after tax reached ₹2,507.43 crore in FY26, up from ₹2,225.51 crore in FY25, as stated in a BSE filing. The company’s net consolidated total income rose to ₹6,304.27 crore in FY26, showing a growth of 15.16% from ₹5,474.17 crore in FY25. In Q4 FY26, the net consolidated total income grew by 50.31%, reaching ₹1,823.71 crore compared to ₹1,213.33 crore in the same quarter last year. The profit after tax surged by 62.36% to ₹703.28 crore in Q4 FY26, versus ₹433.17…

IndustryLatest Stories

Maharashtra Cabinet Likely to Approve Vertical Property Cards in June

Representative AI image PUNE: A revised proposal for “vertical property cards” aimed at flat owners has been reintroduced to the state government and is anticipated for cabinet review in June, as stated by officials from the settlement commissioner’s office. The proposal, which has lingered for almost four years, has recently been sent to the law and judiciary department with several incorporated modifications. A senior official mentioned, “It should go before the cabinet once the department approves it.” If sanctioned, Maharashtra will be among the select states in India to adopt such a system. The initial rollout will target projects registered…

IndustryLatest Stories

Mumbai Housing Societies Can Expand Leisure Facilities Free of FSI

Representative AI image MUMBAI: Housing societies can now expand their yogalaya, fitness centre, recreation area, or meditation centre within their premises without floor space index (FSI) limitations. The state urban development department has issued a notification that raises the permissible area for such amenities from 2% to 4% of the total built-up area of the project. Each yogalaya or fitness centre must be at least 323 square feet, and a covered swimming pool is also allowed within this 4% limit. Any utility area exceeding 4% will count towards the FSI, according to the notification. The state urban development department has…

IndustryLatest Stories

MHADA Approves Consortium for 33-Acre Abhyudaya Nagar Project

The Maharashtra Housing and Area Development Authority (MHADA) has granted a letter of acceptance (LoA) to a consortium made up of M.G.N. Agro Properties, N.N.P. Buildcon, and Honest Shelters for the large-scale redevelopment of the Abhyudaya Nagar colony. This area spans 33 acres in Kalachowki, South Mumbai, and signifies a significant advancement in the city’s public housing renewal efforts. As part of the redevelopment initiative, residents currently residing in 210 sq ft tenements will receive new flats of 641 sq ft carpet area at no cost. This project will follow a Construction and Development (C&D) model managed by an appointed…

IndustryLatest Stories

Labour Shortage and Costs Halt Mumbai Real Estate Projects

MUMBAI: The real estate sector in Mumbai is facing serious challenges, with slowing construction, rising costs, and slipping delivery timelines. An ongoing labor shortage and the increasing cost of materials, fueled by geopolitical tensions, have caused an execution crisis in the industry. The sector has traditionally relied on skilled workers from states like West Bengal, Odisha, Uttar Pradesh, and Bihar. However, recent shifts in regional dynamics and economic opportunities have caused thousands of these laborers to return home. According to developers, this is not a fleeting issue; it appears to be a significant structural shortage. Vishal Ratanghayra, founder and CEO…

CommercialLatest Stories

McKinsey Renews 35,520 Sq Ft Lease in Mumbai’s BKC

Global consulting firm McKinsey & Company has renewed its lease for a Mumbai office spanning four floors in Bandra Kurla Complex (BKC). This move underscores the persistent demand for Grade A office space in India’s most expensive commercial market. The agreement, finalized through three separate contracts, features rentals up to Rs 759 per sq ft per month, marking it as one of the highest office lease rates in the country. The lease, effective from October 1, 2026, encompasses the ground, first, second, and ninth floors at Maker Maxity-1 North Avenue in BKC. The 10-year agreement highlights global landlords’ long-term commitment…

Latest StoriesRegulatory

Bombay HC Panel: 400K Residents in Risky Buildings

MUMBAI: A committee appointed by the Bombay High Court has described it as a “miracle” that thousands of residents are still living in structurally unsafe buildings. The report raises serious concerns about the deteriorating condition of Mumbai’s ageing cessed structures, citing significant delays in redevelopment and a critical shortage of rehabilitation housing. The committee estimates that around 400,000 tenants occupy 12,552 cessed buildings in Mumbai, many of which are in poor condition and awaiting redevelopment. Prolonged legal disputes and insufficient transit accommodation have forced residents to remain in these unsafe environments. The risks were starkly highlighted when committee members narrowly…

Latest StoriesResidential

Mahindra Lifespaces, Sattva Group Unveil Mumbai Projects

NEW DELHI: Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development segment of the Mahindra Group, has unveiled a new residential project named Mahindra BeaconHill located in Mahalaxmi, South Mumbai. The project boasts a potential Gross Development Value (GDV) of approximately ₹1,650 crore. Spanning 1.68 acres, this 58-storey structure will offer 198 upscale residences, available in three types: three BHK, 3.5 BHK, and four BHK. In another announcement, Sattva Group has introduced its inaugural residential project in Mumbai – Sattva Sumera, with a Gross Development Value (GDV) of ₹5,500 crore. This development is situated in Parel. Covering a two-acre…

Latest StoriesRegulatory

Bombay HC: Late NOC requests for construction near defense sites invalid

MUMBAI: The Bombay High Court has ruled that a no objection certificate (NOC) for construction near defense installations cannot be insisted upon after the fact. The court ordered relevant authorities to issue an occupancy certificate for two residential buildings near INS Trata. The bench, comprising Justices G S Kulkarni and Aarti Sathe, noted in a ruling on May 5 that requirements for an NOC from defense authorities should be applied in a fair and reasonable manner as per legal standards. The court mentioned that if claims regarding security concerns from the defense were valid, proactive measures should have been taken…