Tag: Mumbai

IndustryLatest Stories

Puravankara to Launch 30 Projects Worth ₹55,000 Crore Soon

NEW DELHI: Puravankara is set to unveil 30 residential projects in the next 24 months across South India and Mumbai, aiming for a gross development value (GDV) exceeding ₹55,000 crore. The forthcoming pipeline encompasses around 51.14 million sq ft of developable space. Most projects are currently in the approval phase, while others are still in design, with approvals expected to commence shortly. This expansion occurs amidst consistent demand in the residential market. For the first three quarters of FY26, the company reported pre-sales of ₹3,859 crore and customer collections totaling ₹3,045 crore. Ashish Puravankara, the managing director, remarked, “As we…

CommercialLatest Stories

Godrej Industries Unit Acquires ₹365 Crore Office in Vikhroli

MUMBAI: Godrej Seeds and Genetics Ltd, part of the Godrej Industries Group’s agri-business sector, has purchased office space across three floors in a commercial tower in Mumbai’s Vikhroli area for a total of Rs 366 crore. The acquisition includes office spaces on the 6th, 7th, and 8th floors of Godrej One, indicating a consolidation of real estate assets within the group. The total carpet area involved in this deal is 70,361 sq ft, with an effective rate of approximately Rs 52,000 per sq ft, as per property registration documents from Propstack, a real estate analytics platform. The transaction was completed…

Latest StoriesRegulatory

BMC Urges MMRDA & MHADA to Resolve ₹2,287 Crore Tax Dues

MUMBAI: The BMC has reached out to two major state agencies—the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra Housing and Area Development Authority (Mhada)—regarding pending property tax dues exceeding Rs 2,287 crore, urging immediate payment. In correspondence dated March 16, just prior to the financial year-end, the BMC emphasized that property tax is its main source of revenue, essential for urban services and infrastructure development across Mumbai. According to BMC records from January 31, MMRDA owes Rs 1,685.6 crore across 128 properties, which includes Rs 946.2 crore in unpaid taxes and Rs 739.4 crore in penalties. Mhada, on…

Latest StoriesRegulatory

Bombay HC Overturns DRT Stay on Bank-Auctioned Flat Sale

MUMBAI: The Bombay High Court recently overturned a Debt Recovery Tribunal (DRT) order that halted further post-sale actions regarding a bank’s auction of a flat in South Mumbai. The Court noted a “disturbing trend” where borrowers and “chronic defaulters” often act passively while banks pursue recovery. These defaulters typically invoke “collusive proceedings” under insolvency laws only when it’s time for auction purchasers to take physical possession of the property. In a ruling dated March 18, Justices Manish Pitale and Shreeram Shirsat expressed concern over the misuse of the Insolvency and Bankruptcy Code (IBC). They pointed out that borrowers often claim…

IndustryLatest Stories

Maharashtra Launches Inquiry into ₹1,000 Crore BMC Scam

MUMBAI: Junior Urban Development Minister Madhuri Misal acknowledged in the assembly that there were irregularities in the BMC’s agreement for a housing project in Malad (E) designated for project-affected persons (PAPs). She noted that while all funds were transferred to the developer, no start date for the project was specified. Misal mentioned that she requested a report on all issued credit notes. Congress MLA Aslam Shaikh, who raised the concern, claimed that land classification was altered unlawfully, resulting in increased ready reckoner rates and elevating the project cost by Rs 618 crore. He expressed that the project might not be…

Latest StoriesResidential

Rustomjee Group to invest ₹5,800 crore in Mumbai housing project

Representative AI image NEW DELHI: Rustomjee Group is set to invest approximately ₹5,800 crore in the development of a residential project named Rustomjee Vista Bay in Parel Extension, Mumbai. The project spans 1.52 acres and is designed as a low-density, gated community featuring around 200 residences in a single tower with two wings. It will offer 2BHK and 3BHK homes with sizes ranging from 805 sq ft to 1,356 sq ft. Boman Irani, chairman and managing director of the company, stated, “Vista Bay signifies our entry into Parel Extension at a time when the area is experiencing renewed interest in…

CommercialLatest Stories

Quest Coworks buys 57,000 sq ft office in Andheri, Mumbai

Representative Image MUMBAI: Quest Coworks, a flexible workspace provider, has acquired over 57,000 sq ft of office space from Capgemini Technology Services India at Akruti Softech Park, located in MIDC’s Marol Industrial Area, Andheri (East). The transaction is valued at Rs 55.83 crore. This deal, registered on March 16, includes five office units across multiple floors of the commercial property, with a total stamp duty of Rs 3.58 crore paid by the buyer. The largest unit, measuring 11,885 sq ft on the fourth floor, was purchased for Rs 11.52 crore and incurred a stamp duty of Rs 72.38 lakh. The…

Latest StoriesRegulatory

Maharashtra Registrations Department Hits 90% Revenue Goal

PUNE: The state’s department of registration and stamps is approaching its annual revenue goal, achieving almost 90% as the 2025-26 fiscal year nears its end. As of March 15, the department has raised ₹56,159.05 crore, which is around 88.4% of its ₹63,500 crore target. According to official statistics, a total of 43.12 lakh documents have been registered this fiscal year, already matching the complete count from the previous year (2024-25), which also recorded 43.12 lakh registrations and generated ₹58,266.07 crore against a lower target of ₹55,000 crore. Registration officials reported steady property transactions, averaging three to four lakh documents registered…

Latest StoriesRegulatory

EOW Closes ₹67.5 Cr Cheating Case Against Kamala Mills Owner

File Photo MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has concluded a cheating case involving Rs 67.50 crore against Ramesh Govani, the owner of Kamala Mills. The EOW submitted a ‘B’ summary report to the metropolitan magistrate court, indicating insufficient evidence to support the allegations by the complainant, Sujit Arora. Arora claimed that Govani acquired his land for redevelopment, promising Rs 20 crore along with commercial properties and flats valued at Rs 67.50 crore. However, Arora alleged that he received neither payment nor properties. The case was filed on July 9, 2024, under IPC sections concerning cheating,…

IndustryLatest Stories

MLA Claims ₹2,000 Crore Housing Scam in Mumbai; Audit Ordered

MUMBAI: On Tuesday, the Maharashtra government initiated a vigilance audit following allegations from a BJP MLA regarding a ₹2,000 crore scam in housing schemes in Mumbai. The audit report is anticipated within 30 days, as shared by Minister of State for Urban Development, Madhuri Misal, in the legislative assembly. Steps will be taken against Brihanmumbai Municipal Corporation (BMC) officials if it is found that they overlooked any rule violations committed by developers. Mihir Kotecha, BJP MLA from Mulund, brought this issue to light through a calling attention motion, stating that developers have exploited provisions under Development Control Regulations (DCR) 33(11)…