Tag: Mumbai

IndustryLatest Stories

Aditya Birla Real Estate reports ₹114.82 crore net loss in FY26

NEW DELHI: Aditya Birla Real Estate has reported a consolidated net loss after tax of ₹114.82 crore for the financial year 2025-26, down from a loss of ₹157.44 crore in FY25, according to a BSE filing. The company’s total consolidated income for FY26 was ₹459.16 crore, representing a 63.48% decrease from ₹1,257.33 crore in FY25. In Q4 FY26, total income plummeted by 75.92%, falling to ₹98.19 crore compared to ₹407.78 crore during the same quarter the previous year. Notably, the company reported a profit after tax of ₹5.39 crore in Q4 FY26, contrasting with a net loss of ₹135.20 crore…

IndustryLatest Stories

Embassy Developments Resumes Trading After NCLAT Ruling

NEW DELHI: Shares of Embassy Developments have resumed regular trading on the BSE and NSE after the National Company Law Appellate Tribunal (NCLAT) revoked the insolvency proceedings against the company. The appellate tribunal’s decision, made on May 4, 2026, nullifies the Corporate Insolvency Resolution Process (CIRP) previously initiated by the National Company Law Tribunal (NCLT) in December 2025. Consequently, all instructions associated with the CIRP are now void. Embassy Developments stated that its business operations and project execution continued without disruption during this time. The company reported pre-sales of approximately ₹4,631 crore for FY26, reflecting a 128% year-over-year growth. In…

IndustryLatest Stories

Raymond Realty Reports ₹304.59 Crore Net Profit for FY26

NEW DELHI: Raymond Realty reported a consolidated net profit after tax of ₹304.59 crore for the financial year 2025-26, according to a BSE filing. The company’s consolidated total income reached ₹3,039.42 crore in FY26. In Q4 FY26, the net consolidated total income was ₹1,176.80 crore, with a profit after tax of ₹161.12 crore. Harmohan Sahni, Managing Director & CEO, stated, “FY26 represents a pivotal chapter for us, transitioning from robust planning to scaled execution. The ₹1,519 crore in pre-sales this quarter validates our strategic adaptability and ability to unlock value across various micro-markets through the JDA model.” The board of…

Latest StoriesRegulatory

Bombay HC directs Maharashtra to refund ₹3 lakh stamp duty

MUMBAI: The Bombay High Court has ordered the state government to refund Rs 3 lakh in stamp duty to a homebuyer who accidentally paid the amount under an incorrect stamp duty category. The petitioner, represented by advocate Charanjeet Singh Chandrapal, had purchased electronic stamps in March 2018 for registering a flat purchase agreement. However, due to an error, he selected the wrong option instead of “Non-Judicial Stamps.” When he sought a refund, his application was denied by the Collector of Stamps in Borivli, citing a delay of two months and eight days beyond the six-month statutory limit. Both the Collector…

Latest StoriesRera

MahaRERA targets errant builders, issues notices on 8,212 projects

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers of 8,212 housing projects due to their failure to submit mandatory quarterly progress reports (QPRs) by the deadline. This move aims to enhance compliance oversight in the state’s real estate sector. Among these, 4,644 projects are located in the Mumbai Metropolitan Region, with 1,465 in Thane and 1,263 in Mumbai Suburban. Of the total 33,029 registered housing projects across Maharashtra, these developers missed the April 20 deadline to update their January-March quarter disclosures on MahaRERA’s portal, as mandated by the Real Estate (Regulation and Development) Act, 2016.…

IndustryLatest Stories

Mumbai’s Slum Skyscrapers: A Hidden Development Boom

MUMBAI: With the city unable to expand horizontally, Mumbai’s vast slums are evolving vertically. In areas like Govandi, Kurla, and Bandra East, traditional ground-plus-one shanties are giving way to ‘slum skyscrapers’ that reach five to seven stories, openly defying the 14-foot height limit. Civic activist Zoru Bathena, who resides in Juhu, points to areas close to Juhu Tara Road where shanties have transformed into four-story structures. Despite multiple complaints to local authorities, enforcement of regulations remains inconsistent. “The BMC intervened briefly, but construction resumed shortly after,” Bathena noted, emphasizing that while these slums have existed for years, their recent multi-story…

Latest StoriesResidential

Upper-Floor Access in Dharavi Rehab Linked to Ground-Floor Docs

MUMBAI: Eligibility for residents on upper floors under the Dharavi Redevelopment Project (DRP) is partially dependent on the status of ground-floor occupants, with affidavits only accepted if the lower unit qualifies, officials announced. A government resolution issued on October 4, 2024, extends benefits to upper-floor residents who can demonstrate occupancy prior to a cut-off date of November 15, 2022. Those eligible may receive homes of 300 sq ft outside of Dharavi, but within the Mumbai Metropolitan Region. Beneficiaries can choose between a hire-purchase option, which involves nominal rent for 25 years leading to ownership, or an expedited ownership method by…

Latest StoriesRegulatory

NCLT Approves Mantra Properties’ Mulund Project Buyout

MUMBAI: The bankruptcy court in Mumbai has sanctioned the acquisition of a Nirmal Lifestyle project in Mulund, spanning four acres, by Pune-based Mantra Properties. This project, which has a total development potential of approximately Rs 1,900 crore, was initiated by Nirmal Developers in 2017. The company has liabilities amounting to Rs 1,491 crore, while the bidder has proposed Rs 215 crore as part of the resolution plan. “The approval of the resolution plan will not invalidate any existing consents, approvals, licenses, concessions, authorizations, or permits granted to the corporate debtor, or for which the debtor has applied for renewal,” stated…

CommercialLatest Stories

Concorde leases 140K sq ft to BHIVE; TEC adds 90K sq ft in Mumbai, Pune

NEW DELHI: Concorde, based in Bengaluru, has entered a leasing agreement with BHIVE Workspaces for 1.4 lakh sq ft of grade-A office space at Concorde Econex, valued at an annual rental of ₹16 crore. The new facility, located in Doddanekkundi, Whitefield, consists of a ground floor and four upper levels. This long-term partnership features a 15-year lease, allowing BHIVE to accommodate over 3,000 workstations. In another announcement, The Executive Centre (TEC) has revealed the addition of approximately 90,000 sq ft of workspaces in Mumbai and Pune. In Mumbai, TEC is set to launch two new centers: one at One BKC,…

Latest StoriesResidential

MHADA Cuts Vikhroli Flat Prices by 7.5% Due to Low Demand

Here’s a rewritten version of the content: MUMBAI: In light of disappointing public interest, Mhada has announced a 7.5% price cut for 1,221 flats available in Vikhroli for the upcoming lottery on June 5. This price reduction brings the cost down by Rs 10 lakh. Previously priced between Rs 1.45-1.48 crore, the flats in Kannamwar Nagar, Vikhroli, are now available for Rs 1.35-1.37 crore. Recent years have seen a decline in public interest in the Mhada housing lottery, as its previously affordable flats now command market-level prices. Potential buyers have expressed that private developers offer superior construction quality and amenities…