Tag: Mumbai

IndustryLatest Stories

Maharashtra Abolishes NA Tax to Boost Redevelopment of Housing Societies

PUNE | MUMBAI: State revenue minister Chandrashekhar Bawankule announced on Wednesday that the non-agricultural (NA) tax has been permanently eliminated, following directives from CM Devendra Fadnavis. This reform comes approximately a year and a half after its initial proposal and is poised to facilitate the redevelopment and regularization of aging housing societies in major urban areas like Pune, Mumbai, and Thane. The notification, issued late Tuesday, revises the Maharashtra Land Revenue Code to abolish the annual NA tax and the necessity for a separate non-agricultural land-use permit from the district collector. “This applies as long as the proposed land use…

IndustryLatest Stories

Maharashtra Gaothans Protest SRA Survey Initiative

The Mobai Gaothan Panchayat (MGP), which advocates for the indigenous East Indian community, has vociferously opposed a recent survey notice issued by the Slum Rehabilitation Authority (SRA). They claim this effort seeks to label long-established Gaothans as “slums” and funnel them into redevelopment schemes. MGP reached out to Chief Minister Devendra Fadnavis and Andheri West MLA Ameet Satam, urging them to immediately retract the SRA notices targeting Gaothans. The notices were affixed in regions such as Chakala, Sahar, Bamanwada, Ambivali, and Kalina-Vakola, outlining at least 128 clusters without specifying house numbers. This vagueness has frustrated residents, whose families have inhabited…

Latest StoriesRegulatory

Maharashtra cabinet approves land policy for ‘Third Mumbai’ development

Representative AI image MUMBAI: On Tuesday, the Maharashtra cabinet sanctioned a new land acquisition and allotment policy for the proposed “Third Mumbai” project, located within the impact area of the Mumbai Trans Harbour Link (MTHL), also referred to as Atal Setu. This policy aims to enhance planned urban development and spur investment in the Mumbai Metropolitan Region (MMR). The policy will govern development initiatives led by the New Town Development Authority in the Atal Bihari Vajpayee Shivdi-Nhava Sheva Atal Setu’s influence area and the Mumbai Metropolitan Region Development Authority (MMRDA). The decision is anticipated to provide a structured framework for…

CommercialLatest Stories

Sonu Sood Leases Property to HDFC Bank for ₹11.75 Lakh/Month

NEW DELHI: Sonu Sood has leased a commercial space in Trade Centre BKC, Bandra East, Mumbai, to HDFC Bank at an initial monthly rent of ₹11.75 lakh. The lease is for a duration of nine years, starting at ₹11.75 lakh per month for the first three years, followed by a 15% rent increase after each subsequent three-year period. This information is based on property registration documents accessed through Square Yards via the Inspector General of Registration (IGR) website. The agreement was officially registered in February 2026. The lease includes a security deposit of ₹70.50 lakh, three dedicated parking spaces, and…

Latest StoriesRegulatory

Mumbai civic body issues attachment notices for tax defaults

MUMBAI: The BMC has issued notices for property attachment to some of the largest property tax defaulters in Mumbai. These warnings indicate that assets may be seized and auctioned if outstanding payments are not made immediately. Notably, Raghuvanshi Mills Limited from G South ward is among the top defaulters, with arrears exceeding Rs 140 crore. Other significant defaulters include Rajhans Associates, Ashapadara Developers, Sumer Buildcorp Pvt. Ltd., DBS Realty, SD Corporation, and Galaxy Corporation, each with dues in the tens of crores, according to the civic agency. As stated by the BMC, notices have been served under Section 203 of…

IndustryLatest Stories

Sri Lotus Realty’s Q3 FY26 Profit Soars 37% to ₹70 Crore

NEW DELHI: Sri Lotus Developers & Realty Ltd announced a 37% increase in consolidated net profit, reaching Rs 70.22 crore for the December quarter, compared to Rs 51.35 crore in the same period last year. The company’s total income surged to Rs 239.78 crore in the third quarter of this fiscal year, up from Rs 123.59 crore in the corresponding quarter of the previous year, as reported in a regulatory filing. Founded in 2015 and based in Mumbai, Sri Lotus Developers & Realty has successfully completed four projects totaling over 4.2 lakh sq ft of carpet area. They currently have…

Latest StoriesResidential

Mumbai’s January Stamp Duty Collections Soar Amid Big Home Sales

Mumbai, which stands as the nation’s largest and priciest property market, has achieved its highest-ever stamp duty earnings for January. This surge can be attributed to substantial transactions, despite a decline in registration volumes. According to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra, the financial hub recorded 11,219 property registrations in January, generating over Rs 1,012 crore in stamp duty revenue for the state. Registration numbers saw an 8% decrease compared to the previous year, yet this performance marks the second-highest January on record. This trend suggests that transaction activity remains resilient in the…

CommercialLatest Stories

Standard Chartered Sells BKC Office in Mumbai for ₹197 Crore

MUMBAI: Standard Chartered Bank has divested one of its commercial properties in the Parinee Crescenzo tower located in Mumbai’s Bandra Kurla Complex (BKC) to Advanced Realty for ₹197 crore. The office boasts a chargeable area of 28,516 sq ft and a carpet area of 27,003 sq ft, including 27 parking slots. This sale translates to approximately ₹69,084 per sq ft on the chargeable area. The transaction was officially recorded on February 2, 2026, according to documents obtained via the real estate data analytics platform Propstack. The commercial tower currently accommodates a variety of multinational corporations, banks, financial service companies, and…

Latest StoriesRegulatory

BMC Halts Work on Transit Camp at Sewage Plant Site in Mumbai

MUMBAI: The BMC has issued a stop-work notice for a transit camp in Worli, as it has been discovered that the camp is being constructed on land reserved by the civic body for a sewage treatment plant. Municipal officials reported that two sewer lines run through the site, and initial assessments indicate that construction has already disrupted sewage flow, raising concerns about potential flooding and infrastructure failure, especially during the monsoon season. Additional civic chief Ashwini Joshi instructed BMC’s chief engineer (sewerage operations) to file a criminal complaint against D B Patil, a Slum Rehabilitation Authority executive engineer, for allegedly…

IndustryLatest Stories

Oberoi Realty Wins Bid for 11-Acre Bandra East Land

Representative AI image NEW DELHI: Oberoi Realty has won the highest bid for a long-term lease of approximately 45,371 square meters (about 11 acres) of railway land in Bandra East, Mumbai. This was confirmed after the financial bids were opened by the Railway Land Development Authority (RLDA), a statutory body under the Ministry of Railways. The company submitted a bid of ₹5,400 crores, quoted as net present value (NPV), for a 99-year lease on the land, which is strategically located along the Western Express Highway and has potential for around 19.5 lakh sq ft of floor space index (FSI). As…