Tag: Mumbai

Latest StoriesRegulatory

Bombay HC Orders Demolition of Ulhasnagar Tower Over Fraudulent Permits

MUMBAI: The Bombay High Court has upheld the Ulhasnagar Municipal Corporation’s order to demolish the 16-storey “Jhalak Paradise” building in Ulhasnagar, rejecting a petition from the developer and criticizing both the builder and civic officials for allegations of fraud and significant violations. Justices Kamal Khata and A.S. Gadkari mentioned that the petitioners had “clearly misled the Corporation and obtained approvals unlawfully.” The court further pointed out that the Ulhasnagar Municipal Corporation officials neglected to verify documents before giving permissions. Inconsistencies in the developer’s claims were noted by the bench. Although the petitioners referenced a 2021 report indicating that the plot…

Latest StoriesResidential

Mumbai Sees 13,800+ Property Registrations in April: Knight Frank

NEW DELHI: The residential market in Mumbai maintained its strong performance, as property registrations surpassed 13,800 units in April 2026—marking the highest count for the month in over 14 years, according to data analyzed by Knight Frank India. During the month, registrations within the Brihanmumbai Municipal Corporation (BMC) jurisdiction reached 13,864 units, reflecting a 6% increase year-on-year. This figure exceeds last year’s April peak of 2025. Stamp duty collections for April were estimated to exceed ₹1,100 crore, showing a slight increase of one percent compared to the previous year. The modest growth in collections—despite higher registrations—indicates a shift in the…

Latest StoriesRegulatory

Bombay HC Intervenes in Decathlon-Godrej Chembur Lease Dispute

MUMBAI: The Bombay High Court has taken significant action in a lease dispute regarding valuable commercial real estate in Chembur. In a crucial interim ruling, the court has placed the contested property under judicial protection until a final decision is reached, and has appointed the Court Receiver to assume possession and provide a status report. The court raised questions about the termination of Decathlon Sports India Pvt Ltd’s lease, which appears to have been canceled in favor of a more profitable option. The dispute centers around the commercial segment of Godrej RKS, where Decathlon claims to have secured 761 square…

CommercialLatest Stories

Maharashtra Advances on ₹1,600 Crore Air India Building Buyout

MUMBAI: The Maharashtra government is moving toward acquiring the historic Air India building in South Mumbai. The Finance Department has transferred ₹1,600 crore to the Public Works Department, initiating the process to finalize an agreement with Air India Assets Holding Limited. A senior PWD official mentioned that a draft of the agreement will be reviewed to ensure accuracy and is expected to be signed within the next two weeks. The Centre approved the building’s sale to Maharashtra for ₹1,601 crore in March 2024, and the state cabinet gave the go-ahead for the acquisition in November 2025. Once the agreement is…

IndustryLatest Stories

High-Rises Coming to Mumbai’s Nine-Meter Roads

MUMBAI: The Brihanmumbai Municipal Corporation (BMC) is set to lift restrictions on building heights, even in areas with narrow access roads. The Improvements Committee has approved a significant amendment to the Development Control and Promotion Regulations (DCPR 2034), paving the way for skyscrapers in previously cramped zones. Previously, tall buildings were only allowed on roads at least 9 meters wide to ensure accessibility for emergency services. This limit will now be relaxed. With the new policy, plots on roads narrower than 9 meters can now also qualify for high-rise development. The amendments suggest varying height limits based on road width.…

Latest StoriesRegulatory

SC Orders L&T to Vacate ₹1,000 Crore Pali Hill Bungalow

MUMBAI: The dispute over the Pali Hill bungalow, valued at over ₹1,000 crore, has concluded with L&T losing a lengthy battle that lasted two decades. The case revolved around a property with a lease that expired in 1970, but the tenant continued to occupy the premises, leading the owners to file for eviction in 2001. During the legal proceedings, Larsen & Toubro Limited acquired a minority share in the property and argued that it had become a co-owner, claiming eviction couldn’t be enforced. The courts dismissed this argument, deeming it a legal maneuver to impede the eviction. The Supreme Court…

Latest StoriesResidential

Mumbai Dissidents Demand Report on Taximen’s Colony Redevelopment

MUMBAI: Dissident members of the Bombay Taximen’s Cooperative Housing Society are preparing to contact the district deputy registrar (DDR) regarding the contentious special general meeting (SGM) that took place on Sunday, during which redevelopment rights were granted to Syba Spaces. During the SGM held at Taximen’s Colony, tensions escalated, prompting police presence to maintain order as opposing groups clashed over the decision to finalize Syba Spaces for redeveloping the aging complex. Dissenters raised concerns about a lack of transparency, claiming they were not allowed to record the meeting despite notifying the DDR and the managing committee on April 24 of…

IndustryLatest Stories

Mahindra Lifespace Developers Reports ₹298.17 Crore Profit FY26

NEW DELHI: Mahindra Lifespace Developers (MLDL) has announced a consolidated net profit after tax of ₹298.17 crore for the financial year 2025-26, a significant increase from the ₹61.35 crore reported in FY25. The company’s consolidated total income reached ₹1,265.96 crore in FY26, compared to ₹453.87 crore in FY25. In Q4 FY26, total income was ₹723.21 crore, while profit after tax stood at ₹90.12 crore. During the year, MLDL successfully completed a rights issue of 5,81,63,456 equity shares with a face value of ₹10 each at a cash price of ₹257 per share, totaling ₹1,494.80 crore. These funds will be used…

Latest StoriesRegulatory

Bombay HC Supports Housing Society, Approves New Builder After 13 Years

MUMBAI: The Bombay High Court has rejected a builder’s motion to prevent a Wadala society from replacing him in the redevelopment of 46 buildings with 900 tenants. Justice Sandeep Marne dismissed the challenge by Pioneer Constructions against Sahakar Nagar CHS, stating that while the builder was appointed in 2013 for the redevelopment, the tenants could not be expected to wait indefinitely. The High Court highlighted that the interests of the housing members “are far more significant” than those of the developer. This ruling came in response to the builder’s petition, which expressed concern that the society would contract with a…

IndustryLatest Stories

Mumbai’s SRA Freezes Builders’ Sale Flats to Ensure Rent

MUMBAI: The Slum Rehabilitation Authority (SRA) has mandated developers to deposit an advance rent covering two years for slum residents in their projects. Additionally, the SRA has started ‘freezing’ sale flats equivalent to three years of rent until builders provide new homes to qualified slum dwellers. This proactive measure aims to ensure that rent payments are secured and permanent housing is provided to eligible slum residents, according to SRA officials. This is the first instance of the SRA freezing portions of flats or commercial units from projects to prevent developers from neglecting their rental obligations to slum dwellers. SRA previously…