Tag: Mumbai

IndustryLatest Stories

Maharashtra’s Debt Could Push RR Rates Up 5% by April 2026

PUNE: Increasing fiscal pressures and a significant rise in the state’s debt may lead the government to adjust the ready reckoner (RR) rates starting in April, with an anticipated average increase of over 5% across the state, according to senior government officials on Thursday. “Given the expanding revenue deficit and an influx of supplementary demands, a revision of the RR rates seems inevitable. The official announcement will be made on March 31,” a senior state government source told TOI. Consultations with stakeholders in various districts have been completed, but the final decision will hinge on the funds needed to support…

IndustryLatest Stories

MHADA Signs Redevelopment Deal for GTB Nagar, Mumbai

NEW DELHI: The Maharashtra Housing and Area Development Authority (MHADA) has finalized crucial agreements to expedite the redevelopment of the Guru Tegh Bahadur (GTB) Nagar housing cluster located at Sion Koliwada in Mumbai. All cooperative housing societies participating in the initiative have signed a tripartite development agreement with MHADA and the selected construction and development agency (C&DA). Furthermore, a construction-cum-development agreement has been established, paving the way for the implementation stage of the project. The redevelopment will span approximately 11.2 acres and will serve around 1,200 eligible residents. The area previously contained 25 buildings that were deemed unsafe by the…

IndustryLatest Stories

Maharashtra Cancels NA Tax for Urban Housing, Waives Dues

NAGPUR: The Maharashtra government has abolished the annual non-agricultural (NA) tax imposed on urban housing societies, providing relief to countless flat owners across the state. Revenue Minister Chandrashekhar Bawankule announced this decision in the Assembly during the Budget Session, following a query from legislator Bhimrao Tapkir. Bawankule stated that all overdue payments and arrears have been canceled. This applies to all urban residential properties, whether they are newly built or older structures. “The previously collected tax and outstanding dues have been scrapped, which will offer significant financial relief to housing societies and apartment owners,” he informed the Assembly. Tapkir highlighted…

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Modis Navnirman to Revamp Mumbai’s Residential Society

NEW DELHI: Modis Navnirman, based in Mumbai, has been appointed as the developer for the redevelopment of the New Chitra Co-operative Housing Society in Kandivali West. The existing 14-story structure, which was built over thirty years ago, will be completely demolished to make room for a new commercial and residential tower. The project occupies around 2,300 square meters and is projected to yield an estimated gross development value (GDV) of approximately ₹160 crore. In January 2026, Modis Navnirman was also selected to redevelop the BOI Staff Sheetal Co-operative Housing Society located at Ramnagar, S.V. Road, Borivali West. This redevelopment will…

Latest StoriesResidential

Sushmita Sen and Mom Lease Mumbai Apartment for ₹1.95 Lakh/月

Sure! Here’s a rewritten version of the content you provided: File Photo NEW DELHI: Sushmita Sen and her mother, Subhra Sen, have listed their apartment in Oberoi Exquisite, Goregaon, Mumbai, for rent at a starting price of ₹1.95 lakh per month. The apartment features a carpet area of 92.5 sq meters (996 sq ft) and a total area of 115.29 sq meters (1,241 sq ft). The agreement includes two parking spaces, with costs comprising a stamp duty of ₹18,900, registration fees of ₹1,000, and a security deposit of ₹6 lakh, as per property registration documents accessed on the Inspector General…

Latest StoriesResidential

Mumbai: BMC Seeks Property Tax Relief for 700 sq ft Homes

MUMBAI: Last Friday, the civic House passed a notice of motion (NoM) proposing to raise the property tax exemption limit for residential units from 500 sqft to 700 sqft. BMC officials emphasized that an NoM is not binding on the administration; the proposal will be reviewed by civic administration. It could be approved, altered, referred to committees, or simply acknowledged. Currently, approximately 3.6 lakh properties in Mumbai are exempt from property tax due to their carpet area being under 500 sqft. This policy was initiated in 2022 by BMC following a directive from the state government. Property tax serves as…

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Private firms to manage 60 property registration centers; Pune, Mumbai first

Representative AI image PUNE: The state government plans to establish 60 property registration offices across Maharashtra, managed by private institutions, to simplify the process, enhance efficiency, and reduce waiting times—albeit at an additional cost, officials informed TOI on Friday. The proposed centers are designed similar to passport service centers and will operate alongside the current 517 government-run sub-registrar offices. Officials stated that the revenue department approved the proposal last year, and its implementation will occur in phases. In the first phase, five centers will be launched in Mumbai, Pune, Thane, and Nagpur. “We anticipate opening them within six months. Tenders…

Latest StoriesRegulatory

Bombay HC Orders Developer to Withdraw Anticipatory Bail Plea

MUMBAI: The Bombay High Court has admonished a developer for approaching it while his anticipatory bail application was still under consideration at the Dindoshi Sessions Court, emphasizing that he should seek relief from the appropriate forum first. The court instructed the accused to promptly withdraw his anticipatory bail petition from the High Court and to pursue options available in the Sessions Court. Justice N.R. Borkar was hearing the bail plea from Housecon developer Mansukh Shah, who, along with his son Akash Shah, has been charged by the Economic Offences Wing (EOW). They allegedly induced a businessman to invest ₹5.15 crore…

Latest StoriesResidential

Shraddha Kapoor Renews Juhu Apartment Lease for ₹6 Lakh/Month

MUMBAI: According to property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website, Shraddha Kapoor has renewed her apartment lease in Mumbai’s Juhu area for a starting monthly rent of ₹6 lakh. The lease renewal, registered in February 2026, pertains to a unit in Prime Beach, Juhu, covering approximately 365 sq metres (around 3,929 sq ft), which includes four car parking spaces. The lease term is set for 12 months, totaling a rental value of ₹72 lakh for the duration. The transaction involved a stamp duty payment of ₹36,000 and registration charges of ₹1,000. Previously,…

Latest StoriesRegulatory

ED Seizes Anil Ambani’s ‘Abode’ Valued at ₹3,716 Crore

File photo NEW DELHI: The Enforcement Directorate (ED) announced on Wednesday the attachment of Anil Ambani’s Mumbai residence, ‘Abode’, valued at ₹3,716 crore, under the anti-money laundering law. This action precedes Ambani’s anticipated second round of questioning by the agency on Thursday in connection with the alleged bank loan fraud involving Reliance Communications (RCOM). The lavish residence, standing at 66 meters with 17 floors, is situated in Mumbai’s Pali Hill area. The ED has issued a provisional order for the asset attachment under the Prevention of Money Laundering Act (PMLA), citing connections to alleged fraud related to RCOM. The agency…