Tag: Navi Mumbai

Latest StoriesResidential

Cidco Unveils 4,508 Tenements in Navi Mumbai—First Come, First Serve!

Representative AI image NAVI MUMBAI: On Friday, the City and Industrial Development Corporation (Cidco) announced a new housing scheme offering 4,508 ready-to-move-in flats across the Taloja, Dronagiri, Ghansoli, Kharghar, and Kalamboli nodes in Navi Mumbai, available on a first-come, first-served basis. Online registration begins on Saturday, November 22, at 4 PM. Those who successfully register by December 21 can choose their preferred tenement starting December 28. Of the available flats, 1,115 are designated for the Economically Weaker Section (EWS) under the Prime Minister Awas Yojna (PMAY), while 3,393 are for the Low Income Group (LIG). A subsidy of ₹2.5 lakh…

Latest StoriesRegulatory

Raigad Collector Given 7 Days to Probe PMAY Project Violations

NAVI MUMBAI: The Maharashtra Coastal Zone Management Authority (MCZMA) has given a seven-day ultimatum to the Raigad district collector to investigate potential environmental infractions at the Pradhan Mantri Awas Yojana (PMAY) multi-tower project in Kharghar. This directive follows a year of inaction on a previous order. This requirement was initiated by a follow-up from the Union environment ministry and mandates the collector, who also leads the district coastal zone management committee (DCZMC), to assess compliance with necessary mangrove buffers and Coastal Regulation Zone (CRZ) standards. A letter from Vishal Madane, under secretary in the state environment department, has mandated a…

IndustryLatest Stories

Marathon Nextgen Realty Q2 FY26 Net Profit Grows 34.54%

NEW DELHI: Marathon Nextgen Realty (MNRL) has announced a 34.54% increase in its net consolidated profit for the quarter ending September 30, 2025. The profit after tax for Q2 FY26 reached ₹66.53 crore, up from ₹49.45 crore in the same quarter of the previous fiscal year, as stated in a BSE filing. The company’s net consolidated total income for Q2 FY26 was ₹155.06 crore, marking a 6.44% decline from ₹165.73 crore in the comparable quarter last year. Chetan Shah, the company’s chairman and managing director, stated, “We’ve had a robust quarter with a PAT of ₹67 crore, reflecting a 35%…

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Navi Mumbai urges residents to audit buildings over 30 years old

NAVI MUMBAI: A recent survey within the Navi Mumbai Municipal Corporation (NMMC) identified 513 buildings as dangerous according to various provisions of the Maharashtra Municipal Corporation Act. As per Section 265(A) of the Act, buildings that have been in use for over 30 years must undergo a structural audit conducted by a civil or structural engineer registered with the NMMC. This audit timeline begins from the date the building received its occupancy certificate, whether full or partial. The civic body urges residents to complete the structural audits promptly. Residents need to submit a certificate confirming that all recommended repairs have…

Latest StoriesResidential

Probe Ordered into PMAY Housing Project’s CRZ Violations in Kharghar

NAVI MUMBAI: The Union Environment Ministry has instructed Maharashtra to investigate claims of violations of Coastal Regulation Zone (CRZ) guidelines concerning the multi-tower Pradhan Mantri Awas Yojana (PMAY) housing project in Kharghar. Environmental advocates raised concerns that the construction is too close to mangroves and the high-tide line. Environmental groups have expressed that the project, which is set to accommodate nearly 10,000 families and small businesses, was constructed in an area prone to tidal flooding. They argue that warnings about rising sea levels were disregarded during both planning and execution phases. B N Kumar, Director of NatConnect Foundation, stated that…

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Navi Mumbai: ₹2,120 Cr Bid for 10-Acre Kharghar Plot

Representative image NAVI MUMBAI: A recent Cidco tender for a 10-acre (42,000 square meter) plot in Kharghar’s Sector 23 attracted a record bid of Rs 2,120 crore, approximately Rs 5 lakh per sq m, from Aakar Developers. Aakar group is required to pay 50% of the total amount to Cidco within the next three months. Real estate analysts believe this marks the largest land transaction since the previous sale at Nerul-Seawoods for Rs 1,800 crore. Local developer Manohar Shroff noted, “Kharghar has consistently been a promising area and has grown more appealing due to the Navi Mumbai airport, international universities,…

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Panvel to Inspect Fire Safety in Buildings and Establishments

NAVI MUMBAI: The fire brigade unit of the Panvel City Municipal Corporation (PCMC) is taking proactive measures to ensure compliance with fire No Objection Certificates (NOC) among schools, hotels, hospitals, and buildings. Chief Fire Officer Pravin Bodkhe has requested the cooperation of these establishments following recent fire incidents in Kharghar and Kamothe. Fire brigade personnel will conduct on-site inspections using a standardized format. Two teams assigned to each node will complete this task across six areas—Panvel, New Panvel, Kamothe, Kalamboli, Rodpali, and Taloja—within the next six months. This initiative aims to update fire safety records for all establishments within the…

Latest StoriesRegulatory

Navi Mumbai collects ₹500 crore in property tax; aims for ₹1,000 crore

THANE: The Navi Mumbai Municipal Corporation (NMMC) announced on Tuesday that it has collected over Rs 500 crore in property tax within the first seven months of the financial year, from April to October. This revenue was sourced from 1.63 lakh property owners across eight divisions of the NMMC. Municipal Commissioner and Administrator Dr. Kailash Shinde attributed this achievement to a blend of citizen-centric initiatives and technological advancements. “The NMMC’s property tax department has accomplished an impressive milestone by gathering more than Rs 500 crore in tax from April to October in the financial year 2025-26. This increase in tax…

Latest StoriesResidential

Sonu Sood and son purchase ₹1.05 crore land in Panvel

NEW DELHI: Sonu Sood, along with his son Eshaan, has acquired a plot of land in Shirdon, Panvel Taluka, valued at ₹1.05 crore. The land spans a total area of 0.0650 hectares (777 sq yards). This transaction involved a stamp duty of ₹6.3 lakh and registration fees of ₹30,000. Registered in October 2025, the deal further highlights the family’s real estate investments. In a separate deal recorded in August 2025, Eshaan purchased an apartment in Andheri West, Mumbai, for ₹2.6 crore, as per property registration documents from the Inspector General of Registration (IGR), analyzed by Square Yards. The apartment features…

Latest StoriesRegulatory

Bombay HC: CIDCO’s 22.5% land return scheme is optional

In a landmark ruling that could have significant repercussions for land acquisition in Navi Mumbai and beyond, the Bombay High Court has determined that the City and Industrial Development Corporation’s (CIDCO) 22.5% developed land return scheme is optional, rather than mandatory for landowners. If landowners do not consent to the acquisition under this scheme, CIDCO or any authority seeking land for public use must adhere to the procedures outlined in the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (LARR) Act, 2013, and Section 126 of the Maharashtra Regional and Town Planning (MRTP) Act. According to…