Tag: Navi Mumbai

CommercialLatest Stories

Aurum PropTech Sells Navi Mumbai Buildings for ₹112 Crore

NEW DELHI: Aurum PropTech’s board of directors has approved the sale of buildings Q5 and Q6 at Millennium Business Park, Navi Mumbai, for ₹112 crore, which is about 15% higher than the valuation offered by the valuers. The assets hold a book value of approximately ₹27 crore. Upon completion of this transaction, the company aims to eliminate its debt by using the proceeds to prepay a lease rental discounting facility (LRD) amounting to ₹56 crore. The deal is expected to be finalized by June 30, 2026, pending the necessary regulatory approvals. Additionally, the company is planning to transition towards AI-driven…

CommercialLatest Stories

CIDCO Launches 120-Acre Commercial Hub Project in Navi Mumbai

MUMBAI: The Maharashtra government’s City and Industrial Development Corporation (CIDCO) has announced a bidding process for the development of a significant International Corporate Park in Kharghar, Navi Mumbai. This initiative is part of a strategic effort to establish a new business district in Navi Mumbai, mirroring the attributes of the prestigious Bandra Kurla Complex (BKC). The planned corporate park will span approximately 120 acres and aims to become a modern commercial hub that invites large corporations, financial entities, and mixed-use developments. This project will be developed in accordance with the state government’s Theme-Based and Iconic City Development policy. CIDCO intends…

IndustryLatest Stories

Maharashtra Budget: Urban Growth and 1,200 km Metro Plan

MUMBAI: In the Maharashtra State Budget for 2026-27, Chief Minister Devendra Fadnavis announced a significant shift in urban governance, predicting that by 2047, 70% of the state’s population will reside in urban areas while contributing nearly 80% to Maharashtra’s GDP. The plan includes an expansion of the Metro network to 1,200 km and the expressway network to over 6,000 km. Major projects in Mumbai feature Metro Line 11 (Wadala to Gateway of India), envisioned as a fully underground corridor with an estimated cost of Rs 23,487 crore. The government is also developing a “Third Mumbai,” a 200 sq km urban…

CommercialLatest Stories

SBI Acquires 1.35 Lakh Sq Ft Office in Navi Mumbai

MUMBAI: The State Bank of India (SBI), the country’s largest lender, has secured approximately 135,000 square feet of office space across six floors in a commercial tower located in Navi Mumbai’s Airoli area through a long-term lease. This space will serve as the bank’s global IT center. The agreed rent is Rs 125.05 per square foot per month, amounting to a monthly expense of over Rs 1.68 crore. Importantly, this rent includes fit-outs, ensuring the space will be ready-to-use, thus minimizing initial capital costs and expediting the operational setup. As part of the lease agreement, SBI has made a security…

Latest StoriesRegulatory

Navi Mumbai collects ₹650 crore in property tax; 62% paid online

Representative AI image NAVI MUMBAI: The Navi Mumbai Municipal Corporation (NMMC) has collected ₹650 crore in property taxes so far this financial year, with a marked increase in digital payments. The tax was paid by 182,894 out of 360,000 property owners, with 62% opting for digital methods, totaling ₹383 crore, while the remaining 38% paid ₹267 crore offline. NMMC facilitated payments via UPI, QR codes, debit/credit cards, net banking, NEFT/RTGS, and IMPS. In its effort to achieve a target of ₹1,000 crore by March 31, NMMC has issued notices and seized properties from several defaulters. While some taxpayers reported issues…

IndustryLatest Stories

Panel to Investigate Alleged Housing Fraud in Navi Mumbai

MUMBAI: An investigation into the alleged housing fraud in Navi Mumbai will be led by a committee which includes a representative of the Additional Chief Secretary from the Urban Development Department, as announced by Minister Uday Samant in the legislative council on Wednesday. The inquiry aims to scrutinize allegations of regulatory non-compliance in the construction of affordable housing, he mentioned. The Industries Minister is authorized to address questions and motions during the state legislature’s Budget session on behalf of Deputy Chief Minister and Urban Development Minister Eknath Shinde. Samant stated that actions will be taken against CIDCO officials who approved…

Latest StoriesRegulatory

Navi Mumbai Civic Body Gathers ₹650 Crore in Property Tax FY26

THANE: The Navi Mumbai Municipal Corporation (NMMC) has reported property tax collections of ₹650 crore so far in this financial year, with a notable increase in digital payments, officials announced on Wednesday. A total of 1,82,894 taxpayers have settled their property tax, with 62% (₹383 crore) paid through digital methods. The remaining 38% (₹267 crore) was paid offline, according to a statement from the civic authority. The release emphasized, “With the introduction of safe and transparent online payment options, more citizens are choosing to pay their taxes from home.” The NMMC has intensified measures against defaulters who have not cleared…

InfrastructureLatest Stories

Activists to Protest Illegal Buildings at Belapur Hills, Feb 22

NAVI MUMBAI: Environmental organizations such as Save Belapur Hills Forum and NatConnect Foundation are urging for the immediate implementation of no-development regulations on the landslide-sensitive Belapur Hills. Activists plan to hold a ‘Human Chain’ awareness campaign at Mahakali Chowk near the CBD-Belapur bus depot on February 22. Their concerns arise from billboards in Belapur announcing a foundation day event, which is associated with a trust listed as an encroacher according to Cidco’s legal records. In an open letter, they highlighted Cidco’s prior attempt to commence demolition in July 2024 during the monsoon season, which they labeled as “cosmetic.” The efforts…

CommercialLatest Stories

Turner International Leases 46,000 Sq Ft at WeWork Navi Mumbai

NEW DELHI: Turner International India has secured 46,000 sq ft of managed office space at WeWork Gigaplex Airoli, Navi Mumbai, from WeWork India Management. The center is set to accommodate over 650 professionals. Santosh Martin, Chief Revenue Officer, commented, “The evolution from a 16-seat setup in 2022 to over 650 seats today highlights the increasing demand for customized, scalable workspace solutions that blend efficiency with identity.” “In just two years, we’ve expanded our managed office business to 26,000 desks across 1.7 million sq ft, now representing 21% of total revenue, with an annual run rate exceeding ₹530 crore and a…

InfrastructureLatest Stories

Navi Mumbai’s Development Projects Stalled by Land Acquisition Uncertainty

Representative AI image NAVI MUMBAI: The transfer of responsibility from PCMC to Cidco has halted numerous building development projects in rural areas due to uncertainties surrounding land acquisition on privately owned land. The PCMC is requesting clarity from builders, developers, and landowners by needing Cidco’s No Objection Certificate (NOC) to proceed with building plans. However, Cidco has purportedly provided ambiguous responses, claiming that the New Town Development Authority (NTDA) cannot issue NOC for developments on private lands, a stance that PCMC does not accept. Neither PCMC nor Cidco has granted the necessary permissions for developers to begin their proposed projects.…