Tag: Navi Mumbai

Latest StoriesResidential

Mumbai housing sales up 1% to 47,355 units in H1 2026

NEW DELHI: Mumbai experienced housing sales of 47,355 units in the first half of 2026, marking a slight increase of one percent year-on-year, as reported by Knight Frank India. New launches saw an eight percent year-on-year rise, totaling 49,161 units during this timeframe, in line with moderated activity observed in 2025. The report indicates that the increase in supply was primarily driven by end-user demand. Unsold inventory fell by four percent year-on-year, bringing it down to 157,410 units in H1 2026. The time required to sell this inventory was 6.5 quarters, with an average age of unsold units at 19…

CommercialLatest Stories

Mumbai Office Leasing Jumps 33% to 7.3M Sq Ft in H1 2026

NEW DELHI: In the first half of 2026, Mumbai’s gross office leasing reached 7.3 million sq ft, marking a 33% year-on-year increase, as reported by Knight Frank India. This notable growth is attributed to significant institutional transactions and strong demand from global capability centers (GCCs), BFSI firms, and third-party IT/ITeS occupiers. Office completions, however, saw a 30% decline year-on-year, totaling 1.6 million sq ft during this period. Mumbai’s overall office stock increased by 3% year-on-year, reaching 173.8 million sq ft. Vacancy rates dropped by 205 basis points year-on-year to 15.6% in H1 2026 due to heightened leasing activity and reduced…

Latest StoriesRegulatory

Navi Mumbai Issues Notices to 295 Officials for Illegal Builds

NAVI MUMBAI: The Navi Mumbai Municipal Corporation (NMMC) has issued show-cause notices to 295 personnel, including 10 deputy municipal commissioners, 91 assistant municipal commissioners, 75 junior engineers, and 119 clerical staff from the encroachment section, for their roles in allowing widespread illegal constructions, according to Umesh K Parida. In this case, Cidco has been brought into the proceedings for appropriate adjudication, but not as a contempt party. This information was included in an affidavit submitted by the NMMC to the Bombay High Court. A two-judge bench is currently reviewing a contempt petition filed by advocate Kishor Shetty, requiring these staff…

Latest StoriesRegulatory

Navi Mumbai collects ₹434 crore in property tax in Q1 FY27

THANE: Navi Mumbai Municipal Corporation achieved a record property tax collection of ₹434.02 crore in the first quarter of 2026-27, an increase from ₹372.42 crore collected from 98,478 taxpayers during the same period last year, according to a municipal official on Saturday. The collection period spanned from April 1 to June 30, with 1,43,329 out of 3,55,772 registered property owners fulfilling their tax obligations. NMMC Commissioner Kailash Shinde credited this achievement to a technology-driven administration, data analytics, and improved digital payment options. “Our focus on effectively using technology, data analysis, and offering accessible digital facilities has led to this historic…

Latest StoriesRegulatory

Maharashtra probes ₹20,000 crore stamp duty scam

MUMBAI: Revenue Minister Chandrashekhar Bawankule has initiated an investigation into a significant stamp duty scam in the state, potentially valued between Rs 10,000 crore to Rs 20,000 crore. During a session in the state assembly on Thursday, he mentioned that the government has received reports of severe discrepancies in adjudication proceedings, where stamp duties were allegedly inflated and later reduced through misuse of quasi-judicial powers. The investigation will cover stamp duty adjudications across the state from April 1, 2021, to March 31, 2026. Bawankule stated, “Preliminary findings indicate possible irregularities amounting to between Rs 10,000 crore and Rs 20,000 crore.”…

IndustryLatest Stories

Goa: GIDC Allocates Three Plots for New IT Park

Representative image PANAJI: The Goa Industrial Development Corporation (GIDC) has allocated three out of the six large plots at the upcoming Hello World Innovation & Research Park located in the Verna industrial estate. Spanning approximately 4 lakh sqm at the end of Phase IV of the Verna Industrial Estate, this facility is anticipated to create between 20,000 to 30,000 jobs, according to Industries Minister Mauvin Godinho. “Hello World is a prestigious project initiated by GIDC at Verna, dubbed the Innovation Hub or R&D Hub and IT Hub. Of the six large plots available, three have already been secured by a…

IndustryLatest Stories

August Launch: 5 Private Property Registration Hubs, 1 in Pune

PUNE: The state registration department is set to launch its first five private model sub-registrar offices, including one in the city, this August. A senior official revealed that two offices will be established in Mumbai, one in Navi Mumbai, and another in Nagpur during the initial phase. This initiative is part of the registration department’s broader plan to create 60 model registration centres across the state through public-private partnerships, while maintaining the existing 517 government-run offices. The private operator has assured that these first five centres will commence operations between August 1 and August 30, with the original target being…

InfrastructureLatest Stories

Maharashtra Greenlights Navi Mumbai Metro Expansion

THANE: The Maharashtra government has given the green light to CIDCO’s plan to expand the Navi Mumbai Metro network by developing Metro Line 1A and 2, aimed at enhancing airport connectivity, officials announced on Thursday. The investment for this next phase of the project is approximately ₹5,575 crore and has been approved by the state’s infrastructure committee, chaired by Chief Minister Devendra Fadnavis, according to CIDCO’s press release. CIDCO Vice Chairman and Managing Director Vijay Singhal remarked that the unified corridor would significantly improve regional connectivity. Published On Jun 12, 2026 at 11:00 AM IST Join the community of 2M+…

IndustryLatest Stories

STT Global buys 3.5 acres in Navi Mumbai for ₹282 crore

Representative image Data centre operator STT Global Data Centres India has acquired a 3.48-acre industrial property in Navi Mumbai’s Mahape locality for ₹282 crore, driven by sustained demand for well-located sites to support digital infrastructure development. The company’s India division purchased this asset from Repro India, a Mumbai-based printing, publishing, and book distribution firm. The transaction was formalized on May 22, with stamp duty amounting to ₹2.56 crore. The property, situated in the MIDC-developed TTC Industrial Area at Khairane, comprises 3.48 acres of land and an existing built-up structure of 73,496 sq ft, according to documents obtained from CRE Matrix,…

Latest StoriesRegulatory

SC: NMMC Can Collect Property Tax in Thane-Belapur Belt

NAVI MUMBAI: The Supreme Court ruled on Wednesday that the Navi Mumbai Municipal Corporation (NMMC) has the authority to collect property tax in the Thane Trans Creek-MIDC area, commonly referred to as the Thane-Belapur industrial corridor. This decision, stemming from a case brought forth by the Small Scale Entrepreneurs Association (SSEA) regarding the Thane Trans Creek-MIDC area, allows NMMC to impose property taxes on more than 3,000 industries in the corridor. In 2001, the SSEA petitioned the Bombay High Court against NMMC’s property tax orders, arguing a jurisdictional dispute since MIDC also charged service fees in the area. The High…