Tag: Navi Mumbai

Latest StoriesResidential

Ulhasnagar Residents Get Relief as State Begins Home Regularization

MUMBAI: Thousands of families residing in homes constructed in Ulhasnagar before 2011 may soon gain legal ownership rights, as the Maharashtra government has kick-started a significant regularisation process for longstanding residential encroachments. This initiative aims to tackle one of the most persistent housing issues in the city. A special review committee has been established for the 141 Ulhasnagar assembly constituency, with MLA Kumar Ailani appointed as chair. This decision provides much-needed relief to numerous lower- and middle-income families who have lived in uncertainty for decades. Many residents in Ulhasnagar’s old settlements and slums have faced challenges in obtaining legal property…

InfrastructureLatest Stories

Airoli, Navi Mumbai: 69-Acre Township Proposal by Civic Body

NAVI MUMBAI: Cidco has announced plans to develop a comprehensive residential township over 69 acres in Airoli. The successful bidder for plot number 20 in Sector 10A will be the one offering the highest percentage of revenue share to Cidco. The development and construction phase is expected to last 20 years. The rising demand for the area has generated a positive sentiment regarding its growth potential. The state government has approved a ‘Theme Based and Iconic City Development’ initiative to streamline the development of large parcels through a construction and development operator agreement. Cidco has opened requests for proposals as…

IndustryLatest Stories

Navi Mumbai Marks 500 Buildings Unsafe, Issues Evacuation Notices

NAVI MUMBAI: The Navi Mumbai Municipal Corporation (NMMC) has identified 500 buildings as dangerous, following a comprehensive department-wise survey of existing structures within its jurisdiction. These buildings fall under the classification outlined in Section 264 of the Maharashtra Municipal Corporation Act. The NMMC has issued notices to the relevant cooperative housing societies, instructing them to vacate the buildings classified as C-1, in accordance with a directive from the high court. NMMC emphasizes that these structures are deemed unsafe for human habitation in their current state. In adherence to Section 265 (A) of the Maharashtra Municipal Corporation Act, housing societies must…

InfrastructureLatest Stories

MIDC Seeks Bids for 338-Acre Slum Redevelopment in Thane-Belapur

NAVI MUMBAI: The Maharashtra Industrial Development Corporation (MIDC) has released a Request for Proposal (RFP) for developers to undertake one of the most significant slum rehabilitation projects in the Mumbai Metropolitan Region. This initiative targets informal settlements spanning 338 acres within the Thane-Belapur industrial area of Navi Mumbai. The project aims to address approximately 35,800 slum structures along the Trans Thane Creek (TTC) corridor between Digha and Shirwane, where recurring encroachments have turned large portions of MIDC’s industrial land into dense habitats. This endeavor is considered one of the most ambitious redevelopment projects since Dharavi. Under the tender requirements, only…

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…