Tag: Navi Mumbai

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…

IndustryLatest Stories

Arnya Realestates Fund Investments: ₹415 Crore in Housing Projects

NEW DELHI: Arnya Realestates Fund Advisors has invested ₹415 crore in residential projects located in Bengaluru and Navi Mumbai. The fund has partnered with Vaishnavi Group for a villa project in southeast Bengaluru and MAIA Estates for a premium apartment project in South Central Bengaluru, as well as Gami Group for a mixed-use project in Navi Mumbai and Casagrand for an apartment project in South Bengaluru. The firm’s assets under management (AUM) have exceeded ₹675 crore, with total deployments anticipated to surpass ₹1,200 crore by March 2026. Recently, they launched a residential equity fund in collaboration with Supreme Universal, aiming…

InfrastructureLatest Stories

PM Launches $2.2B Navi Mumbai Airport by Adani Group

NEW DELHI: Prime Minister Narendra Modi inaugurated a new international airport in Mumbai on Wednesday, advancing the growth of India’s rapidly expanding aviation network. Developed by the Adani Group at a cost of approximately $2.2 billion, the first phase of Navi Mumbai International Airport is set to start operations in December, serving as a significant passenger and cargo hub in Asia. This project will also alleviate congestion at Chhatrapati Shivaji Maharaj International Airport, one of the nation’s busiest airports. Notably, Mumbai is the only metropolitan area in India with a second international airport. This initiative highlights India’s commitment to modernizing…

InfrastructureLatest Stories

New City Plan in Development Near Navi Mumbai Airport

The City and Industrial Development Corporation (CIDCO), which oversees urban planning for the Maharashtra government, is anticipated to complete the master plan for the Navi Mumbai Aerocity development within the next three months, according to an official. The planned Aerocity, covering 667 acres adjacent to the Navi Mumbai International Airport (NMIA), will feature a mix of residential, commercial, retail, and industrial buildings. Its completion is expected to be a significant milestone for the urban and real estate landscape of the city. CIDCO is currently selecting a consultant to develop the master plan and provide advisory services for the project. In…

CommercialLatest Stories

Smartworks Leases 557,000 Sq Ft at Intellion Park, Mumbai

NEW DELHI: Smartworks Coworking Spaces, a managed office platform, has secured over 5.57 lakh sq ft at Intellion Park, Navi Mumbai, developed by Tata Realty and Infrastructure. This acquisition brings the company’s total leased area in Mumbai to over one million sq ft. Neetish Sarda, the managing director and founder, stated, “Intellion Park, our largest managed office campus in the city, is tailored for enterprises seeking scale, speed, and seamless experience all under one roof.” Smartworks currently operates four campuses, each exceeding five lakh sq ft. The company has established a total footprint of 12 million sq ft across 14…

Latest StoriesRera

Maharashtra REAT Cancels MahaRERA’s Possession Date Extension

MUMBAI: The Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a prior ruling by MahaRERA that had extended the possession deadline for a Navi Mumbai project. In its updated decision, MREAT underlined that such unapproved extensions from the developers, without the homebuyers’ consent, are illegal. This case involves homebuyers Neha and Nitin Walavalkar, who have been expecting possession of their flat since December 2017. In a modification of MahaRERA’s February 2024 order, MREAT clarified that the unilateral extension of the possession date had effectively changed the conditions of the original sale agreement, which is not permissible by law. MREAT ordered…

Latest StoriesRegulatory

Panvel Extends Property Tax Penalty Exemption Dates for Brackets

NAVI MUMBAI: The Panvel City Municipal Corporation (PCMC) has announced an extension of the deadline for property tax fine exemptions under the 90% amnesty scheme to September 15. The 90% rebate, which started on July 18, previously ended on August 15. As a result, the 75% rebate period has been updated to run from September 16 to September 30. Currently, property tax dues exceed 47% of the budgeted amount for 2025-26. The civic body is also offering a basic 5% tax discount for those who settle their 2025-26 taxes by August 31, with additional discounts of 2% for digital payments…