Tag: Thane

Latest StoriesRegulatory

ITAT Cancels ₹14 Lakh ‘On-Money’ Charge for Thane Buyer

MUMBAI: The Income Tax Appellate Tribunal (ITAT) has overturned a Rs 14.25 lakh addition made against a Thane resident concerning an alleged cash payment for a flat purchase. The tribunal concluded that the I-T department was unable to produce evidence directly linking the buyer to any “on-money” transactions. The Mumbai bench of the ITAT ruled in favor of the taxpayer, who had bought a flat in Cosmos Mary Park, Thane, jointly with his wife for Rs 72 lakh in April 2012. Following a search of Cosmos Group, the real-estate developer, I-T investigators claimed to have located records suggesting cash payments…

IndustryLatest Stories

MHADA Assesses Housing Project Progress in Kalyan Taluka

NEW DELHI: Sanjeev Jaiswal, vice-president and CEO of the Maharashtra Housing and Area Development Authority (MHADA), conducted an inspection of housing projects being developed by the Konkan Housing and Area Development Board in the Kalyan taluka of Thane district. During his visit to project sites in Khoni, Shirdhon, Gotheghar, and Bhandarli, Jaiswal reviewed the progress of ongoing construction. He emphasized the need for quality, transparency, and timely completion of projects. He further assessed various aspects such as construction quality, internal road access, water supply, electricity provisions, sewage management, and the green spaces and civic amenities planned for residents. The Khoni…

Latest StoriesRegulatory

Bombay HC Upholds Valor Estate Subsidiary’s 205-Acre Title

NEW DELHI: On April 30, the Bombay High Court dismissed an appeal from the Union of India through its Salt Department, rejecting the government’s claim of ownership over around 205 acres of land in Bhayandar village, within the Mira Bhayandar Municipal Corporation area of Thane district. The land is currently owned by Miraland Developers, a subsidiary of Valor Estate (formerly DB Realty). This dispute stems from an 1870 indenture, wherein the Secretary of State for India in Council granted a 999-year lease of about 3,688 acres encompassing Bhayandar, Ghodbunder, and Mira to a private entity. The lawsuit involves approximately 220-227…

Latest StoriesResidential

Thane: 11 Cheated in Fake Housing Scheme; Credentials Misused

THANE: In Maharashtra’s Thane district, fraudsters reportedly deceived 11 residents by enticing them with low-cost housing options under a government scheme. They allegedly forged credentials to open bank accounts for larger financial transactions, according to police reports released on Monday. A 54-year-old woman from Ulhasnagar, who filed the complaint, claimed that the suspects built her trust by offering a house at a discounted price under the Maharashtra Housing and Area Development Authority (MHADA) scheme. The perpetrators attracted victims by presenting MHADA flats at economical rates and collected funds over the past two years. They misappropriated personal information to acquire SIM…

Latest StoriesRegulatory

Thane Offers 90% Penalty Relief for Property Tax Defaulters

THANE: The Thane Municipal Corporation (TMC) has launched a new scheme granting a 90% penalty relief for property tax defaulters to help settle outstanding tax amounts. According to Thane mayor Sharmila Pimplolkar, the decision followed consultations with Deputy Chief Minister Eknath Shinde and Municipal Commissioner Saurabh Rao, aimed at reducing the financial burden on defaulters. “Under this initiative, residential property owners who clear their pending taxes will only need to pay 10% of the penalty, while the remaining 90% will be waived,” an official stated. Currently, TMC faces Rs 308 crore in tax arrears, with Rs 191 crore expected from…

IndustryLatest Stories

Private firms to manage 60 property registration centers; Pune, Mumbai first

Representative AI image PUNE: The state government plans to establish 60 property registration offices across Maharashtra, managed by private institutions, to simplify the process, enhance efficiency, and reduce waiting times—albeit at an additional cost, officials informed TOI on Friday. The proposed centers are designed similar to passport service centers and will operate alongside the current 517 government-run sub-registrar offices. Officials stated that the revenue department approved the proposal last year, and its implementation will occur in phases. In the first phase, five centers will be launched in Mumbai, Pune, Thane, and Nagpur. “We anticipate opening them within six months. Tenders…

IndustryLatest Stories

Godrej Properties to Co-Develop 18 Acres in Thane

Representative Image NEW DELHI: Godrej Properties (GPL) has signed a joint development agreement for an 18-acre land parcel in Thane. The anticipated project will primarily be residential, with an estimated revenue potential exceeding ₹7,500 crore. Gaurav Pandey, MD & CEO of the company, stated, “This is our fourth development in Thane, and the substantial size of the land will facilitate a meticulously planned integrated residential project.” Published On Feb 23, 2026 at 10:02 AM IST Join a community of over 2 million industry professionals. Subscribe to our Newsletter for the latest insights and analyses delivered to your inbox. Stay updated…

Latest StoriesRegulatory

Thane Civic Body Collects ₹556 Cr Tax, Targets Defaulters

THANE: The Thane civic body in Maharashtra has collected ₹556.19 crore in property tax for the fiscal year 2025-26, falling short of its ₹841 crore target by over ₹200 crore, as reported on Friday. Municipal Commissioner Saurabh Rao has issued orders for strict measures against defaulters due to this shortfall. According to an official statement, the highest property tax collection came from the Majiwada-Manpada ward at ₹175.01 crore, followed by Vartak Nagar with ₹88.77 crore and Naupada-Kopri with ₹74.12 crore. After a review meeting earlier this week, the commissioner has instructed officials to cut water supply to defaulters in residential…

IndustryLatest Stories

Raymond Realty Q3 FY26 Net Profit Hits ₹66.79 Crore

NEW DELHI: Raymond Realty has announced a consolidated net profit of ₹66.79 crore for the quarter ending December 31, 2025, a significant increase from ₹3.01 crore reported in the same quarter last fiscal year, according to a BSE filing. The company’s consolidated total income for Q3 FY26 reached ₹765.97 crore, compared to ₹93.26 crore in the corresponding quarter of the previous year. Harmohan Sahni, the managing director and CEO, stated, “Margins were temporarily affected due to upfront approval and marketing expenses, which are crucial investments for achieving scale and ensuring sustainable long-term growth.” The company projects that joint development agreements…

Latest StoriesRegulatory

No Occupation Certificate Without Sewage Plant: Bombay HC to Maharashtra

MUMBAI: The Bombay High Court has instructed all civic authorities in Maharashtra to withhold the issuance of Occupancy Certificates (OC) for any structure until developers comply with building permissions and establish effective sewage management. A bench composed of Justices Ravindra Ghuge and Abhay Mantri acknowledged the significant issues arising from sewage dumping into the Ulhas River, noting the absence of adequate Sewage Treatment Plants (STPs) at 438 purported unauthorized structures in Thane district. The court was considering a petition from a Badlapur resident highlighting illegal constructions by a developer. It mandated that the municipal council must take action to curb…