SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Location : Mumbai City

Bombay High Court invalidates MHADA's declaration of Worli chawl as dangerous

08 Apr 2025

The Bombay High Court has overturned a July 2023 order by MHADA that had declared the Shoorji Vallabhdas Chawl in Worli as "dangerous" under Section 79-A, observing that a building cannot be deemed dangerous merely because it is old. A two-week stay was granted on the judgement as tenants and MHADA plan to approach the Supreme Court. The case highlighted a prolonged dispute between the landlord and tenants over redevelopment.

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Bombay HC orders demolition of illegal Ulhasnagar structure, calls for strict laws against unauthorised construction

08 Apr 2025

In a firm move against unauthorised construction, the Bombay High Court has directed the demolition of an illegal structure in Ulhasnagar, Thane district, warning that failure to enforce planning regulations could lead to anarchy. A division bench of the court criticised the inaction of civic authorities and called on the state government to enact laws holding all parties involved in such violations strictly accountable. The ruling came in response to a petition filed by a local resident, who alleged political interference had stalled enforcement action.

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Mumbai University seeks INR 1,200 crore compensation from MMRDA for Kalina campus land

08 Apr 2025

The University of Mumbai (MU) has requested direct monetary compensation from the Mumbai Metropolitan Region Development Authority (MMRDA) for 8.5 acres of land it handed over in 2016 under a memorandum of understanding (MoU) aimed at developing its Kalina campus. Originally, MU was to receive transferable development rights (TDR) and a master plan in exchange. However, with delays in both the TDR issuance and planning progress, MU has now valued the land at around INR 1,200 crore and urged for compensation. MMRDA maintains that final action awaits MU's feedback and formal possession transfer.

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Maharashtra government orders formation of panel to explore home ownership for Bandra government colony residents

08 Apr 2025

Deputy Chief Minister Shri Eknath Shinde has directed the formation of a committee to identify land and formulate conditions for providing ownership homes to residents of the Bandra government colony. Spread over 125 acres, the colony includes 5,000 staff quarters and has long-awaited redevelopment plans. A delegation from the Government Quarters Residents' Association (GQRA) proposed 16 acres for 2,700 homes, offering to pay INR 200-250 crore at concessional rates. The move follows increased urgency after the Supreme Court's directive to allocate land to the Bombay High Court for a new complex.

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Mumbai's metro-suburban rail integration gains pace with footbridge plan at key stations

08 Apr 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) is advancing efforts to integrate the city's suburban rail and metro systems by constructing a network of foot overbridges (FOBs). These will connect suburban railway stations at Pant Nagar, Vikhroli, Bhandup, and Ram Mandir with metro lines, and also link key locations like Aarey Metro Station to Oberoi Mall and Goregaon (East) metro station to Nirlon Knowledge Park. A new FOB was opened in March between Devipada Metro Station and Oberoi Skycity Mall. MMRDA is also collaborating with the Walking Project in Vile Parle to enhance access to educational institutions as Metro Line 2B progresses. Estimated at INR 129 crore, these projects aim to improve multimodal travel across Mumbai.

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Sumitomo and Brookfield-led consortium emerge as top bidders for BKC land parcels worth over INR 3,839 crore

08 Apr 2025

Japan's Sumitomo and a Brookfield-led consortium have emerged as the highest bidders for three premium land parcels auctioned by the Mumbai Metropolitan Region Development Authority (MMRDA) in Bandra Kurla Complex (BKC), raising over INR 3,839 crore. The bids significantly exceeded the reserve price of INR 2,973 crore set last year. Sumitomo won plots C-13 and C-19 with offers 39.61% and 40.20% above reserve rates, while a consortium including Schloss Bangalore secured plot C-80 at a 12.34% premium. The plots, located in BKC's G Block, will be leased for 80 years.

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BMC imposes 200% property tax on 3,343 properties for unauthorised constructions

08 Apr 2025

Between April 2024 and March 2025, the Brihanmumbai Municipal Corporation (BMC) levied a 200% property tax penalty on 3,343 properties for unauthorised constructions, totalling INR 392.28 crore. The highest number of violations were recorded in Mumbai's western suburbs, followed by the island city and eastern suburbs, with H West ward leading. The crackdown aims to curb illegal alterations across all 25 wards. While legal proceedings often stall demolition, penalties are being enforced under Section 152(A) of the Mumbai Municipal Corporation Act, 1888. So far, INR 12 crore has been collected.

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Adani Group subsidiary acquires Malabar Hill plot for INR 170 crore amid rising demand for legacy properties

08 Apr 2025

Mah-Hill Properties Pvt Ltd, a subsidiary of the Adani Group, has acquired a 48,491 sq ft plot along with a 257 sq m structure in South Mumbai's Carmichael Road area, Malabar Hill, for INR 170 crore, according to property registration records accessed by CRE Matrix. The seller, Behram Nowrosji Gamadia, transferred ownership of this pre-independence legacy asset on 27 March 2025. Stamp duty of INR 10.46 crore and a registration fee of INR 30,000 were paid. This rare transaction follows another high-profile sale last month, in which the Laxmi Nivas bungalow on Nepean Sea Road was sold for INR 276 crore to a firm linked to the Reliance Group.

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Residents oppose Colaba jetty project fearing damage to heritage promenade

08 Apr 2025

The proposed passenger jetty and terminal near Radio Club in Colaba, backed by a INR 229 crore allocation from Maharashtra Deputy Chief Minister Shri Ajit Pawar, has triggered strong resistance from local residents. Concerns revolve around the potential destruction of the 500-metre-long Gateway promenade, a heritage precinct listed under Mumbai's Development Control Regulations. Locals fear the project will disrupt the environmental and historical fabric of the area and worsen traffic congestion. An online petition titled 'Save Colaba: Stop the Jetty Project' has gained traction, while legal experts stress the necessity of complying with heritage preservation norms.

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MMRDA approves land allotment for MPCB's Paryavaran Bhawan in BKC

08 Apr 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) has approved the allocation of a 3,400.59 sq. m. plot in Bandra-Kurla Complex (BKC) to the Maharashtra Pollution Control Board (MPCB) for the construction of its administrative building, Paryavaran Bhawan. The decision, made during MMRDA's 159th Authority Meeting, chaired by Deputy Chief Minister Shri Eknath Shinde, aligns with MMRDA's sustainable urban development goals. The lease, granted for 80 years, includes a lease premium of INR 468.60 crore. MPCB has been provided with a flexible payment schedule, allowing 25% of the premium to be paid within two months and the remaining 75% over ten months. The new administrative building aims to enhance MPCB's operational efficiency and strengthen Maharashtra's environmental governance.Read more

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Chandak Sarvam

08 Apr 2025

Mumbai City, India

Chandak Group

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Mumbai Infrastructure: MMRDA's financial compensation policy to expedite key projects

07 Apr 2025

The Mumbai Metropolitan Region Development Authority (MMRDA) is set to introduce a financial compensation policy to accelerate the resettlement process for Project-Affected Persons (PAPs) involved in key urban infrastructure developments. This initiative, approved during the 159th MMRDA meeting chaired by Deputy Chief Minister Shri Eknath Shinde, aims to replace the traditional tenement-based resettlement model with direct financial aid. The policy aligns with Brihanmumbai Municipal Corporation (BMC) guidelines and applies to major projects, including the Metro, Mumbai Trans Harbour Link (MTHL), and the Sewri-Worli Elevated Corridor. Compensation will be determined based on Ready Reckoner Rates (ASR Rates), ensuring fair settlements and reducing project delays. By adopting this approach, MMRDA seeks to streamline resettlement, prevent legal complications, and facilitate the timely completion of infrastructure projects crucial for Mumbai's growth.Read more

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Supreme Court summons MHADA chief over INR 12 crore rent arrears in stalled Mumbai redevelopment

07 Apr 2025

The Supreme Court has summoned the chief officer of MHADA to explain how the agency plans to clear rent arrears exceeding INR 12 crore for tenants affected by the stalled redevelopment of Parvati Building in South Mumbai. The redevelopment, initiated in 2013, faced prolonged delays after the previous developer defaulted on rent payments for temporary accommodation. Despite MHADA appointing a new developer, tenants remain without homes nor transit rents. The SC has ordered MHADA's chief officer to appear on April 7, 2025, and present a resolution plan.

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ITAT Mumbai rules new flats from redevelopment are not taxable under 'Income from Other Sources'

07 Apr 2025

The Income Tax Appellate Tribunal (ITAT), Mumbai, has ruled that the value of a new flat received in a redevelopment project cannot be taxed as 'Income from Other Sources' under Section 56(2)(x) of the Income Tax Act. The ruling, which provides relief to homeowners, clarifies that redevelopment is an 'extinguishment' of property rights rather than an income-generating transaction. The case involved a taxpayer whose new flat's value was deemed taxable, but ITAT ruled that it was a legitimate asset replacement, not a taxable income.

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Study highlights impact of BMC's Water for All policy in Mumbai's slums

07 Apr 2025

A study by Pani Haq Samiti (PHS) and the University of Mumbai has evaluated the effects of the Brihanmumbai Municipal Corporation's (BMC) Water for All policy, launched in 2022, on slum dwellers. The findings indicate significant improvements in residents' access to water, health, and financial burdens. However, despite 14,000 approvals out of 16,000 applications, only 7,043 legal connections have been provided. Experts highlight systemic biases and persistent challenges, such as low pressure and contamination. BMC aims to expand water connections while reducing non-revenue water losses, which currently account for 30% of the supply in Indian cities.

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Bombay HC rules against builder's plea to evict tenants via arbitration

07 Apr 2025

The Bombay High Court ruled that a builder, Ambit Urbanspace, was not justified in using a commercial arbitration plea to remove tenants with statutory legal protection under the Maharashtra Rent Control Act, 1999. The case involved garage tenants on the premises of Poddar Apartment Co-operative Housing Society in Kandivli, who were distinct from society members. The court stated that arbitration could not serve as a "backdoor method" for eviction, particularly when landlords had not acted for decades regarding alleged illegal usage. The judgment emphasised that tenancy matters should be addressed through the Rent Act forum.

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Man Aaradhya Parkwood 1

07 Apr 2025

Mumbai City, India

Man Vastucon LLP

View Website | Visit RERA website

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Bombay HC upholds removal of Sushanku Builders over delay in slum project

04 Apr 2025

The Bombay High Court has upheld the removal of Sushanku Builders from a slum rehabilitation project in Bandra, citing delays in the scheme's completion. The builder's plea to reverse the decision, made by the apex grievance redressal committee under the Slum Act was dismissed. The court noted that despite being exonerated for delays until August 2021, the builder's actions post that period were deemed unacceptable, thus justifying the termination of their appointment.

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Simana The Urban Oasis

04 Apr 2025

Mumbai City, India

Bhoomi Group

View Website | Visit RERA website

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BMC deploys team to clear hawkers and ease traffic congestion near Sion bridge

04 Apr 2025

The Brihanmumbai Municipal Corporation (BMC) has stationed a team of 10 personnel, including labourers and staff from the Licence Department, at Shahu Nagar Police Station to remove hawkers and improve traffic flow in Dharavi and Sion West. The decision follows a police request amid congestion caused by the closure of Sion bridge. Residents complain that the bridge closure has significantly increased travel time, with hawkers and haphazardly parked vehicles worsening congestion.

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