Kotak Mahindra Bank: RLLR: 0.75 | From: 8.7% - To: 10.5%
Union Bank of India: RLLR: 0.5 | From: 8.5% - To: 10%
Bank of Baroda: RLLR: 0.5 | From: 9.25% - To: 11%
HDFC Bank: RLLR: 0.75 | From: 8.5% - To: 8.8%

Location : Mumbai City

The IVY

Mumbai City, India

Baysquare Constructions

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Bombay HC stays eviction over sale of flats to non-Roman Catholics in 107-year-old Bandra society

The Bombay High Court has stayed the handover of a plot on St Paul Road in Bandra (W) to the century-old Salsette Catholic Cooperative Housing Society after a dispute emerged over the sale of flats to non-Roman Catholic Christians. Justice Amit Borkar noted the potential for irreversible prejudice to the petitioners, who are heirs of the original lessee. The society, formed in 1918, had terminated a 998-year lease after flats in the redeveloped building were sold to non-Catholics. The HC will now hear the matter fully, questioning the relevance of religious restrictions under cooperative laws amid changing jurisprudence on equality and secularism.

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Wadhwa Constructions ordered to register BKC project with MahaRERA due to partial OC

In a landmark ruling, the Maharashtra Real Estate Appellate Tribunal (MREAT) has directed Wadhwa Constructions to register its Trade Centre project in Mumbai's Bandra Kurla Complex (BKC) with MahaRERA, citing the absence of a full Occupation Certificate (OC) despite partial OCs granted in 2008. The tribunal overturned MahaRERA's earlier exemption and imposed a penalty of INR 5 lakh, ordering registration within 60 days. This decision could significantly impact approximately 700 buildings in Mumbai holding only partial OCs, reinforcing that such projects are considered ongoing under RERA provisions.

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NSE to expand operations in BKC with additional plot worth INR 758 crore

The National Stock Exchange (NSE) has acquired an additional plot, C-82 in Bandra-Kurla Complex (BKC), Mumbai, for INR 758.09 crore from MMRDA to expand its operations. The newly allotted 5,500 sq. meter plot will support the construction of a 22,000 sq. meter built-up area. This move is part of NSE's broader plan to enhance its presence in Mumbai's financial hub and align with global regulatory standards. The expansion will include administrative offices and data centers, adding to the exchange's existing facilities at G Block, which houses NSE's headquarters and regulatory infrastructure.

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60,000 mangroves may be cut for the northward extension of Mumbai's Coastal Road

The BMC is seeking clearance to cut over 60,000 mangrove trees for the northward extension of Mumbai's Coastal Road project. This extension, covering approximately 9.6 km from Versova to Dahisar, is expected to ease traffic congestion in the western suburbs. While the BMC has pledged to replant mangroves and conduct compensatory afforestation, environmentalists have flagged serious concerns over ecological damage. The extension will connect major arterial roads like the Link Road, SV Road, and Western Express Highway, significantly reducing travel time for commuters in northwestern Mumbai.

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Mumbai Metro Line 3: CMRS begins inspection of BKC-Acharya Atre Chowk stretch on Mumbai Metro Aqua Line

The Commissioner of Metro Rail Safety has begun inspecting the 6-km BKC to Acharya Atre Chowk stretch of Mumbai Metro Line 3, marking the final step before commercial launch. This section, with six key stations including Dadar and Worli, is part of the 20-km Phase I corridor from Aarey to Acharya Atre Chowk. Safety checks cover structures, tracks, electrical systems, fire safety, and tunnel ventilation-including a complex tunnel under the Mithi River. Trial runs have been completed, but the launch date is yet to be announced. Once operational, the line will ease road traffic, boost connectivity in central Mumbai, and offer fares ranging from INR 10 to INR 60.Read more

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Chandak Sarvam

Mumbai City, India

Chandak Group

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

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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Residents oppose Colaba jetty project fearing damage to heritage promenade

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

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

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

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

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

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

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

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

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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MHADA assures no price hike for allotted homes despite RRR increase in Mumbai

The recent hike in ready reckoner rates (RRR) has raised concerns in Mumbai's real estate sector, pushing the city's home affordability index to 51%, above the critical 50% mark. Higher RRR means increased property prices, stamp duties, and developer premiums, making affordable housing harder to build. While government schemes like PMAY support low-cost homes, developers now face tighter margins. However, projects under MHADA are less affected, as their pricing is based on actual development costs, not RRR. MHADA also offers fixed registration and low stamp duty fees, keeping homes accessible for low- and middle-income groups. Prices for already allotted MHADA homes will remain unchanged despite the rate hike.Read more

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Man Aaradhya Parkwood 1

Mumbai City, India

Man Vastucon LLP

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

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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