An auction held this past week in Mumbai for 11 properties belonging to fugitive gangster Dawood Ibrahim saw no bidders turning up. The Income Tax Department had organised the sale to recover part of Dawood's pending tax dues, estimated at around INR 45 crore. The properties, located mainly in south Mumbai's Nagpada and Mohammed Ali Road areas, carried a combined reserve price of INR 1.2 crore and an assessed value of nearly INR 5 crore. Officials have indicated that the properties will be re-auctioned within a year.Read more

Navi Mumbai Municipal Corporation (NMMC) has been declared the top performer in the Local Self-Government category of the Sixth National Water Awards � 2024, organised by the Ministry of Jal Shakti. The recognition highlights the corporation�s commendable efforts in water conservation and management. The award ceremony is scheduled to take place in New Delhi later this month, where the President of India will felicitate the winners.Read more

Marathon Nextgen Realty (MNRL) reported a net profit of INR?66.53?crore for the quarter ended September, up 34.54?% from INR?49.45?crore a year ago, despite a 6.44?% decline in total income to INR?155.06?crore from INR?165.73?crore. The company attributed this growth to strong execution, financial discipline, and operational efficiency. During the quarter, it launched Phase?III, Nirvana?Collection, of its Marathon?Nexzone township in Panvel with a gross development value exceeding INR?600?crore and raised INR?899.99?crore through a qualified institutional placement.Read more

The Navi Mumbai Municipal Corporation (NMMC) launched a vigorous demolition drive in the Koparkhairane division earlier this month under the directives of Municipal Commissioner Dr Kailas Shinde. Guided by Additional Commissioner (2) Dr Rahul Gethe and Deputy Commissioner (Encroachment) Dr Kailas Gaikwad, the encroachment department acted upon court orders to remove an unauthorised structure in Mahape village. The structure, measuring approximately 6.5 metres by 6 metres, was demolished in compliance with judicial directives. Senior officials, engineers, and civic staff participated in the operation with police security and labour assistance.Read more

Keystone Realtors Ltd posted a sharp 85 per cent decline in consolidated net profit for the second quarter, with earnings falling to INR 9.89 crore from INR 65.55 crore last year. Total income also declined to INR 520.90 crore. Despite the drop in profits, the company maintains a significant presence in the Mumbai Metropolitan Region, with 37 completed projects, 19 under construction, and 24 in the pipeline. Keystone has delivered over 26 million square feet of construction and continues to manage a healthy pipeline of 47 million square feet, reflecting ongoing long-term plans.Read more

The Bhendi Bazaar Redevelopment Project, driven by the Saifee Burhani Upliftment Trust (SBUT), has transformed one of Mumbai's most congested localities into a modern, child-friendly environment. Families who once lived in cramped, poorly ventilated homes now occupy spacious, well-lit apartments equipped with private bathrooms and modern facilities. The project has also introduced green spaces, recreational podiums, and widened streets, prioritising safety, walkability, and access to play areas. This large-scale initiative has redefined what urban childhood can look like safe, healthy, and full of opportunity.Read more

JSW Energy has raised INR 250 crore through the private placement of non-convertible debentures, with 25,000 NCDs allotted at a face value of INR 1,00,000 each. The company's board had earlier approved raising up to INR 3,000 crore through such instruments. This step supports JSW Energy's operational and expansion plans, reflecting its strategic focus on debt markets to meet capital needs efficiently. Over the years, private placement of listed and rated NCDs has become a key tool for energy firms in India to raise funds while maintaining financial flexibility.Read more

Mr. Chintan Sheth, Chairman and Managing Director, Sheth Realty

Mulund, long known as Mumbai's green suburb, is now emerging as a model for new-age homebuyers seeking lifestyle-driven homes. The area's growing popularity among young professionals, first-time buyers, and families has shifted developers' focus from conventional layouts to flexible, community-centred living. Enhanced connectivity through Metro Lines 4 and 5, the Goregaon-Mulund Link Road, and the Eastern Express Highway has reinforced its position as one of Mumbai's most desirable and well-connected residential destinations. The demand for spacious multi-bedroom homes reflects the changing aspirations of today's urban buyers.Read more

Advent Hotels International Ltd, demerged from Valor Estate Ltd, has begun trading independently on BSE and NSE. The company currently operates two hotels in Goa and Mumbai and is expanding through partnerships and joint ventures. Future projects include St. Regis and Marriott Marquis in Delhi and Waldorf Astoria, Hilton, and a large hotel at BKC, Mumbai. With five projects under development, the company aims to reach 3,100 keys. Additionally, it plans a 1.50 million sq ft integrated project in Sahar, Mumbai, with Prestige Group.Read more

91Springboard has accelerated its pan-India growth by launching two new hubs in Mumbai and Gurugram, adding 1,00,000 sq.ft. of premium workspace. This year, the company has added half a million sq.ft., with plans to add another million by the end of the fiscal year. The Mumbai and Gurugram hubs feature Grade A infrastructure, high-speed internet, eco-friendly design, and strategic connectivity to airports, metro stations, and commercial districts. With 43 hubs across nine cities, 91Springboard caters to enterprises, startups, and MSMEs, offering flexible seating, private suites, and customized offices.Read more

Navi Mumbai Municipal Corporation (NMMC) Commissioner Dr Kailas Shinde recently carried out an unannounced inspection of road repair and improvement works across Seawoods. The inspection was conducted alongside City Engineer Shirish Aradwad and Executive Engineer Madan Waghchaude. Following persistent rainfall since May, several roads had developed potholes and remained unrestored due to utility excavations. Dr Shinde instructed engineering officials to accelerate all pending works while maintaining high-quality standards and ensuring asphalt layering was carried out under proper technical supervision and temperature conditions.Read more

Nexus Seawoods Mall in Navi Mumbai is set to transform into a culinary hotspot as it hosts The Global Food Carnival in collaboration with Things2do. Scheduled for the coming weekend, the two-day event promises over a hundred international flavours, more than ten live performances, and immersive entertainment zones. With renowned brands such as The Irish House, Tim Hortons, and Toscano participating, visitors can indulge in global cuisines, comfort classics, and street favourites. A dedicated Kids Zone with interactive games and activities ensures fun for all age groups.Read more

The Comptroller and Auditor General (CAG) has established an Integrated Audit Group to conduct a coordinated audit of India's key infrastructure sectors-railways, ports, shipping, and waterways-in collaboration with IIM Mumbai. The audit evaluates how effectively multi-modal transport and logistics systems support national economic goals, focusing on connectivity, infrastructure alignment, and performance under the National Rail Plan 2030. It will also review India's logistics costs, which currently stand at 7.97% of GDP, and identify areas for optimisation. Additionally, the CAG will assess the Indian Railways e-procurement system for governance and IT gaps. The findings are expected to inform future policy and strengthen India's logistics efficiency and competitiveness.Read more

Earlier this week, the Navi Mumbai Municipal Corporation (NMMC) directed all owners of buildings aged over 30 years to carry out structural audits through registered engineers and submit reports confirming their safety. A recent civic survey identified 513 structures as dangerous under the Maharashtra Municipal Corporation Act. Property owners who fail to comply by March 2026 could face fines of up to INR 25,000 or the equivalent of their annual property tax, whichever is higher, along with potential evacuation orders.Read more

The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids to lease a 10,860 sq. m. commercial plot in Wadala, valued at a reserve price of INR 1,629 crore. With a high permissible FSI of 10, the site offers a built-up potential of 1,08,600 sq. m. Located in the Wadala Notified Area, the plot is part of MMRDA's plan to develop Mumbai's third central business district after BKC and Nariman Point. Enhanced by metro, monorail, and freeway connectivity, the initiative aims to attract large-scale commercial investment and generate non-fare revenue for regional infrastructure. The project marks a key step in decentralising Mumbai's commercial growth.Read more

The Kalpataru Group has sold six floors in its Virtus office project in Vikhroli (West), Mumbai, to Bernhard Schulte Shipmanagement (BSM) for INR 304.05 crore. The deal, covering the 15th to 20th floors and spanning about 93,226 sq ft of RERA carpet area, was registered earlier this week with a stamp duty of INR 18.24 crore. Possession is scheduled for December 2028, ahead of the project's overall completion in December 2027. BSM said the acquisition supports its India expansion and growing maritime operations. For Kalpataru, this transaction builds on INR 1,200 crore in commercial sales over the past year, reflecting strong demand for Grade-A office space in Mumbai's JVLR-Powai-Vikhroli corridor.Read more

The Competition Commission of India (CCI) has approved US-based Blackstone's proposal to acquire up to 80.15% of Aadhar Housing Finance Ltd (AHFL) through its subsidiary, BCP Asia II Holdco VII Pte Ltd. The deal, involving a secondary acquisition and an open offer to public shareholders, will strengthen Blackstone's presence in India's affordable housing finance sector. AHFL offers housing and property loans across the country and also distributes insurance products as a registered corporate agent with IRDAI. With this approval, Blackstone advances its strategy to expand investments in financial services, marking a significant step in India's evolving housing finance landscape.Read more

In one of Navi Mumbai's biggest land deals, CIDCO sold a 42,000 sq. m. (over 10-acre) plot in Kharghar's Sector 23 to Aakar Developers for INR 2,120 crore, translating to about INR 5 lakh per sq. m. - the highest rate recorded in the area. The developer must pay 50% of the amount within three months. While higher FSI has improved project viability, the four-year completion deadline and strict penalties remain challenges. The deal cements Kharghar's position as a premium real estate hub, supported by strong infrastructure, education, and lifestyle amenities, as Aakar Developers prepares to deliver on this landmark investment.Read more

Mumbai's Economic Offences Wing (EOW) has booked real estate developer Subbaraman Anand Vilaynur, his wife Uma Subbaraman, and B P Gangar Constructions for allegedly duping homebuyers of nearly INR 100 crore. The case was filed following a complaint by a 62-year-old chartered accountant, Anil Dron, who claimed that 102 buyers were promised flats in the "Sky 31" project in Wadala (West) since 2018. Instead of using the collected funds for construction, the accused allegedly diverted them to personal and other accounts and even sold one flat to two different buyers.Read more