Suraj Estate Developers' consolidated total income increased 9.8 per cent to ₹146.23 crore during the quarter. Sales value rose 74 per cent year-on-year to ₹141 crore, while collections stood at ₹86 crore.
Maharashtra's cooperation department has unveiled the draft Model Bye-Laws 2026 for housing societies, focusing on key areas like redevelopment, parking solutions, and electric vehicle charging installations. This comprehensive draft aims to enhance structural safety and establish grievance redressal systems for the state’s over 1.25 lakh societies. Citizens are encouraged to share their feedback until August 27, influencing the finalization of these essential governance regulations.
Between 2020 and 2025, more than 1,100 society-level redevelopment agreements were recorded in Mumbai, unlocking around 432 acres of land. The financing requirement begins before construction, including society payouts, transit accommodation, premiums and approvals, while banks and NBFCs typically participate later at the construction finance stage.
The civic improvements committee approved leasing BMC's Century Mill land for thirty years. Opposition arose from Shiv Sena (UBT) and Congress regarding the land deal. A proposal to replace a sports complex reservation with a petrol pump was also cleared. Nearly nine thousand square meters of BMC land in Lower Parel will be integrated into an SRA scheme.
Pune and Mumbai are set to implement a detailed property valuation system that will transition from broad zoning classifications to more specific rates tied to individual plots and buildings. The state registration department is gearing up to adjust property rates for the upcoming year while introducing reforms like new stamp duty offices and mandatory land measurement. Additionally, linking Aadhaar may be required for all document registrations.
The SRA has set an ambitious goal to construct over 500,000 homes by the end of 2030. To facilitate this, annual targets will hasten slum redevelopment initiatives throughout the area. Innovations like amnesty programs and collaborative models are introduced for projects that have stalled. Additionally, a digital framework and computerized systems will enhance operational efficiency, while the Dharavi redevelopment is advancing through three distinct phases.
Maharashtra is set to implement a law to safeguard flat buyers from unethical builders. Under this new regulation, builders will be allowed to collect only eighty percent of the total payment at the time of signing the agreement, with the remaining amount payable only upon the final registration of the property.
Actor Ajay Devgn and his mother Veena Devgan have leased out a bungalow in Juhu, Mumbai, for five years, according to documents accessed by Square Yards. The lease starts at a monthly rent of ₹16 lakh and has an estimated cumulative rental value of ₹10.61 crore.
The IGR department has introduced a plan to mandate Aadhaar authentication for property registrations to bolster security against impersonation and fraud. While optional currently for sub-registrars, this change entails amendments to existing laws. The state government needs to approve this proposal to implement the significant enhancement for safeguarding property transactions.
Indian Hotels Company Ltd faces an additional penalty surpassing Rs 5.51 crore, further compounding existing charges related to property taxes on the Taj Lands End. Issued by the Brihanmumbai Municipal Corporation, these new claims have prompted the company to contest, asserting that there have been no violations. Consequently, the cumulative penalty now exceeds Rs 103 crore.
The implementation of the Pradhan Mantri Awas Yojana faces significant challenges in Mumbai due to high land costs and financing issues. Many eligible individuals are unable to obtain bank loans for homes valued between twelve and fifteen lakh rupees. Despite MHADA's construction of approximately fifty thousand residences, around ten to fifteen thousand units are yet to be allocated.
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