Top New Projects in Mumbai

The Ulhasnagar Municipal Corporation (UMC) has identified the 100 biggest property tax defaulters in the city, taking action after many property owners failed to pay their dues despite the Abhay Yojana scheme. The scheme, which offered a 100% discount on late payment fees for unpaid taxes, did not encourage many property holders to clear their dues. As a result, UMC decided to list these defaulters publicly as the first step in addressing the issue. Some of the defaulters include politicians and well-known builders in the city, with tax arrears running into lakhs.

The municipal corporation has urged these individuals to pay their outstanding taxes and warned that failure to comply will result in property seizures and auctions. The total property tax demand for the fiscal year 2024-25 stands at Rs 951 crore, with Rs 833.30 crore in arrears. By March 22, 2025, Rs 126 crore had been recovered, leaving Rs 824.90 crore still pending. UMC officials emphasized the importance of property tax as a key revenue source for the civic body. Despite extensive public awareness campaigns, many property owners have neglected to pay. Therefore, UMC has published the names of the first 100 defaulters and displayed the list on notice boards across the city. The civic body has once again urged citizens to settle their outstanding property taxes to avoid further action.

The Maharashtra government has announced a significant change to facilitate land redevelopment under the 12.5% scheme in Navi Mumbai. In a move to resolve ongoing challenges in the redevelopment of such plots, the state government has decided to exclude the height of stilt parking from the permissible building height. The 12.5% scheme, implemented by CIDCO in 1994, allocates 12.5% of developed land to Project Affected Persons (PAPs) as compensation for their acquired land.

Deputy Chief Minister Eknath Shinde shared this development with the legislative council, explaining that many redevelopment projects had been stalled due to existing regulations. Under the current system, the height of stilt parking was included in the overall building height limit of 13 meters, limiting developers to construct only stilt plus three floors. This restriction had caused significant delays in the redevelopment of several plots in Navi Mumbai, as developers could not fully utilize the available Floor Space Index (FSI).

The change in the Unified Development Control and Promotion Regulations (UDCPR) will now allow the exclusion of stilt parking height from the total building height, effectively enabling developers to construct additional floors beyond the previous 13-meter limit. As a result, this amendment will encourage the redevelopment of plots that have been delayed for years, particularly benefiting residents in Navi Mumbai who have been waiting for proper housing.

This change is expected to significantly boost redevelopment projects across the area, offering much-needed relief to PAPs and speeding up the construction of homes. Developers will now be able to better utilize the space available, ensuring that the potential of these plots is fully realized while also benefiting the community at large.

Brookfield has successfully entered into a strategic deal in Mumbai’s Powai to expand its commercial real estate portfolio. The deal involves the acquisition of land and a permissible floor space index (FSI) of over 1 lakh sq ft, enabling the global alternative investment firm to further solidify its position in the Indian commercial real estate market. Currently, Brookfield owns 55 million sq ft of commercial space across India, with approximately 9 million sq ft located in Mumbai, one of the key commercial hubs of the country.

This transaction is linked to the construction of Project Affected Persons (PAP) buildings as part of a rehabilitation and resettlement initiative commissioned by the Mumbai Metropolitan Region Development Authority (MMRDA). Brookfield has already invested over Rs 600 crore in the deal, with plans for further investments to develop Grade A office properties on the land. The land is part of a 30-acre plot owned by Bhawanishankar Sharma, who is also the co-promoter of Supreme Group. As per the agreement, Sharma’s companies, BSS Property Ventures and Rajeshwar Property Ventures, will oversee the project’s development.

Brookfield’s subsidiary has taken a majority stake in two special purpose vehicles (SPVs) formed by Sharma’s companies, giving it control over a 6-acre land parcel in Powai. This acquisition allows Brookfield to gain access to the free-sale component of the project that will be awarded by MMRDA. The funds raised through this deal have also been used to settle mortgage obligations with various lenders, including Indiabulls Housing Finance, Edelweiss ARC, ICICI Bank, JM Financial, and the State Bank of India.

Brookfield’s expansion in Mumbai has been robust, with notable recent projects such as its $12 billion investment pact with MMRDA for infrastructure development in the Mumbai Metropolitan Region. Additionally, the company emerged as the sole bidder for a plot in the Bandra-Kurla Complex (BKC) in an MMRDA auction and secured an 8% stake in Nirlon Ltd, which owns Nirlon Knowledge Park, further enhancing its presence in Mumbai’s commercial office space market.

Indian cricketer Suryakumar Yadav, along with his wife Devisha Yadav, has purchased two luxury apartments in the premium residential project, Godrej Sky Terraces, located in Deonar, Mumbai. The total value of the purchase is Rs 21.1 crore, with the transaction officially registered in March 2025. The apartments, located on consecutive floors, offer a combined carpet area of 392.36 sq. m. (~4,222.76 sq. ft.) and a total built-up area of 424.46 sq. m. (4,568 sq. ft.). The agreement also includes six dedicated car parking spaces.

Godrej Sky Terraces is a high-end residential project spread across 1.05 acres, offering a mix of 3 BHK and 4 BHK configurations. The project is located in Deonar, a residential locality in eastern Mumbai, near Chembur, and boasts modern amenities and prime connectivity, making it an attractive choice for both residents and investors.

The project has seen multiple sale registrations with a total transaction value of Rs. 202 crore, with an average price of Rs. 52,433 per square foot. The development is well-connected by key roads like the Eastern Express Highway, Sion-Panvel Expressway, and public transport options like the Chembur railway station and the Mumbai Monorail, further enhancing its appeal.

The transaction also included a stamp duty of Rs 1.26 crore and a registration fee of Rs 30,000, underscoring the luxury status of the property.

Godrej Properties has acquired 6.54 acres of land in Navi Mumbai's Kharghar area for 717 crore on a 60-year lease. This acquisition, made through a CIDCO auction, involves three contiguous land parcels. The deal, which includes a stamp duty payment of over 35 crore, was finalized on March 19, 2025, after an earlier announcement in October 2024 that Godrej Properties had emerged as the highest bidder for the land.

The project will offer around 2 million square feet of development potential, set to feature premium residential apartments in various configurations. The project has an estimated combined revenue potential of 3,500 crore, further solidifying the developer's presence in the rapidly growing Navi Mumbai real estate market.

This acquisition aligns with the company’s strategy to expand its footprint in key Indian real estate markets. The strategic location in Kharghar is expected to benefit from ongoing infrastructure improvements, including the operational Atal Setu and the upcoming Navi Mumbai International Airport (NMIA), which are driving increased demand for both residential and commercial properties in the region.

The Bombay High Court has upheld the decision of a civic body to issue a stop-work notice for a construction project in Ulwe, Navi Mumbai, due to an ongoing land title dispute. The court dismissed the builder’s petition, reinforcing the authority of the civic body to halt construction when the ownership of the land is in question.

The case dates back to 2016, when construction was halted on the grounds that the land ownership was disputed. It was later revealed that the land had been allotted to a trust under a government scheme affecting landowners during the development of the area. The builder had been granted development rights but faced opposition when concerns were raised about the authenticity of the land title.

The builder argued that it had been the lessee since 2008 and had invested heavily in the project, with buyers already committed to purchasing units. However, the civic body contended that the project was built on land that had already been allocated to the trust. The High Court agreed with the civic body’s stance, stating that such disputes over land ownership must be settled through civil court proceedings, not through administrative or judicial intervention.

The bench ruled that the stop-work notice was legitimate, dismissing the builder’s plea. However, the builder was granted the option to seek a resolution in civil court. This decision has significant implications for the construction industry in the area, reinforcing the importance of clear land title documentation before initiating large-scale developments.

The ongoing Dharavi Redevelopment Project (DRP) has reached a significant milestone, surpassing the previous survey benchmark with over 63,000 tenements already surveyed. This marks a major advancement in mapping and documenting one of Asia’s largest slums, well beyond the earlier 2007-08 survey, which had recorded approximately 60,000 ground-floor tenements. Under the Slum Rehabilitation Authority (SRA) guidelines, typically only ground-floor tenants are eligible for free housing, but the current survey also includes upper-floor structures, reflecting the government's commitment to ensuring housing for all Dharavi residents.

As of now, lane reconnaissance has been completed for over 95,000 tenements, with more than 89,000 tenements numbered and door-to-door surveys completed for over 63,000 tenements. The survey is unique in that it covers ground-floor and upper-floor structures, existing SRA buildings, slum dwellers on RLDA Land, and all religious structures.

DRP CEO SVR Srinivas emphasized that this redevelopment scheme is inclusive, aiming to leave no one behind. The survey is entering its final phase, and authorities are urging residents who missed the survey to come forward, as those who have refused or failed to share documents will not be revisited.

Navbharat Mega Developers Private Limited (NMDPL), responsible for the redevelopment, plans to construct around 1.5 lakh tenements, as many hutments have expanded vertically, increasing the number of tenements needing rehabilitation. The spokesperson for NMDPL expressed satisfaction with the survey's progress, noting the tremendous response from Dharavi residents and their desire for a better, more dignified life.

Eligible residents will be rehabilitated within Dharavi itself, while ineligible residents will be relocated to new modern townships outside Dharavi, equipped with essential infrastructure and Metro connectivity. These new townships will be located within the Mumbai Metropolitan Region (MMR), ensuring access to all necessary social and public amenities.

An FIR has been filed against Wadhwa Group for allegedly cheating Policon Realtors of Rs 57 crore. The case, transferred to the Economic Offences Wing (EOW), accuses Wadhwa Group directors, including Navin Makhija, of failing to honour financial commitments in a redevelopment agreement. Despite receiving additional floor space index (FSI) and funds as part of a settlement deal, Wadhwa Group allegedly defaulted on payments.

In 2003, Policon Realtors secured a tender to redevelop Unnat Nagar Akshaya Cooperative Housing Society in Goregaon (W), which was to include five towers with 68 flats each. However, construction was halted due to the resident refusal to vacate and changes in Mhada rules, resulting in a stay order.

In 2009, Wadhwa Group was brought in to complete the project, agreeing to pay Rs 5 crore and allocate 18% of the saleable flat area. However, they only paid Rs 2.5 crore and failed to initiate construction. Despite a revised agreement in 2013, Wadhwa Group refused further payments and did not meet construction deadlines. After a court-appointed arbitration, Wadhwa Group allegedly did not honour the settlement terms, leading to the filing of the FIR.

Adani Group is in advanced discussions to acquire Emaar India, a move that will help the conglomerate further expand its property business. The deal is valued at approximately USD 1.4-1.5 billion. Emaar India, which operates across Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur, holds a significant portfolio of residential and commercial properties.

Emaar India, originally a Dubai-based Emaar Properties joint venture with MGF Development, began its operations in India in 2005. In 2016, Emaar Properties ended its partnership with MGF, taking full control of Emaar India. Sources suggest the talks between Emaar Properties and Adani Group are in advanced stages, although the valuation and transaction terms have not yet been finalized.

In January 2025, Emaar Properties confirmed that discussions were ongoing with several groups in India, including the Adani Group, regarding the potential sale of a stake in Emaar India. The extent of shareholding dilution remains undecided.

The Adani Group has already established a strong presence in India’s real estate sector through Adani Realty and Adani Properties, developing numerous projects across major cities. This acquisition would further strengthen its position, particularly after securing major redevelopment projects such as Dharavi and the Motilal Nagar redevelopment project in Mumbai.

Nisus Finance's Real Estate Special Opportunities Fund – 1 (RESO-I) has successfully exited its investment in a wholly-owned subsidiary of Shapoorji Pallonji Real Estate (SPRE), marking the fund's maiden exit with an impressive Internal Rate of Return (IRR) of 18.74%. In January 2024, RESO-I invested Rs 105 crore into senior secured rated listed non-convertible debentures (NCDs) issued by Suvita Real Estate, a subsidiary of SPRE. These NCDs were listed on the wholesale debt segment of the Bombay Stock Exchange.

The entire amount of NCDs was redeemed by the developer through internal accruals and capitalization by SPRE. The exit highlights Nisus Finance's investment process's strength and partnership with strong counterparties like SPRE. Amit Goenka, CMD of Nisus Finance, expressed confidence in the partnership, saying, "This investment and its timely exit are a testimony to the rigour of our investment process to back strong counterparties like SPRE through smart structured capital."

The investment was made in a 12.16-acre land parcel in Pune’s Manjri Budruk, intended to accelerate SPRE’s assets in the mid-income affordable housing sector. The land has the potential for a mixed-use township development, spanning 2.1 million sq ft. This exit marks the first success for RESO-I, a fund managed by Nisus BCD Advisors LLP, which focuses on highly value-accretive opportunities in real estate projects.

The RESO-I Fund of Nisus Finance targets highly profitable and de-risked projects across seven major metros, providing higher yields and asset cover through structured capital, aimed at unlocking value in special situations with short to medium investment tenures.

Ravi Puravankara, the founder of Puravankara Ltd, has acquired 12 commercial properties in Mumbai for a total of Rs 242 crore in his capacity.

The properties, which range from 6,750 sq ft to nearly 10,000 sq ft in carpet area, are located in the Andheri area of Mumbai. The seller of these properties is RockFort Estate Developer Pvt Ltd.

Puravankara Ltd, the Bengaluru-based real estate development firm, is one of the leading developers in the Indian real estate market, known for its focus on residential, commercial, and mixed-use developments.

Oberoi Realty has approved a securities subscription agreement (SSA) to sell 21.74% of its shareholding in I-Ven Realty to Alpha Wave Ventures II, LP for a total consideration of Rs 1,250 crore. Under the agreement, Alpha Wave Ventures will subscribe to 2,77,778 Series A Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 44,999.964 per share, along with 10 Class A equity shares at Rs 10 per share, bringing its total investment to Rs 1,250 crore.

I-Ven Realty, a joint venture between Oberoi Realty and Vikas Oberoi, holds shares in equal proportions between the two parties. As part of the deal, I-Ven Realty will undergo a restructuring process, including a rights issue of redeemable preference shares (RPS) at Rs 400 per share, which will be offered to Oberoi Realty and Vikas Oberoi in equal parts.

The funds raised through the rights issue will primarily be used to repay outstanding loans and redeem existing preference shares held by Oberoi Realty and Vikas. Additionally, the Oberoi Realty board has approved the subscription of up to 41,25,000 redeemable preference shares for a total amount of Rs 165 crore.

The Bombay High Court has upheld the decision to close a suburban mall operated by Grauer and Weil (India) Limited for failing to obtain the required environmental clearance. The court noted that the operation of such an establishment without proper clearance poses a significant environmental concern, emphasizing the seriousness of the ecological issue.

In its judgment, a division bench of Justices M S Sonak and Jitendra Jain criticized the petitioner company for disregarding environmental laws. The court stated that Grauer and Weil (India) Limited had shown "scant regard for environmental concerns" by constructing and operating the mall without obtaining the mandatory clearance. It was further noted that the company's claim of applying for clearance under an amnesty scheme did not justify proceeding with construction or operating the mall without clearance.

The court rejected the company's argument that no urgent action was needed and dismissed the petition challenging the closure order issued by the Maharashtra Pollution Control Board (MPCB) on March 5. The bench pointed out that allowing the mall to continue operations without the necessary environmental approval would only exacerbate the ecological risks. The court directed the MPCB to immediately enforce the closure directions.

The petitioner’s request to bypass the closure order due to an unapproved amnesty scheme application was also denied. The court made it clear that no amnesty scheme could grant the right to operate without complying with environmental laws, and the company’s pending application did not serve as a valid excuse to continue illegal operations.

Maharashtra's state revenue minister Chandrashekhar Bawankule announced that all pending Maharashtra Real Estate Regulatory Authority (MahaRERA) recovery warrant cases will be resolved within the next three months. This decision comes after it was revealed that, out of a total of 1,342 recovery warrant complaints, only 316 had been executed by the collectorates.

The latest data from MahaRERA shows that Mumbai suburban and Pune districts account for over 60% of the total outstanding recovery amount. Mumbai Suburban alone has 540 complaints amounting to Rs 424.79 crore, of which only Rs 80.49 crore has been recovered. Pune district follows with 274 complaints totalling Rs 219.71 crore. Authorities have managed to recover just Rs 42.31 crore from these cases, leaving a large balance still pending.

Bawankule emphasized the government's commitment to speeding up the process and ensuring justice for affected homebuyers. However, activists have expressed concerns, stating that while the minister's announcement is encouraging, a three-month deadline may not be realistic for cases that have been pending for years. Activist Ramesh Prabhu suggested that MahaRERA should have a more structured tracking system like UP RERA, which uses a portal to track recovery warrant orders. He called for the implementation of a Standard Operating Procedure (SOP) and phase-wise recovery execution, rather than vague political promises.

Additionally, MahaRERA has been facing delays in appointing officials to expedite the process. While retired tehsildars were suggested to help clear the backlog in Mumbai suburban and Pune, only one officer has been appointed for the suburban area, and no appointments have been made for Pune.

The MahaRERA recovery warrants are issued under Section 40(1) of the Real Estate (Regulation and Development) Act, requiring property attachments and dues recovery from errant developers. Despite significant challenges, efforts are being made to address the backlog, and MahaRERA officials are actively following up with the collectors to accelerate execution.

Ajmera Realty & Infra India Ltd. (ARIIL) has been selected to redevelop the Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, Mumbai. The project will cover a total land area of 2,319 sq meters and will be developed in a single phase.

The redevelopment is expected to generate a total sales revenue of Rs 320 crore with a total estimated carpet area of about 71,300 sq ft. Additionally, this new project brings ARIIL's portfolio to four new projects, with an overall gross development value (GDV) of around Rs 2,770 crore.